9 years after Satyam scam, Price Waterhouse banned from audit for 2 years
The Securities and Exchange Board of India (Sebi) late on Wednesday banned Price Waterhouse (PW) from providing audit services to listed companies and market intermediaries for two years in the Satyam fraud case. Two PW partners have been banned for three years. Read more
As it looks to address concerns regarding privacy of Aadhaar data, the Unique Identification Authority of India (UIDAI) has introduced a concept of ‘Virtual ID’, which is a temporary number that can be generated by users for the purpose of verification and authentication.
Focus on jobs, farms, and fiscal consolidation: Economists tell PM
Fixing agricultural issues, generation of jobs, and fiscal consolidation dominated the deliberations at a pre-Budget meeting on Wednesday between Prime Minister Narendra Modi, his Cabinet colleagues, and economists and sectoral experts. In the day-long meeting, attended also by Finance Minister Arun Jaitley, economists suggested that the fiscal consolidation road map be adhered to, even as corporation tax be reduced from the current rate of 30 per cent. Read more
Govt tweaks FDI norms to open single brand retail, aviation sector further
Just days ahead of the World Economic Forum in Davos, where Prime Minister Narendra Modi is likely to showcase India’s potential before global chief executive officers and political leaders, the Union Cabinet has relaxed rules for attracting foreign investments across sectors such as aviation, retail, and construction. Read more
Keep away from benami transactions or face action, warns I-T dept
The Income Tax Department on Wednesday warned people to "keep away" from benami transactions, cautioning that violations under the newly enacted law invite criminal prosecution and rigorous imprisonment up to seven years.