A bank manager, testifying before a local court trying Satyam scam case, today said fixed deposit receipts and amounts given in the documents pertaining to his bank, which were seized by the CID last year, were fake. According to A Sebasen, BNP Parib
In a major breakthrough in the efforts to trace illegal money stashed in foreign shores, the Income Tax department has received classified information on two high value deposits of stud-farm owner Hasan Ali from the US and the UK. The department, thr
Suspecting an uptick in the insider trading activities in the recent market rally, Sebi has enhanced its surveillance for possible violations of rules prohibiting trading based on prior and inside information. The market watchdog has come across over
Reserve Bank Deputy Governor Subir Gokarn today expressed concern over the sharp fall in factory output growth, saying the latest numbers are disconcerting. However, he was quick to add that the other key indicators such as the corporate earnings and
PRESS RELEASE – 8/2010 [NO.1/1/2009-IFRS], DATED 4-11-2010 Ministry of Corporate Affairs, after wide consultations with all stakeholders and regulators, has drawn up a clear roadmap for implementation of Indian Accounting Standards converged with IFRS. Converged Standards will have to be followed by Phase I companies w.e.f. 1-4-2011. The Phase I group excludes banks, insurance companies […]
Income tax commissioner B P Singh has landed in a soup and could even be arrested. He has been charge-sheeted for fraudulently using official letter pads of over half-a-dozen sitting MPs and MLAs and forging their signatures to lodge bogus complaints
Tax authorities will not take legal recourse in cases where the disputed amount is below a certain threshold, as the government looks to reduce unproductive litigation. The new rules are in sync with a national litigation policy that seeks to make the government an efficient and responsible litigant.
You may need to be extra careful while writing cheques in future. Bank regulator Reserve Bank of India (RBI) as well as banks are becoming more strict about individuals issuing cheques. Very often, individuals sign cheques irrespective of the balance
Additional Fees revised w.e.f 5th December 2010 Dear Corporates, It has been decided to revise the additional fees payable as per Section 611(2) of the Companies Act, 1956 (except for Form 5) as per below details with effect from 5th December 2010
The International Financial Reporting Standards (IFRS) are well on their way to be implemented and will proceed according to schedule, said Mr Salman Khurshid, Minister of State for Corporate Affairs. Barring banks, insurance companies and small comp
