India’s exports have registered a growth of 56.9% during May 2011, at US $ 25.9 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-May 2011, exports have reached a level of US $ 49.8 billion at a growth of 45.3% while the imports were US $ 73.7 billion with a growth of 33.3% and a trade deficit of US $ 23.9 billion, during the same period. During the interaction, Shri Khullar informed that India’s imports in May 2011 were US $ 40.9 billion. He further clarified that the import figures are only the rough estimates and the final figure is subject to change. Balance of trade for the month of May 2011 stood at – 15 billion US dollar.
The Supreme Court has ruled that omissions in the statements of witnesses creating serious doubts about truthfulness of the testimony should be discarded as it is unsafe to convict a person based on that. Where the omissions amount to a contradiction, creating a serious doubt about the truthfulness of the witness and other witnesses also make material improvement while deposing in the court, such evidence cannot be safe to rely upon.
The Collection of Statistics Act, 2008 was enacted by the Parliament on 7th January 2009. It was brought into force on 11th June 2010. The Act repealed the Collection of Statistics Act, 1953. Rules under the Act, namely, the Collection of Statistics Rules, 2011 were notified on 16th May 2011.
The Committee of Secretaries (COS) in its meeting held on 10th May, 2011 approved the release of the new series of Index of Industrial Production (IIP) with 2004-05 as its base and directed that the new series of IIP may be released for the month of April, 2011onwards. Accordingly IIP new series is released today i.e 10th June, 2011, which is the Quick Estimate (QE) of IIP for the month of April, 2011. The time series indices for the period of April, 2005 to March, 2011 are also released along with the QE of April, 2011 index. Though the Q.E. of the IIP pertaining to the old series of IIP (Base: 1993-94=100) is also made available through this Ministry’s website for comparison and academic purposes, the same will be discontinued from the month of September, 2011 onwards. In other words, the Q.E. of IIP pertaining to 1993-94 series will be provided only upto the month of August, 2011, which will be the Q.E. of IIP for the month of June, 2011.
Amid rising inflation, Reserve Bank Governor D Subbarao today pitched for greater autonomy for the central bank saying that operational freedom would help it focus better on management of prices. Having autonomy frees the central bank from the pressure of responding to short-term developments, deviating from its inflation target and thereby compromising its medium term inflation goals, Subbarao said in a speech at the SAARC Finance Governors’ symposium at Kumarakom in Kerala.
Union Ministry of Corporate Affairs today said it will organise a Lok Adalat for companies for the first time on June 11, with an intention of minimising litigation and avoid unnecessary prosecution against defaulting companies. The Ministry of Corporate Affairs has decided to organise Lok Adalat for companies for settlement of compoundable offences for the first time ever. The first such Lok Adalat is going to be held in Chandigarh, Registrar of Companies (Punjab, Himachal Pradesh and Chandigarh) Raj Singh said here.
The Central Bureau of Investigation has registered a case against the then certain officers of MTNL and other unknown private persons of a Noida- based Private Company dealing in Optical Fibre Transmission U/s 120-B IPC and 13(2) r/w 13(1)(d) of Prevention of Corruption Act 1988 on the allegations that MTNL awarded the work of broadcast network based on IP/MPLS Technology at an exorbitant price of approx. Rs.570.12 crores by manipulating the specification in such a manner as to make them tailor made for the said bidder to the said private company.
The Quality Review Board of the Institute, in its meeting held on 4th June 2011, has approved the release of Exposure Draft of Guidance Manual for Audit Quality. The proposed manual may be modified in light of comments / suggestions received.
The Reserve Bank of India today released the June Issue of its RBI Bulletin. June issue of the Bulletin carries four special articles: i. India’s Foreign Trade, 2010-11 (April-March)ii. Inflation Expectations Survey of Households: March 2011 (Round 23) iii. Quarterly Industrial Outlook Survey: January-March 2011 – (Round 53) iv. Survey on Computer Software and Information Technology Services Exports: 2009-10.
The Employees Provident Fund Organisation (EPFO) on Wednesday said account details would be available online from July 1. You can watch the account balance of your PF online from July 1, Assistant PF Commissioner Kanchan Roy said at an interactive session at Bengal National Chamber of Commerce and Industry.
