The Swiss National Bank, the central bank of Switzerland, has estimated that Indian clients had deposits of about $2.5 billion in banks in the European nation in 2010. This is just a fraction of the $1.5-trillion figure that had been projected by political parties and non-governmental organizations, who have attacked the UPA government with their anti-corruption movement over the last few months.
The Government of India has entered into an Agreement on Social Security with the French Republic. Following the principles of reciprocity this agreement is intended to benefit the employees and employers of both India as well as France. The Agreement has come into force w.e.f. 1s` July, 2011.
It appears that the signatories of e-form 20B of above companies including certifying practicing professionals have not verified the figures of number of shareholders from the records of the company. It can also be inferred that by putting figure of only 1 (one shareholder) in a listed company, the practicing professionals have not discharged their duties prudently and are liable for professional misconduct. The signatory Directors and company secretaries of these companies are also liable for furnishing wrong information in the Form.
The 195th meeting of the Central Board of Trustees, Employees’ Provident Fund, which was the twelveth regular meeting of the present Board, was convened at a short notice in New Delhi on Thursday. The Board approved the selection and appointment of the four new fund managers for managing the EPF corpus for a period of three years effective from 01.09.2011. The State Bank of India would continue as fund manager of EPF corpus till 31.08.2011.
The Concluding Ceremony for 150 years of Income Tax in India was celebrated on 15-07-2011 at a solemn function graced by H.E. Smt. Pratibha Devi Singh Patil, President of India at Vigyan Bhawan, New Delhi. The first copy of a book titled ‘A Celebration through Art: 150 Years of Income Tax in India’ comprising of artworks on the theme of ‘Income Tax in Nation Building’, executed by some of India’s top artists and the artistically gifted personnel of the Income Tax Department in the course of celebration of 150 years, was presented to Mahamahim Pratibha Devisingh Patilji, President of India by Shri Pranab Mukherjee, Union Finance Minister after it was released in the presence of Honourable Shri S.S. Palanimanickam, Minister of State for Finance (Revenue), Honourable Shri Namo Narain Meena, Minister of State for Finance (Expenditure), Shri R.S. Gujral, Revenue Secretary, Shri Prakash Chandra, Chairman, CBDT, other Members of the CBDT and a distinguished audience. The preview of the film titled ‘150 years of Income Tax- A Journey Across Three Centuries’ was screened and an informative brochure, ‘A Journey across Three Centuries’, depicting the evolving role of Income Tax since 1860, was also released.
This is for the attention of Members of the Institute who fail to receive “The Chartered Accountant”, Journal dispatched to them either due to un-intimated change of address or postal problems. Please inform your respective region immediately for any change in your address so that ICAI can ensure regular and timely delivery of journals to you.
The Union Finance Minister Shri Pranab Mukherjee said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government, making the tax system more progressive than it ever was in the history of independent India. The Finance Minister Shri Mukherjee said that direct tax collections have increased and have reached nearly Rupees four lakhs forty six thousand crores (Rs.4,46,000 crore) in 2010-11. He said that the Income Tax Department has matured into an organisation that has consistently mobilised the resources needed for financing the development of the country.
In order to promote the new symbol of Rupee i.e. the same has been encoded in Unicode Standard and National Standard ISCII. The new symbol has also been placed on the keyboard and by pressing ‘Alt Gr’ + ‘4’ keys together it can be typed. Detailed information is hosted on TDIL Centre (http://tdil-dc.in/) for the benefit of the users at large.
The Union Minister for Commerce & Industry and Textiles, Shri Anand Sharma has said that he will recommend duty draw back on cotton yarn exports to Finance Ministry w.e.f. 1st April 2011. On cotton exports he said ‘comprehensive view will be taken on cotton exports after an inter-ministerial consultation over next few days and a close watch will be maintained on cotton arrival data, maintained by Cotton Advisory Board (CAB), whose meeting is scheduled for August.’ He was speaking after taking stock of the Textiles Industry at a stakeholder’s consultations with Industry here today. It was a comprehensive review of key stakeholders of textiles industry, including the cotton industry, yarn industry and apparel producers.
With a view to regulate the profession of Company Secretaries and in terms of the powers vested, the Council is thus authorised to issue these guidelines for Peer Review. These guidelines serve as a mechanism intended to further enhance the quality of professional work of Practising Company Secretaries over a period of time, thereby ensuring that the profession of Company Secretaries continues to serve the society in the manner envisaged.
