Financial Daily from THE HINDU group of publications
Friday, Nov 11, 2005


Group Sites

Industry & Economy - Economic Offences
Government - Politics

Volcker report probe panel terms of reference today

Our Bureau

New Delhi , Nov. 10

THE Union Cabinet on Thursday approved setting up of the Justice R.S. Pathak inquiry committee — an "inquiry authority that would probe the unverified references" contained in the Volcker Committee's report relating to payment of surcharge to the then Government of Iraq for allocation of quotas of oil or food/essential items.

"It would be a single-member authority headed by Mr Justice R.S. Pathak, former Chief Justice of India," the Finance Minister, Mr P. Chidambaram, told reporters here.The terms of reference of the authority are being drawn up and are expected to be published tomorrow, he said.

On whether the Central Board of Direct Taxes has started looking into the tax records of the 125 companies named in the report to check the possibility of tax violations, he said, "Not to my knowledge. It has not happened till now (scrutiny of the tax returns by 125 companies). But I am not saying it will not happen." The Cabinet Committee of Economic Affairs (CCEA) meeting scheduled for today was deferred.

The Cabinet also approved minor amendments in the text of agreement of SAARC (South Asian Association for Regional Cooperation) limited multilateral agreement for the avoidance of double taxation and mutual administrative assistance in tax matters. The agreement was last considered and approved by the Cabinet in its meeting held on February this year.

"The agreement would be signed at the 31st session of the SAARC standing committee scheduled to be held in Dhaka on November 12-13 on behalf of Government of all the member States," said Mr Chidambaram.

The agreement would promote mutual administrative assistance and cooperation in tax matters amongst member States of SAARC.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Cloudy prospects

EPFO meet postponed
Strong chances for cement exports to Pak: Guj Ambuja
`Getting enquiries from US too'

`Change seen in livelihood patterns in rural areas'
`Rise in repo, reverse repo rates may restrict inflation'
Finalising State Plans — Plan panel to hold talks with CMs soon
Business development body for Bengal mooted
Kakinada farmers oppose land acquisition for SEZ
Ministry permits generic cos to make bird flu drug
TN draws draft on captive power tariffs
Tally Solutions issues 4.5 lakh licences of VAT accounting software
US Consulate in Hyderabad `under study'
Manipal Academy to start computer animation course
Gold may test resistance, fall
New dailies make dent in Mumbai market, says survey
Plea on small savings scheme sops
FDI flow into infrastructure projects
Dispute resolution mechanism must: US

Patent applications get quick clearance
Not a selling idea
AP: Construction workers' Act may be amended
Growth must lead to integrated development of society: Sindhia
Investors urged to look beyond Bangalore

`Indian corporates should make structural changes'
Dubai to host India-Gulf biz summit next month
Scrap fringe benefit tax, says FICCI
I-T dept campaign yields results
Import of sensitive items up 5.2 pc in Apr-Aug period
Ayurveda therapy soon for computer-related diseases
Kerala upbeat on tourist arrivals
Volcker report probe panel terms of reference today

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line