Procedure for Authorization of Related Party Transactions under the Companies Act, 2013 – The Conundrum that it is
Introduction Members of the professional fraternity are aware that the Companies Act 2013(hereinafter referred to as The Act) is being notified for implementation in a phased manner-not surprisingly though, considering its overwhelming slant and dependence on sub-ordinate Legislation in the form of Rules. As we write these lines, only 98 out of the 470 Sections … Read More
Tags: Audit Committee, Companies Act, Corporate Affairs Ministry, Corporate Governance, Corporate law, Institute of Chartered Accountants of India, National Football League Draft, Official Gazette
Capital and Provisioning Requirements for Exposures to entities with Unhedged Foreign Currency Exposure
RBI/2013-14/448 DBOD.No.BP.BC. 85 /21.06.200/2013-14 January 15, 2014 The Chairman and Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs and LABs) Dear Sir, Capital and Provisioning Requirements for Exposures to entities with Unhedged Foreign Currency Exposure Please refer to the draft guidelines on the captioned subject issued on July 2, 2013 and paragraph… Read More
Tags: Capital requirement, Derivatives, Exchange rate, FCE, Hedge (finance), India, Institute of Chartered Accountants of India, UFCE
MCA Investor Awareness Programmes during the Current FY Cross the 800 Mark
During the Current Financial Year, a total of 801 Investor Awareness Programmes have been organized by the Ministry of Corporate Affairs in various parts of the country (till the end of October) through its 3 Professional Institutes: Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and the Institute of… Read More
Tags: Companies Act, Corporate Affairs Ministry, India, Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost Accountants of India, October, Rural area
Amendments in Company Law Board Regulations,1991 in relation to Companies Act 2013
File No. 10/36/2001-CLB GOVERNMENT OF INDIA COMPANY LAW BOARD Paryavaran Bhawan, 3rd Floor, B-Block, C.G.O. Complex, Lodhi Road New Delhi - 110 003 Dated:25/09/2013 ORDER In exercise of the powers conferred by sub- section (4B) and sub-section (6) of Section 10(E) of the Companies Act, 1956 (1 of 1956) read with Regulation 4 of the Company… Read More
Tags: Companies Act, Companies Act 1956, Company Law Board, Corporate Affairs Ministry, India, Institute of Chartered Accountants of India, New Delhi, Registrar of Companies
Order under Section 119 of the Income-tax Act 1961
F. No. 225/117/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 26th of September, 2015 Order under Section 119 of the Income-tax Act 1961 CBDT in exercise of power under sec 119(2)(a) of the IT Act, 1961 read with Sec 139 andRule 12 has decided to relax the requirement of furnishing… Read More
Tags: Government of India, India, Institute of Chartered Accountants of India, Nagpur, New Delhi, Report of Audit, Rohit Garg, Taxation in India
Food Security Act Readiness Review
In the wake of the just-enacted National Food Security Act, the Union Minister for Food and Public Distribution, Prof. K V Thomas, today reviewed the operations of Food Corporation of India (FCI), especially from the point of view of its preparedness for implementing the law. Shri Sudhir Kumar, Secretary (Food and Public Distribution), was also… Read More
Tags: FCI, FCI Board of Directors, Food Corporation of India, Food security, Institute of Chartered Accountants of India, K V Thomas, Madhya Pradesh, Thomas
ICSI, ICAI, ICWAI sign MoU with Ministry of Corporate Affairs for setting up Centre of Excellence and Ethics
An MOU was signed between the three Professional Institutes of the Ministry of Corporate Affairs viz., The Institute of Company Secretaries of India (represented through its President, Shri S. N. Ananthasubramanain) , The Institute of Cost Accountants of India (represented through its President, Shri Suresh Chandra Mohanty) and the Institute of Chartered Accountants of India… Read More
Tags: Ajmer, Corporate Affairs Ministry, Corporate Governance, Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost Accountants of India, Professional development, Sachin Pilot
MCA & ICAI organises Accountancy & Commerce Education Summit
The Institute of Chartered Accountants of India (ICAI), functioning under the aegis of the Ministry of Corporate Affairs, organized ˜Accountancy & Commerce Education Summit™ here yesterday. The Summit provided a forum for exchange of thoughts and interaction on various areas of academic and practical interest such as the need for relevant course curriculum, method of… Read More
Tags: Accounting, chartered accountant, Company Secretary, Corporate Affairs Ministry, ICAI, India, Institute of Chartered Accountants of India, Law firm
ICAI Announcement w.r.t. Suggestions on Revision of the Guidance Note on Audit of Banks
1. The Guidance Note on Audit of Banks, brought out by the Auditing & Assurance Standards Board (AASB) of the ICAI is an important publication providing comprehensive guidance to the members carrying out audits of banks and bank branches. Improving the quality of audit of banks is one of the prime objectives of the Guidance… Read More
Tags: AASB, Audit, Business, Financial audit, Financial statement, ICAI, Institute of Chartered Accountants of India, March 2013
MCA initiatives to Protect the Interests of Investors
The Ministry of Corporate Affairs has initiated several steps to protect the interests of investors through programmes of investors™ awareness and education. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that important among such steps are : (i) Undertaking investor awareness… Read More
Tags: Corporate Affairs Ministry, Doordarshan, India, Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Investor, Rajya Sabha, Sachin Pilot
Order under Section 119 of the Income-tax Act 1961
F. No. 225/117/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 23rd of July, 2013 Order under Section 119 of the Income-tax Act 1961 Considering the large-scale devastation due to recent natural calamity in the State of Uttarakhand, the Central Board of Direct… Read More
Tags: Government of India, Income tax, Income Tax Act 1961, India, Institute of Chartered Accountants of India, Nagpur, New Delhi, Taxation in India
Draft XBRL Taxonomies for Insurance Companies
Tomorrow is the last date for sending the comments to the Institute of Chartered Accountants of India (ICAI) on the Draft Templates of Taxonomy for Life and Non-life Insurance Companies. The Comments may be sent by e-mail at xbrl@icai.in so as to be received not later than July 12, 2013. ICAI has prepared these separate Drafts… Read More
Tags: Business, Financial services, Financial statement, Institute of Chartered Accountants of India, Insurance, Insurance Act, Life, xbrl
Master Circular- Exemptions from the provisions of RBI Act, 1934
RBI/2013-14/38 DNBS.PD. CC.No.336/03.02.004/2013-14 July 1, 2013 (i) The Secretary, Ministry of Finance (ii) The Chairman, Securities and Exchange Board of India (iii) President of the Institute of Chartered Accountants of India (iv) President of the Institute of Company Secretaries of India (v) Associations of NBFCs Dear Sirs, Master Circular- Exemptions from the provisions of RBI… Read More
Tags: Bank, India, Institute of Chartered Accountants of India, Master Circular, ministry of finance, Reserve Bank of India, Run batted in, Securities and Exchange Board of India