Mutual fund houses are strongly resisting a proposal from market regulator SEBI for treating small investors at par with large institutional ones in terms of various charges, such as exit-loads, with the argument that retail investors are costlier to service.
The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled. By taking an overdraft facility, a taxpayer becomes a debtor to the bank and hence, no authority has the right to attach overdraft facility for recovering tax dues, the court said in an order dated July 8.
Finance Minister Shri Pranab Mukherjee has asked the Regional Rural Banks (RRBs) to bring their Non-Performing Assets (NPAs) below 5% by this year itself. Finance Minister also announced the wage revision of the pay-scale and allowances of the employees of the RRBs corresponding to those of Nationalised Banks as per 9th Bipartite Settlement. The additional cost burden of the arrears on this account would be about Rs. 791 crores.
PATNA: A woman, as everyone knows, usually gives birth to a baby after nine months of pregnancy, but in Bihar 298 women claim to have delivered two to five children in a span of 60 days – at least that’s what records of incentives amount given to new mothers under a government scheme show.
One of the principal underpinnings of good corporate governance is that shareholders and other stakeholders are provided with detailed information on financial and operating results in order to understand the current state of affairs, like balance sheet, profit and loss account and notes thereto, directors report, auditors report and management discussion & analysis.
Corporate affairs minister Salman Khurshid has said the Competition Act amendment bill, seeking to invest the competition watchdog CCI with powers to vet big-ticket takeovers, is likely to be tabled in the Monsoon session.
Finance minister Pranab Mukherjee today assured the states that the Centre will fully compensate them on possible losses arising from implementation of the goods and services tax (GST) regime. “No state would be allowed to suffer any loss and would be fully compensated by the Central government,” he said at a meeting of the National Development Council here today, attended by most of the state chief ministers.
The Monsoon Session, 2010 of Parliament (5th Session of Fifteenth Lok Sabha and the 220th Session of the Rajya Sabha) is scheduled to commence on Monday, the 26th of July, 2010 and subject to exigencies of Government Business, the Session will conclude on Friday, the 27th of August, 2010 . The Session will provide 24 sittings spread over a period of 33 days.
Companies sitting on the fence are trying to see if they can use the eight month window still available to set up units in special economic zones. Units have to come up before March 31, 2011, to avail of income-tax concessions available for SEZ units.
The country’s supreme audit body has questioned the preparedness of states to roll out the goods and services tax (GST), amid hectic parleys to build a consensus on the implementation of this crucial indirect tax reform from the next fiscal year.
