• NATIONAL NEWS

Damages awarded cannot be equated with income liable to tax deduction at source: NCDRC

NCDRC has ruled that compensation by way of damages cannot be equated with income liable to tax deduction at source while directing Airport Authority of India to refund the TDS it had deducted from the compensation it had to pay to a couple for death of their daughter.

Dr. K. C. Chakrabarty re-appointed as RBI Deputy Governor

Government has re-appointed Dr. K. C. Chakrabarty as Deputy Governor, Reserve Bank of India, for a period up to June 30, 2014 i.e. till he attains the age of 62 years or until further orders, whichever is earlier. [File attached]

Indian Institute of Information Technology (IIIT) Bill, 2012 gets cabinet nod

Cabinet has approved the Indian Institute of Information Technology (IIIT) Bill, 2012, which seeks to give IIITs administrative autonomy and enables setting up of 20 more such institutes. However, the cabinet has deferred the bill to amend Forward Contract Regulation Act.

Supreme court takes tough stand on resumption of mining in Karnataka

The apex court has ruled out the early resumption of the mining in Karnataka while clarifying that no such permission would be given unless the mines complied with reclamation and rehabilitation schemes and got all statutory clearance.

Cabinet Committee approves model document for highway construction

Cabinet Committee has approved the model engineering, procurement and construction agreement document for constructing two-lane national Highways. All such constructions excluding those undertaken through public- private partnership mode, would be primarily through EPC mode.

SEBI to revive Mutual Fund Industry

SEBI has decided to develop a long term policy including financial inclusion and tax issues for mutual funds to deal with the public policy objectives of achieving sustainable growth of the mutual fund industry and mobilisation of household savings for the growth of the economy.

SC asks Central Pollution Control Board about details of steps taken to keep Yamuna clean

SC has asked the Central Pollution Control Board to list the steps it has taken to keep the river free of pollutants and enforce its statutory powers to protect it. The Board has wide ranging powers, including shutting down industries found discharging untreated effluents into the powers.

Calcutta HC admits contempt plea against West Bengal CM Mamta Banerjee

Calcutta HC has admitted a contempt petition alleging contempt of court by the West Bengal CM Mamta Banerjee during an assembly seminar on Tuesday.

RBI: Draft Guidelines on Management of Intra-Group Transactions and Exposures

RBI has released the draft guidelines on Management of Intra-Group Transactions and Exposures containing both quantitative limits for the financial Intra-Group Transactions and Exposures (ITEs) and prudential measures for the non-financial ITEs to ensure that the banks engage in the ITEs in safe and sound manner in order to contain the concentration and contagion risk arising out of ITEs.

RBI releases Report of Working Group on Enhancing Liquidity in Government Securities

RBI has released the report of the Working Group on Enhancing Liquidity in Government Securities and Interest Rate Derivatives markets. The Group has made various recommendations, which have been categorised into essential recommendations, desirable recommendations and operational recommendations.

SEBI directions on Manner of Dealing with Audit Reports filed by Listed companies

In order to enhance the quality of financial reporting being done by listed companies, SEBI has decided to put in place a system to monitor the audit qualifications contained in the audit report accompanying the audited annual financial statements submitted by listed companies. The exact text of amendments to Equity Listing Agreement in this regard attached herewith.

Parliamentary Panel report on Benami Transactions (Prohibition) Bill, 2011

Parliamentary panel has suggested govt that there should be specific definition of the relevant terms such as 'transaction', 'arrangement', 'trustee' in its report tabled in Lok Sabha.

SC defers Nupur Bail plea till September 17

The apex court has adjourned the hearing on Nupur's bail plea till September to await completion of examination of key witnesses by the trial court.

Parliamentary panel report on companies bill tabled in Lok Sabha

Parliamentary panel report on companies bill has been tabled in Lok Sabha. The panel has asked government to clearly define the term 'private placement' of instrument to raise money and suggested govt to make corporate responsibility mandatory for companies.

Report of the Expert Group on Societies Registration Act, 1860 tabled in the Parliament

The Expert Group constituted to study the legislative and regulatory architecture of the Societies Registration Act, 1860 governing the functioning of the societies in India & suggest a model law on the subject has submitted its first report soliciting comments and suggestions till 15th September 2012.

Govt to amend Judicial Accountability Bill

Govt has dropped the controversial clause in the Judicial Accountability Bill restraining judiciary from making remarks on the statutory bodies and authorities in open court. The said bill is currently pending in Rajya Sabha.

Judges Appointed to Patna High Court

The President has appointed Shri Justice Gopal Prasad and Shri Justice Hemant Kumar Srivastava, as Judges of the Patna High Court, in that order of seniority, with effect from the date they assume charge of their office.

SC: There is a right of legal representation available to an accused

SC has ruled that neither the Constitution nor the Legal Services Authorities Act makes any distinction between a trial and an appeal for the purposes of providing free legal aid to an accused or a person in custody keeping in mind the constitutional mandate and the universally accepted principle that a person is presumed innocent until proven guilty. Accordingly, a trial is liable to be vitiated in the absence of the accused person being provided with legal representation at State cost.

TRAI Issues Draft Amendment to Telecommunication Tariff Order, 1999 on Financial Disincentives

Telecom Regulatory Authority of India has released the draft Telecommunication Tariff (Fifty Second Amendment) Order, 2012 to prescribe financial disincentives on the service providers in the specified situations.

Delhi HC notice to private hospitals on contempt plea

Delhi High Court has sought response from reputed private hospitals for their failure to comply with its previous order to give free treatment to the poor patients on a plea seeking initiation of contempt of court proceedings against them.

Govt to amend bill seeking to criminalise act of corruption by foreign public officials

Govt is considering amendments to Prevention of Bribery of Foreign Public Officials and Officials of Public International Organisations Bill, 2011 seeking to criminalise the act of corruption by foreign public officials including diplomats. The proposed amendments will come up for approval before Union Cabinet in its next meeting.

Hamid Ansari re-elected as Vice President of India

Mohammad Hamid Ansari has been re-elected Vice-President of India for the second consecutive term. After Shri S. Radhakrishnan, he is the second vice-president in Indian history to be re-elected as vice-president.

Coal India Limited agrees to penalty

Board of Coal Indian Limited has agreed to the hefty penalty of up to 40% in case it fail to supply the committed supply of coal to the power companies. The penalty on CIL would be a percentage of the value of coal not supplied.

Investigating Officer, Doctor obliged to be diligent & truthful in their approach & investigation: SC

The apex court has ruled that an Investigating Officer is completely responsible and answerable for the manner & methodology adopted in completing the investigation and no court can afford to overlook the default/omission that speaks volumes of a deliberate act or irresponsible attitude of investigation.

SC rejects CBI plea seeking cancellation of BSY's bail

The apex court has rejected the CBI's plea seeking cancellation of anticipatory bail granted to the former Karnataka CM B S Yeddyurappa by the state HC in connection with the alleged mining scam.

PNGRB Challenges Delhi HC order

Petroleum and Natural Gas regulatory Board has moved the apex court seeking reversal of Delhi HC court on the ground that board did not fixed the maximum retail price as was assumed in impugned order but only sought to fix the network tariff & compression tariff charges representing cost of transportation.

CBDT: Inadmissibility of expenses incurred in providing freebees to medical practitioner

CBDT has clarified that the claim of any expense incurred in providing freebees to medical practitioner by pharmaceutical industry in violation of the provisions of Indian Medical Council (Professional conduct, Etiquette and Ethics) Regulations, 2002 shall be inadmissible U/s 37(1) of the Act being an expense prohibited by the law.

CBDT: Relaxation from compulsory e-filing of return of income for AY 2012-13 to specified assessees

CBDT has decided that it will not be mandatory for agents of non-residents and 'private discretionary trusts' if its total income exceeds ten lakh rupees, to electronically furnish the return of income of non-residents for AY 2012-13.

SEBI clarification on Direct Market Access

In order to simplify and rationalize the "Trading Account Opening Process", SEBI has modified the previous circular on direct market access. Accordingly, the facility of DMA provided by the stock broker shall be used by the client or an investment manager of the client as per the direction provided therein.

SC on relevant date for determination of compensation due under Workmen's Compensation Act

SC has clarified that an employer becomes liable to pay compensation as soon as the personal injury is caused to the workmen by accident arising out of and in the course of employment. Thus, the relevant date for determination of rate of compensation is the date of accident and not the date of adjudication of claim.

MCX-SX gets nod for currency options

MCX-SX has declared that it had received approval from the Securities and Exchange Board of India and Reserve Bank of India to launch currency options. Consequently, it can expand its offerings in the currency derivatives segment.

Review petition filed for reconsideration of Apex court's verdict in Mayawati DA case

A review petition has been filed before the apex court for reconsideration of its verdict in disproportionate assets case against former UP Chief Minister Mayawati.

Govt to introduce norms and notification to monitor clinical trial

The union health ministry and the drug regulator are working on norms and notification to monitor clinical trial and make it mandatory for every clinical trial site to have an internal committee registered with the drug regulator.

India has Signed revised DTAA with Indonesia for the Avoidance of Double Taxation

The revised DTAA gives taxation rights in respect of capital gains on alienation of shares of a company to the source State. It further provides for rationalisation of the tax rates on dividend income, royalties and Fees for Technical Services in the source State up to 10% threshold limit.

Deadline for filing Income Tax Returns for Assessment Year 2012-13 extended to 31st, August 2012

The Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Returns for AY 2012-13 to 31.8.2012

RBI: First Quarter Review of Monetary Policy 2012-13

RBI has retained cash reserve ratio (CRR) of scheduled banks at 4.75 per cent of their net demand and repo rate under the liquidity adjustment facility (LAF) at 8.0 per cent in the First Quarter Review of Monetary Policy 2012-13 .

Taxation of Portfolio Investments referred to GAAR Committee

The prime minister has extended the mandate of committee on general anti-avoidance rules and referred the taxation of portfolio investments to the panel to have clarity on the tax liability of portfolio investors and foreign institutional investors.

Committee to Review Taxation of Development Centres and the IT Sector Safe Harbour Provisions

The Prime Minister has constituted a Committee to Review Taxation of Development Centres and the IT Sector. The Committee will engage in consultations with stakeholders and related govt departments to finalise the Safe Harbour provisions as announced in Budget 2010 sector-by-sector. It will also suggest the approach to taxation of Development Centres.

CBI court rejects bail plea of Baba Ramdev's aide Balkrishna

CBI court has rejected the bail plea of Baba Ramdev's aide Balkrishna in a fake documents case for obtaining a passport and remanded him in 14-days Judicial custody.

Delhi govt mulling suggestion to curb increasing registration of cars

Delhi State govt is considering a suggestion to register only those vehicles whose owners have proof of parking space in line with the Rajasthan HC order directing Rajasthan govt to ask for proof of parking space for registration of cars.

• International News

Pakistan Supreme Court summons PM: Zardari graft case

Pakistan SC has issued a show cause notice to PM under Article 204 of the Constitution, which relates to contempt of court, while observing that he should comply with its repeated orders and approach Swiss authorities to reopen the cases against the President.

US Senate panel passes tax bill

US Senate has approved a $205 billion package of tax breaks including a $15 billion business research tax break. It also contained a popular $132 billion provision to prevent the alternative minimum tax, targeted at the rich, from hitting the middle class.

US Senate panel clears Bill to block EU airline law

US Senate committee has passed a bill authorizing the transportation secretary to bar US airlines from complying with a European Union law that would require them to pay for carbon emissions on flights to and from Europe.

UK court rules against right-to-die 

The High Court of Justice Queen's Bench Division Administrative Court has ruled that it is not for the court to decide whether the law about assisted dying should be changed and, if so, what safeguards should be put in place. Under existing system of government these are matters for Parliament to decide, representing society as a whole, after Parliamentary scrutiny, and not for the court on the facts of an individual case or cases while rejecting the plea of a paralyzed man challenging the legitimacy of the Suicide Act 1961 and other laws barring his ability to commit suicide.

Ecuador grants asylum to WikiLeaks founder Julian Assange

Ecuador has decided to grant political asylum to WikiLeaks founder Julian Assange who is required for questioning over sexual assault allegations in Sweden. He has been holed up for two months in Ecuadorean embassy in London.