Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: articles on VAT and GST in India :: form 3cd :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: empanelment :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Chidambaram unveils plan for IMF reform
September, 18th 2006
India's alternative plan necessitated by `the volatility of the market exchange rates' The Union Finance Minister, Mr P. Chidambaram, on Sunday unveiled a plan for the reform of International Monetary Fund, even as the institution flagged off voting by its members on a package that New Delhi had objected to. India, Brazil, Argentina and Egypt had issued a joint statement on Saturday calling upon the IMF to shelve its own reform package for now. The IMF's controversial plan, aspects of which have spurred many members to express `reservations', was sent to the Fund's Board of Governors by its Managing Director, Mr Rodrigo de Rato. Reform plan Mr Chidambaram suggested that any IMF reform plan "should have GDP (Gross Domestic Product) on PPP (purchasing power parity) basis as the dominant variable". He told the International Monetary and Financial Committee (IMFC), which met as part of the ongoing annual meetings of the Fund and the World Bank here, that India's alternative plan was necessitated by "the volatility of the market exchange rates" and the need to "enhance the acceptability, ownership and effectiveness of IMF's programmes and policies". He pointed out that the GDP-on-PPP-basis formula was not a startling counter-offensive from India and its associates. This measure was even now in vogue within the IMF circles for its analyses and documentation. Under Mr de Rato's proposal, China, South Korea, Turkey and Mexico would be given additional IMF quotas, which would help raise their weighted voting rights in the institution. India is excluded from this `first stage' of reform. Being the first `comprehensive' reform of the institution in the six decades since its formation, Mr de Rato's initiative is said to be designed to boost the voice of emerging economies and low-income countries in a step-by-step process. `Maximum consensus' The 184 members of IMF began voting on the official reform package. The voting will conclude on Monday and, after that, the IMF Board would take steps to implement the plan, in consultation with all members, including the dissenting states, over a period of two years. Commenting on the IMF's calendar of reform, Mr de Rato said at a press conference in Singapore that "we would try to reach the maximum consensus possible" on the entire spectrum of proposed reforms. In a thinly veiled reference to India's campaign against his plan, Mr de Rato said, "In any democratic institution, you have more votes or less votes. It depends. It is just a fact of reality." The comment has been seized upon by observers in the IMF circles as an indication that India has lost the battle of the ballot even as it began. IMF sources said the United States `strongly supports' Mr de Rato's reform plan. About the likely new status of China within the IMF, Mr de Rato emphasised that there was no question of Beijing being `subject to more pressure' from the international community as a result of these changes now under way. But, "China, as any member-country of the IMF, is subject to surveillance of the national economy."
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions