XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect business data, including governments, regulators, economic agencies, stock exchanges, financial information companies and the like, and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors and creditors.
The Central Bureau of Investigation has arrested two Superintendents of Central Excise at Nagpur for demanding and accepting a bribe of Rs.15000/- from the complainant. The complainant of Nagpur had alleged that both the accused demanded a bribe of Rs.15000/- from him for returning the photocopies of documents seized by the Central Excise Department during the raids at his premises on 30.06.2011 which he required for audit purposes. The CBI registered a case and laid a trap. Both the accused were caught red handed while demanding and accepting the bribe from the complainant.
In order to cut timelines in giving approval, the Ministry of Corporate affairs has decided to simplify the procedures and to give approval online, if the proposed contract has been approved by the shareholders by way of special resolutions in a general meeting. Accordingly, the process of online approval of Central Government under section 297 of the Companies Act, 1956 is likely to be implemented with effect from 24th September, 2011. Now the application will be made in a new e-form with the prescribed fee as per the new procedure. The relevant information like terms of contract and details of Board resolutions and special resolutions shall be captured in the e-form.
The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma has restored the DEPB benefits for cotton yarn from 1st April, 2011 and on Cotton from 1st October, 2010. The Minister said here today, I have taken a composite review of the cotton and cotton yarn industry over the last few days. Both of these segments have faced huge fluctuation in the international and domestic prices
The Union Finance Minister Shri Pranab Mukherjee said that by announcing a 50 basis point increase in the policy repo rate, raising it from 7.50 per cent to 8.0 per cent, Reserve Bank of India (RBI) has sought to give a strong signal to further moderate inflation and check inflationary expectations. The Finance Minister Shri Mukherjee was reacting here today to the 50 basis points increase made in the policy repo rate under Liquidity Adjustment Facility(LAF) by RBI in its First Quarter Review of Monetary Policy 2011-12 which was announced today in Mumbai.
The Ministries and Departments of Union Government are gearing up for legislative business in view of the forthcoming Session of Parliament. The Monsoon session will begin on 1st August 2011 and will continue up to 8th September 2011.Original and amendment bills are either being drafted or the readied bills are being sent for cabinet nod for consideration and passing in Parliament. The Minister of Parliamentary Affairs Shri P K Bansal along with the three Ministers of state today reviewed the progress and preparedness of various ministries and departments of Union Government for taking up their legislative business.
Today RBI raised interest rates by a higher-than-expected 50 basis points. The Reserve Bank of India (RBI) increased the repo rate , at which it lends to banks, to 8 per cent, exceeding market expectations that it would raise rates by 25 basis points. The rate increase is its 11th since March 2010, making the RBI one of the most aggressive inflation fighters among central banks.
A short while ago, we put out the monetary policy measures accompanying this review. To recap, based on an assessment of the current macroeconomic situation, we have decided to – increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points. The repo rate will accordingly move up from 7.5 per cent to 8.0 per cent.
The Union Minister for Steel, Shri Beni Prasad Verma said that India will become the world’s second largest producer of steel by 2013. With an installed annual production capacity of 120 million tonnes up from the present the present 80 million tonnes. Addressing the 5th India steel Summit in New Delhi today, he said that currently, India has the fourth largest steel sector in the world, both in terms of capacity and production. He said, further the capacity is expected to be over 150 million tonnes by 2020.
UK Chancellor of the Exchequer Mr.George Osborne and the Union Finance Minister Shri Pranab Mukherjee, attended the fourth round of Ministerial level India – UK Economic and Financial Dialogue, which was held yesterday in London. Both the Leaders were assisted by Senior Officials of their respective Ministries and regulatory bodies. They discussed ways to strengthen mutual cooperation and further boost trade and investment between the two countries.
