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More and more companies are appointing professionals as women directors on board, instead of inducting family members, including wives and daughters, as directors to meet a regulatory deadline that require listed firms to appoint at least one woman director on their boards. The Securities and Exchange Board of India (Sebi) had asked companies to appoint at least one woman director before April 1, 2015, according to rules set by the Companies Act 2013. The move was aimed at improving gender diversity in boardrooms of a country that ranks a lowly 120 among 131 nations in terms of female labour participation according to the International Labour Organisation (ILO). According to the data from Prime Database, there are 1,418 women directors holding 1,755 board positions till date in companies listed on the National Stock Exchange (NSE). Of the NIFTY 50 companies, 45 women directors were appointed since January 2013, out of which only four were from the promoter family. “Appointing w

The government has formally notified the GST Council, which will decide on the tax rate, exempted goods and the threshold under the new taxation regime. The council will be chaired by the Union finance minister and have a minister in charge of finance or taxation or any other minister nominated by each state government as its member. Also, the minister of state in charge of revenue or finance at the Centre would be a member. “ In exercise of the powers conferred by Article 279A of the Constitution, the President hereby constitutes the Goods and Services Tax Council...,” said a government notification. Business Standard New Delhi,17th September 2016

Indian bonds could be set for a correction, amid a steady rise in global bond yields and the recent steep rally in Indian bonds, even as there could be scope for a small rate cut by the Reserve Bank of India ( RBI), say bond traders. The bond market has rallied quite sharply in the past few months and there is limited room for yields to fall now. Yields fall as prices rise. The 10- year bond yield was at around 7.9 per cent level in February. Now, the cut- off in the new 10- year bond is at 6.9 per cent, indicating bond yields have fallen a full percentage point in the past few months. The yields on the 10- year bond closed at 7.05 per cent on Friday. According to India Ratings & Research ( Ind- Ra), the rate cycle could soon turn. “Inflation has bottomed out, leaving the RBI with less room to undertake further rate cuts,” said the rating agency. “Ind- Ra believes that in such a scenario, companies may lock in their long- term funding at the current rates, before the cy

CBDT will start processing notices sent out to lakhs of individuals and entities after Sept 30 The Narendra Modi government is readying a massive crackdown on black money once the Income Declaration Scheme, which gives offenders one last chance to come clean, ends on September 30. The Central Board of Direct Taxes (CBDT) has loads of financial information and data to act against tax evader. The board has directed field formations to be ready to use the information, leaving out those who have declared under the Income Disclosure Scheme (IDS). The scheme, which opened on June 1, allows people to declare undisclosed income or assets and escape any action after paying 45% total tax. Tax authorities in the field have been armed with information from various sources and notices have been issued to many explaining transactions that have been captured. “We have lots of information from various sources...It would be put to use,“ said a senior CBDT official. The scheme gives one last c

Revival Of Sectors Can Significantly Cut Provisioning: FM Finance minister Arun Jaitley on Friday indicated that banks may have to deal with the pile of bad debt for a while as it was tough to find new promoters willing to take stressed companies. But that was not the only bad news for state-run lenders, which are grappling with a record level of non-performing assets or bad loans. Jaitley told reporters that the government's fiscal position did not permit it to significantly enhance the capital it may have to provide to the public sector players, where Centre's holding needs to be maintained above 51%. “Obviously banks would prefer more funds for recapitalisation but there are budgetary constraints,“ Jaitley said after a meeting with public sector bank chiefs. While the government has budgeted to provide Rs 70,000 crore during a four-year period, some rating agencies have suggested that the lenders would need more funds as they grapple with stressed assets of nearly

Income Tax department said that the one-time Income Disclosure Scheme, which closes this month, has generated "a good interest" and the response of the taxpayers has been steadily growing. Under the IDS, launched by the government on June 1, black money holders can come clean by paying tax, penalty and cess totalling 45% of the undisclosed income. Hindustan Times New Delhi,16th Septeber 2016

Eyeing an April 1 roll out of the goods and services tax, Prime Minister Narendra Modi has urged that all steps be completed before then. Modi held a meeting to review the preparedness for roll out of GST on Wednesday. He said the GST Council would need to have intensive meetings to be able to make timely recommendations, including those relating to the model GST Bill, rates, and the goods and services that may be subjected to or exempted from the law. The meeting was attended by Finance Minister Arun Jaitley and senior officials of the Prime Ministers Office and finance ministry. “The Prime Minister reviewed the progress made on GST such as rules to be framed, establishment of IT infrastructure for both Centre and states, training of central and state officers and awareness outreach for trade and industry,” said a statement issued by the PMO on Thursday “The Prime Minister directed that all steps must be completed much before April 1, 2017,” it said. The first meeting of the