Helen Brand offers a CA's view on protectionism, money laundering and how India's implementation of Ind-AS will make it more attractive to investors.
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
'This move rendered the chiefs of important investigative agencies to the status of daily wage earners. It undermined the autonomy and independence of the agencies.'
Ruchi Soya was admitted to the corporate insolvency resolution process (CIRP) in December 2017 and owes lenders Rs 12,000 crore.
'The actions of Indian monetary authorities will depend on how quickly they want the inflation to come down to 4 per cent.'
The Supreme Court on Friday said it has no reason to "discredit" SEBI, which probed allegations against the Adani group, as there was no material before it to doubt what the market regulator has done and the court does not have to treat what was set out in the Hindenburg report as a "true state of affairs".
States have been told to prepare in advance to counter any impact of an adverse southwest monsoon.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
The GST Constitutional Amendment Bill is with the standing committee.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
Police probe still on; ex-parte stay against sexual harassment panel report and court permission to enter premises help NGO chief
CBDT sets up committee to detect leakages in tax-exempt sectors.
Bharat Biotech is targeting to manufacture one billion doses of its intra-nasal vaccine in 2022 which is under clinical trials now.
A selection committee, headed by Reserve Bank of India (RBI) Governor D Subbarao, is scheduled to meet next week to shortlist candidates for the post of the deputy governor of the central bank.
'A pro-Modi wave and anti-incumbency will be incomplete without strong candidates.'
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
The central government is looking to strengthen the boards of public sector banks (PSBs) by specifying terms of office and conditions of service for whole-time directors, and also seeking disclosures from all directors about interests in other companies. Through the Banking Laws Amendment Bill, the government is likely to introduce conditions for disqualification of whole-time and independent directors which are not specified in the current legislation. The Centre is seeking to introduce fresh changes that are aimed at strengthening the boards of PSBs, and holding their directors accountable, an official said.
While Brijlal Khabri, former BSP MP from Jalaun, is UP Congress Committee chairman, former UP cabinet minister and Mayawati's once close confidant Naseemuddin Siddiqui heads the party's state media department. Completing the ex-BSP troika, Nakul Dubey, former UP cabinet minister in the Mayawati dispensation (2007-12), is one of the six UP Congress regional presidents. He is reckoned among the most active of the three.
The government on Monday accepted the recommendation of the A K Khandelwal committee and the Indian Banks Association has agreed to a common recruitment programme for public sector banks that would be conducted by the Institute of Banking Personnel Selection.
The room for political manoeuvre to raise petroleum prices is the highest at this point in time, says Business Standard.
Should we not be creating roles in India for the talented, asks Ajit Balakrishnan.
The ministry holds about 1.73 million acre of land.
His vision for Jet Airways is to operate the carrier as a full-service airline, both domestic and international.
The official website of CAT was flooded with visits on Monday, ever since some members of education networking sites claimed to have seen their results.
Stung by the row over its application for iron ore mining leases in Orissa, the state's elite Bhubaneswar Club Ltd is likely to decide on taking back the application next week.
Though it was not formally declared at the Doha trade negotiations committee meeting today, it is privately admitted that the 2010 deadline will not be achieved, several trade envoys and senior officials told Business Standard.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
To highlight alleged misgovernance by the present regime, its first nationwide campaign ahead of the 2024 parliamentary elections.
India and the European Union (EU) have begun discussions to resolve the ongoing dispute over the seizure of Indian generic drugs consignments in transit at European ports. Lutz Guellner, spokesperson for the European Trade Commissioner, told Business Standard that a meeting of the EU-India Joint Customs Cooperation Committee held in New Delhi on Thursday proved "constructive" with an "open discussion of the issues" taking place.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
West Bengal, Rajasthan and Bihar were worst in terms of women marrying at an early age.
Last month, the FAC passed the buck to the tribal affairs ministry to see if the project proponents violated any tribal rights.
'As far as contract farming is concerned, we already have a model Act and states will be encouraged to adopt them.'
Banks and staff unions had settled on a 17.5 per cent salary hike, to benefit about 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension.
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