A court here today granted bail to all the six accused retired judges in the Rs. 6.58-crore Provident Fund scam. CBI Special Judge A K Singh granted bail to the accused on the basis of undertakings and personal bonds of Rs. 1 lakh each. The hearing went on for five hours in a closed court room.
The Supreme Court on Monday admitted a petition filed by Reliance Industries over a dispute on imposition of sales tax on purchase and return of Linear Alkyl Benzene Feed Stock (LABFS) to Bharat Petroleum after it processed it at its chemical plant at Patalganga. A bench comprising Justice B Sudershan Reddy and Justice S S Nijjar admitted the petition filed by RIL and posted the matter in July for the final hearing. The apex court also issued notice to Maharashtra state government and directed it to file a reply.
India has imposed anti-dumping duty of up to 40.9 per cent on the import of glass fibre, used in automobiles, electrical insulation and heat resistant fabrics, from China to protect domestic players. The restrictive duty on import of glass fibre would be imposed for a period of five years, the Department of Revenue said.
Government of India vide notification dated December 16, 2010 has recognized the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar Number as an “officially valid document” to satisfy the ‘Know Your Customer’ (KYC) norms for opening small accounts in banks. This is expected to promote the financial inclusion of the poor and the hitherto excluded by making it possible for them to easily establish their identity and open bank accounts. The UIDAI is facilitating opening of bank accounts for the residents at the time of enrolment for Aadhaar through partner banks and acceptance of the letter of UIDAI as a valid KYC will make the process seamless.
Finance minister Pranab Mukherjee on Monday made a case for raising the Tax GDP ratio to a “reasonable level” of 12%-14%, to enhance the government’s capability to fund social sector schemes. “I do believe that Tax GDP ratio, which has come down to 10% plus, must reach 12%, so that the Tax GDP ratio is at reasonable level,” Mukherjee said in his reply to the general budget 2011-12 in the Rajya Sabha.
The Hon’ble Finance Minister has expressed his deep concern at the rising litigation with employees of the Income Tax Department. A committee is already been set up in CBDT to i. Identify systematic causes for service litigation and litigation with taxpayers in the CBDT. ii. To prepare a roadmap for reducing the existing litigation and also to avoid litigation for future. iii) TO act as standing committee to reduce litigation.
The Reserve Bank of India will release its next Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011. The Review will be by way of a press release and will be placed on RBI website.
The Minister of State of Corporate Affairs, Shri R.P.N. Singh has stated that serious Fraud Investigation Office (SFIO) is currently investigating 14 cases. In the past two years investigation in respect of 25 companies were completed and 117 petitions were filed by SFIO in the Competent Courts. The Hon’ble Courts ordered convictions in 39 prosecution cases filed by SFIO in the preceding years. The SFIO has completed investigation in respect of M/s. Satyam Computer Services Ltd.
For Public Limited Companies and their subsidiaries ceiling as percentage of profits is already prescribed. The Government also regulates the remuneration of managing directors / whole-time directors / managers (board level positions) of Public Limited Companies in accordance with the provisions of Schedule XIII of the Companies Act, 1956. Listed Companies and subsidiaries of Listed Companies in India which are loss making / have inadequate profits require Government approval for paying remuneration in excess of the existing ceiling limits stipulated therein. This was stated in Rajya Sabha yesterday by Minister of State for Corporate Affairs, Shri R.P.N. Singh, while replying to a question.
The jurisdiction of Companies Act, 1956 under which the SFIO is functioning is restricted to the territory of India. Investigation regarding diversion of funds outside the country, is being carried on by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for which they have the requisite powers. This was stated by Minister of State for Corporate Affairs, Shri R.P.N. Singh while replying to a question in Rajya Sabha yesterday.
