ICAI preparing report on Indian black money in foreign banks

ICAI is preparing a report on those who have stashed black money in foreign accounts and will soon submit it to the Ministry of Finance for further action

Rajkot: The Institute of Chartered Accountants of India (ICAI) on Thursday said it was preparing a detailed report on the Indian black money stashed away illegally in foreign banks, reports PTI.

"ICAI is preparing a report on those who have stashed black money in foreign accounts and will soon submit it to the Ministry of Finance for further action," ICAI president G Ramaswamy told reporters.

He was speaking on the sidelines of the foundation stone laying ceremony of the ICAI's proposed building at 150 ft Ring Road here.

Observing that the country is facing a huge crunch of chartered accountants to meet global challenges, Mr Ramaswamy said, "India's economy is growing up and we have around 1.75 lakh chartered accountants which is not enough to meet the growing demand".

The US is facing economic slowdown and India is the only country which can compete with China. And in such circumstances the country needs more and more chartered accountants, he said.

Observing that Gujarat's economy is growing at a rapid pace, the ICAI chief said the regulator's objective was to provide state-of-the-art coaching to students willing to become chartered accountant.

"Gujarat's economy is growing at rapid pace and Rajkot is an important city and we want to have infrastructure to provide coaching as we have large number of chartered accountancy students from the city," he added.

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Don't see much impact on customer, auction preferred says TRAI

According to the regulator, affected subscribers will have option to port out through MNP and it will instruct operators to inform their subscribers and come out with advertisement

New Delhi: The Telecom Regulatory Authority of India (TRAI) on Thursday said there will not be much impact on customers due to cancellation of 122 2G licenses of eight companies, as around 95% of total subscribers belong to operators which got licences before January 2008, reports PTI.

"The Supreme Court judgement will be implemented. Customers will not be impacted from the cancellation of licences as around 95% market share is of those who got licences before January 2008," TRAI Chairman JS Sarma told reporters.

He added that subscribers have the option to port out using mobile number portability (MNP). "Subscribers have option to port out through MNP. We will instruct operators to inform their subscribers and come out with advertisement," Mr Sarma said.

On chances of tariff hike due to expected high price of spectrum, Mr Sarma said that TRAI is alert and will keep a watch on the situation.

The companies that are set to lose on account of the cancellation of the licences are: Uninor (joint venture between Unitech and Telenor of Norway), Loop Telecom, Sistema Shyam (joint venture between Shyam and Sistema of Russia), Etisalat DB (joint venture between Swan and Etisalat of UAE), S Tel, Videocon, Tatas and Idea.

With cancellation of these licences, over 500 Mhz spectrum will be available for auction.

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COMMENTS

Shiva Doshi

5 years ago

When we think of mobile communication there are a few images that flash in ones mind: one of the ongoing saga of telecommunication scandals, an image of people constantly talking on mobile phones and another of catchy advertisements inundating all forms of media. What gets hidden behind the curtain is the irreversible socioeconomic transformation of our society, hidden costs and benefits, changes in trade and foreign relations and most importantly the immense future possibilities. Here is an interesting perspective on the future of mobile technology in India. http://www.youthkiawaaz.com/2011/12/the-...

Facebook files for historic IPO to raise about $10 billion

In a letter to potential investors, Facebook founder Mark Zuckerberg said that the company thinks a more open and connected world will help create a stronger economy with more authentic businesses that build better products and services

Washington: Facebook, the social networking giant, has filed an initial public offering which could raise as much as $10 billion and could value the company between $75 billion and $100 billion, reports PTI.

However, the company said it plans to raise $5 billion in its stock sale, the largest public offering on the history of a web company.

Also, Facebook for the first time gave potential investors a glimpse into its financial structure.

In its filing before the Security and Exchange Commission (SEC), Facebook said in 2011 it generated revenue of $3.71 billion, which is an increase of 88% from $1.97 billion the year before and 377% from 2009.

In 2011, its income was $1 billion, an increase of 65% from 2010’s $606 billion. Facebook derives 85% of its revenues from advertising, and the rest from social gaming and other fees.

"The company hopes to raise as much as $10 billion when it begins selling shares this spring ...," The Wall Street Journal said in a report.

Founded in 2004 by CEO Mark Zuckerberg, Facebook now has some 845 million active users who in all upload 250 million photos a day.

According to the filing, Zuckerberg made a salary of $483,333 last year, in addition to a $220,500 bonus for the first half of 2011.

"The paperwork portrays a company that makes the vast majority of its money from selling display ads targeted to its users who have revealed to Facebook much about their lives," the Washington Post reported.

Facebook is expected to file its paperwork several times over the next few months, updating the information it provided to the SEC on Wednesday.

Meanwhile in a letter to potential investors, Mr Zuckerberg said Facebook thinks a more open and connected world will help create a stronger economy with more authentic businesses that build better products and services.

"As people share more, they have access to more opinions from the people they trust about the products and services they use. This makes it easier to discover the best products and  improve the quality and efficiency of their lives," he wrote.

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