PNGRB, or the Petroleum and Natural Gas Regulatory Board, is a statutory body in India as it was established under the Petroleum and Natural Gas Regulatory Board Act of 2006. The main purpose of PNGRB is to regulate the refining, processing, storage, transportation, distribution, and marketing of petroleum, petroleum products, and natural gas. Being a statutory body means that PNGRB has certain legal powers and functions as defined by the Act that established it.
The two main types of commissions of inquiry are statutory commissions, which are established by law to investigate specific issues, and non-statutory commissions, which are created at the discretion of the government to inquire into matters of public concern. Statutory commissions have legal powers and procedures outlined in the legislation that created them, while non-statutory commissions have more flexibility in their structure and mandate.
1 cent is equal to 435.6 square feet in India.
The 1950 Assam-Tibet earthquake in India resulted in approximately 1,500 fatalities.
Indian Standard Time (IST) is specifically followed in India.
A statutory body is a company or organization created by law, or statute, in order to regulate or carry out a public function. Examples of statutory bodies include the Airport Authority of India, the Food Corporation of India and the National Highway Authority of India.
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RBI is a statutory body formed under the Reserve Bank of India Act 1934 and not a constitutional body.
Reserve Bank of India , Life Insurance Corporation of India , and Railways
In India, the turnover limit for statutory audit depends on the type of business. For companies, a statutory audit is mandatory every year, no matter how small or big the turnover is. For partnership firms or proprietorships, a statutory audit is required if turnover exceeds ₹1 crore in a financial year (₹10 crore if cash transactions are very low, as per Income Tax rules). For example, if a partnership firm has sales of ₹1.2 crore in a year, it must get a statutory audit done by a Chartered Accountant. If you want to understand statutory audit rules and procedures in a very simple, practical way, many students find Master Blaster of Statutory Audit by CA Tushar Makkar quite helpful.
The chief election commissioner of India can participate in discussion, but cannot vote.
Compensation updatesIssuance of form 16Year-End Investment Proof collection and verificationAssistance during PF inspections and AuditsRegular Statutory UpdatesThese are some of the activities of Statutory Compliance Management from company like ADP India.
No.. finance comission is a constitutional body and not a statutory body. A statutory body is formed by an act of parliament and can be removed by majority voting while for a constitutional body, it is mentioned in the constitution of india and can't be removed by majority voting.
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