Budget 2011-2012 highlights, PE II, PCE, IPCE, CA, Exam, Results, new answer sheet format, New Income Tax Slab Rates, Revised DTC Discussion Paper, Saral 2 Form, Perquisites Notification No. 94/2009, sec 80C, ITR Forms, Indian Union Budget 10

RBI likely to hike rates next month

October 28th, 2010

The Reserve Bank of India on Tuesday hinted at another round of monetary policy tightening at its upcoming review meet on November 2, with Deputy Governor Subir Gokarn asserting that it is a challenge to keep inflation in check.

“Persistent price increases in commodities for which there are less effective substitutes, with other things remaining equal, will raise the potential rate of inflation over a period of time.

“India’s challenge is to keep inflation under check,” Gokarn said while delivering a speech at the India Gandhi Institute of Development Research in Mumbai on Tuesday.

Inflation inched up to 8.62 per cent in September from 8.5 per cent a month ago – well above the RBI’s

Satyam fraud: SC cancels Raju’s bail

October 28th, 2010

The Supreme Court on Tuesday cancelled the bails granted to Satyam Computer Services founder B Ramalinga Raju, his brother B Rama Raju and four others by Andhra Pradesh High Court in the Rs 14,000-crore (Rs 140-billion) accounting fraud.

Hearing the Central Bureau of Investigation plea, a Supreme Court bench comprising Justices Dalveer Bhandari and Deepak Verma on Tuesday cancelled the bails and asked all six persons to surrender by November 8.

Observing that the case involved the biggest scam in the history of India, which had affected large number of shareholders, banks and financial institutions, the bench said that the high court order of grating bail cannot be sustained.

The SC also directed the special court in Hyderabad, which is conducting the trial in the Satyam case, to conclude its proceedings by July 2011.

Earlier this month, the bench had issued a notice to Raju, directing him to file his reply on CBI’s plea.

FM: No regulator for MFIs

October 28th, 2010

The government said on Tuesday it is not mulling a regulator for microfinance institutions, but wanted them to evolve a code for themselves, even as these lenders draw criticism over their exorbitant interest rates and coercive recovery methods.

At Economic Editors’ Conference in New Delhi, Finance Minister Pranab Mukherjee said he has suggested to the Andhra Pradesh government to address some stringent provisions of its recently promulgated ordinance to rein in MFIs.

“I am not currently thinking of appointing any regulator right now. . . As we expect there should be a code evolved by the institutions themselves where rate of interest are not abnormally high and there should not be

RBI Reference Rate for US $ and Euro – 28th October 2010

October 28th, 2010

The Reserve Bank of India’s Reference Rate on October 28, 2010

for the US Dollar is Rs. 44.49

for Euro is Rs. 61.56

The corresponding rates for the previous day (October 27, 2010) were Rs. 44.52 and Rs. 61.47 respectively.

Contribution to the Question Bank of CPT

October 28th, 2010

The Common Proficiency Test (CPT) is an entry level test meant for 10+2 students to the Chartered Accountancy Profession having multiple choice objective questions. The level of knowledge expected is basic knowledge with the objective to develop conceptual understanding of the subject concerned.

With a view to augment the Question Bank in the Subjects of Accounting/Mercantile Laws/General Economics/Quantitative Aptitude of Common Proficiency Test, it has been decided to invite questions from Chartered Accountants/Subject experts working in various Colleges/Universities/Public/Students pursuing Chartered Accountancy Course etc.

The contributor can contribute as many questions as he/she can, but in a lot of minimum of 20 questions in the subjects of Accounting/Mercantile Laws/General Economics/Quantitative Aptitude in the

ICAI President Amarjit Chopra’s Message – November 2010

October 28th, 2010

Dear All,

“India stands at a crucial stage. All across the globe there is interest in India as an emerging global power… We have to be able to compete with the finest minds in the world. In this, education occupies a crucial position,” so said Hon’ble President of India Smt. Pratibha Devisingh Patil recently. I am delighted to inform you that we had the honour to meet this visionary and inspiring first woman President of the country at the Rashtrapati Bhawan recently. During the meeting, the undersigned, along with Vice President CA. G Ramaswamy, Council Member CA. S.B. Zaware and a member from Pune CA. M.S. Jadhav updated her about our Institute and our contribution as an important partner in Nation Building. We also requested her to be the Chief Guest at the mega high-profile International Conference being organised by us on 4-6 January 2011, details of which have been published elsewhere in the journal. Her Excellency Smt. Patil showed keen interest in the activities and role of the Institute in the growth and development of national economy in particular and society in general. We fervently hope that she will kindly give her consent to grace our International Conference.

Meanwhile, as readers will recall, we basked in the glory of Commonwealth Games 2010 by winning a record number of medals. We got medals in events we were not hopeful at all. We did not mind being at second

RBI likely to hike rates next month

Satyam fraud: SC cancels Raju’s bail

FM: No regulator for MFIs

RBI Reference Rate for US $ and Euro – 28th October 2010

The Reserve Bank of India’s Reference Rate on October 28, 2010

for the US Dollar is Rs. 44.49

for Euro is Rs. 61.56

Contribution to the Question Bank of CPT

ICAI President Amarjit Chopra’s Message – November 2010

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