Following the announcement in the Annual Policy Statement for the year 2009-10, Reserve Bank of India (RBI) constituted a Working Group on Benchmark Prime Lending Rate (BPLR) to review the present BPLR system and suggest changes to make credit pricing more transparent. Based on the recommendations of the Group and the suggestions from various stakeholders, it has been decided that banks switch over to the system of Base Rate.
Government is working on a Bill that envisages an Ombudsman to look into the complaints against lawyers and a Legal Services Board that would regulate law practices in the country. Giving this information in written reply to a question in Rajya Sabha, Shri Salman Khurshid, Minister of Law & Justice informed the House that a draft Bill titled “Legal Practitioners (Regulation and Maintenance of Standards in Profession,
The Government of India today approved the extension of the term of Dr. D. Subbarao as the Governor of the Reserve Bank of India. Dr. Subbarao’s term has been extended for a period of two years with effect from September 5, 2011 up to September 4, 2013.
Under pressure to unearth blackmoney, the Income Tax department has tracked down over 50 high-value defaulters, who had declared their assets to be zero, with tax liability of over Rs 10 crore.
We are pleased to inform you that the Bangalore Chapter of The Institute of Company Secretaries of India is organizing the 10th All India Elocution Competition – 2011 for the Students of CS Course on Sunday, the 18th September, 2011 at Bangalore.
Union Finance Minister has said that there would be no difficulty to bring Direct Tax Code, DTC into operation from 1st of April next year. Mr. Pranab Mukherjee expressed hope that the Parliamentary Standing Committee will submit its report by Winter Session of Parliament. Speaking at a function in New Delhi, the minister said, since the Bill is still with the Standing Committee, stakeholders have time to give their views.
The Minister of State in the Ministry of Corporate Affairs today informed the Rajya Sabha that the Companies Bill 2011 is under finalization based on recommendations of the Parliamentary Standing Committee on Finance and inputs received from all relevant interest groups.
Replying to a written question the Minister said where any company is found violating the provisions of the Sections 62, 63, 68 and 628 of the Companies Act, 1956, prosecutions are filed against such companies and their officers in default. In case of non-availability of the companies and their directors, FIRs are filed. If circumstances warrant, private detective agencies are also engaged to trace out the disappeared companies and their directors.
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that As per latest information available, 3112 companies incorporated outside India and having place of business in India have registered their documents under Section 592 of the Companies Act, 1956. Out of this, no company is operating from Bihar.
There is no such proposal to close the inoperative Employees Provident Fund accounts. However, from 1st April, 2011, interest is not being credited to the account of a member from the date on which it has become inoperative account.
