Anand Mahindra rolls out ‘Oxygen on Wheels’ to tackle oxygen crisis in Maharashtra

In wake of acute shortage of oxygen in the state of Maharashtra due to rising COVID cases, the Mahindra group Chairman Anand Mahindra on Saturday rolled out the ‘Oxygen on Wheels’ project to ease the transportation of oxygen from producing plants to hospitals and homes. Anand Mahindra tweeted, Today, oxygen is the key to reducing mortality. The problem is not of oxygen production but its transportation from producing plants to hospitals and homes. We’re attempting to bridge this gap with “ Oxygen on Wheels” a project implemented via Mahindra Logistics”. He said that the “Oxygen on Wheels” uses trucks in local shuttle routes to connect oxygen producers with hospitals and homes. 

An operation control center has been established and the storage location is replenished from the local refiling plant.  A direct- to-  consumer model is being conceived. He further said that 61 jumbo cylinders have already been delivered to 13 hospitals in urgent need. I am deeply grateful to the team. He further added, the rollout plan includes Mumbai, Thane, Nashik, Nagpur going live with another 50-70 Bolero pickups on the road in next 48 hours. He also said that they will expand this project throughout the country. 

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Government extends timelines of certain Income Tax compliances of the severe pandemic

Government extends timelines of certain compliances in light of the severe pandemic

In  view  of  the  adverse circumstances arising due to the severe Covid-19  pandemic  and also in view of the several requests  received  from  taxpayers,  tax  consultants  &  other  stakeholders from across the country, requesting that  various  compliance  dates may  be  relaxed,  the  Government  has  extended  certain timelines today.

In the light of multiple representations received (supra) and to mitigate the difficulties being  faced  by  various  stakeholders,  the  Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation  in respect of compliances by the taxpayers:

a. Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

b. Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

c. Income-tax return in response to notice under Section 148 of the Act, for which the last date of filing of return of income under the said notice is 1st April, 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May, 2021, whichever is later;

d. Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before 31st March, 2021, may be filed on or before 31st May, 2021;

e. Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Act, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th April, 2021 (respectively) under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May, 2021;

f. Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 30th April, 2021, may be furnished on or before 31st May, 2021.

CBDT Circular No.8/2021 in F. No. 225/49/2021/ITA-II dated 30.04.2021 issued. The said Circular is available on http://www.incometaxindia.gov.in.

The above relaxations are the latest among the recent initiatives taken by the Government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times.

WHO gives Emergency Use Authorisation to Moderna’s COVID jab

The World Health Organization (WHO) on Friday listed the Moderna Coronavirus vaccine for emergency use, adding another shot to its arsenal in the fight against coronavirus. WHO experts recommend using the vaccine for patients above the age of 18 years. The drug is mRNA- based, it has an efficacy of 94.1 percent, according to WHO estimates. 

The vaccine can be stored between -25oC and -15oC , but it can also be stored for up to 30 days at temperatures between 2 degree celsius and 8 degree celsius.  The addition of Moderna’s shot to the WHO emergency use listing is a prerequisite for it to be part of COVAX, the programme to disseminate shots to  low income countries. It also allows countries to expedite their own regulatory approval to import and administer the COVID-19 vaccine. 

Samir Seksaria takes over as CFO of TCS

Tata Consultancy Services (TCS) vetran Samir Seksaria took over as Chief Financial Officer. He replaces V Ramsakrishnan who retired a day earlier. Seksaria started his career in TCS in 1999 and spent his early years in consulting assignments involving regulatory compliances and M&A spin-offs. He moved to corporate finance in 2004 and played a critical role in the company’s initial public offerings. Before being appointed as CFO he was heading the financial analytics, planning and business finance functions.

Former Attorney General Soli J Sorabjee passes away

Former Attorney General, Padma awardee and one of the topmost lawyers in the country, Soli J Sorabjee passed away on Friday at the age of 91, due to COVID-19. Soli and his wife had tested COVID-19 positive, some days back. His wife is in the process of recovering from the disease.

Soli, was born on 9th March 1930, to a Parsi family, and was a champion of freedom of speech and expression. He served as the Attorney General from 1989-1990 and then from 1998- 2004. He has been honoured with the Padma Vibhushan award, for his immense contribution towards the defence of the freedom of speech and expression and the protection of human rights.

Rajasthan Chief Minister Ashok Gehlot tests positive for COVID-19

Rajasthan Chief Minister Ashok Gehlot on Thursday tested positive for COVID-19.  He tweeted, “ After getting tested for COVID-19, my test result has returned positive. I have no symptoms and feel fine. I will continue working in isolation while following COVID-19 protocols.” His wife, Sunita Gehlot had tested positive earlier, after which the Chief Minister also isolated himself as a precautionary measure.

Tips to leasing commercial property

Tips to leasing commercial property

Leasing a commercial lease property is a very lucrative option if it is under proper knowledge and guidance for the person who advises and the person who leases.

Following steps must be taken for getting better lease options.

  • Take the help of various brokers, accountants, and advisors to let you know whether the leasing option is lucrative or not concerning taxations, cashflow implications. rentals etc.
  • After having decided that leasing is to be taken, then identify the approach of lease, gross or net lease.
  • Have a proper study at lease agreement, hire brokers and lawyers as they will let you know all the legal terminologies, guidance, rights, and obligations on that property.
  • Decide the rent, the duration of the lease (short term, long term and renewal options with the short term can be a better option, comparison analysis is a must)
  • Have a review of nearby properties to have proper negotiation skills that are genuine and reasonable to deal with.
  • Have a look at the entire cost of lease rentals, the taxes, the fees, and maintenance costs mentioned in the legal rent agreement.

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New PF RULES, 2021

DISHA SURESHKUMAR DASWANI

Posted in TC

Competition Commission of India approves 64 percent acquisition of BigBasket by Tata Digital

The Competition Commission of India (CCI) has approved the acquisition by Tata Digital of upto 64.3 percent of Supermarket Grocery Supplies (SGS) and its sole control over Innovative Retail Concepts (IRC), the company that runs the Bigbasket.The proposed combination involves acquisition through a combination of primary and secondary acquisitions in one or more series of steps. As per statement by the Ministry of Corporate Affairs SGS may acquire sole control over IRC through a separate transaction.

BigBasket is currently the leader in the online grocery segment and claims to have crossed one billion dollar annual revenue run rate. Tata Digital is engaged in the business of providing technology services related to identity and access management, loyalty programme, offers and payments. SGS is engaged in online B2B sales of relevant products through business.bigbasket.com. IRC is engaged in online B2C sales of relevant products and operates the website www.bigbasket.com and related mobile applications. 

Truecaller launches COVID-19 hospital directory for Android users in India

Truecaller, the popular call identification app  for smartphones, has now added a new COVID Hospital Directory for all users in India. This will include contact details including telephone numbers and addresses of COVID designated hospitals across India.  Truecaller is sourcing this information from official government databases and users will be able to search within the database to find the hospital details they need.

The COVID Hospital directory will be available for all Truecaller users using the Android app and irrespective of whether you are on the free tier or have a Truecaller Premium or Truecaller Gold subscription. The COVID Hospital Directory can be accessed either via the dialer functionality or from the separate menu addition. In an official statement, Rishit Jhunjhunawala, MD India, Trucaller said “ We wanted to quickly introduce a simple directory of important numbers for Covid related services. We have started with this hospital list and we are working to add more verified sources soon. This is one among the many ways we are helping with Covid relief efforts.”

The company did clarify that the app in no way promises or guarantees a bed or any medical facilities at any of the listed hospitals. The Truecaller update is now rolling out and in case you don’t see the COVID Hospital Directory just yet, it should be available in the next few hours.

US orders embassy staff to leave Kabul as it begin troop pullout

The United State has asked non essential embassy staff to leave Kabul, citing increased threats. The US advisory said, “ On April 27, 2021, the Department ordered the departures from US Embassy Kabul of US government employees whose functions can be performed elsewhere”.  The advisory further said that  The US Embassy’s ability to provide emergency services to US citizens in Afghanistan is severely limited, particularly outside of Kabul. The US government has also advised all Americans wishing to leave Afghanistan to leave as soon as possible. US and NATO ground forces are expected to be out of Afghanistan by September 11. 

Hyundai Motor India Foundation announces roll-out of COVID-19 relief measures

Hyundai Motor India Foundation, the philanthropic arm of Hyundai Motor India, in continuation of its ongoing COVID-19 relief programs, on Wednesday announced a series of initiatives to offer infrastructural assistance to most affected states of Maharashtra, Telangana, Tamil Nadu, Delhi and Haryana. Under its third phase of initiatives  for COVID-19, Hyundai Motor India Foundation will roll out a multi faceted relief package of Rs 20 crore that is deeply focused on the crisis in hand. 

To impact meaningful respite across most impacted states and cities, Hyundai will deploy its resources by setting up Oxygen generating plants in hospitals, to aid critical patients and help hospitals become self-sufficient in oxygen. Install medicare facilities and provide support staff to various hospitals and cater to their operational cost for the next three months and further if needed. The relief measures have been specially developed with the focus of addressing the needs emerging out of the current crisis. 

Additionally, Hyundai had organized a vaccination drive for its staff aged above 45 in the manufacturing facility through the office of the Sriperumbudur government Primary Health Center and will continue these efforts to help overcome the pandemic.

Serum Institute of India (SII) reduces price of COVID-19 vaccine COVISHILED from Rs 400 to Rs 300

The Serum Institute of India has reduced the price of its COVID vaccine ‘ COVISHIELD’ from Rs 400 to Rs 300 per dose for states, as announced by CEO Adar Poonawala. Mr. Poonawala tweeted, “ As a philanthropic gesture on behalf of Serum Institute of India, I hereby reduce the price to the states from Rs 400 to Rs 300 per dose, effective immediately, this will save thousands of crores of state funds going forward. This will enable more vaccinations and save countless lives”.

FAQs for Patients with Hypertension, Diabetes and Heart Diseases in view of Coronavirus/COVID-19 Pandemic

Here are the some important FAQs addressed for Patients with Hypertension, Diabetes and Heart Diseases in view of the COVID-19 Pandemic. ICMR Delhi

  • Are patients with heart disease, diabetes or hypertension at increased risk to get coronavirus infection?

No, people with hypertension, diabetes or heart diseases are at no greater risk of getting the infection than anyone else.

  • Among people with above diseases is there an increased risk of severe illness or complications once infected?

The majority (80%) of people diagnosed with COVID-19 will have mild symptoms of a respiratory infection (fever, sore throat, cough) and make full recovery. Some of the people with diabetes, hypertension and heart
diseases including Heart Failure (weak heart) may develop more severe symptoms and complications. Therefore extra care is advised for these patients.

  • Are people with diabetes more prone to Covid-19 ?

In general, you know that people with uncontrolled diabetes are at increased risk of all infections. People with diabetes are not at higher risk for acquiring the infection, but some individuals are prone to more severe disease and poorer outcomes once infected. Hence, follow your diet and exercise routine (to the extent possible), take your medications
regularly and test your sugar levels frequently so as to keep your diabetes under control. When diabetic patients become sick, they may require frequent monitoring of blood glucose and adjustment of drugs including insulin, small frequent meals and adequate fluids.

Some tips for those with diabetes, hypertension and heart disease:

  • Take your medicines regularly – It is very important

Make sure that you take all medications prescribed regularly as before even if you are mildly symptomatic. Don’t stop any medication unless advised by your doctor. Continue with your blood pressure, diabetes and heart disease medications in case you are unable to visit your doctor. Medications to control cholesterol (statins) should be continued.

  • What about reports about BP medications increasing severity of COVID-19 ?

After review of available information the consensus of various scientific societies and expert group of cardiologists is that currently there is no evidence that the two group of drugs- ACE inhibitors (eg. Ramipril, Enalapril and so on ) and angiotensin receptor blockers (ARBs) (eg. Losartan, Telmisartan and so on) increase the susceptibility or severity of COVID-19. These drugs are very effective for heart failure by supporting your heart function, and controlling high blood pressure. It maybe be harmful to stop these medications by yourself. This can worsen your heart condition.

  • What can I take pain or fever?

Some type of pain killers(called NSAIDs) like Ibuprofen is found to worsen the COVID-19. Such drugs are known to be harmful to heart failure patients and may increase your risk of kidney damage. Avoid NSAIDs or take them only when prescribed by your doctor. Paracetamol is one of the safest pain killers to use if needed.

  • Control blood pressure (BP), blood sugar and do regular physical activity

It is also important to control your risk factor levels – Avoid smoking and alcohol, have your BP and blood sugar levels under control and have some form of regular physical activity (However, please modify your out-door activities according to the norms of social-distancing.). Follow the diet and salt restriction as advised. If you are a non-vegetarian, you can continue to be so. Increasing the fibre and protein content of the diet and more vegetables and fruits in diet is advisable.

  • What should I do if I get symptoms suggestive of COVID-19?

In case you get fever, cough, muscle pain without shortness of breath, call your doctor and seek advice on phone. You
need to stay at home (at least for 14 days) and avoid close contact with other family members and maintain hand hygiene and correctly wear a medical mask. If there is shortness of breath or worsening symptoms like excessive fatigue call/visit your doctor (further advice will depend on advise of your physician).

  • What should you do to prevent COVID19?

Covid-19 is spread by coughs and sneezes, through what are called droplets ( tiny amount saliva or other secretions expressed through cough/sneezing or even after a hearty laugh) and through touch . When you touch an object that has the virus particles on it, the virus may get onto your hands and when you touch your face, you may get infected. Virus particles can persist upto 3 days and therefore it is important to maintain hygiene of your surroundings. Wash the rooms , tables and other surfaces with floor cleaners or even simple soap solution and sanitize your hands with hand sanitizers or by washing when you touch unknown or suspicious surfaces.

  • What are the important steps you can do to prevent acquiring or spreading infection
    • Social distancing – Very important .
      • Avoid contact with someone who shows symptoms of possible COVID-19 – anyone having a cold or cough or fever.
      • Avoid non-essential travel and use of public transport.
      • Avoid public places, crowds and large family get togethers. Keep in touch with friends and relatives using phone, internet, and social media.
      • Avoid routine visits to hospitals / Labs. for minor problems, contact hospital or HF clinic by phone or helpline number if possible. If you are regularly checking INR and adjusting blood thinning medicines, please contact the doctor over phone if possible and try and avoid a hospital as much as possible.
    • Hand hygiene
      • Avoid handshakes and touching face with hands
      • Wash your hands with soap and water frequently – do this for at least 20-30 seconds and systematically to clean all parts of the hand
      • Alcohol based hand-sanitisers are also useful.
      • Avoid touching possibly contaminated areas/objects – Public toilet doors, door handles etc.

Apple rolls out iOS 14.5 update with 5G connectivity

Apple has rolled out a new iOS update for 5G enabled iPhones starting from iPhone 12, and for those who install iOS 14.5. Recent iPhone models, starting with XS Max and XR give people the ability to load two phone numbers at once, which can be useful for people with separate work and personal lines. Earlier, doing so on an iPhone 12 would lock the user into LTE service, even if one is all set up and ready to go with 5G. Now, iPhone users can get 5G connectivity on both the lines. 

Apple has also improved the iPhone 12s ‘ Smart Data Mode’. A hidden option in the ‘Cellular’ section of the ‘Settings’ menu that makes the phone automatically switch between 5G and LTE depending on which one has better service at a time. With iOS 14.5 it should provide better battery life and performance than before.

 

White Globe achieves Quintuple ISO Certifications

White Globe has been awarded the ISO 13485:2016 and ISO 18587:2017 certification after a successful onsite audit over a period of 18 months. Earlier, White Globe has already been certified under the International Standards ISO 9001: 2015; ISO 17100: 2015 and ISO 27001: 2013  certification for the quality management system between 2017- 2019.

ISO 9001:2015; certification mandates  strict quality control processes in keeping with overall quality management and has precise procedures and evaluation methods to ensure compliance with ISO standards requirements. ISO 1700: 2015 provides requirements for the core processes, resources, and other aspects necessary for the delivery of the quality translation service that meets applicable specifications. 

ISO 27001: 2013 standard defines requirements for the introduction, implementation, monitoring and improvement of an information security management system. This allow, White Globe as an international provider of specialist translations, to demonstrate the high quality of all the processes and controls it uses in this area along with maintaining confidentiality and security of client content,  The ISO 13485:2016 standard was developed specifically for organizations in the medical devices sector, and White Globe with its focus and large customer base in the Life Sciences and Healthcare Industry intended to validate its unique competencies as a service provider for this highly regulated industry.

White Globe offers AI- enabled translation services through its platform Lang Tech for its clients to translate high volume of content with quick turnaround time. White Globe’s ISO 18587:2017 certification validates the quality related to post processing quality control of raw Platform output including standards, and it also outlines mandatory competencies of review and quality control personnel to ensure risk associated with Platform  generated content is adequately managed.

Rules on wearing masks have been relaxed in America

50 percent of Americans have received the Corona vaccine

US health officials say that fully vaccinated Americans do not need to apply masks elsewhere, leaving large crowds of strangers.

He also said that those who have not got the vaccine, they can also go out without wearing any mask except in certain situations. The Center for Disease Control and Prevention (CDC) on Tuesday issued new guidelines for the normal life of the corona virus epidemic under very strict measures.

The CDC insisted that the exemption in the rules applies only to those who have received both vaccines. Meanwhile, the US government announced that it would send 60 million doses of the AstraZeneca vaccine abroad.

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Asian Development Bank projects India’s GDP to rebound to 11 percent in FY 21

CS SURBHI SAXENA

Asian Development Bank projects India’s GDP to rebound to 11 percent in FY 21

Asian Development Bank projected India’s Gross Domestic Product (GDP) to rebound strongly by 11 percent in fiscal year 2021 ending on 31st March, 2022 due to continued economic recovery boosted by increased public investment, vaccine rollout and a surge in public demand. 

In its latest flagship economic publication, Asian Development Outlook (ADO) 2021, Asian Development Bank forecast India’s economic growth to moderate to 7 percent in FY 2022 as base effects disappear. The economy is expected to have contracted by 8 percent in FY 2020 in line with the government’s second advance estimate.

ICSI announces OPT OUT FACILITY AND CARRY FORWARD OF CSEET FEES PAID FOR MAY 2021 SESSION TO JULY 2021 SESSION

Important Announcement for candidates registered for CSEET to be held on 8th May 2021

OPT OUT FACILITY AND CARRY FORWARD OF CSEET FEES PAID FOR MAY 2021 SESSION TO JULY 2021 SESSION

May 2021 session of Company Secretaries Executive Entrance Test (CSEET) is scheduled to be held on Saturday, 8th May 2021.

In view of continuing health crisis in the country due to spread of Covid-19 Pandemic, Institute has decided to conduct CSEET to be held on 8th May 2021 through remote proctored mode only, instead of conducting the same from Test Centers. Candidates are allowed to appear for the test through their laptop/ desktop from home/ such other convenient place.

As the situation is still unpredictable in many parts of the country, some of the candidates enrolled for CSEET to be held in May 2021 Session are sending requests to carry forward the credit of CSEET fee to July 2021 session of CSEET due to the following reasons.

a) Non availability of Desktop/laptop/non-availability of webcams at desktops or other technical requirements / Internet related issues b) Candidates residing in containment zones/Red Zones do not have access to cyber cafés c) Some candidates are stuck far from their home and do not have access to the basic requirements to appear in the test

To facilitate such candidates and keeping in view the unprecedented situation, the Institute has decided to give the facility to the candidates to opt out from CSEET to be held on 8th May 2021 to CSEET to be held in July 2021 and granting them benefit of carrying forward the credit of CSEET fee paid for the May 2021 Session to July, 2021 Session.

Candidates willing to avail this benefit, shall be required to submit a declaration in the prescribed format at https://tinyurl.com/9w6tds latest by 3rd May, 2021.

On receipt of the declaration, registration of the candidate for May 2021 session of CSEET will be cancelled and he/she will be enrolled for July 2021 session of CSEET.

Such candidates, who have opted for carry forward from May 2021 session of CSEET to July 2021 session, need not apply again for registration for July 2021 session of CSEET. Their candidature will be automatically transferred to July 2021 session of CSEET.

Once the declaration is submitted, no request for its change/revocation will be entertained under any circumstances.

This is a onetime facility being provided to candidates due to Covid 19, without creating any precedent for future.

CA Final and Intermediate Exams Postponed

Important Announcement regarding Postponement of the ICAI Chartered Accountants Examinations – Final & Intermediate Course which are scheduled to be held in May 2021 in view of the ongoing COVID-19 pandemic.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an Act of Parliament)

Examination Department
The Institute of Chartered Accountants of India

Dated: 27th April, 2021

IMPORTANT ANNOUNCEMENT

In view of the ongoing COVID-19 pandemic and in the interest of welfare & well – being of students and to mitigate their hardships, it has been decided to postpone the Final and Intermediate Chartered Accountants Examinations which are scheduled to commence from 21st (Final) / 22nd (Intermediate) May, 2021 across the globe.

However, situation of pandemic will be reviewed (COVID cases, MHA guidelines, Centre and State Government directions) and fresh dates will be intimated to students. While doing so, a notice of at least 25 days will be given before the start of the examinations.

The Candidates are advised to note the above and stay in touch with the website of the Institute, www.icai.org.

Sd/-
(S. K. Garg)
Additional Secretary (Exams

ICAI Important Announcement Regarding Postponement of CA Intermediate and Final Exams Which are Scheduled to be Held in May 2021

ICAI has recently tweeted an update regarding CA Exams which are scheduled to be held in May 2021, which is quoted as below:

Important Announcement regarding Postponement of the ICAI Chartered Accountants Examinations – Final & Intermediate Course which are scheduled to be held in May 2021 in view of the ongoing COVID-19 pandemic.

Details: https://www.icai.org/post/imp-announcement-may2021ca-exams

ICSI calls upon you to do your utmost to help the CS fraternity to overcome the pandemic

You are aware of the critical times the nation is going through. In the wake of the phenomenal surge of the Covid pandemic, most of the States are grappling to provide optimum care and treatment to people with serious illness due to shortage of hospital/ICU beds, oxygen, essential medicines, vaccine etc. It is imperative for all of us as good Samaritans and responsible citizens to join in the monumental efforts of the government to deal with the pandemic.

There is a dire need for all of us to come together at this crucial hour, pool our resources and help the society in any meaningful way, however small it may be. We can at least help the CS fraternity (members, students, employees of ICSI and their immediate family members) who or whose near and dear ones are / have been infected by the virus and could be looking desperately for some help.

It would be of immense assistance to any such person if you could let the Institute know of various oxygen suppliers in different cities. In case you are employed in / associated with any pharmaceutical company, insurance company or hospital then you could help your fellow brethren to get essential medicines, emergency admissions in hospitals, speedy insurance claim settlement.

You can share the necessary information through the Google form clicking at the link: https://forms.gle/yFr5Vc3UmwZDM6gD7

The information will be shared by the Institute with the CS fraternity at large through our website and mail.

ICSI COVID HEROS

The Institute is looking up to you. Together we shall overcome this difficult time.


Thanks and Regards,
Team ICSI

Supreme Court asks Centre to explain rationale adopted in COVID 19 vaccine pricing

The Supreme Court has asked the Union of India (UOI) to explain the basis and rationale adopted with respect to pricing of COVID vaccines and other necessary items.  The apex court said each of the state government has to file their respective replies by Thursday 6 pm in connection with their respective states with regard to their respective health infrastructure (shortage of oxygen and other) and fixed the matter for further hearing till Friday noon. The Apex court further said that the high courts shall not be restrained in passing any directions as they are hearing the cases in their respective states and they know the ground situation better. 

Apple to donate for relief efforts in India amid COVID-19 surge

Apple CEO Tim Cook on Tuesday announced that amid a devastating rise of COVID cases in India, tech giant will be donating to support and relief efforts on the ground in India. Earlier, Indian American CEO of Microsoft Satya Nadella and his google counterpart Sundar Pichai also extended support to India. Sundar Pichai tweeted, “Devastated to see the worsening COVID crisis in India, Google and Googlers are providing Rs 135 crore in funding to @GiveIndia, @UNICEF for medical supplies, orgs supporting high risk communities, and grants to help spread critical information.”

also read :

Supreme Court asks Centre to explain rationale adopted in COVID 19 vaccine pricing

Economic Affair Secretary Ajay Seth appointed on RBI Board

The Reserve Bank of India  has appointed Economic Affairs Secretary Ajay Seth on the central bank’s board. Seth replaces Tarun Bajaj, who was appointed as Revenue Secretary earlier this month. A 1987-batch Karnataka cadre IAS officer, Seth assumed charge of the Department of Economic Affairs last week. The nomination of Seth is effective from April 24, 2021, and until further orders. In addition to the Economic Affairs Secretary, the other government nominee director on the central board is Financial Services Secretary Debasish Panda.

RBI Issues Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Banks

Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)

The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve the quality of financial reporting of Supervised Entities (SEs), harmonised guidelines on appointment of Statutory Auditors of Commercial Banks (excluding RRBs), Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Finance Companies (NBFCs) will be issued.

2. Accordingly, a Circular on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)’ has been issued today. These Guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc. while ensuring the independence of auditors. The Guidelines shall become applicable from FY 2021-22 and onwards. However, UCBs and NBFCs shall have the flexibility to adopt these guidelines from H2 of FY 2021-22 so that there is no disruption.

3. The revised Guidelines being issued will ensure that Statutory Auditors are appointed in a timely, transparent and effective manner. This is expected to improve the quality of financial reporting by the aforesaid Entities and also improve the audit quality.

(Yogesh Dayal)     
Chief General Manager

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