Basics abt Computer Science

AGP

Accelerated Graphics Port is a type of expansion card slot on the mother board that is optimized to work with high performance video cards. They enable better viewing of 3D graphics and full motion video on your display.

BIOS

Basic Input Output System is code used when a PC first starts up. It contains configuration information about all the Input and Output devices in the PC so that the processor chip knows how to connect to and work with them.

BIT

This is binary digit and is the smallest piece of information a computer uses. A bit is always in one of two states, either 0 or 1, except for the tiny instant of time required to switch from one state to the other.

BYTE

A byte is eight bits. The data and instructions (code) that a CPU uses are coded into bytes. For example capital letter 'A' in ASCII (PC) code is byte 0100 0001. A lower case 'a' is byte 0110 0001.

BROWSER

Software on a computer used to request and display web pages from a Server.

CABLE MODEM

A type of modem that provides very high speed access to the Internet over the same cable that your cable TV service uses. Rates are asymmetric. This means that downloads are much faster than uploads. Typical download rates are 2 to 3 Mbps and uploads are in the 500Kbs range. This is blazing speed compared to a 56Kbps dial-up modem.

CACHE

Cache is a small fast SRAM type of memory. It prevents CPU slowdown, which happens when the CPU has to wait on slower devices like RAM memory and the hard drive. There are two levels of cache.

Level 1 or L1 cache is a small fast memory located on the same chip as the CPU. When files are first requested by the CPU they are read into the CPU from the hard drive and written into the L1 cache at the same time. When the CPU needs data again it checks the L1 cache and if it finds it there it gets it instantly. If not, it looks successively in the L2 cache, RAM and finally the hard drive, each of which is a little slower in delivering the data the CPU has requested.

Economic Indicators from 1991

The Indian economy has undergone substantial changes since the introduction of economic reforms in 1991. These reforms were a comprehensive effort consisting of three main components namely, liberalisation, privatisation and globalisation. They included various measures like deregulating the markets and encouraging private participation; trade liberalisation; dismantling the restrictions on domestic and foreign investments; reforming the financial sector and the tax system, etc. All such policy initiatives radically changed the economic set-up of the country and integrated it with the rest of the world. Thus, India was placed in a globally competitive position so as to fully utilise its potentials and opportunities for rapid growth of the economy. 

Net National Product (NNP) at factor cost (at 1993-94 prices) increased from 0.5 per cent in 1991-92 to 6.3 per cent in 1999-2000. It increased to 8.8 percent in 2003-04 at 1999-2000 prices. Similarly, per capita NNP increased from -1.5 per cent to 4.4 percent and then to 7.0 percent during the same period. Gross National Product (GNP) at factor cost (at 1993-94 prices) increased from 1.1 per cent in 1991-92 to 6.2 percent in 1999-2000. It increased to 8.7 percent in 2003-04 at 1999-2000 prices. Gross Domestic Product (GDP) at factor cost ( at 1999-2000 prices) has increased from 4.4 percent in 2000-01 to 7.5 per cent in 2004-05. 

The industrial sector has been going through a process of restructuring and consolidation after liberalisation. The industries have responded to the reforms through mergers and acquisitions, adoption of cost cutting measures, foreign collaboration, technology upgradation and outward orientation in sectors such as cement, steel, aluminium, pharmaceuticals, and automobiles. Industrial growth increased sharply in the first five years after the reforms, but then slowed to an annual rate of 4.5 percent in the next five years. From low growth rate of 2.7 per cent in 2001-02, the industry sector grew at a rate of 7.1 per cent in 2002-03 and further to 9.8 per cent in 2004-05.

There has been steady and continuous rise in supply of money in the economy since initiation of reforms. Reserve Money(Mo) has increased from Rs.99,505 crores in 1991-92 to Rs.573066 crores (Provisional) in 2005-06. Narrow money (M1) has increased from Rs.114406 crores to Rs. 825245 crores (Provisional), while, broad money (M3) has increased from Rs.317049 crores to Rs.2729535 crores (Provisional) during the same period.

Low and volatile growth rates in Indian agriculture and allied sectors was reflected in the average annual growth rate of value added in the sector declining from 4.7 per cent during the Eighth Plan (1992-1997) to 2.1 per cent during the Ninth Plan (1997-2002). From negative growth rate of -7.2 percent in 2002-03, the agriculture sector grew at a rate of 10.0 per cent in 2003-04 and at a rate of 6.0 per cent in 2005-06. 

As a proportion of GDP, the share of exports, which had grown from 5.8 per cent in 1990-91 to 12.2 per cent in 2004-05, grew further to 13.1 per cent in 2005-06. The corresponding rise in imports was from 8.8 per cent in 1990-91 to 17.1 per cent in 2004-05 and further to 19.5 per cent in 2005-06. Thus, trade deficit as a proportion of GDP, which had declined from 3.0 per cent in 1990-91 to 2.1 per cent in 2002-03, widened to 4.9 per cent in 2004-05 and further to 6.4 per cent in 2005-06. 

Performance of the Indian economy on the inflation front, with price stability as one of the prime objectives of the reform process has been satisfactory, particularly after the mid 1990s. The annual average inflation rate based on Wholesale Price Index (WPI) was 10.6 per cent between 1991-96, which fell down to 5.1 per cent in the period 1996-2001 and then to 4.7 per cent in 2001-06. 

There are various economic indicators which highlight the performance of the economy since 1991

Sources: http://business.gov.in/indian_economy/eco_indicators.php

Indian Economy

The Indian economy is the fourth largest economy of the world on the basis of Purchasing Power Parity (PPP). It is one of the most attractive destinations for business and investment opportunities due to huge manpower base, diversified natural resources and strong macro-economic fundamentals. Also, the process of economic reforms initiated since 1991 has been providing an investor-friendly environment through a liberalised policy framework spanning the whole economy. 

The growth and performance of the Indian economy in the world market is explained in terms of statistical information provided by the various economic parameters. For example, Gross National Product (GNP), Gross Domestic product (GDP), Net National Product (NNP), per capita income, Gross Domestic Capital Formation (GDCF), etc. are the various indicators relating to the national income sector of the economy. They provide a wide view of the economy including its productive power for satisfaction of human wants.

In the industrial sector, the Index of Industrial Production (IIP) is a single representative figure to measure the general level of industrial activity in the economy. It measures the absolute level and percentage growth of industrial production. 

The four main monetary aggregates of measures of money supply which reflect the state of the monetary sector are:- (i) M1 (Narrow money)= Currency with the public + demand deposits of the public; (ii) M2= M1 + Post Office Savings deposits; (iii) M3 (Broad money)= M1 + time deposits of the public with banks; and (iv) M4= M3 + Total post office deposits.

Price movement in the country is reflected by the wholesale price index (WPI) and the consumer price index (CPI). WPI is used to measure the change in the average price level of goods traded in the wholesale market. While, the Consumer Price Index (CPI) captures the retail price movement for different sections of consumers. There are at present four consumer price indices covering different socio-economic groups in the economy. These four indices are Consumer Price Index for Industrial Workers (CPI-IW); Consumer Price Index for Agricultural Labourers (CPI-AL); Consumer Price Index for Rural Labourers (CPI -RL) and Consumer Price Index for Urban Non-Manual Employees (CPI-UNME). 

All such economic indicators not only measure/analyse the present performance of an economy but also help in predicting and forecasting its future growth prospects.

Sources: http://business.gov.in/indian_economy/index.php

Internal Revenue Service(IRS) finalises Tax-Exempt Form 990 Instructions

IRS has released its revised instructions for the redesigned Form 990 that tax-exempt organisations must submit. The latest version reflects a greater level of detail reporting than the IRS has been requesting. Form 990 had previously not been major revisions since 1979. The IRS also expects to release instructions for the short form, 990-EZ. As part of the phase-in of the redesigned Form 990-EZ for 2007 will be eligible to file Form 990-EZ or Form 990 for 2008

How to apply for a Work Visa?

 Every year United States allows 65,000 work visas to be issued to various professionals. Finding of a willing sponsor is just the beginning of the long road, which is followed by filing of work visa application with USCIS(United States Citizenship and Immigration Services).

USCIS allows filing of H-1B visa applications six months prior to the commencement of next fiscal year. Fiscal year in united states starts from October 1. For the fiscal year 2009-10, H-1B application can be filed with USCIS on 01 April 2009.

Due to overwhelming response, generally within few days of its opening, quota of 65k is oversubsribed. In a scenario of oversubsrciption, USCIS picks up the successful candidates through computer generated programs on random basis. Application of the unsuccessful candidates are denied and returned along with the application money paid by them. After the selection of successful candidates, approval of application generally takes a few months time. However, if the application is filed by paying an additional fee to USCIS with a 'Premium Processing' request, it can be processed within few weeks from the date it is filed.

In addition, USCIS issues 20,000 H-1B visas also to those who have earned advance degree in US. According to the USCIS  announcement on tuesday, april 8,2008, they received more than 65000 applications in regular cap numbers as well as 20000 U.S. earned advanced degree cap numbers for the fiscal year 2008-09. When the USCIS receives more than 20000 cap numbers for U.S. earned advance degree cap H-1B pletitions. Then those U.S. earned cases, which failed to be selected within the 20000 numbers, are added to the pool of regular cap cases and the agency goes through the random selection process for the 65000 regular cap cases. It is thus obvious that the U.S. earned advance degree cap filers learn their luck or bad luck ahead of the regular cap filers.

RBI warns of assets & liabilites mismatch

Expressing concern over the tendency of some banks to lend too much compared to their sources of funds,, the reserve bank warned that it may start supervisory review of these banks. Indian Banks Association, Chairman said the RBI's caution to banks came as too much credit expansion would nullify the effect of RBI's tigher monetary slance of RBI.

IT industry seeks clarity on taxation

Hit by imposition of service tax, the IT industry has asked the government to come out with a clear classification of packaged software -- explaining if this item should be listed under goods or services, lack of clarity and imposition of service tax on packaged software could lead to increased litigation in the sector, industry expects said

Press Note-: Sale (Re-Issue) of Government Stocks

Government of India have announced the sale (re-issue) of “8.24 percent Government Stock 2018” for a notified amount of Rs. 5,000 crore (nominal) through a price based auction using multiple price method. Government of India have also announced the sale (re-issue) of “7.95 percent Government Stock 2032” for a notified amount of Rs. 3,000 crore (nominal) through a price based auction using multiple price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on September 12, 2008 (Friday). 

Up to 5% of the notified amount of the sale of both the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities. 

Bids in the prescribed form obtainable from the Regional Director, Reserve Bank of India, Mumbai Office (Public Debt Office), Fort, Mumbai-400 001 and RBI website www.rbi.org.in should be submitted to that Office on September 12, 2008. The NDS members should submit competitive as well as non-competitive bids in electronic format using Primary Market Operation (PMO) module of NDS. All bids should be submitted by 12.30 P.M. 

The result of the auctions will be announced on September 12, 2008 and payment by successful bidders will be during banking hours on September 15, 2008 (Monday). 

The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI /2006-07/178 dated November 16, 2006 as amended from time to time. 

DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE

New Delhi: Bhadrapada 14, 1930; September 5, 2008

BSC/SS/GN-219/08

Cabinet approves Company Bill, 2008

The much awaited Company Bill (The Company Bill, 2008) has been approved by the Union Cabinet on August 29, 2008. This is now scheduled to be tabled in the Parliament in October, 2008 and proposes to replace the existing Companies Act 1956. Until such time that the Company Bill 2008 is approved by the Parliament, the existing provisions of the Companies Act, 1956, will continue to apply.
 
While substantially reducing the existing 800 plus provisions, the Company Bill, 2008 seeks to introduce changes which would enable the Indian corporate sector foster entrepreneurship, investment and growth.
 
The highlights of the proposed amendments have been summarised in this alert. 

The ensuing table provides a summary of some significant changes which have been proposed, while drawing a comparison with the existing provisions in the Companies Act, 1956.  

(Existing Provisions) 
(Revised Provisions)

· a few internal corporate processes (such as appointment of managerial personnel and remuneration thereof) are controlled by the Central Government (Existing Provisions) 
· such powers will now be exercised by the shareholders (Revised Provisions)

· one person company is not allowed (Existing Provisions) 
· one person company is allowed (Revised Provisions)

· companies, associations and partnerships of more than 10 people (for banking companies the minimum limit is 20) must be registered  (Existing Provisions) 
· companies, associations and partnerships of more than 100 people could be registered and no ceiling as far as professions regulated by specific enactments are concerned.(Revised Provisions)

· there are no provisions for the appointment of independent directors; however SEBI governs these for listed companies (Existing Provisions) 
· 33% of the directors should be independent (Revised Provisions)

· all the directors of a company can be foreign directors (Existing Provisions) 
· at least one director has to be Indian(Revised Provisions)

· companies are allowed to raise deposits from the public  (Existing Provisions) 
· companies are not allowed to raise deposits from the public, except for deposits raised through other specific enactments(Revised Provisions)

· insider trading regulations are governed by SEBI (Existing Provisions) 
· insider trading by company personnel is recognized as a criminal liability (Revised Provisions)

· unlike accounting standards, there is no specific recognition of auditing standards (Existing Provisions) 
· recognition is provided to both-auditing and accounting standards (Revised Provisions)

· no compulsory consolidation; except for listed companies which are governed by SEBI (Existing Provisions) 
· consolidation of financial statements is mandatory(Revised Provisions)

· there are different forums for mergers & approvals (Existing Provisions) 
· there is a single forum for mergers and acquisitions(Revised Provisions)

· claim/s of investor/s for dividend etc; after seven years are extinguished (Existing Provisions) 
· claim/s of investor/s for dividend etc are not extinguished and Investors Education and Protection Fund now being administered by a Stat Authority  (Revised Provisions)

· no shareholder's association can take legal action against fraudulent action by companies (Existing Provisions) 
· shareholder's association/s can be enabled to take legal action against fraudulent action by companies(Revised Provisions)

· company is not identified as a separate entity from the officers in default, for imposition of monetary penalties (Existing Provisions) 
· company is recognized as separate identity from the officers in default, for imposition of monetary penalties(Revised Provisions)

· the levy of additional fee for procedural offences is incorporated in various sections and these vary, as per the discretion of the Registrar of Companies (Existing Provisions) 
· the levy of additional fee for procedural offences is enabled through various rules and these are non-discretional in nature(Revised Provisions)

· there are no special courts for offences in relation to amalgamations and mergers, reduction of capital, insolvency etc. (Existing Provisions) 
· special courts to deal with such offences. (Revised Provisions)


  

In addition, the following significant provisions have been proposed: 

  
 
· a single, comprehensive, legal framework administered by the Central Government for all aspects of internal governance of corporate entities 

· an easy transition of companies to the new framework and from one type of company to another 

· statutory recognition to audit, remuneration and stakeholders grievances committees of the 

Board and the Chief Executive Officer, the Chief Financial Officer and the Company Secretary being recognised as Key Managerial Personnel 

· a separate framework for enabling fair valuations in companies for various purposes; and the appointment of valuers in this respect, by audit committees 

· a revised framework for regulation of insolvency, including rehabilitation, winding up etc, in a time bound manner 

· a more effective regime for inspections and investigations of companies for levy of penalties 







 

  


Disclaimer

The information provided in this alert has been collated from publicly available sources and should not be constituted as an opinion or used as a substitute for professional advice. Additional information relating to the Companies Bill 2008 can be accessed from the link below:

http://pib.nic.in/release/release.asp?relid=42067

Companies Bill, 2008

The Union Cabinet today gave its approval for introduction of the Companies Bill, 2008 in the Parliament to replace the Companies Act, 1956, the existing statute for regulation of companies in the country and considered to be in need of comprehensive revision in view of the changing economic and commercial environment nationally as well as internationally. 

PRESS RELEASE

Sub: The Companies Bill, 2008

The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in 1956 to nearly 7 lakhs, Indian companies were also mobilizing resources at a scale unimaginable even a decade ago, continuously entering into and bringing new activities into the fold of the Indian economy. In doing so, they were emerging internationally as efficient providers of a wide range of goods and services while increasing employment opportunities at home. At the same time, the increasing number of options and avenues for international business, trade and capital flows had imposed a requirement not only for harnessing entrepreneurial and economic resources efficiently but also to be competitive in attracting investment for growth. These developments necessitated modernization of the regulatory structure for the corporate sector in a comprehensive manner. 

2. Earlier, a Bill called Companies (Amendment) Bill, 2003 had been introduced by M/o Corporate Affairs (MCA) (then Department of Company Affairs) in the Rajya Sabha on 7.5.2003. Later on, a large number of changes were found to be necessary in the Bill. A decision was, therefore, taken to carry out a comprehensive review of the Companies Act, 1956 and to introduce a new Companies Bill for the consideration of the Parliament. 

3. The review and redrafting of the Companies Act, 1956 was taken up by the Ministry of Corporate Affairs on the basis of a detailed consultative process. A `Concept Paper on new Company Law’ was placed on the website of the Ministry on 4th August, 2004. The inputs received were put to a detailed examination in the Ministry. The Government also constituted an Expert Committee on Company Law under the Chairmanship of Dr. J.J. Irani on 2nd December 2004 to advise on new Companies Bill. The Committee submitted its report to the Government on 31st May 2005. Detailed consultations were also taken up with various Ministries, Departments and Government Regulators. The Bill was thereafter drafted in consultation with the Legislative Department of the Central Government. 

4. The Companies Bill, 2008 seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices that fosters entrepreneurship, investment and growth and provides for :- 

(i) The basic principles for all aspects of internal governance of corporate entities and a framework for their regulation, irrespective of their area of operation, from incorporation to liquidation and winding up, in a single, comprehensive, legal framework administered by the Central Government. In doing so, the Bill also harmonizes the Company law framework with the imperative of specialized sectoral regulation 

(ii) Articulation of shareholders democracy with protection of the rights of minority stakeholders, responsible self-regulation with disclosures and accountability, substitution of government control over internal corporate processes and decisions by shareholder control. It also provides for shares with differential voting rights to be done away with and valuation of non-cash considerations for allotment of shares through independent valuers. 

(iii) Easy transition of companies operating under the Companies Act, 1956, to the new framework as also from one type of company to another. 

(iv) A new entity in the form of One-Person Company (OPC) while empowering Government to provide a simpler compliance regime for small companies. Retains the concept of Producer Companies, while providing a more stringent regime for not-for–profit companies to check misuse. No restriction proposed on the number of subsidiary companies that a company may have, subject to disclosure in respect of their relationship and transactions/dealings between them. 

(iv) Application of the successful e-Governance initiative of the Ministry of Corporate Affairs (MCA-21) to all the processes involved in meeting compliance obligations. Company processes, also to be enabled to be carried out through electronic mode. The proposed e-Governance regime is intended to provide for ease of operation for filing and access to corporate data over the internet to all stakeholders, on round the clock basis. 

(v) Speedy incorporation process, with detailed declarations/ disclosures about the promoters, directors etc. at the time of incorporation itself. Every company director would be required to acquire a unique Directors identification number. 

(vi) Facilitates joint ventures and relaxes restrictions limiting the number of partners in entities such as partnership firms, banking companies etc. to a maximum 100 with no ceiling as to professions regulated by Special Acts. 

(vii) Duties and liabilities of the directors and for every company to have at least one director resident in India. The Bill also provides for independent directors to be appointed on the Boards of such companies as may be prescribed, along with attributes determining independence. The requirement to appoint independent directors, where applicable, is a minimum of 33% of the total number of directors. 

(ix) Statutory recognition to audit, remuneration and stakeholders grievances committees of the Board and recognizes the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) and the Company Secretary as Key Managerial Personnel (KMP). 

(x) Companies not to be allowed to raise deposits from the public except on the basis of permission available to them through other Special Acts. The Bill recognizes insider trading by company directors/KMPs as an offence with criminal liability. 

(xi) Recognition of both accounting and auditing standards. The role, rights and duties of the auditors defined as to maintain integrity and independence of the audit process. Consolidation of financial statements of subsidiaries with those of holding companies is proposed to be made mandatory. 

(xii) A single forum for approval of mergers and acquisitions, along with concept of deemed approval in certain situations. 

(xiii) A separate framework for enabling fair valuations in companies for various purposes. Appointment of valuers is proposed to be made by audit committees. 

(xiii) Claim of an investor over a dividend or a security not claimed for more than a period of seven years not being extinguished, and Investor Education and Protection Fund (IEPF) to be administered by a statutory Authority. 

(xv) Shareholders Associations/Group of Shareholders to be enabled to take legal action in case of any fraudulent action on the part of company and to take part in investor protection activities and ‘Class Action Suits’. (xvi) A revised framework for regulation of insolvency, including rehabilitation, winding up and liquidation of companies with the process to be completed in a time bound manner. Incorporates international best practices based on the models suggested by the United Nations Commission on International Trade Law (UNCITRAL). 

(xvii) Consolidation of fora for dealing with rehabilitation of companies, their liquidation and winding up in the single forum of National Company Law Tribunal with appeal to National Company Law Appellate Tribunal. The nature of the Rehabilitation and Revival Fund proposed in the Companies (Second Amendment) Act, 2002 to be replaced by Insolvency Fund with voluntary contributions linked to entitlements to draw money in a situation of insolvency. 

(xviii) A more effective regime for inspections and investigations of companies while laying down the maximum as well as minimum quantum of penalty for each offence with suitable deterrence for repeat offences. Company is identified as a separate entity for imposition of monetary penalties from the officers in default. In case of fraudulent activities/actions, provisions for recovery and disgorgement have been included. 

(xix) Levy of additional fee in a non-discretionary manner for procedural offences, such as late filing of statutory documents, to be enabled through rules. Defaults of procedural nature to be penalized by levy of monetary penalties by the Registrars of Companies. The appeals against such orders of Registrars of Companies to lie with suitably designated higher authorities. 

(xx) Special Courts to deal with offences under the Bill. Company matters such as mergers and amalgamations, reduction of capital, insolvency including rehabilitation, liquidations and winding up are proposed to be addressed by the National Company Law Tribunal/ National Company Law Appellate Tribunal.