• NATIONAL NEWS

Namgyal Dolkar becomes first person of Tibetan descent to be granted Indian citizenship

Namgyal Dolkar has become the first person, born to Tibetan parents in India, to be granted Indian citizenship. The Delhi HC ruled in her favour last month, declaring her eligible for citizenship as per the Citizenship (Amendment )Act 1986.

TDSAT asks Uninor to deposit 60% penalty

In an interim order passed on Wednesday, TDSAT has asked Uninor to pay a penalty of Rs6 Crores for delay in rolling out services in two circles of Haryana and Madhya Pradesh. Tribunal has asked DoT to file its reply in two weeks' time.

SEBI proposes stringent norms for third party outsourcing by intermediaries

SEBI is seeking to regulate outsourcing by market intermediaries to third parties, by stipulating that they should have a comprehensive policy to guide the outsourcing process. Their third party contracts should clearly describe all aspects of the arrangement, including client confidentiality and termination procedure.

'Goodwill' is a valuable commercial asset on which depreciation is admissible, rules Delhi HC

Delhi HC has upheld the view that depreciation can be charged even on an intangible asset like goodwill. It rejected the contention of the Commissioner of Income Tax against Hindustan Coca Cola Beverages Pvt Ltd, that 'goodwill' is not an intangible asset as it is not included u/s 32(1) of the IT Act, like patents, trademarks etc, and hence not entitled for depreciation.

COMPAT refuses to stay DLF probe by Competition Commision of India

COMPAT has refused to stay the proceedings against property developer DLF launched by the Competition Commission, on the complaints of customers of residential projects Belaire and Park Place. DLF is alleged to have failed to deliver the projects on time, and put discriminatory clauses in agreements.

SEZ developers in Haryana to state in application their water procurement plans

Harayana has made it mandatory for a new company applying to set up SEZ in Gurgaon to give in writing its plans to procure water for the project. Availability of water is scarce, and Punjab and Haryana HC has reportedly banned the digging of borewells for even drinking water.

Aviation ombudsmen to be appointed for redressing passenger grievances

Aviation ministry is planning to appoint ombudsmen to look into the complaints of disgruntled flyers. The first ombudsman will be appointed in Delhi, followed by regional level appointments. The ministry is also working on a plan to simplify airfares, including publication of all inclusive fares to safeguard customer interest.

Labour ministry confronts finance ministry for opposing PF interest hike

Under pressure from trade unions, the labour ministry is ready to confront the finance ministry for rejecting EPFO's proposal of 9.5% interest rate on provident fund. While the EPFO has said a surplus is available to absorb the hike, finance ministry has raised doubts that pending liabilities have not been considered.

SC feels discretionary power is being misused by states

A two judge bench of Supreme Court on Jan 18, 2011 said that discretionary power, which was to be used for public good, has been exercised for just the opposite in last 50 years. The remarks came in the course of a hearing on a petition about Madhya Pradesh state government allotting 20 acres of prime land to a trust with political leaders at the helm.

Bombay HC questions CBI failure to register an FIR in Adarsh society scam

Bombay HC has slammed the CBI for failing to register an FIR in the Adarsh housing society scam, and given it two weeks' time to make up its mind. Meanwhile, the state government has claimed in an affidavit before the court that the issue falls in its domain, so there is no basis to hand over investigation to the CBI

CBDT to dig into EC report on suspected money laundering through  political parties

Central Board of Direct Taxes is closely examining the report of Election Commission, which unearthed the fact that several political parties seem to have been floated for sole purpose of laundering money. The revenue department is looking at the donation amount received, list of donors and end use of funds by all the parties.

NCW demands report from Indian High Commission in London

National Commission for Women has demanded a report from the Indian High Commission in London regarding the domestic violence episode involving a senior diplomat. The chairperson said those in government positions should set an example for people instead of violating laws

DoPT not in favour of full disclosure as per CIC direction

Central Information Commission had asked, in Nov 2010, all the ministries to appoint transparency officers within 30 days and catalogue all the available records within 6 months, making public all the documents that do not fall in the negative list. Department of Personnel & Training has reportedly refused to follow that order, setting a wrong precedent.

SC asks Chhattisgarh government to list steps taken for rehabilitation of violence- hit tribals

Responding to a PIL filed by two eminent academics, Supreme Court has ordered paramilitary forces to vacate school and hostel premises in Chhattisgarh within 4 months. The court said that tribals can't be forced to live in camps forever, and state must take steps to send them to their villages.

'Unauthorised communication' with media banned by premier government institute AIIMS

A few faculty members of premier medical institute AIIMS in Delhi are opposing the institute's direction banning 'unauthorized communication' to the media if it involves public interest. While AIIMS says the direction is as per government rules, some members of the faculty have termed it as retaliation targeted at members for opposing imposition of user charges for consultations and procedures which were free till now.

Goa asks for reprieve from stringent visa norms for tourists

Goa has reportedly asked the Centre to relax visa rules for tourists, like Sri Lanka and Thailand which give visa on arrival. In India, tourists have to observe a two month gap before they can re-enter the country again. Such visa changes were necessitated because of general terror threat perception and dubious property deals by tourists, especially in Goa .

Imports of glass fibre articles from China causing injury to domestic industry, concludes DGAD

Director General of Anti dumping and Allied Duties has concluded that China is dumping glass fibre and articles in the Indian market, and has recommended imposition of duty of upto 40.9% on imports of glass fibre and articles from China, to offset injury caused to the domestic industry.

Government examining Chakrabarty panel report on raising capital for regional rural banks

Government is examining the suggestion of the RBI Chakrabarty panel that sponsor commercial banks may be allowed to exit from RRBs. The panel has also suggested that profitable RRBs should be allowed to list on the exchanges and/or divest part of their stake to the financial institutions or public.

DIPP pitches for flexible pricing of fully convertible instruments, with a minimum floor price

In order to encourage FDI inflows, Department of Industrial Policy and Promotion wants finance ministry to relax the norm of upfront pricing of compulsorily convertible shares and debentures issued to overseas investors. At present, the conversion terms are fixed at the time of the issue, and companies doing well cannot realize a better price despite improved performance. Allowing flexibility will help attract private equity funds and venture capitalists, as better performance will translate into higher premium for the company shares.

Banks and NBFCs present wish-list in pre-budget meeting

Banks and NBFCs have presented their wish list to the finance minister for the coming budget. Banks have demanded waiver of tax on the entire provisioning for non performing assets (NPAs), rather than 7.5% available at present, and TDS exemption on non-interest income. NBFCs, on the other hand, have demanded that lease and hire-purchase transactions should be classified as 'deemed sale' and attract only VAT and not the service tax.

Lavasa project may get MoEF nod with riders

Environment ministry has reportedly agreed to give clearance to Lavasa hill city project, with the rider that the company pay a heavy fine and set up an environment restoration fund. A report of the ministry's technical committee had found that the company had haphazardly cut hills and caused damage to the Western Ghats in the course of construction.

Vodafone lodges protest to Essar reverse merger scheme pending approval at Chennai HC

Vodafone has conveyed its protest to SEBI, BSE and the Chennai HC regarding the reverse merger scheme proposed by its telecom joint venture partner Essar. Though Essar has a put option to divest its stake of 33% at $5 bn to Vodafone till May 2011, it has proposed reverse merger of 11% stake into India Securities Ltd. Essar, meanwhile has objected to the protest by Vodafone, saying it is neither a creditor, nor a shareholder of India Securities Ltd.

SEBI to continue with proceedings against PW partners in Satyam case

SEBI has scheduled the next hearing of Price Waterhouse partners in the Satyam case on Feb 5, 2011. The regulator rejected the plea of the partners that the proceedings at SEBI could not go on simultaneously alongwith the criminal trial of CBI in the same case.

Approval of Atomic Board a must for colleges acquiring radioactive substances

University Grants Commission has issued guidelines requiring mandatory approval of Atomic Energy Regulatory Board for purchase of radioactive substances, its end use, storage, and emergency response mechanism by educational institutions. The radioactive substances have to be handled by faculty with experience, who also need to be certified by the atomic board.

MACT recognises contribution of working woman, awards Rs87 Lacs to next of kin

A Motor Accident Claims Tribunal has awarded Rs87 Lacs to the family of working woman Anjana Prabhakar, who died in a freak accident in Noida near Delhi. The judge dismissed the argument of the insurance firm that the husband was earning well and had remarried, and therefore did not suffer any emotional or financial loss.

Supreme Court frowns at diversion of 'gochar' land in villages

Supreme Court has mandated that 5% land must be kept aside for grazing in every village. Requirement for the purpose of building hospitals or schools should be met from unutilized or wasteland. In case 'gochar' land is diverted, the shortfall has to be immediately compensated by designating additional land , so that the total remains 5%. In the instant case, the petitioners had challenged diversion of fertile 'gochar' land in a Jharkhand village for building a hospital.

Supreme Court denies pension to magistrate who lost her job for ticketless travel

Supreme Court has upheld the compulsory retirement and denial of pension to a lady magistrate for ticketless travel in the first class of Mumbai local trains. The railway authorities had reported the matter to Bombay HC, which had found her guilty of ticketless travel and misbehaviour with ticket checkers, and given her compulsory retirement in Sept, 2009.

SEBI issues new circular on issue of Participatory Notes abroad by FIIs

On Jan 17, 2011, SEBI revised the reporting format for Foreign Institutional Investors issuing Overseas Derivative Instruments/ Participatory Notes against underlying Indian securities to beneficial owners abroad. FIIs are also now required to furnish an undertaking to SEBI that the instrument is issued in compliance with SEBI (FII) Regulations and KYC norms have been followed for the beneficial owner of the ODI/ PNs.

Commerce ministry invites comments on draft Patent Rules 2010

Department of Industrial Policy and Promotion has come out with Draft Patent Amendment Rules, 2010, to amend the Patent Rules, 2003. Any objections or suggestions may be sent to the Secretary, Department of Industrial Policy and Promotion, Udyog Bhavan, New Delhi- 110011 within thirty days.

Status quo on Lavasa continues

Ministry of Environment and Forests has ordered continuation of the 'status quo' order on Lavasa city project, following a visit to the site and assessment of violation of environmental norms by its technical committee. The ministry is carefully examining deviation from the plan approved for the Lavasa city in 2004, and failure to get clearance under amended environment norms.

Appointment of judges at Punjab and Haryana High Court

Shri Justice Rajan Gupta, Shri Justice Ajay Tewari, Shri Justice Jitendra Kumar Chauhan, and Shri JusticeAugustineGeorge Masih Additional Judges of Punjab and Haryana High Court, have been appointed Judges of that High Court, in that order of seniority, with effect from the dates they assume charge of their offices.

DGFT's mandatory 'barcode' causing hardship to exporters

DGFT directive to put a barcode on medicine packs is causing hardship to exporters, as they need to take fresh approvals for new labels from the drug regulators of the destination countries. The directive from DGFT came in the wake of fake drugs with 'Made in India ' tag being exported to some African countries by dubious Chinese companies.

SC admits appeals by Pepsico and BIS in 'Aquafina' branding case

SC has admitted the cross appeals filed by Pepsico and BIS over the former's packaged water brand 'Aquafina'. In Nov, 2008, Delhi HC had asked Pepsico to remove the picture of snow capped mountain from the bottle's label, and use words like 'pure', 'refreshing' etc. as per BIS guidelines only.

ED files complaint against Adani Enterprises for FEMA violations

Enforcement Directorate has reportedly filed a complaint against Adani Exports and its related companies for violation of FEMA by inflating the value of exports, and availing buyers' credit, undertaking import-export of polished diamonds and setting up companies abroad without RBI permission. ED is still probing some related companies of the group in India and abroad.

Centre asserts its right to select candidates for key positions

In the course of hearing on the PIL in the Supreme Court against appointment of current Chief Vigilance Commissioner, the Centre has filed an affidavit to the effect that it is the Executive's prerogative to satisfy itself on the suitability of a candidate for a post, and this right cannot be questioned in a judicial forum.

Onshore software development not eligible for tax deduction as software exports, says IT department

Tax department has raised an order of tax for Rs400 Crore on Infosys Technologies. The order has claimed that deputing software professionals in other countries like US and UK (so called body shopping) for onsite development is not an eligible activity for claiming tax deduction u/s 10A/ 10AA of the IT Act.

Supreme Court questions state government on rehabilitation of Kashmiri Pandits

On a petition filed by the All India Kashmiri Samaj, Supreme Court has asked J&K government to explain how it is implementing a special package offered by the central government for restoring properties to Kashmiri Pandits, which were auctioned illegally between 1990-97, and providing them jobs upon their return to the valley.

Supreme Court agrees to look into plea for judicial probe in Banda rape case

A three judge bench of the Supreme Court will hear a plea on Jan 21, seeking judicial probe into the rape of a poor minor girl by a ruling MLA, and her subsequent harassment and incarceration on theft charges. The girl was recently released from jail on the intervention of the Allahabad HC.

Delhi Lokayukta files appeal against restraint order in corruption probe on IAS officers

Delhi Lokayukta has filed an appeal before a division bench of the Delhi HC, challenging single judge order of Nov 22, 2010, that the Lokayukta has no jurisdiction to probe IAS officers as they enjoy immunity under Delhi Lokayukta and Upalokayukta Act. In the instant case, the Lokayukta was investigating corruption complaints received by him against three IAS officers.

Kerala HC seeks explanation for Sabarimala stampede

Kerala HC has asked the state police, forest department and the Travancore Devaswom board to file reports regarding reasons for the January 14 stampede that killed more than 100 devotees of the Sabarimala temple. HC has also asked the government to furnish details of help provided to those who were hurt and stranded as a result of the stampede.

Delhi police seeks revival of perjury trial in Jessica Lall case

Delhi police has submitted to the Delhi HC, a copy of the Supreme Court verdict in Jessica Lall case convicting Manu Sharma for murder, to revive perjury proceedings against witnesses who changed their statements in court. The perjury proceedings had been halted while the Supreme Court was seized of the matter, but now the decks have been cleared.

Colony RWA initiates contempt proceedings against VIPs over encroached land

Jangpura Colony Residents Welfare Association has moved Delhi HC for contempt proceedings against Delhi chief minister and the Shahi Imam of Jama Masjid, for instigating a mob to trespass on DDA land, offering prayers and carrying on construction. DDA had earlier demolished an illegal religious structure on its plot in the middle of the colony, under direction from the high court, but failed to fence the area thereafter. A mob then forced its way in to offer the prayers and rebuild the structure. The court has now allowed a select group of ten persons to offer prayers at the spot for two months.

Citibank working on compensation for duped customers

Citibank is striving to resolve issues arising from the fraud perpetrated by a relationship manager of Gurgaon branch on unsuspecting customers. The bank has issued a statement saying that it is in touch with customers affected by the fraud and working towards awarding them fair compensation. The IT department, meanwhile, is examining the sources of funds of the HNIs whose names figure among the customers.

Ministry of Environment and Forests orders demolition of disputed Adarsh building in Mumbai

Ministry of Environment and Forests has ordered that 31-storey Adarsh Coop Housing Society Building should be demolished within 3 months, for being an unauthorized structure and violating Coastal Regulation Zone norms. The Society is likely to challenge the order in the Bombay HC.

DoT may release IPv6 standards by month end

DoT is expected to release standards for IPv6 by Jan31, 2011, which is considered a notch higher in terms of security than current IPv4. All large service providers are expected to migrate to IPv6 standards by Dec 2011, while government departments will be given time till March 2012 to do so.

Income tax demand on General Electric's R&D unit creates uncertainty regarding taxability of income of such units

IT department has raised a demand for Rs64 Crores from GE India Technology Centre, Bangalore for 2007-08, for claiming deduction u/s 10A of the IT Act for income from software exports. The department wants to know how a unit which employs scientists for R&D activities has claimed deduction u/s 10A.

Delhi HC rules that arbitration award by foreign organisation is enforceable in India

Delhi HC has ruled that foreign arbitration award is enforceable in India. In the instant case, International Chamber of Commerce in Paris had ruled in favour of Penn Racquet Sports, in a dispute over Trade Mark Licence Agreement for supply of golf balls and other accessories to Mayor International of India. Mayor had objected to its enforcement on the ground that it is not enforceable in India.

Official posted abroad being recalled for suspected domestic violence

A senior official posted at the Indian High Commission in London is reportedly being recalled by the Ministry of External Affairs for alleged 'domestic violence' involving his wife. According to a London daily, he had sought immunity from prosecution after being questioned by the local police, who were tipped off by the neighbours. The UK authorities then reportedly gave a choice to India, to either waive off his diplomatic immunity or recall him.

Compensation for land acquisition should be based on fair market value, rules Supreme Court

Supreme Court has ruled that fair market value of the land in the neighbourhood, and not auction price should be the criteria for determining compensation in land acquisition cases. Auction prices are not fair indicators, as distress sale by banks or courts depresses the price, while open auction inflates it due to egoistic bidding. So, fair market value of the land in the surrounding area is the best indicator for valuation.

Telecom ministry suggests enhancing penalty for illegal phone tapping

Telecom ministry has proposed imposing a stiff penalty between Rs1 Lac to 2 Crores for breach of the provisions of Indian Telegraph Act regarding unlawful interception of calls or divulging messages. The proposed amendment in the Act will be tabled in the Budget session of Parliament.

Supreme Court rejects contention of pharmaceutical company, upholds levy of excise duty on physician samples

Supreme Court has held that excise duty is payable even on drug samples supplied free of cost to doctors for promotional purposes. It dismissed the appeals of a pharmaceutical company, Medley Pharma, that physician samples are not excisable goods since they are not for sale under Drugs and Cosmetics Act.

Paying service tax is the liability of the service provider to the Airports Authority of India

Supreme Court has ruled that liability to pay service tax is that of the service provider who has a licencing agreement with AAI for providing a service, and not of the AAI. In the instant case, Sparkway Enterprises providing services at Calicut airport had refused to pay service tax, saying it did not have permission to collect service tax from the public.

Supreme Court overrules MACT and Himachal HC in crucial motor accident compensation case

Supreme Court has held that in case of motor accidents, the previous owner and his insurer remain liable to pay, even if the vehicle has been sold to a third party, as long as the registration of the vehicle remains in the name of the previous owner and the insurance policy is taken in his name. The court overruled the judgments of MACT and the Himachal HC, who had absolved the ex-owner of a truck of all the liability, once he had sold the truck. The truck was later involved in a fatal accident, but the insurance policy had been taken by the new owner in the previous owner's name.

CBDT constitutes 12 Dispute Resolution Panels, leaves choice to the assessee

Central Board of Direct Taxes has constituted 12 Dispute Resolution Panels (DRP) to sit at various locations across the country. However, it has clarified that it is finally the choice of the assessee - whether to file an objection before the DRP or an appeal later before CIT (Appeals) against the assessment order passed by an Assessing Officer.

Anil Ambani group companies arrive at a settlement with SEBI

SEBI had initiated proceedings under Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market Regulations 2003 against some Anil Ambani group companies and key officials. In terms of a consent order signed on January 14, these companies will pay a fine of Rs50 Crores and refrain from dealing in the securities market as per the terms and conditions of the said order.

SEBI examining yo-yo swings in price of newly listed Shekhawati Polyyarn

SEBI is reportedly studying the trading pattern in freshly listed company Shekhawati Poly-yarn for any indication of circular trading. The company had raised Rs36 crore from an IPO last month. Upon listing, the share displayed two fold rise, as well as a 45% nosedive in just two trading sessions, which raised suspicion of circular trading.

Delhi HC expresses concern over long time taken by courts to decide matrimonial cases

Delhi HC has expressed concern over the time taken by courts to decide on matrimonial matters. The court's observations came while hearing a 29 year old divorce case, where both the litigating spouses have now become octogenarians.

Delhi police to charge employers for neglecting women employees' safety

Delhi police has started strictly enforcing its order directing BPO companies to ensure their 'pick and drop' cabs drop the women employees at their doorstep, and all vehicles are enabled with a GPS system. Employers may be charged if any violations come to its notice. The drive picked momentum when they found that a cab driver had dropped a woman employee 1 km away from her house at 3 a.m. in the morning.

Supreme Court to proceed with contempt proceedings against Prashant Bhushan

Supreme Court has decided to go ahead with contempt proceedings against lawyer Prashant Bhushan, as he has refused to apologise for some remarks on the current Chief Justice. The lawyer has contended that his remarks were misconstrued as imputation of financial corruption.

Maritime Agenda 2010-20 unveiled by the shipping ministry

The shipping ministry has unveiled ambitious maritime plan for the decade 2010-20. The plan envisages promoting coastal shipping to decongest roads, bringing our ports on par with international standards, development of one new port on each coast, and full mechanization of port handling.

No threat of ban on futures trade in farm commodities

Forward Markets Commission chairman has clarified that there is no immediate plan to suspend futures trading in farm commodities. He said that prices are ruling high for milk, fruits, vegetables and fish, none of which is traded in the futures market.

Cadbury India revises its compulsory share buyback offer

Cadbury India has sent a higher revised buyback offer to minority shareholders. After its takeover by Kraft Foods, Cadbury had initiated a compulsory buyback in India from minority shareholders, but shareholders were not happy with the offer price. They had approached Bombay HC, which had appointed Ernst & Young for share valuation.

Insurance companies should inform change in hospitals or TPAs to policyholders, says IRDA

Insurance Regulatory and Development Authority has asked non-life insurers to promptly inform the policyholders about any changes in their network of hospitals for cashless treatment and third party administrators. The insurance company has to ensure that its system updates such details at the time of issuing the policy and thereafter.

FIPB clears 19 FDI proposals

Government has announced the clearance of 19 FDI proposals discussed at the Foreign Investment Promotion Board meeting on Dec 31, 2010. The decision on Reliance Broadcast Network proposal was deferred again, while the proposal of B4U television was rejected outright.

Government allows 3G video calls

Government has allowed video calls on 3G networks, with the stipulation that service providers launching such a service will provide real time interception facility by July 31,2011. If the facility for interception is not satisfactory, the service provider will have to withdraw the service unconditionally.

New Defence Production Policy recognises importance of private sector

Unveiling a new Defence Production Policy, the defence minister announced that the ministry will give more space to the private sector, as the PSUs are not able to meet all the requirements of the defence services. The policy aims to build robust indigenous industrial base by roping in private sector companies.

'No go' row between ministries to be resolved by GoM

Union cabinet is contemplating setting up a GoM to resolve the issue of 'no-go mining areas' between different ministries. More than 200 coal blocks fall in dense forest areas, classified as 'no go' areas by the environment ministry. This has led to shortfall in coal mining, adversely impacting other industries.

Law ministry striving to find a solution to decriminalisation of certain offences

Law minister has said that the government is in the process of identifying a number of so called offences which may be decriminalized. One such area is defamation, where government will shortly come out with a solution.

235th Report of the Law Commission

235th Report of the Law Commission on mode of proof for conversion to another religion before a court of law has been submitted to the Department of Justice. The Commission was asked to give its findings after a case came before the Kerala HC, where a wife who was Christian by birth applied for divorce under Hindu Marriage Act. Commission has come to the conclusion that a declaration followed by confirmation before a registering authority should not by itself be treated as conclusive proof, that the conversion was true and voluntary.

236th Report of the Law Commission

Department of Justice had requested Law Commission to examine the feasibility of higher court fee on corporate sector. It was felt that despite high stakes involved and the long time taken, very little court fee is realized. Commission has taken the view that it would not be legally permissible nor practicable to levy higher court fee only on corporates. Therefore, it has recommended to increase ad valorem the court fee payable to the Supreme Court in respect of appeals (Civil) subject to a maximum of Rs1 Lac.

Delhi HC says state has a statutory role to provide shelter to destitute pregnant women

Delhi HC on Jan 12, 2011 directed central government to coordinate with Delhi government to create shelter homes specifically for destitute pregnant women, as state has a statutory role to help them. Court's observations came on a report that shelters run by NGOs do not take in pregnant women, who undergo labour and sometimes die in the open.

RBI taking a relook at wealth management schemes

Alerted to the predicament of HNIs suffering massive losses after entrusting their hard earned money to relationship managers, RBI has reportedly asked major banks to share the details of their wealth management business, including size, policies, procedures and checks & balances employed by them to stop such frauds in the future.

Dumping duty in the offing for Barium Carbonate imports from China

The designated authority (DGAD) has concluded that Barium Carbonate is being exported by China to India below its normal rate, and imposition of dumping duty is required to offset injury to domestic industry. Accordingly, it has proposed imposing duty upto $236 per tonne on its imports.

Maharashtra sugar mills to benefit from workshops on futures trading

Federation of Cooperative Sugar Factories plans to organize statewide workshops in Maharashtra regularly, with the help of Forward Markets Commission and commodity exchanges, to familiarize sugar mills with the concept of forward trading, in order to modernize the marketing of sugar.

IRDA getting set to introduce health insurance portability

IRDA is reportedly drafting regulations for health insurance portability, which will allow policyholders to carry forward financial bonuses and pre-existing conditions on their health insurance policy from one insurer to another, much like motor insurance policies.

IPO guidelines for life insurers in the pipeline

IRDA chairman has said that it will come out with detailed guidelines in a few weeks' time for life insurance companies aspiring to launch IPOs. SEBI has already allowed life insurance companies to launch public offers if they have earned profits for at least three years.

Surface transport ministry preparing two new Bills on road safety board and motor vehicle standards

Government is preparing to introduce two new Bills in the Budget session of Parliament. While one Bill will aim to set up a National Road Safety Board to monitor road safety mechanisms in the country, the other Bill will aim at aligning India's standards with motor vehicle standards in advanced countries.

Government plans two pronged strategy to control milk prices

Food & agriculture ministry is reportedly planning to control rising prices of milk in the country with a two pronged strategy - controlling input costs by banning the export of oilmeals and oilcakes which are used as fodder, and increasing availability by reducing import duty on skimmed milk and banning export of milk products.

South Africa looking to award mining rights selectively

South Africa is working on a new power policy which entails inviting foreign companies to set up power plants in the country. Moreover, companies which are ready to invest in coal beneficiation facilities or power plants in South Africa itself will stand better chances of securing mining rights.

Trade unions press for complete ban on commodity futures

In a pre-Budget meeting with the Finance Minister, trade unions have reportedly sought complete ban on futures trading in commodities, which is being blamed for the current inflation in essential commodities. At present, futures trading is not permitted in rice, arhar and urad dals (pulses).

IT Department to peer closely at CWG employee records, to unearth 'ghost employees'

The Income Tax department has sought details of staff appointments from the CWG Organizing Committee in respect of around 2000 employees. The department is going to examine muster rolls, selection documents, salary and TDS details of each one, to unearth instances of 'ghost employees' if any.

Supreme Court stays crucial order on service tax on commercial rent

Supreme Court has stayed Delhi HC interim order restraining the government from recovering service tax on renting of immovable property for commercial use. Next hearing in the matter is listed for Jan 20, 2011.

Mobile banking JV to benefit customers in rural areas

SBI has formed a joint venture with Airtel to offer mobile banking to customers, specially in rural and semi urban areas. The facility will offer cashless transfer of funds and cashless spending and purchases from Mar 31, 2011. All cell phone users will be able to access the facility by opening a no-frills account.

Tenure of Patil Committee extended by DoT

DoT has extended the tenure of Shivraj Patil Committee up to January 31, 2011. The Committee is required to identify instances of lack of transparency, wrong application of procedure, deviation and violation, and lapses on the part of government officials in the spectrum allocation between 2001 and 2009.

PAC to approach President and Lok Sabha speaker over remarks on CAG report

Public Accounts Committee examining the 2G allocation loss is planning to approach the President and Lok Sabha Speaker to protest the criticism of the CAG report by the telecom minister. Rules of Parliament prohibit any comment in public by a government functionary on a matter under consideration of the House and Public Accounts Committee.

National Commission for Child Rights seeks direction to government on rehabilitation of child labour

National Commission for Protection of Child Rights has requested Delhi HC to direct Delhi government to undertake prompt action on complaints of child labour and proper rehabilitation of rescued children, as a study by the Commission found that rescued children are sometimes not restored to their families

Delhi HC directs government to pay compensation to next of kin of poor accident victim

Delhi HC has directed Delhi government to pay Rs3 Lac as interim compensation to the kin of a vegetable vendor who died after being hit by a vehicle. The court took suo motu cognizance of media reports that victim died while being shunted around in an ambulance, as three hospitals refused admission on various grounds.

Maharashtra government to invoke RTI Act against information commissioner

Maharashtra government is reportedly planning to suspend information commissioner Ramanand Tiwari, by invoking the RTI Act. The official allegedly obliged the Adarsh Housing Society by partly changing land use of the plot when he was urban development secretary. His son reportedly received the membership of the society later.

Orissa HC asks Ministry of Environment and Forests to file reply in Vedanta case by end of the month

Orissa HC has asked environment ministry to justify its Oct 20, 2010 order cancelling an earlier clearance granted to Vedanta Aluminum, and file a reply by end of January. Apart from Vedanta's writ petition, twelve public interest litigations are pending in the HC, filed by various tribal groups which are adversely impacted.

IRDA permits insurance companies to invest in bonds of select companies for acquisition abroad

IRDA has allowed insurance companies to invest in bonds issued by ONGC and Coal India to acquire assets overseas. Insurance companies are required to invest 15% of their funds in infrastructure sector, but the availability of instruments with good credit rating in the domestic market is limited.

SC status quo on deemed universities to continue

Supreme Court has said that its status quo order restraining centre from derecognising 44 deemed varsities would continue till further orders. Meanwhile, it has asked the government to issue individual notices, study the replies, conduct physical verification and place a comprehensive report before it by Apr 23, 2011.

SEBI gives green signal to derivative products in global indices

SEBI has given permission to the stock exchanges to introduce derivative contracts in global indices. This will give additional opportunities to Indian investors. However, the stock exchanges are required to submit their application for approval to the regulatory body of the concerned country before introducing such products.

Delhi advocate files application for removal of GI tag on Darjeeling tea

A Delhi High Court advocate has filed application with GI Registry at Chennai for removal of GI tag on Darjeeling tea, the first product to receive GI tag in India. The move is prompted by the fact that Tea Board allows the tag to be used only by the tea gardens which have entered into an agreement with it, to the detriment of small producers.

SC directs Kerala government to resume trial in palmolein scam

Supreme Court on Jan 11, 2011 gave go ahead to the Kerala government to proceed with the trial in the palmolein oil import scam, in which the name of current chief of Central Vigilance Commission also figures. The case pertains to the import of palmolein by the state government from Singapore in the past, at a price higher than the then prevailing market price.

SC issues notice to TRAI, DoT and telecom companies over not meeting rollout obligations

Supreme Court on Jan 10, 2011 issued notices to DoT, TRAI and several telecom companies on a PIL moved by the Centre for Public Interest Litigation. The judges remarked that not rolling out services on time despite getting licences was a serious matter, and wondered why TRAI had not taken any action for so long.

Sugar imports to remain duty free till March 31, 2011

Central Board of Excise and Customs has extended the zero duty regime on sugar imports till March 31, 2011. Earlier the zero duty regime had come to an end on Dec 31, 2010, but high food inflation with concurrent rise in the price of onions, milk and wheat forced the government to do a rethink.

SC waives one percent fee on Vodafone deposit

Supreme Court on Jan 10, 2011 waived off the one percent court fee which it had earlier demanded, on Rs2500 Cr deposited by Vodafone Holdings. The order came after the government gave an undertaking that it would not lodge claim of 'unjust enrichments'.

SC issues notice to centre and Goa government over cancellation of SEZ land allotment

Supreme Court on Jan 10, 2011 issued notices to the central and Goa governments for cancelling land allotment for seven SEZs in the state. Supreme Court's direction came on a bunch of petitions filed by the affected developers, who have challenged the order of the Goa bench of the Bombay HC.

Government moves to bring transparency in bond trades

Retirement funds are now required to report all bond purchases on BSE, NSE or with FIMMDA by Feb 28, 2011. Moreover, all bond transactions can now go through two authorized clearing houses only -NSCCL or ICCL. The move is aimed at eliminating trades through unregulated intermediaries.

Bar coding on drug export consignments made compulsory

DGFT has mandated that exporters of pharmaceutical products affix barcodes on their export products to facilitate tracing and tracking. The step was necessitated by reports of some Chinese companies exporting fake drugs with 'Made in India' tag to unsuspecting buyers in African countries.

NGOs hail India's rejection of drug patent on 'routine improvements'

Delhi Patent office has rejected the patent application of Bristol Myers Squibb for atazanavir bisulphate, a drug used in the treatment of AIDS, for lack of inventive ingenuity. NGOs hailed India's refusal to patent routine improvements as a positive step for public health.

I&B panel suggests ways to improve TV viewership rating process

An expert panel appointed by the I&B ministry has suggested recast of the board and self regulation for the newly formed Broadcast Audience Research Council, which will eventually monitor TRP ratings. It has also asked for expansion of the sample size used by the rating agencies, pointing out that the current size is too small and excludes rural households.

Delhi HC halts seizure of Emaar MGF guarantee by DDA

Delhi HC has directed banks, in which CWG builder Emaar MGF had deposited bank guarantee in relation to its ongoing case with DDA, to deposit the amount remaining unencashed with the registrar general of the High Court. DDA had earlier started the encashment, which the HC has halted.

Kerala Women's Commission pitches for HIV test before marriage

Kerala Women's Commission has requested the state government to make HIV test mandatory for partners before tying the knot. The request came in the wake of a study, which showed that men keeping their infection a secret infect unsuspecting wives, resulting in great hardship, social ostracism and loss of jobs for the unfortunate victims.

Centre and states ask SC to amend judgment on police reforms

Central and state governments have raised objections to the Supreme Court direction that DGPs of state police forces should be granted a fixed tenure of 2 years, and empanelment of eligible candidates for the post should be done by UPSC, from which the states can choose. The Supreme Court judgment had come in response to a PIL, but governments want the court to amend it.

PIL filed in the SC over appointment of non elected CMs in Jharkhand

A PIL has been filed in the Supreme Court against the frequent appointment of non- elected persons as chief ministers, including Arjun Munda and Shibu Soren, in the state of Jharkhand. The petitioner has termed the practice a political conspiracy. The court has issued notices to the governor and the chief minister.

SC commences 1993 blast final hearing 

Supreme Court has started the final hearing, on the sentence handed out to 100 persons by a TADA court, in the 1993 serial bomb blast case. Ten of the accused were awarded death penalty on being convicted, while the rest were given different terms of imprisonment.

Madras HC questions doctorate degrees for personal physicians of VIPs

Madras HC has questioned the policy of awarding doctorates to personal physicians of VIPs like the chief minister and the governor by reputed universities, merely because of their status. The remarks came when a public interest litigation filed by advocate G Velu came up for admission.

• INTERNATIONAL NEWS

Financial stability council of US proposes concrete measures to regulate growth of big financial companies

Newly created Financial Stability Oversight Council of US on Tuesday proposed a set of measures for Fed Reserve to regulate non banking finance companies, which are so big that they constitute a potential threat to the stability of the country's financial system because of their sheer size. Other measure included limits on trading by banks on their own accounts.

US Supreme Court too seized of the matter pertaining to privacy of corporations vs. sovereign government

A debate on privacy laws has been ignited in the US, over the case of leakage of documents pertaining to an investigation involving industry major AT&T by the US government. The case is going on in the Supreme Court at Washington, and the question at hand is whether corporations can feel 'embarrassment' like human beings.

Bank whistleblower found guilty of breaching secrecy laws

Swiss banker Rudolf Elmer who handed over client data to WikiLeaks for publication and admitted sending confidential data to tax authorities, has been found guilty of breaching banking secrecy laws. He was fired as the COO of Julius Baer in Cayman Islands, after working for them for 15 years.

Facebook puts personal data sharing plan on hold

Facebook has temporarily put on hold a plan announced on Jan 14 to allow members to share their home addresses and mobile numbers with external websites and developers of applications. Feedback suggested it needed to make people more clearly aware before they grant access to such data.

US SEC probing role of enforcement official in Citi settlement deal

US Securities Exchange Commission has started an internal probe into the allegation that its top enforcement official told staff to show leniency towards Citigroup executives while finalizing a settlement last July. The probe commenced on the basis of an unsigned letter which was received by a Senator in Iowa.

Cat mistakenly summoned for jury duty by US court

A cat has reportedly been summoned to do jury service by Suffolk Superior Crown Court in Boston. The confusion apparently arose because the animal was included as part of a family in the last population census, and subsequently got shortlisted for jury duty.

Simpler disclosure documents to aid home loan borrowers in US

The Consumer Financial Protection Bureau in US, established by the Dodd- Frank Act, is reportedly evolving a simplified mortgage disclosure document, aimed at making it easier for borrowers to compare deals offered by different home lenders. Different lenders use divergent forms, confusing borrowers.

Key IMF official says European countries need to tackle structural issues

International Monetary Fund deputy managing director Shinohara has said that if European sovereign debt problems were to become bigger, that could bring about considerable downside risks. Countries not only need to reduce their budget deficit but also need to tackle structural issues including boosting growth.

Italy anti trust regulator closes probe in exchange for commitments

Italy's anti-trust agency has dropped a probe against Google initiated in 2009, after a complaint from some newspaper editors that any publication refusing to appear on Google News Italia was blocked out by Google search engine. Google had offered firm commitments in exchange for dropping the regulator dropping the probe.

Goldman Sachs cites 'media attention' to exclude Americans from Facebook bonanza

Financial giant Goldman Sachs has reportedly decided to exclude wealthy Americans from the private offer of Facebook shares, due to 'intense media attention'. US authorities were reportedly probing what data Goldman had relied on while arriving at the valuation of the company.

Glenmark Pharma directed by US jury to stop drug sales and pay damages to Abbott

A US jury in New Jersey has directed Glenmark Pharma to stop selling generic version of Abbott Laboratories' fast selling drug 'Tarka', and pay $16 million in damages. Glenmark had started marketing its generic version after it was approved by FDA in May last year, and the preliminary injunction sought by Abbott was overruled by a US court.

Basel Committee sets stringent norms for 'debt' capital

Basel Committee on Banking Supervision has said that that "all classes of capital instruments must fully absorb losses at the point of non viability before taxpayers were exposed to loss." Even debt portion of a bank's capital should be capable of write off before public money is pumped in.

Microlending pioneer of Bangladesh under government lens for tax evasion

Bangladesh government has initiated a probe into allegations that micro lender Grameen Bank diverted funds, received from Norway in aid in the 1990's, to separate entities to avoid payment of taxes. A committee has been appointed to examine the records and submit its report in 3 months' time.

Measures unveiled in Jordan to curb spiralling costs of commodity

The Ministry of Industry and Trade Amer Hadidi told his plans of introducing new competition laws which will prohibit over pricing, maintain normal rates and toughen punishments for law breakers. In this regard a consumer protection law is being drafted and the Government has allotted a budget of JD20m which will be utilised by the the military and civil consumer corporations to import stocks of the commodity if prices are found to be high, thereby stabilising the same.

Insurers to limit data sharing after Office of Fair Trading inquiry

Insurance companies and IT service providers have agreed to limit the exchange of data between them after the Office of Fair Trading said that they could be breaching competition law as the data they use could lead to drivers paying higher insurance premium. The Office of Fair Trading identified a market analysis tool which allowed insurers to access the pricing information provided to the brokers and those supplied by other competing insurers. Firms has been warned from using such tool as it was not genuine public information.

Catch behind H&R Block's Free Tax Service

The tax season for 2011 is underway and for another month Americans can file their returns for no charge in their local H&R Block. This free tax is not meant for everyone. It only covers those filing the 1040EZ federal forms which only cover the simple tax issues. It cannot be used by those having dependants or those earning more than $100,000 a year and those customers who can use 1040EZ forms will have to pay extra to file their returns. The goal for such promotions are to increase foot traffic at H&R Block offices as it has been losing customers due to many online tax services tools and to attract young tax payees and earn their loyalty.

Ex- lawmaker supports tax hike and bags State job

Nearly $86,000 state job goes to former lawmaker who supplied one of the votes needed to pass the income tax increase. The 67% hike which the Democratic Governor Patt Quinn of Illinois signed into law, passed the House with sixty votes that was required. However the allegation was contested saying that Gordon was appointed because of her work in criminal issues as a former Assistant County Prosecutor and as a State Assistant Attorney General. On the other hand Tax experts agree that such hikes though not the heaviest in the country but Illinois is climbing the charts.

Bill to detail NHS thoroughly

Government is to publish details of the biggest planned overhaul of the NHS in England since its creation. The Health and Social Care Bill paves the way for GPs to get control of most of the NHS budget by 2013.A host of Unions warns that the plans could undermine health service. However the government has positively responded by saying it is all part of a managed transition where the entrepreneurial spirit of the General Practitioner's can be utilised to design the services in a better way.

Human Rights to be boosted in China

When asked by President Obama, Chinese President said that a lot needs to be done to in the field of human rights which has occasionally been a source of tension between U.S and China. However this message has been welcomed by Mr. Obama who is willing to cooperate in such crucial areas inspite their other differences.

Swiss banker breaches bank secrecy law

Swiss banker Elmer justifies his actions by saying that he intended to leak tax evasions by the rich. However he has been re-arrested for breaching bank secrecy law by leaking datas to Wikileaks.