| Amendments to the Forward Contracts (Regulation) Act 1952 Posted: 16 Sep 2010 08:09 PM PDT 
The Union Cabinet today approved amendments to the Forward Contracts (Regulation) Act 1952 by introducing the Forward Contracts (Regulation) Amendment Bill, 2010 in the Parliament. After the Bill is passed and enacted by the Parliament, Forward Markets Commission (FMC) as a regulator will get autonomy and power to regulate the market effectively. New Products like 'options' will be allowed in the commodity market. This will benefit various stakeholders including the farmers to take benefit of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| PENALTY ONLY IN CASE OF FALSE INTENTION: SC TO TAXMAN Posted: 16 Sep 2010 07:58 PM PDT 
In A breather to the assessees, the Supreme Court has ruled that revenue department cannot impose penalty under provisions of the Central Sales Tax Act for furnishing incorrect representation without proving the intention (mens rea) for false representation. The penalty in tax matters is to levied strictly in accordance with the intention of the statutes, said the apex court over-ruling an Allahabad High Court order. "In our opinion, therefore, a finding of mens rea is a condition precedent for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Finance Minister Appreciates the Monetary Policy Tightening by RBI in its Mid Quarter Policy Review Posted: 16 Sep 2010 07:41 PM PDT 
Union Finance Minister Pranab Mukherjee has appreciated the monetary policy tightening announced by Reserve Bank of India(RBI) in its mid quarterly policy review today. He welcomed the RBI's decision to raise the repo rate by 25 basis points and Reverse Repo Rate by 50 basis points. The Finance Minister expressed his happiness that the RBI has decided not to tighten the CRR from the existing 6 percent. The narrowing of LAF corridor should contribute towards a more efficient monetary policy, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| DA(dearness Allowance) increased by 10 % wef 01.07.2010(45% now) Posted: 16 Sep 2010 03:27 AM PDT 
Release of additional instalment of dearness allowance to Central Government employees and dearness relief to Pensioners due from 1.7.2010 to compensate for price riseThe Union Cabinet today decided to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 1.7.2010 representing an increase of 10% over the existing rate of 35% of the Basic Pay/Pension, to compensate for price rise. The increase is in accordance... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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