Ministry of corporate affairs directs Registrar of Companies to conduct quarterly scrutiny
RBI Governor D Subbarao explains the rationale for the moves announced in the second quarter review of the monetary policy in an interview with Sidhartha. Excerpts:
Sources said the major criteria for review will be the minimum paid-up capital of the bank, nature of new entities to be allowed in the banking sector, promoters' contribution in the paid-up capital, nature of promoters and corporate governance norms in the current scenario.
The Reserve Bank of India may de-license or leave it to banks to open branches in rural and semi-urban centres, in a step towards liberalising its branch authorisation policy.
According to sources close to the development, finance secretary Ashok Chawla, who is driving the process, is working on a concept note to provide the framework for consolidation.
Taxmen are opposing proposals to cut personal income and corporate tax and scrap taxes on various transactions.
The Reserve Bank of India has said Indian companies merging with overseas firms will continue to be treated as entities resident in the country under the Foreign Exchange Management Act (FEMA). There is no provision for such a merger under the current Companies Act. But a Bill to amend the Act tabled in the Budget session of Parliament proposes to allow Indian companies to merge with overseas companies, under section 205, a move that could introduce greater flexibility in
The Securities and Exchange Board of India is now planning to enable investors to buy and sell mutual fund units through stock exchanges. Fund houses will also be allowed to sell new fund offers (NFOs) through exchanges, helping them to save on distribution costs.
The decision will come into effect on September 19. In the notification issued by the ministry of consumer affairs, food and public distribution, three weeks was given for so reducing the stock.
A silent revolution is taking place in the country's airports and ports -- one that will alter India's notoriously troublesome Customs clearance procedures, both at entry and exit points.Export consignments will no longer have to undergo the drudgery of long Customs clearance procedures. And the facility will be extended to courier services or even passengers after some time. Such a system exists for imported goods and has met with a huge success.
These companies struck joint ventures with foreign partners before the government relaxed FDI sectoral limits by issuing Press Notes 2 and 4 in February this year, and had approached FIPB for approvals later. FIPB sent a note to this effect to the RBI a month ago, advising the central bank to deal with such cases.
The Central Board of Direct Taxes has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants.
This is in addition to the $3 billion (around Rs 15,000 crore) infrastructure fund being set up in association with the Macquarie group and International Finance Corporation. Though SBI would be a late entrant to the private equity space, Bhatt was confident that it would not be a deterrent.
One indication of this was the fact that many large bond buyers stayed away from the Rs 12,000 crore auction conducted on August 7.
In a major relief to over 3,000 companies all over India seeking arbitration in tax cases with the Settlement Commission, the Bombay High Court has termed as "unconstitutional" the government's decision to suggest a cut off date of March 31, 2008, for all cases filed before June 1,2007.
Housing finance companies are currently regulated by NHB, which is, in turn, regulated by RBI. NHB is wholly-owned by RBI.
Authority for Advance Ruling dispenses with complex forex indexation requirement.
Looking to raise OMO limit, borrowing cap for primary dealers.
At the same time, banking sources close to the development said the central bank could raise its growth target from 5-6 per cent to 6.5 per cent to accommodate the impact of an improving monsoon and the growth impetus provided through various fiscal and monetary stimulus packages earlier in the year. The cautious outlook on interest rates is primarily to accommodate rising inflationary expectations in the economy.
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