The salient features of LLP Act, 2008, inter alia, are as follows: 1. It is a body corporate with separate legal entity from its partners. The mutual rights and duties of the partners of an LLP are governed by LLP Agreement. 2. LLP is liable to the extent of its assets. Partner’s liability is limited to the extent of agreed contribution (capital) in the LLP Agreement. 3. No partner is liable on account of the independent or unauthorized action of other partners or for their misconduct.
The report submitted by the Expert Group on Valuation Professionals Bill including the comments received in this regard from the stakeholders are under consideration of this Ministry and No definite time frame can be given at this stage.
Since 2006, this Ministry has implemented MCA-21, an e-Governance project, which has increased transparency as the data available in the public domain can be viewed by any person. The Ministry has also evolved a system generated ‘Early Warning System’ to help in detecting likely fraud at an early state. In the process of development of Early Warning System (EWS), the Ministry has identified certain Risk Parameters which can be run on the data available with the MCA, on financial statements furnished by the companies in e-forms developed by the Ministry.
The Competition Commission of India consists of a Chairperson and not less than two and not more than six other Members. Under Section 18 of the Competition Act, the functions of the Commission inter-alia are to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade carried on by other participants, in markets in India.
The Ministry of Corporate Affairs has simplified procedures under MCA-21 to enable registration of a company within 24 to 48 hours where there is no difficulty about availability of name etc. The various elements of this process are; (i) Director Identification Number is allotted online on the basis of verification certificate given by the practicing Chartered Accountant or Company Secretary or Cost Accountant.
The Committee reviewed the global and domestic macroeconomic developments. It felt that the global macroeconomic situation had worsened with the uncertainty clouding the increase in the US debt ceiling issue and continuing problem in the euro area. If the US debt crisis was not resolved satisfactorily, it would have serious ramifications for the global economy. They were also concerned that if the euro area sovereign debt problem spilled over to Spain and Italy, the consequences could be serious. While the international commodity prices had softened, the outlook was still uncertain. Members also expressed concerns over rising incipient inflationary pressures in advanced economies, even as the emerging market economies (EMEs) were still battling with high inflation.
The guiding objectives of foreign exchange reserves management in India are similar to those of many central banks in the world. The demands placed on the foreign exchange reserves may vary widely depending upon a variety of factors including the exchange rate regime adopted by the country, the extent of openness of the economy, the size of the external sector in a country’s GDP and the nature of markets operating in the country. While liquidity and safety constitute the twin objectives of reserve management in India, return optimisation becomes an embedded strategy within this framework.
As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches. The Reserve Bank of India has advised income tax assesses to take advantage of these standing arrangements made for their convenience.
The government has been directed by the Central Administrative Tribunal to forthwith release the pension and other post-retirement benefits of a former I-T assistant commissioner, withheld on the alleged ground of a corruption case pending against him. The New Delhi-based principal bench of CAT ordered release of V B Bansal”s pension pointing out to the Centre that the CBI, which had lodged an FIR against him for owning assets exceeding his legal income, had subsequently moved the court seeking permission to cancel it.
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners has launched its exclusive website www.icai.org.in on 1st July, 2011 by Hon’ble Shri R.P.N. Singh, Minister of State, Ministry of Corporate Affairs, Government of India. In the aforesaid website, the Firms may create their websites as per the norms laid down by the Council of the Institute of Chartered Accountants of India. The website provides a platform for the CA Firms to upload their firms’ details and gives them an opportunity to reach out to the members and CA firms practicing worldwide.
