Dear Professional Colleagues You all must now be aware that the Ministry of Finance has decided to allow Board of Directors of Public Sector Banks to directly appoint their statutory central auditors and branch auditors. Under the new system, banks would directly source names of the auditors from the panel of CAG for statutory central [...]

An article in The Times of India published on 4th March 2006 contained the UPA chairperson Sonia Gandhi’s proposal, which was originally contained in the Bill introduced by the previous NDA government but was subsequently dropped on the standing committee’s recommendation, to the home minister Shivraj Patil to take steps to protect witnesses in sensitive [...]

Admin edit…. duplicate post take care…….

A new parking policy has been submitted through advocate Wasim Ahmed Quadri for the Supreme Court’s approval. The Policy indicates the following: 1. Suggests steep hike in parking fees to deter people from frequent use of personal vehicles 2. Proposes upping 4% ad valorem tax on cars costing over Rs. 4 lakhs 3. Special task [...]

INITIATIVES IN BUDGET 06:– -Extension of benefits of section 80C of the Income Tax Act to fixed deposits in banks.Investment in a term deposit for a fixed period of not less than 5 years with any scheduled bank shall be eligible for deduction under section 80C. -As part of the reforms in the banking sector [...]

We often come across sketchy references of the work of “Kautilya’s Arthashastra”. But most people know little about what “Kautilya”(also known as Chanakya) actually said in “Arthashastra”. Only scholars of ancient Indian history are aware of the range and depth of it. It is a pioneering work on statecraft (the art of government and form [...]

A unique modus operandi was used in the IPO scam in IDFC and Yes Bank in which an accused came out with an advertisement in local dailies asking public to click a photograph and also get two copies free of cost. The advertisement put out by Roopalben Nareshbhai Panchal, one of the main accused in [...]

India’s nuclear experimentation in Phokharan in 1998 which raised many a eye-brows from the west and more particularly from the United States of America. The incident led to President Bill Clinton stopping various grants to India and severing trade ties with India. It took India eight years from then to achieve what it wanted to [...]

Dear Friends, When I told my mom that I wanted a professional woman as my wife, she got me one; “a Chartered Accountant”. She uses LIFO method while taking out the refrigerated food. She thinks I am no good at figure work. Fine with me, for now she handles the budget of the house. Initially [...]

The Union budget had sent the Sensex skyrocketing on Wednesday and the Nuclear deal between India and the US, provided it more fuel. The highlight of Thursday was a sharp rise in shares of Defence and Power equipment companies after both the countries sealed a landmark civilian nuclear cooperation pact. The Sensex shot up by [...]