The government was put on the Wall of Shame at the annual general meeting of the International Air Transport Association in Singapore, along with the European Union Parliament and the governments of the UK, Germany and Austria, for imposing high taxes on air travel.
The net direct tax collection during the first two months of the current fiscal fell by 47.93 per cent, mainly on account of dolling out of large refunds by the IT department. Net direct tax collections, gross collections minus refunds, were down by 47.93 per cent at Rs 12,954 crore during the first two months of the current fiscal, the finance ministry said in a statement.
Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country’s high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a survey said. According to the ‘9th Annual European Attractiveness Survey’ by Ernst & Young, India will rank fifth among the most attractive destinations for European firms within the next three years, mainly on account of India’s perceived specialisation as a hub for low cost outsourcing business.
Ministry of Corporate Affairs has proposed the name of former Finance Secretary Ashok Chawla as the next Chairman of the anti-trust watchdog Competition Commission of India (CCI). The Ministry of Corporate Affairs has sent Chawla’s name for ACC (Appointments Committee of Cabinet) approval, a top source in the ministry told PTI.
The Supreme Court on Monday issued notice to the government on eviction of Baba Ramdev from the Ramlila ground. Taking suomoto cognizance of Baba’s eviction by the government the apex court gave the government two-week notice to respond. An advocate on Sunday approached the Supreme Court seeking a direction to the government to issue a white paper on the entire episode leading to the eviction of yoga guru Ramdev and the alleged barbaric police action early today against his followers at the Ramlila Grounds.
Asked by the government for suggestions on a new set of rules for ownership and governance of the stock exchanges, the industry has favoured listing of the bourses.However, there is no unanimity among the industry bodies and the exchanges themselves on how to segregate the regulatory and commercial roles of stock exchanges.
The Institute of Chartered Accountants of India (ICAI), set up by an Act of Parliament – The Chartered Accountants Act, 1949 – has established ICAI Accounting Research Foundation (ICAI-ARF) in January, 1999, as a Section 25 company – a core research body in the areas of accounting, auditing, capital markets, fiscal policies, monetary policies and other related disciplines. Over the years, it has accelerated its work programme as an academy for imparting, spreading and promoting knowledge, learning, education and understanding in the various fields related to the profession of accountancy.
Ahead of its mid-quarterly policy review, the Reserve Bank of India (RBI) today said it is monitoring the economic data and also the liquidity situation, and would take a forward-looking view while deciding on the policy action.We would monitor various data…and take a forward-looking view and take action, RBI Deputy Governor Shyamala Gopinath told reporters here when asked how the central bank plans to arrest the economic slowdown.
A gutkha pouch manufacturer, arrested for evading excise duty, has been granted bail by a Delhi court on the condition that he would deposit Rs 30 lakh as penalty with the Central Excise and Customs Department. In the facts and circumstances, I find that applicant (accused) deserves to be granted bail particularly where there is no antecedents (of wrongdoing) against him, Additional Sessions Judge J R Aryan said.
Sebi may soon frame a policy for the stock exchanges to go through a stress test to prepare them for handling ‘flash crash’-like situations, where a sharp plunge in some stocks leads to across-the-board panic sale. The market regulator is currently working out a policy on the stress test for the stock exchanges, as well as other market infrastructure institutions like clearing corporations, a senior Sebi official said.
