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  • 45 Sail Employees Bag Eleven Prime Minister’s Shram Awards for 2010
    Posted Date : 07-Jul-2011 , 10:57:59 am | Posted By CASANSAAR

    Employees of Maharatna Steel Authority of India Limited (SAIL) have once again proved their mettle. Of the 33 Prime Minister’s Shram Awards announced for calendar year 2010 by the Ministry of Labour, Government of India, yesterday, 17 of which went to PSUs, SAIL employees have bagged 11 awards...

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  • First quarter tax collection figures belie fears of economic slowdown
    Posted Date : 07-Jul-2011 , 07:39:21 am | Posted By CASANSAAR

    Belying slowdown fears, the government’s net indirect tax receipts recorded 32 per cent increase to Rs 76,499 crore, while gross direct tax collections rose about 23 per cent to Rs 1,03,000 crore in the first quarter ending June 2011. Net direct tax receipts, however, showed about 17 per cent ...

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  • RBI caps banks’ equity investments in firms
    Posted Date : 07-Jul-2011 , 07:32:01 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Wednesday capped banks’ investments in non-financial companies to prevent commercial lenders from taking control of the management of these entities.   Investments are capped at 10% of the equity of the company or equity and reserves of the bank, which...

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  • Indrajit Banerjee bags best CFO of the Year award
    Posted Date : 06-Jul-2011 , 09:31:56 pm | Posted By CASANSAAR

    Indrajit Banerjee, Chief Financial Officer of Cairn India Ltd has been adjudged the best CFO of the year in the Best Treasurer category. Finance Minister Pranab Mukherjee conferred the Business Today CFO of the Year (Best Treasurer Category) on Banerjee at a function here yesterday, the company said...

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  • CEO of Universal Commodity Exchange resigns
    Posted Date : 06-Jul-2011 , 03:20:40 pm | Posted By CASANSAAR

    India's Universal Commodity Exchange's Chief Executive Samir Shah resigned on July 5, citing personal reasons, about a month after he joined the company. "I am going for personal reasons. I am going back to Singapore, it didn't work for me...," Shah told Reuters. Shah is in the process of informin...

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  • SC upholds HC ruling against acquisition of Greater Noida land
    Posted Date : 06-Jul-2011 , 03:18:26 pm | Posted By CASANSAAR

    The Supreme Court today upheld the Allahabad High Court order quashing the acquisition of over 156 hectares of land from farmers in Greater Noida in Uttar Pradesh and allotting it to builders. The court also imposed Rs 10 lakh as cost on the Greater Noida Industrial Development Authority (GNIDA) an...

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  • Prime Minister Shram awards for 2010 Announced to 76 Workers
    Posted Date : 06-Jul-2011 , 12:26:15 pm | Posted By CASANSAAR

      The Government of India on Tuesday announced the Prime Minister’s Shram Awards for the year 2010 to be awarded to 76 workers employed in the Departmental Undertakings & Public Sector Undertakings of the Central and State Governments and Private Sector Units employing 500 or more wo...

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  • Government of India and World Bank Sign US$200 million Agreement to Strengthen Local Government System in Kerala
    Posted Date : 06-Jul-2011 , 12:12:20 pm | Posted By CASANSAAR

    To strengthen the capacity of gram panchayats and municipalities in Kerala, an IDA credit of US$200 million was signed between the Government of India and the World Bank in Thiruvananthapuram yesterday. The Kerala Local Government and Service Delivery Project will fund improvements in local infrastr...

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  • Bombay HC questions women's working hours
    Posted Date : 06-Jul-2011 , 10:28:18 am | Posted By CASANSAAR

     Calling for a change in mindset, the Bombay High Court on Tuesday observed that if men are allowed to work late hours then why should there be a restriction on the working hours for women. "Why is it that men work till 1:30 in the night but women should work only till 9:30 pm? You (Maharashtr...

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  • SC pulls up Mayawati govt over UP's land policy
    Posted Date : 06-Jul-2011 , 10:23:27 am | Posted By CASANSAAR

    The Supreme Court on Tuesday pulled up Mayawati government of the land acquisition policy of Uttar Pradesh, and driving out poor people from the state. The Supreme Court ruled that the Uttar Pradesh government's land acquisition policy is anti-people and a sinister campaign. The court also said th...

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  • Hefty penalties on BPOs compromising customer privacy
    Posted Date : 06-Jul-2011 , 10:21:04 am | Posted By CASANSAAR

    The Indian government will shortly impose hefty penalties on business process outsourcing (BPO) firms that compromise on the data privacy of individual customers. It is likely to tighten the provisions linked to data privacy and data protection in the Information Technology (IT) Act, 2000, and is wo...

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  • HC issues notices to Big B, Sony TV for insulting Netaji
    Posted Date : 06-Jul-2011 , 07:50:42 am | Posted By CASANSAAR

    The Bombay High Court Tuesday issued notices to Indian actor Amitabh Bachchan and Sony Television in response to a PIL which challenges a promo in ''Kaun Banega Crorepati'' claiming it has insulted and maligned the slogan ''Tum mujhe khoon do, main tumhe azadi doonga'', coined by Subhash Chandra Bos...

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  • RBI sets limit on MF investments
    Posted Date : 06-Jul-2011 , 07:23:17 am | Posted By CASANSAAR

    The Reserve Bank of India on Tuesday put a limit on how much banks can invest in liquid and short term schemes of mutual funds, a decision that can impact adversely the assets under management (AUM) of fund houses that rely heavily on money flows from banks.   The central bank said that a ban...

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  • Idea gets relief from paying Rs250-crore penalty
    Posted Date : 06-Jul-2011 , 07:19:56 am | Posted By CASANSAAR

    Telecom service provider Idea Cellular got a breather from hefty fine after a telecom tribunal on Tuesday restrained the department of telecom (DoT) from imposing penalty on the Aditya Birla Group firm. The Telecom Disputes Settlement & Appellate Tribunal (TDSAT), a quasi-judicial body that solv...

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  • Hawala racket: 37 firms raided in Mumbai, Rs 6500 cr busted
    Posted Date : 06-Jul-2011 , 07:18:08 am | Posted By CASANSAAR

    Maharashtra Sales Tax department claimed to have unearthed a major hawala racket having a turnover of Rs 6,500 crore after raiding 37 firms in the city. "During our investigations, we found that transactions worth around Rs 6,500 crore were carried out by 37 companies since 2007. Almost all the firm...

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  • Idea faces Rs 50cr fine by DoT for hiding data in a circle
    Posted Date : 05-Jul-2011 , 09:28:18 pm | Posted By CASANSAAR

    The Department of Telecom may slap Rs 50 crore penalty on Aditya Birla group firm Idea Cellular for violation of licence agreement by allegedly suppressing actual subscriber/customer database in Andhra Pradesh circle. According to Department of Telecom (DoT) sources, while checking in the network of...

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  • ■Govt to come out with negative list of service tax
    Posted Date : 05-Jul-2011 , 09:25:30 pm | Posted By CASANSAAR

    The government will come out with a draft 'negative list' for service tax in two weeks, meaning services which are not mentioned in it would be taxed under the proposed GST regime. "The draft paper (on negative list of services) is nearly ready and you should see this paper in two weeks," Joint Secr...

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  • HUL to seek shareholders' nod to demerge FMCG exports biz
    Posted Date : 05-Jul-2011 , 05:08:03 pm | Posted By CASANSAAR

    Hindustan Unilever (HUL) today said it will seek shareholders' approval to transfer certain assets, liabilities and properties of FMCG exports business division of the company to Unilever India Exports. In a filing to the Bombay Stock Exchange (BSE), HUL said it has been directed by the Bombay High...

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  • Banking services hit by bandh in Telangana, It will take three days for bank employees to clear the backlog,
    Posted Date : 05-Jul-2011 , 01:40:39 pm | Posted By CASANSAAR

    Banking and financial activities have come to a standstill in the Telangana region due to the two-day bandh call given today and tomorrow by various political parties demanding the formation of a separate state of Telangana. According to the All-India Bank Officers Association, banking transactions...

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  • Mumbai I-T Dept. to collect 17% more corporate tax this year
    Posted Date : 05-Jul-2011 , 11:03:10 am | Posted By CASANSAAR

    The Mumbai income-tax department, which accounts for 35-40 % of the country's total tax collections, is planning to collect 17.2% more corporate tax than last year, as revenue authorities expect buoyancy in the economy seen last year, to continue. The projected corporate tax collection from Mum...

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  • Firms can refinance foreign debt without RBI approval
    Posted Date : 05-Jul-2011 , 07:28:22 am | Posted By CASANSAAR

    The Reserve Bank of India said on Monday companies can refinance their overseas borrowing without seeking any specific approval from the bank.   The ruling enables companies with outstanding debt to raise funds via fresh external commercial borrowings and foreign currency convertible bonds (F...

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  • Finance ministry opposes wider EPFO ambit
    Posted Date : 05-Jul-2011 , 07:26:53 am | Posted By CASANSAAR

    The finance ministry has opposed a labour ministry proposal to halve the threshold limit for the organisations covered under the employees' provident fund scheme from 20 employees at present. North Block says the enhanced safety net will increase the government burden because of the contribution it ...

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  • Service tax evasion up three-fold to Rs 1651 cr in FY12 so far
    Posted Date : 05-Jul-2011 , 07:24:44 am | Posted By CASANSAAR

    India's service tax evasion, aided mainly by sectors like telecom and industrial construction, has jumped by a mammoth 200 per cent in the first quarter of the current fiscal touching Rs 1,651 crore. The probe in many cases, according to sources, has led the enforcement agencies to a chain of evasio...

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  • RBI imposes Rs 25 lakh fine on Citibank
    Posted Date : 05-Jul-2011 , 07:22:43 am | Posted By CASANSAAR

    The Reserve Bank of India on Monday imposed a penalty of 25 lakh on Citibank for violation of anti money laundering (AML) and know your customer norms that led to a 400-crore fraud at one of its branches in Gurgaon. "The failure in following the KYC/AML guidelines while opening accounts led to the p...

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  • SC appoints SIT to probe black money issue
    Posted Date : 04-Jul-2011 , 02:40:02 pm | Posted By CASANSAAR

    he Supreme Court on Monday criticised the Government for shoddy investigations into cases of black money stashed abroad and appointed a two-member Special Investigation Team (SIT) headed by former apex court judge BP Jeevan Reddy to investigate the issue. The second member of the team is former Supr...

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  • Australia tax office takes aim at foreign companies on tax avoidance
    Posted Date : 04-Jul-2011 , 02:35:39 pm | Posted By CASANSAAR

     Australia's tax-collector plans to target foreign companies in a renewed crackdown on tax avoidance, with special focus on firms that shift profits offshore to minimise local tax. The Australian Tax Office, one of the world's most aggressive tax agencies, outlined profit-shifting and mult...

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  • SC rejects Chautala brothers' plea in disproportionate assets case
    Posted Date : 04-Jul-2011 , 11:44:29 am | Posted By CASANSAAR

    The Supreme Court on Monday rejected the plea by Haryana legislators Abhay and Ajay Chautala that the Central Bureau of Investigation (CBI) needed prior permission of the assembly speaker before launching prosecution proceedings against them in a disproportionate assets case . With this, the co...

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  • RoC to submit report on Speak Asia by July 10
    Posted Date : 04-Jul-2011 , 11:28:37 am | Posted By CASANSAAR

    The Corporate Affairs Ministry has asked the Registar of Companies (RoC) to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10. The Singapore-based company Speak Asia, which is yet to be incorporated as a co...

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  • CA gets 7-yr RI for forging I-T returns
    Posted Date : 04-Jul-2011 , 07:27:08 am | Posted By CASANSAAR

    L Vijayaraghavan, a city-based chartered accountant, has been sentenced to undergo rigorous imprisonment for seven years by the Additional Chief Metropolitan Magistrate (Economic Offences CourtI) in Egmore here, for forging a challan.   The charge against the CA was that while submitting his ...

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  • ''ICAI accounting format for parties to ensure transparency''
    Posted Date : 04-Jul-2011 , 07:19:15 am | Posted By CASANSAAR

    In a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India, a top ICAI official has said.   The implementation of the unifo...

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