The Ministry of Commerce and Industry (MCI) had issued a letter dated 20 August 2009 requiring all foreign nationals in India holding Business Visa (BV) and working on project/ contract based assignments in India to return to their home countries on expiry of their BV or by 30 September 2009, whichever is earlier. This deadline was subsequently extended to 31 October 2009 by the Ministry of Home Affairs (MHA).
The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC). Electronic filing of service tax will be made compulsory in the next two months, CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
The Reserve Bank of India has, today, placed on its website the draft guidelines on OTC Foreign Exchange Derivatives and Hedging Commodity Price Risk and Freight Risk overseas (Annex) for public comments.
This seems to be the biggest slip by an Indian financial institution which is supposed to maintain heightened vigilance on suspicious and high-value cash transactions. At least Rs 640 crore was deposited in cash by one of the alleged front companies of former Jharkhand CM Madhu Koda in a state-owned bank in Mumbai. The bank failed to trigger an alert to countless intelligence agencies tasked to keep a tab.
Markets regulator SEBI has decided to allow companies to auction their shares in a follow-on public offer (FPO) to qualified institutional buyers (QIBs) at differential prices above the floor, while retail investors will get shares at the floor price.
The Institute’s attention has been drawn today to an SMS purportedly sent from a code source viz. `TM-ICAI ELC’ which tends to give an impression that the same has linkage to the Institute of Chartered Accountants of India and its election in an abbreviated form. It has also been brought to our notice that the concerned message has reportedly been sent to all the members of a particular region.
During the last few days, the number of requests to intervene and bring halt to the issuance of SMSs and emails to voters at large has been on the increase. The general complaint of the voters is that the receipt of enormous mails and SMSs – many a time repeated mails from the same persons causes disturbances to their professional as well as personal life.
India today said it will renegotiate with all the 77 countries with which it has double tax avoidance treaties to track tax evasion following allegations of black money being stashed by many Indians in Swiss banks.
If the Value Added Tax (VAT) is considered to be a major improvement over the pre-existing Central excise duty at the national level and the sales tax system at the State level, then the Goods and Services Tax (GST) will be a further significant breakthrough – the next logical step – towards a comprehensive indirect tax reform in the country.
Our elections are held on the single ‘transferable vote’ system under which the voter has to indicate his preferences about the candidates by inserting the figures 1, 2, 3 etc against the names of the candidates according to his preference. Some members are under the impression that only the ‘ first’ preference vote has value. This impression is not correct.
