Guidelines on Advanced Measurement Approach (AMA) for computation of Operational Risk under BASEL II norms
Implementation of the Advanced Measurement Approach (AMA) for Calculation of Capital Charge for Operational Risk RBI/2010-11/488 DBOD.No.BP.BC. 88 /21.06.014/2010-11 The Chairman and Managing Directors / Chief Executive Officers of All Commercial Banks (Excluding Regional Rural Banks and Local Area Banks) Dear Sir, Implementation of the Advanced Measurement Approach (AMA) for Calculation of Capital Charge… Read More
CBDT notifies revised procedure for refund of excess amount of TDS deducted/paid
CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)] The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax… Read More
Whether legal heirs of a former employee are liable to be prosecuted under section 630 of the Companies Act, 1956 ?
Wrongful withholding of company property is an offence and the wrong doer can be proceeded against under section 630 of the Companies Act. Whether this section can be pressed into service even against the legal heirs of past employee is the crucial question examined in the light of recent judicial elucidations. Introduction 1. The… Read More
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
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