1. After asking majority of Big Companies to file its accounts in XBRL format this year, MCA has formed a committee to recommend it to enlarge the scope of XBRL filing for corporate filing.
2. On 12th January 2012 RBI has modified its earlier guidelines to facilitate the clearance of Goods through Forwards Cargo Receipt (FCR). Now it has allowed Banks to accept FCR in lieu of Bill of Lading if it is mentioned in the LC even if it is not mentioned in sales contract. It has also allowed Bank to accept it even if it is not mentioned in LC but mentioned in sales contract.
3. Service Tax return filing date for H1 ( FY 12 ) has been extended till 20th January 2012 due to website problem
4. The empowered committee of state finance Minister has recently demanded to remove the upper cap of Professional tax (Rs.2500/-). This was fixed around 23 years ago.
5. The empowered committee on service tax has laso agreed in principle to the concept of service tax based on negative list and suggested Government to come out with a list which can be implemented from 1st April 2012 . Presently only 120 services are under service Tax
6. SEBI has launched India first Know your Customer Registration agency ( KRA) , which will avoid duplication of data of customers by each market intermediary
7. RBI has raised the annual limit of Foreign Currency Convertible Bonds (FCCBs) for companies to USD 750 million under the automatic route, which does not require prior permission from RBI. Corporate in specified service sectors like hotels, hospitals and software, can raise FCCBs up to USD 200 million subject to the condition that the proceeds would not be used for acquisition of land.
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