mt. Shyamala Gopinath, Deputy Governor relinquished the office of Deputy Governor of the Reserve Bank of India in the forenoon today. Smt. Gopinath was appointed Deputy Governor of the Reserve Bank of India on September 21, 2004 for a period of five years. On completion of her term, she was re-appointed for a further period up to June 20, 2011.
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The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday. In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting.
Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in April-June 2009, showing consistent increase in revenue generation.
The Union Finance Minister Shri Pranab Mukherjee will inaugurate a national conference of the State Finance Ministers here tomorrow. The day-long conference, which includes participation from all stakeholders from Union and State Governments, aims to trigger discussions on operational guidelines for conceptualizing ‘General Purpose Financial Reporting’ under accrual based accounting system. Secretaries to the Government of India, State Finance Secretaries, Financial Advisors from key ministries and State Accountant Generals will participate.
Shri P. Vijaya Bhaskar assumed charge as Executive Director of the Reserve Bank of India on June 13, 2011. As Executive Director, Shri Bhaskar will look after Central Security Cell, Department of Banking Supervision and Department of Non-Banking Supervision. Prior to his appointment as Executive Director, Shri Bhaskar was the Regional Director of Karnataka.
While the future growth outlook of the Indian economy looks promising, the challenge is to make it more inclusive. At the grassroots level, India continues to be a poor and less developed country in spite of years of financial and other support provided by the Government to equity enhancing distributional programmes and the spectacular turnaround in investment and growth. According to a Planning Commission Report on the methodology of estimation of poverty issued in 2009, the all India poverty head count ratio was at 37.2 per cent in 2004-05 compared to 45.3 per cent in 1993-94. Prima facie, while the slow pace of reduction in poverty due to high population growth rate, large workforce still dependent on agriculture and illiteracy continue to obstruct the growth potential, the paradigm that these disabilities can be nevertheless be turned around into a winning proposition is also surely within the realm of possibility.
In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups. The Central Board of Direct Taxes ( CBDT )) has issued a notification in this regard. As per the notification, no income tax will be levied ‘to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children’ if money is drawn from the welfare fund to meet the expenses.
Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes. A classified report prepared by the department has found that “a large number” of trusts and societies are violating I-T exemption laws and are conducting “business, commerce and trade” instead of charity.
The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India. The securities kept by foreign entities in Swiss banks were valued at 2.39 trillion Swiss francs at the end of 2010 (about Rs 12,600,000 crore at the current exchange rates), down from 2.49 trillion Swiss francs (about Rs 13,00,000 crore) a year ago.
