The CBI has arrested a Deputy General Manager of Punjab National Bank after registering a case against him and directors of three private financial firms for allegedly violating rules in granting loans to companies. The PNB official, Venkoba Gujjal, also an accused in the multi-crore kickbacks-for-loans scam, was arrested by the agency after another case was registered against him and directors of the three private financial firms, officials sources said.
Concerned about high inflation that in March overshot its 8 per cent target, the Reserve Bank has said it would address the issue in its monetary policy review, scheduled for May 3. “RBI will evaluate the underlying inflationary pressures on the monetary policy…Inflation is a concern for us. The underlying inflationary pressure is because of high non-food manufacturing prices,” RBI deputy governor Shyamala Gopinath said on the sidelines of a workshop on FEMA here yesterday.
CBDT has also lauded the Mumbai IT department on April 19, which released a book aimed at plugging tax avoidance or evasion techniques by India Inc. The CBDT has further indicated that pending corporate refunds are no longer a matter of concern.
Draft for discussion for invitation for bids for appointment of Strategy consultants to develop ICAI Vision 2030 and first two years detailed action plan – 27th April 2011 – (19-04-2011). Download Draft for discussion for invitation for bids for appointment of Strategy consultants to develop ICAI Vision 2030 and first two years detailed action plan
The Finance Ministry favours re-negotiation of the tax treaty with Mauritius so that India could have access to banking details, besides tax-related information. With a view to prevent generation of black money and stop re-routing of funds through Mauritius, the Finance Ministry has recently asked the Ministry of External Affairs to tighten the Double Taxation Avoidance Agreement (DTAA) between the two countries.
What is United Stock Exchange of India? United Stock Exchange of India Limited (USE) is India’s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses. USE is the trading platform for Currency Futures now.
Advocate M L Sharma and others have moved the court contending that inclusion of five civil society members in the committee, which also has five ministers, is constitutionally flawed as a parliamentary committee must comprise only members of parliament and no one else.
After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11.
The Supreme Court today said the right to property is a constitutional right and government cannot deprive a person of his land in an arbitary manner. A bench of justices G S Singhvi and A K Ganguly said in a judgement that courts should view with “suspicion” the action of the government in acquiring land for private parties in the name of urgency.
Indian companies pay a salary of Rs 4.8 lakh to each of their employee on an average, but earn a profit of Rs 6 lakh per employee in return, says a new survey. According to a study by Pricewaterhouse Coopers (PwC) — Measuring Human Capital – Driving Business Results — organisations in India pay an average remuneration of Rs 4.8 lakh and earn Rs 6 lakh of profit per employee, which makes the human capital return ratio on investment to 1.79 for organisations in the country.
