Minister of Corporate Affairs -Murli Deora’s Msg on XBRL – Its rationale and benefits
May, 2011 Message from the Minster of Corporate Affairs, Shri Murli Deora on XBRL Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms.hundreds of data fields and crores of pages of pdf attachments. If this speaks about something, it is the challenge before the Regulator,… Read More
Public inspection of Physical Records at the office of ROC Delhi at Manesar
Public inspection of Physical records at the office of ROC delhi at Manesar shall be discontinued from 25th May to 30th June, 2011 due to shifting of records and it shall be resumed from 1st July,2011 at the IICA Building , Manesar. The Public inspection is available for old records prior to 2006 which have not… Read More
Tax Defaulters – Beware, names to appear in Newspaper soon
The tax recovery of more than Rs one lac crore has been held up because of the non availability of information of the defaulters, the Income Tax department is working on plans to publish the names of the defaulters in the newspaper. The problem has been further compounded with several of the tax defaulters having created… Read More
SEBI – Rules violation leads Rs 2 lacs penalty for a Plantation Company
YSVK Agro Green Fields & Estate Ltd and its three directors have been fined amounting to Rs. 2 lacs by a Delhi court for raising huge fund from the public after promising them high returns without prior approval from Securities and Exchange Board of India. Additional Sessions Judge (ASJ) Pawan Kumar Jain fined the company on a complaint… Read More
India- Afghanistan sign’s MOU for Cooperation in Official Statistics
As a follow up of the umbrella agreement signed by Government of India with Government of Afghanistan and UNDP on 30th March 2010 to develop the capacity of Afghan Ministries / Agencies in Afghanistan through the project called National Institution Building Project, Dr. M. S. Gill, Minister of Statistics and Programme Implementation signed an MOU… Read More
Indian Government Accounting Standards (IGAS)2 – Accounting and Classification of Grants-In-Aid
NOTIFICATION NO. S.O.1113(E), DATED 19-5-2011 In exercise of the powers conferred by article 150 of the Constitution of India, the President of India, on the advice of the Comptroller and Auditor General of India, hereby makes the following accounting standards, namely, - Indian Government Accounting Standards (IGAS)2,- "Accounting and Classification of Grants- In- Aid." 2.… Read More
IRDA – Public Disclosure by Insurers
To The CEO™s of all Insurance Companies and Reinsurer Sub: Public Disclosures by Insurers Attention is invited to IRDA™s Circular no. IRDA/F&I/CIR/F&A/012/01/2010 dated 28th January 2010 and further clarifications issued thereon vide Circular dated 9th April 2010, wherein the Authority has mandated Public Disclosures by the insurers at periodic intervals. 2. Effective from the year ending March 2011,… Read More
FM clears RBIs draft guidelines on new bank licenses; but with a rider
The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidelines public… Read More
National Floor Level Minimum Wage to be made statutory
Unskilled workers will soon be legally entitled to a minimum daily wage of Rs. 115 per day with states agreeing to endorse the centre's proposal to make the National Floor Level Minimum Wage statutory. The move will potentially benefit 360 million workers across the country, most of whom are engaged in agriculture and related activities.… Read More
Committee formed under CBDT to curb generation of black money, its illegal transit and for its recovery
 Government has constituted a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The Committee includes Member (L&C), CBDT, Director, Enforcement Directorate(ED), Director General, Directorate of Revenue Intelligence… Read More
Combination Regulations : Corrigendum to notification GSR No. 482 (E) – MCA
CLR Note: By virtue of the below circular, the original notification no. 482 (E), stands modified as follows by insertion of the words in underline: In exercise of the Powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise,… Read More
Review of Guidelines on entry of NBFCs into Insurance Business
RBI/2010-11/540 May 27, 2011 CLR Note: The Non Banking Financial Companies registered with RBI will now be permitted to set up a joint venture company for undertaking insurance business with risk participation, subject to safeguards. The maximum equity contribution such an NBFC can hold in a joint venture company is 50 per cent of the… Read More
Indian origin man pleads guilty of Insider Trading in US
An Indian-origin hedge fund manager in the US has pleaded guilty to his involvement in insider trading schemes and could face up to 20 years in prison. Samir Barai, 39, a portfolio manager at two different New York hedge funds, pleaded guilty before Magistrate Judge Kevin Nathaniel Fox to one count of conspiracy to commit… Read More
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