CBEC Notifies Exchange Rate for May 2011

Notification No.32/2011 - Customs (N.T.) GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS 7 Vaisakha, 1933(SAKA)   S.O.       (E). In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry… Read More

A sparkling fresh start for CAs, as MNCs bring lucrative offers

According to the Institute of Chartered Accountants of India (ICAI), 5375 newly qualified CAs registered with the Institute for February-March 2011 placements.  73 Interview teams participated in place one of the placements at 11 smaller centers.  Over 1710 candidates were short listed through Interviews and 528 candidates were offered  jobs.  This year the highest salary offered… Read More

Deregulating the Saving Bank Deposit Rate- Good or Bad, Decide

CLR Note: The Reserve Bank of India has released a Paper on Deregulation of Savings Bank Deposit Rate, asking for  feedback from the public based on the questions specified below, within May 20th, 2011. As indicated in the Second Quarter Review of Monetary Policy 2010-11 on November 2, 2010, the Reserve Bank of India has today released… Read More

Unique Protection to Chartered Accountants – Insurance for Practicing Members & CA Firms

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI ( CCBCAF & SMP ) has taken a major step for arranging Insurance cover against Professional Indemnity through New India Assurance Co. Ltd., Mumbai. An MOU has been signed by  ICAI with New India Assurance Co. Ltd., on the 10th February… Read More

Writ Petition will be not be maintainable against the award of RBI Ombudsman

Recently, in Kanaiyalal Lalchand Sachdev & Ors. Vs. State of Maharashtra & Ors. {(2011) 2 SCC 782; decided on 07.02.2011} hon™ble Supreme Court has observed as follows (in para 21): 21. In our opinion, therefore, the High Court rightly dismissed the petition on the ground that an efficacious remedy was available to the appellants under… Read More

Directions issued by Supreme Court in exercise of its power under Article 142 of the Constitution do not constitute a binding precedent

In State of U.P. Vs Neeraj Awasthi & Others {2005 (5) Suppl.SCR 906 , 2006 (1) SCC 667 , 2005 (10) SCALE 286 , 2006(1) JT19; Date of Judgment: 16/12/2005} hon™ble Supreme Court has observed as follows. In All Manipur Regular Posts Vacancies Substitute Teachers' Association v. State of Manipur [1991 Supp (2) SCC 643],… Read More

Quick Refunds expected by CBDT – An achievement

The Central Board of Direct Taxes has taken a commendable initiative, of refunding nearly 40,000 crore by the end of April 2011. This comes as a huge relief for the tax payers as the entire refunding process will be completed in the first month of  the financial year itself, where earlier it was received only in the last three… Read More

Notification by RBI pertaining to Opening of Small Accounts

RBI/2010-11/487 RPCD.CO.RCB.AML.BC. No.63/07.40.00/2010-11 April 26, 2011 The Chairmen / CEOs of All State and Central Co-operative Banks Dear Sir, Opening of "Small Account" Please find enclosed a copy of the Government of India, Notification No. 14/2010/F.No.6/2/2007-E.S. dated December 16, 2010, amending the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the… Read More

Amendment in the rate of Service Tax on Life Insurance Business

Notification No.35/2011 Service Tax   Government of India Ministry of Finance (Department of Revenue) New Delhi, the 25th April, 2011   G.S.R.  (E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act), the Central Government… Read More

If Exoneration in Adjudication Proceeding on Merits, Criminal Prosecution on Same Set of Facts Can Not be Allowed to Continue

Recently, a three judge bench of hon™ble Supreme Court in Radheshyam Kejriwal  Vs State of West Bengal & Anr. {(2011) 3 SCC 581; Decided on 18.02.2011} held as follows (per majority) (SCC para 37, 38 and 39).   19¦¦¦¦¦. There may appear to be some conflict between the views in the case of Standard Chartered… Read More

Penalty imposed by RBI on 19 Commercial Banks for non compliance of Derivatives instructions

Press Release : 2010-2011/1555 dated 26th April 2011 The Reserve Bank of India has imposed penalties on 19 commercial banks in exercise of the powers vested with it under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The penalties have been imposed on these banks for contravention of… Read More

Seminar on Capital Market- Challenges & Opportunities by ICSI on 30th April 2011

          A Seminar on Capital Market- Challenges & Opportunities will be organised on the 30th April,2011, the details to it are given in the link below:   Seminar on Capital Market   Read More

Workshops on “Managing Contract Labour” & “Knowledge of Disciplinary Action”

Workshop on Managing Contract labour & Knowledge of Disciplinary Action A workshop on Managing Contract Labour -  Legal Issues, Compliance &  Handling Outsourcing will be conducted on Friday,29 April 2011 at New Delhi  &  Friday, 6 May 2011 at  Mumbai  and another  Workshop will be on "Knowledge of Disciplinary Action, Enquiry Procedures and Related Case Laws" on Saturday, 30 April 2011… Read More

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