Updates from F4F

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• Chairman of PwC India steps down Prematurely
• Commission from Insurers, Mutual Funds to be Disclosed: RBI to RRBs
• MoF opposes Issuing Bonds to Oil Marketing Companies
• SEBI Regulations makes Funds to Revive PMS
• Rationalisation of Tax can help India Surpass China as Manufacturing Hub
• RBI Reference Rate for US $ and Euro – 09th December 2009
• Professional Tax Increased for Professionals in Delhi
• Petrol Diesel to be under Same VAT Structure: Assocham

Chairman of PwC India steps down Prematurely Posted: Almost a year after it was rattled by the Satyam scam, auditing firm PricewaterhouseCoopers (PwC) on Monday announced a sudden change of leadership of India operations as its chairman Ramesh Rajan stepped down prematurely to make way for Gautam Banerjee, who takes over from Singapore with immediate effect. Rajan, who was ... (This is a just a summary, read the full article at www.forum4finance.com)

Commission from Insurers, Mutual Funds to be Disclosed: RBI to RRBs Posted: To increase transparency, the Reserve Bank today directed regional rural banks to disclose the commission they receive from mutual funds and insurers for referring their products to customers. "Keeping in view the need for transparency in the interest of the customers, it has since been decided that Regional Rural Banks (RRBs) ... (This is a just a summary, read the full article at www.forum4finance.com)

MoF opposes Issuing Bonds to Oil Marketing Companies Posted: The Ministry of Finance is in favour of scrapping the practice of issuing oil bonds to government-owned oil marketing companies (OMCs). It not only wants the Ministry of Petroleum and Natural Gas to rework the under recovery figure for the current year but has also decided to look at the issue ... (This is a just a summary, read the full article at www.forum4finance.com)

SEBI Regulations makes Funds to Revive PMS Posted: Portfolio management service (PMS), a business that was largely ignored by many asset management companies (AMCs), is back on their radar. While many fund houses, which already have PMS arms, are looking to revive this business, new entrants in the mutual fund industry such as Canara Robeco, Shinsei Asset Management ... (This is a just a summary, read the full article at www.forum4finance.com)

Rationalisation of Tax can help India Surpass China as Manufacturing Hub Posted: India can surpass China as a global production hub for consumer durables with rationalisation of tax structure and policy support from the government, says a study by industry body FICCI and financial consultancy company PricewaterhouseCoopers (PwC). The study suggested tax rebates for high-end technology companies that set up research and development ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 09th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 08, 2009 for the US dollar is Rs. 46.77 for Euro is Rs. 68.77 The corresponding rates for the previous day (December 08, 2009) were Rs. 46.67 and Rs. 69.20 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

Professional Tax Increased for Professionals in Delhi Posted: A person earning over Rs 30,000 per month may have to pay a 'professional tax' of Rs 100-200 under new tax proposals unveiled by the MCD in its 2010-11 budget, which also envisaged a hike of five per cent in property tax rates. The civic agency will focus on Commonwealth Games ... (This is a just a summary, read the full article at www.forum4finance.com)

Petrol Diesel to be under Same VAT Structure: Assocham Posted: The government should bring petrol and diesel under a uniform VAT structure of 8 per cent as the variation in state tax was putting additional burden of taxation, industry body Assocham today said. States sales tax on petrol varies from 33 per cent in Andhra Pradesh to 18.9 per cent in ... (This is a just a summary, read the full article at www.forum4finance.com)

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