The Reserve Bank of India should ask all commercial banks to send their confirmation letters of bank account balances only to the statutory auditors and not to the company concerned. This recommendation forms part of the second report of the ICAI’s High Power Committee on Satyam fraud, the CA Institute President, Mr Amarjit Chopra, told Business Line here.
The industry ministry today said it will come out with a definition of ”group company” soon, a clarification that would help global companies like Wal-Mart to begin operations without violating norms. “We are working on a clarification.
Government ordered SFIO investigation into Global Trust Bank case
State-owned insurer LIC has written a letter to the Securities & Exchange Board of India (SEBI) recently, asking for price secrecy in the bidding process for IPOs and FPOs, a source said. “LIC wrote a letter to SEBI after the Follow-on Public Offer (FPO) of the Rural Electrification Corporation in March this year, asking the regulator for price secrecy in the French Auction bids of institutional investors,” the source closely connected to the development told PTI here.
Government of India has been keen to provide a suitable mechanism for resolution of tax disputes between the tax department and foreign companies operating in India. In this direction government inserted provisions relating to Advance Rulings vide Finance Act, 1993. For this purpose, government has constituted an Authority for Advance Rulings which is headed by a retired judge of Supreme Court.
Finance Minister Pranab Mukherjee today said that after Bangalore, two more centres that handle I-T returns digitally would be set up at Pune and Maneasar. The Finance Minister also asked the Income Tax Department to partner with the corporate sector to automatise its non-core processes, so as to achieve economy of scale.
The Delhi State Consumer Commission has expressed its concern over private telecom operators reportedly overcharging customers by including undue charges in the bill, which are not rectified unless the subscribers point them out. The Commission sought the help of the Telecom Regulatory Authority of India (TRAI) to inquire whether “mistakes” in the bill were unintentional or on purpose.
Bank customers can soon withdraw up to Rs one lakh in a single day from ATM machines, and can shop for even an higher amount of Rs 1.25 lakh with their debit cards. Also, as much as Rs three lakh can be transferred in a day to another account through ATMs as also over phone.
This year, claiming a full income tax (I-T) refund could take longer than you expect if the amount mentioned in your return does not match that in the department’s system. Bitten by a Rs 14-crore refund scam in December last year, I-T authorities have ordered that an assessee can only get the refund amount shown in the department’s computer system, and that if the assessee claims more than that, he or she can only get it after filing for rectification and submitting the relevant documents.
Swiss banks have offered to tax the money deposited with them by Indians and other foreigners and “immediately deliver the cash” to governments of respective countries, rather than sharing the details of their clients. Switzerland has come under increasing global pressure to share information about black money stashed in its banks. Possibly as a response, Swiss banks have now offered to tax their foreign clients’ assets but are still wary of sharing details of their customers on grounds of privacy.
