Market regulator Sebi is still to recover monetary penalties of over Rs 103 crore imposed on individuals and entities till December, 2010. According to the Securities and Exchange Board of India (Sebi), the defaulters list covers 864 cases with a total penalty of Rs 1,03,55,34,765. Sebi issued adjudication orders on these cases between 2002 and 2010 and the concerned individuals and entities were asked to fork out monetary penalties. However, they had defaulted on furnishing the amount till December 31, 2010.
Sebi has put the ball in the government’s court on implementing new rules proposed by a market regulator-appointed panel on how stock exchanges should be owned and run. Sources said that Sebi is awaiting the final word from the finance ministry on the issue before taking up the case at its board for implementation of the new rules.
Bank account holders’ cheers after the RBI hiked the rates on saving accounts could be short-lived, as the banks are likely to make them pay for a slew of services to offset the costs, bankers and analysts have said. Earlier, the regulated interest rate of 3.5 per cent per annum — unchanged since 1993 — helped banks garner low- cost deposits and maintain good margins, due to which many services came free.
(A) Development of e-learning portal for students Development of e-learning portal for providing on-line coaching, web-based learning for students pursuing ICWAI Courses. (B) Web conferencing – Live Virtual Classroom (LVC) A LVC mimics physical classroom but is delivered over the internet. It is a collaborative learning process between Learners and instructors to participate through the medium of internet. LVCs also provide facility of Archived classes, i.e. Students can log-in 24×7 and go through the lecture sessions, which is stored in the web-portal.
The Reserve Bank is likely to make it mandatory for foreign banks in the country to operate as wholly-owned subsidiaries, in line with the international practice, so that the central bank can have better control over their working. Initially, according to sources, the new banks and the existing ones with a few branches will be asked to convert into wholly-owned subsidiaries (WoS).
A fraud has been detected at the State Bank of India’s main branch here after Rs 80 lakh were found to be withdrawn from the account of Food Corporation of India (FCI) through a fake cheque, police said today. A person had opened an account in the Punjab National Bank branch at Sikandarabad in Bulandshahr district by submitting fake documents and later a payment of Rs 80 lakhs was cleared by SBI on a fake cheque issued by him, Deputy General Manager of the SBI branch Tilak Raj Sachdeva said.
Cancellation of HINDI MEDIUM Paper-3 of PCE and Paper-2 of IPCE of Chartered Accountants Examination-May 2011 held on 05 May 2011.The said exam for Hindi medium candidates will now be held again on 17th May-2011
Statutory Audit of Co-operative Societies for the year 2010-11 – Circular. Circular Dt 11.04.2011 from Commissioner of Cooperative Societies, Pune regarding Statutory Audit of Co-operative Societies for the year 2010-11 and Change in NPA. Circular on NPA and Other Provisions Applicable to Audit of Co-Operative Credit Societies and Bank in Maharashtra
CIRCULAR NO. 138/07/2011 The Works Contract service (WCS) in respect of construction of Dams, Tunnels, Road, Bridges etc. is presently exempt from service tax. WCS providers engage subcontractors who provide services such as Architect‟s Service, Consulting Engineer‟s Service, Construction of Complex Service, Design Services, Erection Commissioning or Installation Service, Management, Maintenance or Repair Service etc. The representation by assessee sought to extend the benefit of such exemption .
Ministry of Finance has initiated a public debate on the issue of a negative list for taxation of services as announced by the Finance Minister, Shri Pranab Mukherjee in his Budget 2011. The text of the speech is as below-Many experts have argued that it will be desirable to tax services based on a small negative list, so that many untapped sectors are brought into the tax net. Such an approach will be very conducive for a nationwide GST. I propose to initiate an informed public debate on the subject to help us finalise the approach to GST.
