Officials of the anti-corruption bureau (ACB) on Tuesday night recovered unaccounted cash to the tune of Rs 1.68 crore, gold ornaments worth Rs 9.70 lakh and silver ornaments worth Rs 44,462 from the house of PWD executive engineer Vikram Parshuram Jadhav (45).
ICAI wants the government to bring in a provision to bar tainted firms from taking up new assignments for a fixed period, in case any of its partners has been held responsible in a fraud. Currently, if a partner of any firm is held responsible in a fraud, the firm disassociates itself from him and later counts him as a consultant. The government needs to take a stand.
The Institute of Chartered Accountants of India (ICAI), the accounting regulator, is looking to consult with the finance ministry to simplify the structure of service tax on construction activities and push three methods of calculating the tax.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect “the interests of the (tax) department”. “Sometimes, retrospective effect is to be made in order to protect the interests of the department. Otherwise, instead of collecting taxes, we shall have to refund the amount due from them,” the minister said during debate on the Finance Bill in the Rajya Sabha. He said the government would look into these legal aspects.
The finance ministry has held a meeting with the officials of the two warring regulators, Sebi and Irda, over the issue of control of Ulips and is understood to have impressed upon them the need to sort out the differences amicably.
The Government has clarified vide Department of Personnel and Training OM No. 1/20/2009-IR dated 23rd June, 2009 that file notings, except file notings containing information exempt from disclosure under section 8 of the Act, can be disclosed. No decision has been taken to amend the Act to exclude file notings from disclosure.
National Housing Bank, the housing finance regulator, is looking at issues concerning teaser rate saying such practices could pose systemic risk for the home loan sector. “We have to be on top of the issue (teaser rate) …
The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding up cases get dragged for years.
On the basis of the deliberations taken place in the meeting on 29th March, 2010, a Press Release (No.3/2010) related to the roadmap for the application of the converged Indian Accounting Standards by the Banking companies, Insurance companies and Non-Banking finance companies was issued on 31st March, 2010.
The Government has said that according to a recent study, it takes an average of about 10 years to complete a company liquidation process in India. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that the Companies Bill, 2009, which seeks to replace the existing Companies Act, 1956 provides for summary winding up proceedings in case of companies having assets of book value not exceeding one crore rupees.
