India ranks 7th in corporate governance in Asia-Pacific

 

India has been ranked in the seventh place in terms of corporate governance score in Asia Pacific region, says a report by global brokerage firm CLSA.
According to the CLSA Corporate Governance Watch 2012 list, produced in collaboration with the Asian Corporate Governance Association, India's corporate governance score has improved by 3 percentage points but ranking has remained the same. Among the market rankings, Singapore was at the top in 2012 followed by Hong Kong and Thailand in the second and third position respectively. In the fourth position there is a tie between Japan and Malaysia, the report said.
Others in the top include Taiwan at the 6th place, followed by India (7th), Korea (8th), China (9th), Philippines (10th) and Indonesia (11th). The report which analysed as many as 864 listed companies across Asia-Pacific markets, including Japanese and Australian firms, said that Infosys was the only Indian company that was featured in the top 20 corporate governance large caps. Moreover, there were just five Indian companies which got featured in the top 50 league table. Besides, Infosys the other four include HUL, Wipro, Titan Industries and Yes Bank.
The report, entitled "Tremors and cracks", noted that cracks in Asian corporate governance have become more apparent with corporate scores slipping since the previous CG Watch report was issued in 2010. Investors have faced issues ranging from relatively minor corporate transgressions to growing concerns about the reliability of financial statements and, at the extreme, outright fraud. "Corporate governance is largely about checks and balance," CLSA Head of Asia Research Amar Gill said in a statement, adding that "Investors will need to swerve and get a tighter grip when dealing with the cracks in governance and the tremors in Asian investing."

Barfi nominated as India's entry to Oscars 2013

Bollywood film "Barfi" has got an official entry to the Oscars, and actor Ranbir Kapoor said he has high hopes from the film even though at the moment it has not reached the nomination stage.

"So far in the history of Indian cinema, only three Bollywood films, including Mehboob Khan's "Mother India" (1957), Mira Nair's "Salaam Bombay" (1988) and Ashutosh Gowariker's "Lagaan" (2001), have made it to the nomination stage. Directed by Anurag Basu, "Barfi" features Ranbir Kapoor, Priyanka Chopra and Ileana D'Cruz among others.

APPSC Assistant Social Welfare Officers Exam 2011 Solved Papers

GAAR Report submitted by the Shome Committee to the Finanace Ministry

The GAAR report was submitted on 1 September 2012 to the finance minister of India by the Shome Committee constituted by the Central Board of Direct Taxes, after the approval of Prime Minister of India. The committee in its report has tried to create a balance in between the investors being invited to the country and protection of the tax base from tax avoidance and evasion, using aggressive tax planning. The major findings of the GAAR’s committee to create a balance in between the investors and chances of tax avoidance and evasion includes:
1. Tax Evasion, Tax Mitigation and Tax Avoidance
2. Overcharging Principle Applicability of GAAR
3. Monetary Threshold
4. Arm’s Length Test
5. Test to Misuse or Abuse the Provisions of Act
6. Factors for determination of Commercial Substance
7. Grandfathering of existing Investments
8. GAAR will not override the CBDT circular 789 of 2000 with respect to the tax-treaty in between India and Mauritius
9. GAAR will not be applicable at places where so ever anti-avoidance provisions are in existence in the treaty of tax and any type of anti-avoidance rule exists in the Act
10. Impermissible Avoidance arrangements
11. Tax abolition in cases of gains that rises out by the transfer of listed securities
12. Foreign Institutional Investors
13. Corresponding adjustments
14. Implementation of the Onus on the revenue authority
15. Tax Withholding
16. Definition of the term Connected Person
17. Constitution of approval panel
18. Time limit for GAAR provisions
19. AAR to pass ruling within 6 months
20. Prescription of Statutory forms
21. Implementation issue
22. Reporting requirements

The committee in its findings has stated that the GAAR guidelines should be introduced in the country at the time of economic stability. Hence, it has recommended the postponement of its implementation by 3 years. Committee’s recommendation also states about the implementation of the findings with complete spirit and has laid emphasis on transition period of the taxpayers and preparedness of the administrators. To provide clarity on GAAR’s applicability provisions in different situations 27 illustrations were made and are mentioned under different conditions like:
1. Tax Mitigation- GAAR can’t be invoked
2. Tax Avoidance- SAAR is applicable hence GAAR is not invoked
3. Court Approved Amalgamations or demergers
4. Tax Avoidance- GAAR invoked
5. Tax Evasion can directly be dealt of law without invoking the GAAR
Following the Finance Act 2012, the introduction of the General Anti-Avoidance Rules (GAAR) was done into the Income Tax Act, 1961. The committee briefly analysed the provisions of GAAR as per the inputs available from stakeholders and following the recommendations made the amendments in the Act were made for finalization of the guidelines for the Income Tax Rules, 1962.

Shome’s Committee:
The expert committee on GAAR (General Anti-Avoidance Rules) was constituted under the Chairmanship of Dr. Parthasarsthi Shome with members, namely Shri N. Rangachary (Former Chairman of IRDA and CBDT), Dr. Ajay Shah (Prof. NIPFP) and Shri Sunil Gupta (Joint Secretary-Tax Policy and Legislation, Department of Revenue) for undertaking the consultations of stakeholders and finalization of guidelines for GAAR. The main objective of the committee was to get feedbacks from the stakeholders and prepare new guidelines or to amend the previous guidelines after examining the things finely.The committee was constituted by the Central Board of Direct Taxes after being approved by the Prime Minister of India.

The committee formed referred to following terms:
• To receive feedback from both public and stakeholders on the Guideline of GAAR mentioned on the website of Government of India.
• To rework on the guidelines following the feedback received and examining the same and then publish the same in form of second draft
• To find out and finalise, guidelines along with an road-map for implementation of GAAR and submit it to the government

Analysis of the GAAR provisions:
The provisions for the GAAR are mention in Chapter X-A (Section 95 to 102) of the Act. Presented provisions allow the authority of tax, despite of containing anything in the Act with clear declaration on the arrangements made for assesses (estimated value, nature or extent of amount of the fine) that has entered into the impermissible avoidance arrangement to face the consequences with regard to the tax liability determined by the arrangement.

Russia declassified the existence richest diamond field of the world

Russian government on 18 September 2012 declassified its diamond reserves formed after a 7 kilometer wide asteroid stroked the graphite rich area of Russia, about 35 million years ago. The most valuable secret of Russian Cold War was kept hidden from the rest of the world for more than five decades. The reserve was discovered by the Russians during the mid 1960s.

The huge deposits of hard diamond, which can fulfill the demands of the world for next 3000 years was discovered in the Popigoi crater in East Siberia in an asteroid with diameter of 120 kilometers. Russian scientists from the Novosibirsk Institute of Geology and Mineralogy claimed that the total quantity of the available diamond in the crater is more than 10 times of the total reserve of diamond that the world have.

These diamonds are an ideal material for industrial use and are twice harder than that of the technical diamonds generally used for industrial purposes. Declassification of the hidden reserves can’t be used as jewellery item, so will not have any impact in the jewel making industry of the world.

APPSC GROUP-I MAIN 2012 PAPER - I GENERAL ESSAY QUESTION PAPER

Ninth World Hindi Conference held at Johannesburg

The Ministry of External Affairs, Government of India with the support of Hindi Shiksha Sangh, South Africa and other stakeholders is organizing the Ninth World Hindi Conference [WHC] in Johannesburg, South Africa from 22-24 September, 2012.  The Conference will be held at Johannesburg, South Africa.  

 

The tradition of the World Hindi Conferences began with the first conference having been organized in Nagpur in the year 1975.  Since then, these conferences have achieved a global profile and momentum of their own.  The subsequent eight World Hindi Conferences were organized in different world cities, namely, twice in Port Louis (Mauritius), twice in India, Port of Spain (Trinidad and Tobago), London (UK), Paramaribo (Suriname) and New York (USA).   All these conferences have always attracted a galaxy of renowned scholars and followers of Hindi.  In keeping with this growing reach and popularity of this event, the Government has decided to organize the next conference in Johannesburg, South Africa, which would also be an apt recognition of India’s historic, close and growing ties with the whole of the African continent.  South Africa also carries the profound memories of Mahatma Gandhi’s association with that region.

 

The 9th World Hindi Conference would deliberate on a series of traditional and contemporary themes related with both classical and modern aspects of Hindi.  The theme of the conference this year will be “Bhasha ki Asmita Aur Hindi Ka Vaishvik Sandarbh”.  The conference would also have nine academic sessions on such subjects as Mahatma Gandhi’s linguistic vision; Hindi and modern technology; role of Indian epics in propagation of Hindi; contribution of foreign scholars in dissemination of Hindi; Mass media and Hindi, etc.

 

            The last eight World Hindi Conferences have been held at the following places:

 

First WHC  - Nagpur [India]  :  10-12 January, 1975

Second WHC - Mauritius  :  28-30 August, 1976

Third WHC - New Delhi [India] :  28-30 October, 1983

Fourth WHC - Mauritius :  2-4 December, 1993

Fifth WHC - Port of Spain [Trinidad & Tobago] : 4-8 April, 1996

Sixth WHC - London [UK] : 14-18 September, 1999

Seventh WHC - Paramaribo [Suriname] : 6-9 June, 2003

Eighth WHC - New York [USA] : 13-15 July, 2007

APPSC OFFICIAL REVISED FINAL KEY FOR JUNIOR ASSISTANT IN BOARD OF INTERMEDIATE EDUCATION

 Key for Notification No. 51/2011 Dt:30/12/2011 , Key : JR.ASST. BOARD OF INTER.EDU.(51/2011) :: Paper-1
 

Key for Notification No. 51/2011 Dt:30/12/2011 , Key : JR.ASST. BOARD OF INTER.EDU.(51/2011) :: Paper-2

APPSC Official Revised Final Key for Junior Accountant, Junior Assistant, Junior Stenographers and Typists in A.P. Vaidya Vidhana Parishad

Key for Notification No. 53/2011 Dt: 31/12/2011 , J.As/JR.STENOS / TYPISTS IN V.V. PARISHAD(53/2011)  Paper-1

Key for Notification No. 53/2011 Dt: 31/12/2011 , J.As/JR.STENOS / TYPISTS IN V.V. PARISHAD(53/2011) :: Paper-2

Justice Kabir to be the new Chief Justice of India

Justice Altamas Kabir will be the new Chief Justice of India. He will assume the new charge on 29th September. Born on July 19, 1948 at Kolkata, Justice Kabir did his LLB and MA from University of Calcutta. He was enrolled at the Bar on August 1, 1973 and was made a permanent judge of Calcutta High Court on August 6, 1990. Justice Kabir assumed the office of acting Chief Justice of Calcutta High Court on January 11, 2005. He was elevated as Chief Justice of Jharkhand High Court on March 01, 2005 and was made a judge of the Supreme Court of India on September 09, 2005. 
Justice Kabir was responsible for the computerization of the Calcutta High Court and the City Civil Court and other Courts in Kolkatta. He was appointed as Executive Chairman of National Legal Services Authority on January 14, 2010. 

MPSC Employment and Self Employment Officer Gr-B Screening Test-2012 Solved Paper

ISRO scores a centum

A Polar Satellite Launch Vehicle (PSLV-C21) blasted off from Sriharikota on September 9 and placed two foreign satellites in orbit, accomplishing the Indian Space Research Organisation’s 100th mission, a milestone in the country’s space journey.

After a 51-hour countdown, the PSLV lifted off at 9.53 a.m., two minutes behind schedule, to avoid any collision with space debris.

In the textbook launch, it carried SPOT-6, a 712-kg French earth observation satellite and injected it into an orbit of 655-km altitude, inclined at 98.23 degrees to the equator. Proiteres, a 15-kg Japanese microsatellite, was put into orbit as an additional payload. Prime Minister Manmohan Singh and a host of dignitaries watched the flight path on electronic screens, as the 44-metre tall PSLV accomplished its task, reinforcing the fact that it is the ISRO’s workhorse, with 21 successful missions in a row.

The four-stage ignition and the injection of the satellites into the orbit took 18 minutes and 37 seconds. As Proiteres separated at the final moment, the scientists erupted into joyous applause.

SPOT-6, an optical remote-sensing satellite capable of imaging the earth with a 1.5-metre resolution, is built by Astrium SAS, a European space technology company.

Proiteres is meant to study the powered-flight of a small satellite by an electric thruster and to observe Japan’s Kansai district with a high-resolution camera.

With Sunday’s mission, the ISRO has launched 62 satellites and 38 rockets. It has so far injected 28 foreign satellites into orbit, beginning with Germany’s 45-kg DLR-TUBSAT aboard the PSLV-C2 in 1999. SPOT-6 is the the PSLV’s biggest commercial lift so far. At a press conference, Dr. Radhakrishnan said the financial matters relating to the launch could not be disclosed, but the cost of the vehicle was recovered. The ISRO also sent its own payload, ‘Mini Resins,’ for demonstration of an instrument called Redundant Strap down Inertial Navigation System.
Manmohan Singh watched the historic 100th mission of the Indian space agency and scientists at Indian Space Research Organisation's (ISRO) rocket's mission control room kept an eye on the rocket that escaped the earth's gravitational pull.

ISRO officials are hoping that the agency's 100th space mission will turn out to be a grand success.
The PSLV-C21 rocket is expected to deliver SPOT 6 and Proiteres into a 655 km polar orbit.
Remote sensing satellites send back pictures and other data. The SPOT and Indian remote sensing satellites are the two leading earth observation satellite series.
Interestingly SPOT 6 is the heaviest foreign satellite to be carried by a PSLV rocket since 1999 when ISRO started launching satellites owned by foreign agencies.
ISRO has been carrying foreign satellites since 1999 initially as an add-on luggage to its own satellite.
It was with Agile, a 350 kg Italian satellite, that ISRO started flying a full commercial rocket. Till date ISRO has launched 27 foreign satellites successfully and the Sunday mission would take the tally to 29.
The successful launch of SPOT 6 would make ISRO's PSLV rocket a strong contender to carry SPOT 7 planned by French company Astrium SAS soon.
According to ISRO, the satellite launch agreement between Antrix and Astrium is part of the long-term agreement signed between the two agencies in September 2008.
The space agency has also jointly built two heavy satellites - 3,453 kg W2M and 2,541 kg Hylas - for the French agency.
India has the largest constellation of remote sensing satellites in the world providing imagery in a variety of spatial resolutions, from more than a metre ranging up to 500 metres, and is a major player in vending such data in the global market.
With 12 remote sensing/earth observation satellites orbiting in the space, India is a world leader in the remote sensing data market. The 12 satellites are TES, Resourcesat 1, Cartosat 1, 2, 2A and 2B, IMS 1, Risat-2, Oceansat 2, Resourcesat-2, Megha-Tropiques and Risat-1. 

India’s first multi-lateral Social Science research collaboration with four European Nations

India has managed to enter into its first multi-lateral Social Science research collaboration with four European Nations by the approval of projects for networking and social science research cooperation in between the researchers of these nations on 5 September 2012. The French Agence Nationale de la Recherche (ANR), the Deutsche Forschungsgemeinschaft (DFG, German Research Foundation), the UK Economic and Social Research Council (ESRC) and the Netherlands Organisation for Scientific Research (NWO) are the four bodies with which India has been successful in created tie-ups.

The social scientists will get national funds for creating collaborations with European Partners via a scheme. This is help in eradication of bureaucratic restrictions and obstacles. It’s expected to economise and rationalize the efforts of Europe towards production of high impact and quality research on social science that can address to the challenges forwarded by the global arena in terms of growth, economy, development, climate change, well being and health. As per the scheme the proposal can be made on any hemisphere of social science that can be of a help in understanding the social and individual behavior of a person and influence the policies beyond the boundaries. The targeted six proposals that have been awarded with the funds after being mapped in the month of May 2011, will deal in the aspects of wellbeing, ageing, bullying, mapping the cultural authority of science, globally accessible medicine, climate governance and pupil-safety.

APPSC REVISED SCHEDULE OF EXAMS

Setting up of Commissions For Minorities

The National Commission for Minorities was established under the “National Commission for Minorities Act, 1992” on 5th July 1993 to look after the welfare of the five notified minorities. Further, as a follow up of the Sachar Committee recommendation for setting up of an Equal Opportunity Commission (EOC) to look into the grievances of the deprived groups, the Government constituted an Expert Group to recommend the structure, scope and functions along with advice on an appropriate legislative framework of the proposed Equal Opportunity Commission. Giving this information in written reply to a question in the Lok Sabha, Shri Salman Khurshid, Minister of Minority Affairs, said that the Expert Group submitted its Report along with a Draft Bill. The Report of the Expert Group was examined and a proposal for setting up of an Equal Opportunity Commission was considered. The Draft Equal Opportunity Commission Bill, 2011 has been circulated to various Ministries/Departments and comments of most of the Ministries have been received and the proposal is being processed.