The Ministry of Corporate Affairs had mandated certain class of companies to file their financial statements in XBRL format for the year ended 31st March, 2011. In order to educate members on XBRL and providing hands-on training on the process, XBRL India has planned a chain of workshops to be organized at various locations across the country. During the first phase, workshops will be organized to provide training on XBRL filings in selective big cities using the resources of the Information Technology Training Centres of the Institute. Three leading companies having expertise in XBRL filings will be the knowledge partners for this initiative. This training will help members to understand XBRL, which is emerging as the most popular reporting language across the world.
RBI has issued Master Circulars on 01.07.2011 on the following subjects. These Master Circulars are updated till 30th June 2011. Full text of the Master circulars can be checked on the website of RBI. A link to master circulars is given at the bottom of this post. 1. Master Circulars – Miscellaneous Instructions to NBFC- ND-SI
Indian economy is likely to register an average growth of above 8% in the Eleventh Five Year Plan and that the 12th Plan will see a growth of 9 to 10%. It is my view that it is possible for India to aim at a 10% growth for the next 20 years. Only then growth will be truly sustainable and inclusive. Private enterprise and investment coupled with the demographic advantage can be the underlying drivers of the country’s immense growth potential, going forward. We cannot forget the fact that India’s new growth trajectory of the last decade coincided with a significant pick up in private investment and a transition to a younger demography. Both factors make us believe now that a 10 per cent growth can be achieved and sustained, going forward.
Data on sectoral deployment of credit collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of May 2011 are set out in Statements I and II . These data are also available in the Real-Time Handbook of Statistics on the Indian Economy (http://dbie.rbi.org.in).
The Ind As have been prepared by NACAS and with its recommendation submitted to MCA.NACAS adopted due consultative proposed of hosting the draft Ind As insisting comments/suggestions and therefore after deliberated with industries representative in NACAS. The finally recommended Ind AS have the following carve outs. These carve outs have been made to fill up the gap/differences in application of Accounting Principles Practices and economic conditions prevailing in India.
India’s Exports during May, 2011 were valued at US $ 25941.28 million (Rs. 116488.01 crore) which was 56.93 per cent higher in Dollar terms (53.82 per cent higher in Rupee terms) than the level of US $ 16530.85 million (Rs. 75730.31 crore) during May, 2010. Cumulative value of exports for the period April-May 2011 -12 was US $ 49790.60 million (Rs 222307.44 crore) as against US $ 34272.98 million (Rs154681.89 crore) registering a growth of 45.28 per cent in Dollar terms and 43.72 per cent in Rupee terms over the same period last year.
Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5% to the country’s economic growth.
The Committee appointed by the Ministry of Social Justice and Empowerment, Government of India, to draft a New Legislation replacing the existing Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995, presented the final draft of the new law, “The Rights of Persons with Disabilities Bill, 2011”, to Shri Mukul Wasnik, Minister for Social Justice and Empowerment. The proposed law seeks to repeal the Persons with Disabilities Act of 1995 and to replace it with a comprehensive rights based law in accordance with the provisions of the United Nations Convention on the Rights of Persons with Disabilities (UNCRPD).
In order to check banking frauds, RBI today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police.
In a bid to contain frauds in banks, the Reserve Bank today asked lenders to rotate staff and put in place check and balances before giving high value loans. Banks may put in place a system wherein the concurrent audit can be undertaken in order to contain the frauds, RBI said in a notification.Banks should verify genuineness documents of title submitted as security for loans, especially for large value loans, it said.
