Tuesday, May 11, 2010
CRISIL assigns grade 4/5 to GSPC IPO
CRISIL assigns grade 4/5 to GSPC IPO: "CRISIL Research has assigned a CRISIL IPO grade of 4/5 to the proposed initial public offer (IPO) of Gujarat State Petroleum Corporation (GSPC), in their report dated May 10, 2010."
Meritorious Reserved Category candidate entitled to reservation: Constitutional Bench
Meritorious Reserved Category candidate entitled to reservation: Constitutional Bench: "In a recently delivered judgment a Constitutional Bench of the Supreme Court has declared the meritorious candidates belonging to reserved categories [MRC] are entitled to invoke the benefit of being from reserved categories in the Union Public Services Examination irrespective of the fact that they have qualified for employment on their own effort. The matter had been referred to a Constitutional Bench to decide the important question of law "as to whether candidates belonging to reserved category, who get recommended against general/unreserved vacancies on account of their merit (without the benefit of any relaxation/concession), can opt for a higher choice of service earmarked for Reserved Category and thereby migrate to reservation category".
Saturday, May 8, 2010
Rebuttable presumption in Cheque-Bouncing cases: Supreme Court
Rebuttable presumption in Cheque-Bouncing cases: Supreme Court: "Holding that the presumption under Section 139 of the Negotiable Instruments Act is one of rebuttable in nature, it is open to the accused in a cheque-bounce case to lead in evidence to rebut the presumption. Section 139 prescribes that "It shall be presumed, unless the contrary is proved, that the holder of a cheque received the cheque, of the nature referred to in Section 138 for the discharge, in whole or in part, of any debt, or other liability." Thus once a holder of cheque lodges a complaint, it is presumed that the cheque was issued for discharging a liability, which unless rebutted leads to a conclusion that offence has indeed been concluded. However this presumption can be rebutted and the Bench specified the manner in which such...
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[ These are just the first few words of this post with lots of interesting content to follow. Visit our web-blog www.legalperspectives.blogspot.com for the full post, links and other exclusive content. ]
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Guidelines for writing judgments: Supreme Court prescribes
Guidelines for writing judgments: Supreme Court prescribes:
"Unamused that an order passed by the High Court in challenge before it "is not only cryptic but does not even remotely deal with the arguments which were sought to be projected before it", the Supreme Court went on to prescribe the guidelines required to be observed while writing judgments. The rationale, the Bench noted, lied in the fact that "no doubt, it is true that brevity is an art but brevity without clarity likely to enter into the realm of absurdity, which is impermissible".
In this background, the Supreme Court laid out the guidelines for writing judgments in the following terms;
7. These guidelines are only illustrative in nature, not exhaustive and can further be elaborated looking to the need and requirement of a given...
"Unamused that an order passed by the High Court in challenge before it "is not only cryptic but does not even remotely deal with the arguments which were sought to be projected before it", the Supreme Court went on to prescribe the guidelines required to be observed while writing judgments. The rationale, the Bench noted, lied in the fact that "no doubt, it is true that brevity is an art but brevity without clarity likely to enter into the realm of absurdity, which is impermissible".
In this background, the Supreme Court laid out the guidelines for writing judgments in the following terms;
7. These guidelines are only illustrative in nature, not exhaustive and can further be elaborated looking to the need and requirement of a given...
Friday, May 7, 2010
SC rules in RIL\'s favour: What experts say
SC rules in RIL\'s favour: What experts say: "The Supreme Court on Friday ruled in favour of billionaire Mukesh Ambani\'s Reliance Industries in a gaspricing dispute with younger brother Anil\'s Reliance Natural Resource, making the price fixed by the government as binding."
Thursday, May 6, 2010
Skype to Add 5-Way Video Calling
Google digital Books
Google selling Digital Books this summer :
Google will be expanding Google Editions this summer, enabling customers to buy entire digital copies of books and reading them in their web browsers. This will put them in direct competition with Amazon's Kindle Store and Apple's iBook. The new service was announced by Chris Palma, Google's manager for strategic-partner development.
Google hopes that retailers will advertise the service, and that users will click through to buy books from the company’s Book Search product.sources : tech2.com
Indian Bank PO Exam - Results Out
Indian Bank PO Exam - Results Out: "Indian Bank has released the long awaited results of its Probationary Officer recruitment.The bank invited online applications during the months of Oct - Nov 2009, for which the written tests were held in January 2010. The written test was conducted by Indian bank on Jan 17, 2010 for filling 118 vacancies.Now the results have been declared & candidates have been shortlisted for the
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Wednesday, May 5, 2010
Gratuity a statutory right of employees: SC
New Delhi: The Supreme Court has ruled that gratuity is a statutory right of employees which cannot be denied to them on the ground that they are being given provident fund and pension benefits.
The apex court said no establishment can deny gratuity benefit to an employee as the statutory provision enacted by Parliament cannot be "defeated" by introduction of any "contract or instrument".
"The provisions of the Act prevail over all other enactment or instrument or contract so far as the payment of gratuity is concerned. The right to receive gratuity under the provisions of the Act cannot be defeated by any instrument or contract," a bench of Justices B Sudershan Reddy and R M Lodha said in a judgement.
The apex court passed the judgement while dismissing the appeal of state-owned Allahabad Bank challenging a decision of the High Court directing the management to grant gratuity benefits to certain retired employees.
The bank had taken the defence that it can deny gratuity to the employees who are already being extended provident fund and pension benefits as per the undertaking given by the employees.
The Bench said the provision of gratuity can be waived by the management only under exceptional circumstances with the prior approval of the government. Such a waiver can be availed of provided the government takes the view that pensionary and other retiral benefits are more favourable than gratuity benefits, the apex court said.
The apex court said no establishment can deny gratuity benefit to an employee as the statutory provision enacted by Parliament cannot be "defeated" by introduction of any "contract or instrument".
"The provisions of the Act prevail over all other enactment or instrument or contract so far as the payment of gratuity is concerned. The right to receive gratuity under the provisions of the Act cannot be defeated by any instrument or contract," a bench of Justices B Sudershan Reddy and R M Lodha said in a judgement.
The apex court passed the judgement while dismissing the appeal of state-owned Allahabad Bank challenging a decision of the High Court directing the management to grant gratuity benefits to certain retired employees.
The bank had taken the defence that it can deny gratuity to the employees who are already being extended provident fund and pension benefits as per the undertaking given by the employees.
The Bench said the provision of gratuity can be waived by the management only under exceptional circumstances with the prior approval of the government. Such a waiver can be availed of provided the government takes the view that pensionary and other retiral benefits are more favourable than gratuity benefits, the apex court said.
Friday, April 30, 2010
Vijaya Bank Q4 net profit at Rs 131 cr
Vijaya Bank Q4 net profit at Rs 131 cr: "Vijaya Bank has announced its fourth quarter results of FY10. It has reported net profit of Rs 131 crore."
Tuesday, April 27, 2010
WAGE REVISION SIGNED
Congratulation to all of you.
The 9th Bipartite settlement between IBA and banks signed. Modalities awaited.
Look out for detailed Circular.........
Best wishes
BANKER OR BEGGER
Wage Revision for Bank Employees
Today all bank employees are eagerly waiting for their wage revision. I am very much upset towards Government (IBA) stand on pension issue.
Kautilya already wrote about Govt and its duty towards employees of states that Pension is a social obligation to the state even state has short of fund. While IBA argue that the load of pension will be passed to the Bank employees.
All nationalized banks has proved in last decade that they are capable to compete with private banks and even so called multinational banks. While PSU like ONGC, IOC,HPCL,BPCL employees get more salary than Bankers.
Transformers and Rectifiers Q4 PAT up at Rs 20 cr
Transformers and Rectifiers Q4 PAT up at Rs 20 cr: "Transformers and Rectifiers has declared its fourth quarter results. The company\'s Q4 net profit was up at Rs 20 crore versus Rs 13 crore."
Dena Bank Q4 net profit up 23% at Rs 137.07 cr
Dena Bank Q4 net profit up 23% at Rs 137.07 cr: "Dena Bank has announced its fourth quarter results. The company\'s Q4 net profit was up 23% at Rs 137.07 crore versus Rs 111.2 crore, yearonyear, YoY."
Monday, April 26, 2010
Chirayu Amin appointed interim IPL commissioner
Chirayu Amin appointed interim IPL commissioner: "Baroda Cricket Association president Chirayu Amin was on Monday appoined as the interim commissioner of the Indian Premier League after Lalit Modi was suspended late last night by the Board of Control for Cricket in India."
Priority Sector Lending – Advances to Micro and Small Enterprises engaged in exports
Priority Sector Lending – Advances to Micro and Small Enterprises engaged in exports: "
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RBI/2009-10/392 April 9, 2010 The Chairman/ Managing Director Dear Sir, Priority Sector Lending – Advances to Micro and Small Enterprises engaged in exports Please refer to our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which finance granted by banks to micro and small enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, is eligible for classification under priority sector. 2. Some commercial banks have sought clarification in respect of classification of loans granted to micro and small enterprises engaged in exports, under priority sector. The issue has been examined and it is clarified that loans granted by commercial banks to micro and small enterprises (MSE) (manufacturing and services) are eligible for classification under priority sector, provided such enterprises satisfy the definition of MSE sector as contained in MSMED Act, 2006, irrespective of whether the borrowing entity is engaged in export or otherwise. 3. The export credit granted to MSEs may be reported separately under heading "Export credit to micro and small enterprises sector". Yours faithfully, (B. P. Vijayendra) |
Saturday, April 24, 2010
StCBs/DCCBs - Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy
StCBs/DCCBs - Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy: "
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RBI/2009-10/401 April 19, 2010 All State Co-operative Banks (StCBs) and Dear Sir, Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms Please refer to our circulars RPCD.CO.RF.BC.No.17/07.38.03/2008-09 dated July 30, 2008, RPCD.CO.RF.BC.No.91/07.37.02/ 2008-09 dated March 6, 2009 and RPCD.CO.RF.BC.No.116/07.37.02/2008-09 dated June 26, 2009 and RPCD.CO.RF.BC.No.23 /07.37.02/2009-10 dated September 16, 2009 on the captioned subject. 2. In terms of the circular dated September 16, 2009, we had advised that the Government of India had decided to make the accounts of “other farmers” eligible for a debt relief of 25% from Government of India, provided they pay their entire share of 75% by December 31, 2009. 3. In view of the recent drought in some States and the severe floods in some other parts of the country, the Government of India, as announced in the Union Budget 2010-11, has now decided to extend the last date of payment of 75% of overdue portion by the ‘other farmer’ under Debt Relief Scheme (under ADWDR) for another six months beyond December 31, 2009, i.e up to June 30, 2010. The eligible “other farmers” may be allowed to repay this amount in one or more instalments up to June 30, 2010. 4. The Government of India has also advised that the banks / lending institutions are allowed to receive even less than 75% of the eligible amount under OTS provided the banks / lending institutions bear the difference themselves and do not claim the same either from the Government or from the farmer. The Government will pay only 25% of the actual eligible amount under debt relief. 5. The Government has once again clarified that the lending institutions would not charge any interest on the eligible amount for the period from February 29, 2008 to June 30, 2009. However, they may charge normal rate of interest on the eligible amount from July 01, 2009 up to the date of settlement. Further, no interest shall be paid by the Government of India to the lending institutions for this six month extension under the Scheme while reimbursing the 25% amount to the lending institutions as per the delayed reimbursement schedule. 6. Where the farmers covered under the Debt Relief Scheme have given the undertaking, agreeing to pay their share under the OTS, their relevant accounts may be treated by banks as "standard" / "performing" provided: (a) adequate provision is made by the banks for the loss in present value (PV) terms for all the receivables due from the borrowers. (For computing the amount of loss in PV terms under the Scheme, the balance amount receivable from the farmers may be assumed to be due on June 30, 2010, and the interest payments would be as per paragraph 5 above. The cash flows should be discounted to the present value at the interest rate at which the loan was granted including the element of interest subsidy, if any, available from the Government.) (b) such farmers pay their share of the settlement latest by the revised last date, i.e. June 30, 2010. 7. In case, however, the payments are delayed by the farmers beyond June 30, 2010, the outstanding amount in the relevant accounts of such farmers shall be treated as NPA. The asset classification of such accounts shall be determined with reference to the original date of NPA, (as if the account had not been treated as performing in the interregnum based on the aforesaid undertaking). On such down-gradation of the accounts, additional provisions as per the extant prudential norms should also be made. 8. In view of the six month extension for the debt relief portion of the ADWDRS, 2008, the last date of receipt of grievances by Grievance Redressal Officers of the lending institutions may also be accordingly extended upto 31.7.2010. 9. The accounting treatment for the Debt Relief Scheme as indicated in paragraph 6 of our circular dated September 16, 2009, may continue to be followed. 10. All other terms of the aforesaid circulars including provisioning remain unchanged. Yours faithfully (R.C.Sarangi) |
Thursday, April 22, 2010
Friday, April 16, 2010
Procedure to know CIBIL credit information report |Tax Guru
Today, everyone is aware of the word CIBIL. The Credit Information Bureau India Ltd. keeps the track on the creditworthiness of an individual. They have information about a person’s creditability. Cibil rates a person according to his/her payment track; this is commonly known as CIBIL credit information report.There are various slabs on which credit score is given to the customer and with the help of credit score, Banks check a customer’s creditability of paying anything that he/she is taking from them on credit either it’s a loan or a credit card. The credit score made it really tough for a customer to take anything from Bank on credit, as banks are checking credit score of a person before sanctioning a loan.
When a person was applying for a loan/ credit cards their application gets rejected and Banks give them the reason that your credit score was less that is why your application has been rejected. But what is a Credit Score that no body understood so far.
But now one can check there cibil score easily and after checking it can apply for a loan or for a card. Before this customer never had any idea about his/her cibil score.
Three ways to get your CIBIL credit information report
1) Get it Online
• To know your Cibil Score you just need to send a DD of Rs.142. Fill the form that you can download through this link
http://www.cibil. com/pdf/Consumer _Disclosure_ Form.pdf
Send the scan copy of the form at myreport@cibil. com
• Along with that you also need to send an attachment that will contain your latest identity proof and address proof.
• Once Cibil receives your documents and fees, your request will be processed and copy of your CIR (credit information report) will be dispatched to you.
2) Get it via Post
• Fill the form that you can download through this link
http://www.cibil. com/pdf/Consumer _Disclosure_ Form.pdf.
With a DD of Rs.142 and send it at P.O.BOX 17 , Millennium Business Park , Navi Mumbai- 400710.
• You also need to send your self attested documents i.e. your identity proof and latest address proof.
• Once Cibil receives your documents and fees, your request will be processed and copy of your CIR (credit information report) will be dispatched to you.
Phone Number – 022-61404300
3) Through Fax
• Fill the form that you can download through this link
http://www.cibil. com/pdf/Consumer _Disclosure_ Form.pdf mail self attested hardcopies of your Identity Proof and latest Address Proof documents with a DD of Rs. 142.
• Fax number 022-40789007.
• Once CIBIL receives the documents and Fees, your request will be processed and a copy of your CIR will be dispatched to you.
The Demand Draft is to be made in name Credit Information Bureau ( India ) Limited payable at Mumbai.
Tuesday, April 13, 2010
Friday, April 9, 2010
Buzz by DHIREN BHANKHARIA
SALARY ACCOUNTS IN BANKS TO GET UP TO 25% MORE INTEREST
For more details just click following links.
Buzz by DHIREN BHANKHARIA
Tuesday, April 6, 2010
EDUCATION LOAN
Dear Students,
Education loan is the only way for poor students to take a chance for future. I think the real investment in education will give lots in future. So those students who worried about money for education purpose. Be ready for education loan from any of Nationalized bank in India as Govt and RBI are very clear about this issue if any body want to study money does not matter.
Click here to apply for Online Education Loan in VIJAYA BANK
Education loan is the only way for poor students to take a chance for future. I think the real investment in education will give lots in future. So those students who worried about money for education purpose. Be ready for education loan from any of Nationalized bank in India as Govt and RBI are very clear about this issue if any body want to study money does not matter.
Click here to apply for Online Education Loan in VIJAYA BANK
Tuesday, March 23, 2010
Friday, March 19, 2010
LIC : APPRENTICE DEVELOPMENT OFFICER
NUMBER OF POST FOR AHMEDABAD : SC : 5 AND GEN : 30
ELIGIBILITY :
AGE : 35 FOR SC & 30 FOR GEN
Qualifications : Bachelor’s Degree of a University in India
Acceptance of application fee at Branch Offices of LIC : 17.03.10 TO 17.04.10
On line Registration : 17.03.10 to 17.04.10
SALARY : Rs. 14258/- (Approx.)
HOW TO APPLY:
CLICK HERE FOR ONLINE APPLY : http://registration.sifyitest.com/licado
ELIGIBILITY :
AGE : 35 FOR SC & 30 FOR GEN
Qualifications : Bachelor’s Degree of a University in India
Acceptance of application fee at Branch Offices of LIC : 17.03.10 TO 17.04.10
On line Registration : 17.03.10 to 17.04.10
SALARY : Rs. 14258/- (Approx.)
HOW TO APPLY:
Candidates are necessarily required to apply On-line through LIC’s
website under the heading “Careers” http://www.licindia.in/careers.htm.
No other means/mode of applications will be accepted. Applicants are first
required to go to the LIC’s website www.licindia.in and click on the “Careers”
to open the link “ON-LINE APPLICATION FOR LIC ADO’s RECRUITMENT EXAM
2009-10”.
website under the heading “Careers” http://www.licindia.in/careers.htm.
No other means/mode of applications will be accepted. Applicants are first
required to go to the LIC’s website www.licindia.in and click on the “Careers”
to open the link “ON-LINE APPLICATION FOR LIC ADO’s RECRUITMENT EXAM
2009-10”.
CLICK HERE FOR ONLINE APPLY : http://registration.sifyitest.com/licado
Thursday, March 18, 2010
EDUCATION LOAN
Vijaya Bank offers education loans to students willing to pursue their higher education in abroad. It provides financial assistance to the students to complete graduation, post graduation and pilot training programs certified by competent authority of a particular nation. It also provides loans to students willing to join the programs offered by CPA in USA and CIMA-London.Expenses Covered by the Loan. The education loan helps the students to pay their college, hostel, examination, library and laboratory fees.Vijaya Bank student loan also covers the various educational expenses of the students which include travel expenses, cost of books and other necessary articles, refundable deposit, caution money.
Wednesday, March 17, 2010
RTI
In a landmark ruling, the Central Information Commissioner has passed an order which says information on refunds is covered under the Right To Information (RTI) Act. L Lakshmi Narayanan, an assessee, had filed an RTI petition with the (I-T ) department in Chennai, asking for information as to why was there a delay in the payment of his IT refunds for 2003-04, 2005-06, 2006-07 and 2008-09, amounting to Rs 3,32,457.
The department, however, refused to provide Narayanan the information contending that such information did not involve any larger public interest.
“The information sought is covered under Section 8(1)( e) of the RTI, wherein the information sought is not in larger public interest and is purely personal in nature,’’ the department told the petitioner.
However, the appellant received refunds for 2005-06 and 2006-07 while he was seeking information. Following this, Narayanan filed another appeal to which the income tax department replied: “Information regarding issue of one’s own refund is necessarily a personal information, the disclosure of which has no relationship to any public activity or interest.’’
M L Sharma, the Central Information Commissioner, while passing the order, said: “To deny the appellant information sought by him under clause (e) or clause (j) of section 8(1) is nothing but misappreciation of law.”
The information sought by the appellant is covered under section 2(f) of the RTI Act and he has a right of seek information under section 2(j) thereof. It is clarified that the appellant has not sought any information which the public authority is holding in fiduciary capacity.’’
While directing the income tax department to disclose information for the inordinate delay, he also ordered the issue of refunds within three months. The CIC also rapped the department for failing to appear in a hearing arranged by the commission where the appellant was present.
The department, however, refused to provide Narayanan the information contending that such information did not involve any larger public interest.
“The information sought is covered under Section 8(1)( e) of the RTI, wherein the information sought is not in larger public interest and is purely personal in nature,’’ the department told the petitioner.
However, the appellant received refunds for 2005-06 and 2006-07 while he was seeking information. Following this, Narayanan filed another appeal to which the income tax department replied: “Information regarding issue of one’s own refund is necessarily a personal information, the disclosure of which has no relationship to any public activity or interest.’’
M L Sharma, the Central Information Commissioner, while passing the order, said: “To deny the appellant information sought by him under clause (e) or clause (j) of section 8(1) is nothing but misappreciation of law.”
The information sought by the appellant is covered under section 2(f) of the RTI Act and he has a right of seek information under section 2(j) thereof. It is clarified that the appellant has not sought any information which the public authority is holding in fiduciary capacity.’’
While directing the income tax department to disclose information for the inordinate delay, he also ordered the issue of refunds within three months. The CIC also rapped the department for failing to appear in a hearing arranged by the commission where the appellant was present.
BANK EMPLOYEE WAGE REVISION
Hi,
Bankers are eagerly waited for their wage revision meeting held between IBA and Unions on 15.03.2010.
Meeting was fruitful and Union people say most probably it will be finalized in a couple of week and bankers will get arrears in April 2010.
Meeting was fruitful and Union people say most probably it will be finalized in a couple of week and bankers will get arrears in April 2010.
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