The ‘National Legal E-Library’ project of the Government is to be dedicated o the nation on 15 August 2011.Dr. M Veerappa Moily, the Minister of Law & Justice had proposed the need for the formulation of a ‘National Legal e-library’ for students and practitioners of Law on 6 December 2009, during his meeting with the vice chancellors of Law University and Colleges across India.
India has emerged among the four fastest wealth creator countries in the world and its growth momentum is expected to gather further steam going forward, a global study has said. In its annual Global Wealth Report, management consulting firm Boston Consulting Group has listed the US, China, the UK and India as the nations showing the largest absolute gains in wealth in 2010.
Pension regulator, PFRDA, today said that it would like to maintain the 50 per cent limit on investment in equities for the new pension fund, regardless of the recommendation of the Bajpai committee. We think that at the current stage of pension market in the country, investing more than 50 per cent in equities is not going to be fair to investors in terms of the risk that has to be taken, and therefore, we tend to retain the cap at 50 per cent, Pension Fund Regulatory and Development Authority (PFRDA) Chairman, Mr Yogesh Agarwal, said on the sidelines of the 26th Skoch Summit here.
Emphasizes on Putting Proper Regulatory Mechanism in Place to Protect the Interest of Policy Holders – Shri S.K. Sharma, Secretary, Department of Financial Services, Ministry of Finance launched the online grievance portal i.e. Integrated Grievance Management System (IGMS) of Insurance Regulatory & Development Authority (IRDA)) in a seminar on ‘Policyholder Protection and Welfare’, here today.
The National Housing Bank today said there has been a slowdown in the growth of housing loan uptake due to higher interest rates and rising property prices. Traditionally, growth in housing finance loans was witnessed at 25 per cent each year for four consecutive years before the slowdown began, NHB Chairman and Managing Director R V Verma told reporters on the sidelines of the 26th Skoch Summit here.
The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan’s Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 billion to an unreported Swiss bank account. Along with the statement of Khan, the I-T department has also asked ED to part with a copy of the statement of Kashinath Tapuria, brother of Priyamvada Birla and a business associate of Khan.
Amid rising instances of debit and credit card frauds, an RBI panel has recommended that banks should put in place secure systems to check such cases within a year’s time. All acquirers and issuers may put in place adequate fraud risk management systems and processes [within] 12 months, said the panel in its recommendations for an action plan to implement additional authentication for all card transactions.
The Income Tax Department has been ordered by a road mishap tribunal to pay over Rs six lakhs as compensation to a photographer who suffered permanent disability after being hit by a department’s vehicle. Motor Accident Claims Tribunal ( MACT )) judge Rajiv Mehra ordered the IT department to pay damages to photographer Vijay Singh , saying ‘driver of the offending vehicle is the main tortfeasor (wrongdoer). A careless driving of the vehicle on his part has made the petitioner crippled for whole life.’
Shri Dhanendra Kumar said the Competition Commission of India (CCI), under its mandate to make markets function for the consumer and to ensure fair and healthy competition in the Indian Economy, is initiating series of market studies to analyse and monitor the competitive dynamics in the various industries of the Indian Economy. As part of this series, the sectors of Agriculture, steel and paper has been taken up by the commission in its initial phase.
Union Finance Minister Shri Pranab Mukherjee said that the success of fiscal policy is closely tied with optimal utilization of public resources. He stated that numerous factors make expenditure reforms an extremely challenging and uphill task. There is significant scope to reform the expenditure policy of the Government for rationalization of public spending, the Minister added.
