The Council at its 201st meeting held on 23rd-24th June, 2011, in supersession of its earlier decision which was notified in October, 2008 issue of Chartered Secretary, has decided that with effect from 24th June, 2011, for the purpose of clause (c) of Regulation 48 of the Company Secretaries Regulations, 1982, the number of trainees to be sponsored by the Company Secretary in Practice (PCS) including a partner in a firm of Company Secretaries, will be equal to the number of years of continuous practice of the concerned member subject to a maximum of twenty trainees.
The Chairman Economic Advisory Council to the Prime Minister, Dr. C. Rangarajan released the ‘Economic Outlook 2011-12’ in New Delhi today. Following are the highlights: Economy to grow at 8.2% in 2011-12 . Agriculture grew at 6.6% in 2010-11. Projected to grow at 3.0% in 2011-12.
India’s exports during June, 2011 were valued at US $ 29213.14 million (Rs. 131031.43 crore) which was 46.45 per cent higher in Dollar terms (41.06 per cent higher in Rupee terms) than the level of US $ 19948.18 million (Rs. 92892.68 crore) during June, 2010. Cumulative value of exports for the period April-June 2011 -12 was US $ 79003.74 million (Rs 353338.87 crore) as against US $ 54221.16 million (`247574.57 crore) registering a growth of 45.71 per cent in Dollar terms and 42.72 per cent in Rupee terms over the same period last year.
The Union Finance Minister Shri Pranab Mukherjee has expressed confidence that the fundamentals of the economy are strong and the growth drivers in the medium term remain broadly intact. He was interacting with the captains of top business houses, here today. During his two and a half hour marathon meeting with top business leaders of the country, he said that the industry should play a proactive role in taking the country to the path of higher trajectory of growth. He said that such interaction should help in building the synergy needed to propel the economy to greater heights in the coming months.
Sh. Naved Masood, IAS (UP:77) has taken over as new Secretary in the Ministry of Corporate Affairs here today. Prior to it he was Special Secretary and Financial Advisor, Department of Health and Family Welfare in the Ministry of Health and Family Welfare. Sh. Masood replaces Sh. D.K.Mittal IAS (UP:77) who has been appointed as Secretary Department of Financial Services in the Ministry of Finance.
The Central Bureau of Investigation has arrested a field officer (Loans) of State Bank of India, Main Branch, Shillong along with a middleman for demanding and accepting a bribe of Rs.4,000/- from the complainant.
For the purposes of deduction of tax on salary payable in foreign currency, the value in rupees of such salary shall be calculated at the prescribed rate of exchange.
Names of chronic income tax defaulters would be made public as part of government’s crackdown on tax evasion and black money. Finance Minister Pranab Mukherjee disclosed Sunday that the government was working on a number of strategic initiatives to curb generation of black money and for its detection, including the feasibility and methodology of putting the names of chronic tax defaulters in public domain.
The Supreme Court today directed accounting regulator ICAI to initiate disciplinary proceedings against Talluri Srinivas, auditor embroiled in the multi-crore Satyam accounting fraud, only after October 3. A bench of Justices D K Jain and A K Ganguly asked the Institute of Chartered Accountants of India (ICAI) to proceed against Srinivas only after October 3 as the criminal trail of the special court, set up for the Satyam scam case, may conclude its hearing by then.
The Commerce Secretary, Shri Rahul Khullar has said that India and Japan Comprehensive Economic Partnership Agreement (CEPA) is a major step in the direction of larger vision of an East Asia partnership. He was speaking after co-Charing the first meeting of Joint Committee of India Japan CEPA with Mr. Akitaka Saiki Ambassador of Japan in India, here today. The CEPA enters into force today.
