Indian Accounting Standards

New Delhi : The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows: 

(i) Banks (excluding Urban Cooperative Banks and Regional Rural Banks), All-India Term-lending Refinancing Institutions (i.e. Exim Bank, NABARD, NHB and SIDBI) to adopt Accounting Standards for Periods beginning from 01/04/18 onwards for preparation of financial statements. 

(ii) NBFCs with networth of Rs. 500 crore and more to adopt Accounting Standards for Periods beginning from 01/04/18 onwards for preparation of financial statements. 

(iii) NBFCs that are listed or in the process of being listed and having networth of less than Rs. 500 crores to adopt Accounting Standards for periods beginning from 01/04/19 onwards for preparation of financial statements. 

(iv) Unlisted NBFCs having networth between Rs. 250 crores and Rs 500 crores to adopt Accounting Standards for Periods beginning from 01/04/19 onwards for preparation of financial statements. 

(v) Holding subsidiary, Joint Venture or associate companies of (iii) and (iv) above to adopt Accounting Standards for Periods beginning from 01/04/19 onwards for preparation of financial statements. 

These Ind AS are converged with International Financial Reporting Standards (IFRS). Minimum carve outs have been made in order to address country specific requirements. 

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today. 

PSLV-C33 successfully launches India's Seventh Navigation Satellite IRNSS-1G

The Prime Minister, Shri Narendra Modi witnessing the successful launch of IRNSS-1G, in New Delhi on April 28, 2016.



Sriharikota: In its thirty fifth flight (PSLV-C33), ISRO's Polar Satellite Launch Vehicle successfully launched the 1425 kg IRNSS-1G, the seventh satellite in the Indian Regional Navigation Satellite System (IRNSS) today afternoon from Satish Dhawan Space Centre SHAR, Sriharikota. This is the thirty fourth consecutively successful mission of PSLV and the thirteenth in its 'XL' configuration. 

The Prime Minister of India, Shri Narendra Modi, heartily thanked and congratulated all the ISRO scientists and team ISRO for completing IRNSS constellation and dedicated IRNSS to the nation as ‘NavIC’ (Navigation Indian Constellation). He appreciated India’s space community for making the country proud through such achievements which have helped in improving the life of common man. 

After PSLV-C33 lift-off at 1250 hrs (12:50 pm) IST from the First Launch Pad with the ignition of the first stage, the subsequent important flight events, namely, strap-on ignitions and separations, first stage separation, second stage ignition, heat-shield separation, second stage separation, third stage ignition and separation, fourth stage ignition and satellite injection, took place as planned. After a flight of 19 minutes 42 seconds, IRNSS-1G was injected into an elliptical orbit of 283 km X 20,718 km inclined at an angle of 17.867 degree to the equator (very close to the intended orbit) following which the satellite successfully separated from the PSLV fourth stage. 

After separation, the solar panels of IRNSS-1G were deployed automatically. ISRO's Master Control Facility (MCF) at Hassan, Karnataka took over the control of the satellite. In the coming days, four orbit manoeuvres will be conducted from MCF to position the satellite in the Geostationary Orbit at 129.5 deg East longitude. 

IRNSS-1G is the seventh of the seven satellites constituting the space segment of the Indian Regional Navigation Satellite System. IRNSS-1A, 1B, 1C, ID, IE and 1F, the first six satellites of the constellation, were successfully launched by PSLV on July 02, 2013, April 04, 2014, October 16, 2014, March 28, 2015, January 20, 2016 and March 10, 2016 respectively. All the six satellites are functioning satisfactorily from their designated orbital positions. 

IRNSS is an independent regional navigation satellite system designed to provide position information in the Indian region and 1500 km around the Indian mainland. IRNSS provides two types of services, namely, Standard Positioning Services (SPS) - provided to all users and Restricted Services - (RS), provided to authorised users. 

A number of ground facilities responsible for satellite ranging and monitoring, generation and transmission of navigation parameters, etc., have been established in eighteen locations across the country. Today’s successful launch of IRNSS-1G, the seventh and final member of IRNSS constellation, signifies the completion of the IRNSS constellation. 

India seeks Mallya's deportation from the UK

New Delhi, Apr 28 (PTI) India has asked the UK to deport Vijay Mallya, whose Kingfisher Airlines has been accused of defaulting bank loans of over Rs 9,400 crore, citing the revocation of his passport and a non-bailable warrant against him.

External Affairs Ministry also emphasised that India will continue pursuing Mallya's deportation matter with the UK authorities.

Four days after MEA revoked the liquor baron's passport, ministry Spokesperson Vikas Swarup said, "The ministry has written to the High Commission of the UK in Delhi requesting the deportation of Vijay Mallya so that his presence can be secured for investigations against him under the Prevention of Money Laundering Act 2002." 

He further said that Indian High Commission in the UK will also be issuing a similar note verbale to the UK Foreign and Commonwealth Office.

"Mallya's passport was revoked last week in view of these (PMLA) investigations and non-bailable warrant issued by the Special Judge, Mumbai. We will continue to pursue this matter with UK authorities," Swarup added.

ED has approached the MEA seeking initiation of deportation proceedings against Mallya, charged with money laundering in the Rs 900 crore IDBI loan fraud case.

Mallya, who had left India on March 2 for the UK, can approach the British authorities to grant him permission to continue his stay in that country or challenge the revocation of his passport.

Sensex plunges 461 pts on F&O expiry, BOJ stimulus shock

Mumbai, Apr 28 (PTI) Snapping its two-day rally, the BSE Sensex today crashed over 461 points -- its biggest single-day decline in three weeks -- to crack below the 26,000-mark after BOJ took investors by surprise by deciding against fresh stimulus and due to caution in view of April F&O expiry.

Depressed global cues following subdued Asian markets added to the widespread sell-off.

BOJ, whose meeting ended on Thursday, maintained status quo on interest rates. Earlier, the US Federal Reserve chose to keep its policy unchanged while signalling confidence in the economic outlook.

The broader NSE Nifty went below the psychological 7,900-mark.

Investors remained cautious in the face of expiry of April series contracts in the derivatives segment, which dampened sentiment.

The index was dragged down by losses mainly in metal, oil & gas, FMCG, infrastructure and auto stocks.

Participants were seen offloading their long bets in futures and options (F&O) segment instead of carrying them forward to the next series for May.

The Sensex resumed higher, then slipped into the negative zone as selling intensified. It ended at 25,603.10, a fall of 461.02 points, or 1.77 per cent -- its biggest single-day fall since April 5.

The index gained 385 points over the past two sessions.

The broader Nifty crashed 132.65 points, or 1.66 per cent, to 7,847.25.

"While the Fed decided to keep policy rates unchanged...

the Bank of Japan (BOJ) disappointed market expectations," said Shreyash Devalkar, Fund Manager Equities, BNP Paribas Mutual Fund.

Japan's Nikkei sank 3.61 per cent while Shanghai Composite Index shed 0.27 per cent. European shares also fell largely in tandem with sell-off on Asian markets.

Market heavyweights like HDFC plunged 3.21 per cent, ITC 3 per cent, M&M 2.99 per cent, Maruti Suzuki 2.94 per cent, GAIL 2.52 per cent, Tata Steel 2.50 per cent and NTPC 2.45 per cent.

Bharti Airtel remained strong for most of the session on the back of better-than-expected Q4 earnings, but then succumbed to profit-taking and ended 0.23 per cent down.

Hindustan Unilever, Bajaj Auto, BHEL, Infosys, Adani Ports, SBI, RIL, Cipla, ONGC, Hero MotoCorp, ICICI Bank, Tata Motors and Coal India all lost ground.

Foreign portfolio investors net bought shares worth Rs 411 crore yesterday, provisional data showed.

In the 30-share Sensex constituents, 27 ended lower and three higher.

The BSE oil&gas index suffered the most by losing 2.18 per cent, followed by metal (2.16 per cent), power (2.01 per cent), auto (1.99 per cent), FMCG (1.95 per cent), PSU (1.90 per cent), capital goods (1.49 per cent) and IT (1.42 per cent).

Selling pressure also dragged down the BSE small-cap index by 1.05 per cent and mid-cap by 0.78 per cent.

Sensex continues to rule above 26K, ends higher by 57 pts

Mumbai, Apr 27 (PTI) The S&P BSE benchmark sensex continued to rule above 26K level for the second consecutive , moving up by another 57 points to close at 26,064.12 in view of short-covering from operators ahead of the expiry of futures and options April contract tomorrow.

Persistent foreign capital inflows also boosted the market. Foreign portfolio investors (FPIs) and Foreign Institutional Investors (FIIs) bought shares worth a net Rs 512.22 crs yesterday, as per provisional data released by the stock exchanges.

Shares of Telecom, Refinery, FMCG, Energy, IT and Teck sectors firmed up on good buying enquiries but Banking, Power Finance and Realty sectors declined on selling pressure.

The Sensex resumed lower at 25,956.42 and hovered between 26,092.93 and 25,885.24 before ending at 26,064.12, showing a gain of 56.82 points or 0.22 per ent.

It has gained by 385.19 points or 1.50 per cent in two days.

The NSE 50-share Nifty also rose by 17.25 points or 0.22 per cent to 7,979.90.

In overseas stock markets, Asian stocks ended lower as traders awaited policy decisions from the Federal Reserve and the Bank of Japan. Key indices in China, Hong Kong, Japan, Sinagpore, South Korea and Taiwan moved down by 0.21 pct to 0.69 pct.

European markets were trading narrowly mixed as key indices in France and Germany moved up by 0.04 pct to 0.13 pct while UK's FTSE was quoted down by 0.23 pct. .

India planning various programs in Space

Launching of GSAT-11

India has plan to realise GSAT-11 spacecraft for launch during the end of 2016 or first quarter of 2017. GSAT-11 is a first generation high throughput communication satellite with a lift-off mass of about 5600 kg, operating in Ka/Ku bands. It is a multi-beam satellite with 32 user beams and 8 hub beams over India.

It is planned to launch GSAT-11 spacecraft using procured launch services. At present, the indigenous capability to launch this weight class of satellite is not available.

The in-orbit testing of GSAT-11 satellite is planned to be conducted from the Master Control Facility (MCF) in Hassan, Karnataka and other suitable locations of ISRO Centres.

The spacecraft capability includes providing broadband connectivity to rural areas with higher bandwidth as compared to traditional communication satellites.

This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh in written reply to a question in Lok Sabha today. 

BRICS Satellites

As part of BRICS (Brazil, Russia, India, China and South Africa) Cooperation, space agencies of respective nations, including India, are pursuing technical discussions to realise a virtual constellation (network of remote sensing satellites provided by space agencies) in a phased manner, wherein space agencies could provide data from their existing remote sensing satellites. Such virtual constellation is intended to deal with challenges of the mankind such as global climate change, natural disasters and environmental protection.

This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh in written reply to a question in Lok Sabha today. 

Thirty Metre Telescope

The Thirty Meter Telescope (TMT) project is the joint responsibility of the Department of Science & Technology (DST) and the Department of Atomic Energy (DAE) from India. As per the information provided by Indian Institute of Astrophysics (IIA) under DST, the TMT is an international project being funded by scientific organisations of Canada, China, India, Japan and USA. The Evaluation process for an appropriate site includes scientific suitability (water vapour in the atmosphere, atmospheric turbulence and number of cloud-free nights in a year), infrastructure and logistics for setting-up of such a large international scientific project. While Mauna Kea, Hawaii is the preferred choice for the TMT project, given the large investments that have already been made and committed, the project is also looking at alternate sites both in the northern and southern hemispheres. Hanle, Ladakh is one of the sites being evaluated for hosting the telescope. Hanle being the protected area in the state of J&K, the project requires clearances from State and Central agencies such as environmental, defence, external affairs and home affairs.

The total cost of TMT project is about 1.5 billion US dollars. The Union Cabinet has given its approval for India’s participation in the Thirty Metre Telescope (TMT) project at Mauna Kea, Hawaii, USA at a total cost of Rs. 1299.8 crores from 2014-2023. From the Indian side, this will be a joint project of the Department of Science and Technology (DST) and the Department of Atomic Energy (DAE) with a DST share of Rs. 675.25 crores and DAE share of Rs. 624.55 crores.

TMT will enable scientists to study fainter objects far away from us in the Universe, which gives information about early stages of evolution of the Universe. Also, it will give us finer details of not-so-far-away objects like undiscovered planets and other objects in the Solar System and planets around other stars. TMT being the largest optical and infrared telescope in the northern hemisphere will enable several discoveries which will surely inspire future generations. Project will also provide state-of-the-art high end technologies to the country, which would benefit a number of industries and R&D centers in the country.

This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh in written reply to a question in Lok Sabha today. 

National Medical and Wellness Tourism Board

In order to provide dedicated institutional framework to take forward the cause of promotion of Medical Tourism, Wellness Tourism and Yoga, Ayurveda Tourism and any other format of Indian system of medicine covered by Ayurveda, Yoga, Unani, Siddha and Homeopathy (AYUSH), a National Medical and Wellness Tourism Board has been constituted. The Board shall work as an umbrella organization that governs and promotes this segment of tourism in an organized manner. The Ministry would drive the promotion of Medical & Wellness Tourism and will act as a facilitator and support the medical/wellness segment in promoting tourism and promoting India as a medical and wellness destination. The Board held its first meeting on 13th January 2016 and will look into the issues relating to visa issues, accreditation of hospitals and allied services as well as marketing and promotion of Medical and Wellness Tourism. 

This information was given by Dr. Mahesh Sharma, Minister of State for Culture and Tourism (Independent Charge) and Minister of State for Civil Aviation in a written reply in Rajya Sabha today. 

Transparent Gas Cylinders to curb Gas Pilferage

The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that in order to undertake a feasibility study on marketing of LPG in Composite cylinders by Public Sector Oil Marketing Companies (OMCs), a public tender has been invited for procurement of composite cylinders by Hindustan Petroleum Corporation Ltd.(HPCL). This pilot study is proposed in two select markets of Ahmedabad and Pune. 

Public Sector Oil Marketing Companies (OMCs) have reported that the approximate cost of a composite cylinder is more than double that of a steel made cylinder. OMCs will be procuring these cylinders through competitive bids by floating Public Tender. 

Efforts are being made to expedite launch of the pilot project, which is subject to successful supply of composite cylinders by the manufactures and getting statutory approvals. 

‘Panic Button and Global Positioning System in Mobile Phone Handsets Rules 2016’ notified

WCD Minister, Smt Maneka Sanjay Gandhi congratulates Prime Minister on the historic step for safety of women

The Department of Telecommunications has notified the “Panic Button and Global Positioning System in Mobile Phone Handsets Rules 2016”. The Ministry of Women and Child Development had taken up the issue of installation of a physical panic button on mobile phones as one of the initiatives in June 2014. It was observed that in order to provide safety to women in distress situation, it is important to enable them to send out distress signal to a family member or the police authorities so that they can be rescued.

The Ministry had discussed this issue with a number of stakeholders as well as Department of Telecommunications and had insisted that a physical panic button is much superior to having an App on the mobile phone. It was argued that a women in distress does not have more than a second or two to send out a distress message as a perpetrator will often reach out to her mobile phone in the event of a physical/sexual assault. After an elaborate process of discussion and deliberation, the Department of Telecommunications as well stakeholders finally agreed to have this facility installed in the mobile phones.

Accordingly, the Department of Telecommunications has notified the rules on panic button vide notification dated 22nd April, 2016 issued under section 10 of the Indian Wireless Telegraph Act 1933. Under these rules, w.e.f. 1.1.2017, all feature phones will have the facility of panic button configured to the numeric key 5 or 9 and all smart phones will have the panic button configured to three times short pressing of the on-off button. Further, w.e.f. 1.1.2018, all mobile phones will be required to have the facility of identifying the location through satellite based GPS.

The Minister of Women and Child Development, Smt. Maneka Sanjay Gandhi, congratulated the Prime Minister on this historic step which aims at providing a security net to millions of women who face distress situation in day to day life. She stated that India will be one of the first countries to have mandated this for making women feel safe. She also stated that a panic button will also act as a deterrent to perpetrators. She has thanked the Minister for Communication and IT as well as mobile phone handset manufacturers for agreeing to bring about this historic change on her request.

The Ministry of Women and Child Development will now be working with the Department of Telecommunications and the stakeholders to ensure that similar solutions be made available for existing mobile phone handsets in the form of software patches by which same buttons could be configured to send out emergency calls for concerned telephone numbers. Ministry stated that these software patches will be made available for direct download in the smart phones and installation at the mobile phone shops by the concerned manufactures/service providers. 

Selling of Medicines Banned in Foreign Countries

New Delhi : A drug banned / restricted in one country may continue to be marketed in other countries as the respective Governments examine the usage, doses, indications permitted, etc. along with the overall risk-benefit ratio and take decisions on the continued marketing of any drug in that country. In India, safety issues concerning drug formulations are, as and when noted, assessed in consultation with the experts. Safety and efficacy issues relating to certain drugs which have been banned in some countries have been examined and some of these have been allowed for continued marketing subject to stipulated condition/restrictions. These include: 

I. Nimesulide:- The manufacture, sale and distribution of Nimesulide formulation for human use in children below 12 years of age has been prohibited in the country. 

II. Analgin:- The manufacture for sale, sale and distribution of Analgin and its formulations containing Analgin for human use was initially suspended in the country w.e.f. 18.06.2013. Subsequently, DTAB examined the issue of suspension of manufacture and sale of the said drug on 25.11.2013 in its 65th meeting and on the basis of the recommendations of the DTAB, the ban was revoked subject to the condition that manufacturers will be required to mention the following on their package insert and promotional literature of the drug:- 

“The drug is indicated for severe pain and pain due to tumour and also for bringing down temperature in refractory cases when other antipyretics fail to do so”. 

III Pioglitazone:- The manufacture for sale, sale and distribution of the drug Pioglitazone and formulations containing Pioglitazone for human use was initially suspended w.e.f. 18.06.2013. Subsequently, DTAB, after examination, recommended for revocation of the suspension of the manufacture and sale of the drug subject to certain conditions and accordingly, the suspension was revoked subject to the condition that the manufacturer shall mention on the package insert and promotional literature of the drug the following:- 

a) The drug should not be used as first line of therapy for diabetes. 

b) The manufacturer should clearly mention the following box warning in bold red. 

“Advice for healthcare professionals: 

I. Patients with active bladder cancer or with a history of bladder cancer, and those with uninvestigated haematuria, should not receive pioglitazone. 

II. Prescribers should review the safety and efficacy of pioglitazone in individuals after 3–6 months of treatment to ensure that only patients who are deriving benefit continue to be treated. Pioglitazone should be stopped in patients who do not respond adequately to treatment (e.g. reduction in glycosylated haemoglobin, HbA1c). 

III. Before starting pioglitazone, the following known risk factors for development of bladder cancer should be assessed in individuals: age; current or past history of smoking; exposure to some occupational or chemotherapy agents such as cyclophosphamide; or previous irradiation of the pelvic region. 

IV. Use in elderly patients should be considered carefully before and during treatment because the risk of bladder cancer increases with age. Elderly patients should start on the lowest possible dose and be regularly monitored because of the risks of bladder cancer and heart failure associated with pioglitazone.” 

V. The Central Government has banned 344 Fixed Dose Combinations on 10.03.2016, as these combinations lacked therapeutic rationality/ justification. 

The Health Minister, Shri J P Nadda stated this in a written reply in the Rajya Sabha here today.