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FII stock markets crosses 11 billion dollars
Posted Date : 21-Aug-2012 , 07:27:52 am | Posted By CASANSAAR

Foreign investment in Indian stock markets has crossed 11 billion dollars so far this year. Market analysts expect the inflows will continue amid hopes of government's initiatives on policy reforms. Securities and Exchange Board of India says, the bulk of 1.02 billion Dollars came this month. A...

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Category : Shares & Stock | Comments : 0 | Hits : 199

About 10 lakh bank employees to go on strike on 22-23 August
Posted Date : 20-Aug-2012 , 06:36:08 pm | Posted By CASANSAAR

Around 10 lakh bank employees and officers working in 27 public sector banks including State Bank of India (SBI) and 12 old generation private sector banks and eight foreign banks will resort to two days nationwide strike on 22nd and 23rd August, says United Forum of Bank Unions (UFBU). UFBU is th...

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Category : Banking | Comments : 0 | Hits : 603

Black money trail: Export, import firms under scanner for alleged money laundering, tax evasion
Posted Date : 20-Aug-2012 , 06:34:39 pm | Posted By CASANSAAR

Trade transactions by a host of exportand import firms have come under the scanner of central economic intelligence agencies for allegedmoney laundering and tax evasion.Sources said Central Economic Intelligence Bureauand Directorate of Revenue Intelligence officials ha...

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Category : International Business | Comments : 0 | Hits : 228

Dhanlaxmi seeks RBI nod for new auditor
Posted Date : 20-Aug-2012 , 07:38:04 am | Posted By CASANSAAR

Kerala-based Dhanlaxmi Bank Ltd has approached the Reserve Bank of India (RBI) to appoint new auditors after Walker Chandiok and Co. and audit consultancy Grant Thornton Advisory Pvt. Ltd walked out in early August, a month before the completion of their three-year tenu...

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Category : Auditing | Comments : 0 | Hits : 563

TDS not deductible from compensation: Commission
Posted Date : 20-Aug-2012 , 07:35:38 am | Posted By CASANSAAR

Damages awarded cannot be equated with income liable to tax deduction at source (TDS), the apex consumer commission has held. The National Consumer Disputes Redressal Commission (NCDRC) gave the order while directing the Airport Authority of India (AAI) to refund the "tax deducted at source (TD...

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Category : Income Tax | Comments : 0 | Hits : 459

SEBI to announce fresh market reforms: Fin Min
Posted Date : 20-Aug-2012 , 07:32:09 am | Posted By CASANSAAR

Finance Minister P Chidambaram today said regulator Sebi is expected to announce fresh market reform measures next month. In a statement, the finance minister favoured encouraging more people to invest in financial instruments rather than in gold.Expressing satisfaction over wide-ranging reforms ann...

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Category : SEBI | Comments : 0 | Hits : 155

Barclays Bank slammed for lack of internal control
Posted Date : 20-Aug-2012 , 07:31:06 am | Posted By CASANSAAR

In Britain, a parliamentary investigation into the rigging of rates, which banks lend money to each other, has strongly criticised Barclays Bank for lack of internal controls over several years. The MPs also said former Head of the Bank Bob Diamond provided highly selective evidence to its committee...

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Category : International Business | Comments : 0 | Hits : 245

Ramdev in fresh trouble: Yoga guru's trusts under scanner for tax evasion
Posted Date : 19-Aug-2012 , 03:19:42 pm | Posted By CASANSAAR

The Revenue department has begun a final tax assessment of the trusts associated with yoga guru Baba Ramdev after service and Income Tax officials recently conducted special investigations on these enterprises for alleged tax evasion. Both the revenue collection arms of Finance Ministry's Income Tax...

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Category : Income Tax | Comments : 0 | Hits : 212

FM suggests cut in interest rates & lower EMIs to revive economy
Posted Date : 18-Aug-2012 , 09:28:35 pm | Posted By CASANSAAR

Finance Minister P. Chidambaram has asked the banks to cut interest rates, aggressively expand their operations and extend credit to vital sectors to revive economic growth. Briefing the media after meeting the Chief Executives of Public Sector Banks and Financial institutions in New Delhi, Chidamba...

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Category : Finance | Comments : 0 | Hits : 173

5 SMS per day limit comes into effect
Posted Date : 18-Aug-2012 , 03:17:53 pm | Posted By CASANSAAR

To check spread of rumours which has led to exodus of northeastern peoplefrom certain states, government banned from today bulk SMSes and MMSes for 15 days across the country.   "We have banned bulk SMSes and MMSes for 15 days," Union Home Secretary RK Singh told PTI.   ...

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Category : General | Comments : 0 | Hits : 901

Training for Fresh Batch of Tax Return Preparers to begin Soon
Posted Date : 18-Aug-2012 , 07:39:03 am | Posted By CASANSAAR

The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country.  The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers.  The Tax Return Preparer Scheme (see...

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Category : Income Tax | Comments : 0 | Hits : 524

Not happy over the rate of pass percentage of CAs - Kumar Mangalam Birla
Posted Date : 18-Aug-2012 , 07:33:37 am | Posted By CASANSAAR

Stating that chartered accountants face a major challenge from MBAs, Aditya Birla Group Chairman Kumar Mangalam Birla said there is strong need to expand the curriculum of CA courses beyond accounting.   “CAs today face top challenge from MBAs who are good at communication skills, know ...

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Category : ICAI | Comments : 0 | Hits : 3539

Sebi allows 7 AIFs to operate in India via newly formulated route
Posted Date : 18-Aug-2012 , 07:29:29 am | Posted By CASANSAAR

Market regulator Sebi has allowed sevenAlternative Investment Funds ( AIF) to set shop in the country under a newly formulated route, which allows pooling of funds for investments in areas like real estate, private equity and hedge funds.The approval has been given to all th...

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Category : SEBI | Comments : 0 | Hits : 217

CBDT for new laws, strict penalties to deal with black money
Posted Date : 18-Aug-2012 , 07:26:55 am | Posted By CASANSAAR

 A CBDT panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace. In its 66-page report on measures to tackle black money in India and abroad, the CBDT committee also recommen...

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Category : Income Tax | Comments : 0 | Hits : 237

CBEC Issues Foreign Currency Conversion rate for Import and Export
Posted Date : 18-Aug-2012 , 07:21:28 am | Posted By CASANSAAR

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.67/2012-CUSTOMS (N.T.), dated the 1st August, 2012 vide number S.O.1730 (E...

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Category : Custom | Comments : 0 | Hits : 279

Detail of Penalty Imposed for Violation of Companies Act during last 3 years
Posted Date : 18-Aug-2012 , 07:20:30 am | Posted By CASANSAAR

All prosecutions filed by the Registrar of Companies (RoCs) before the competent courts of law for violation of the provisions of the Companies Act, 1956, are considered as criminal cases.    The cases are decided by the competent courts on merits of each case with imposition of ...

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Category : Income Tax | Comments : 0 | Hits : 244

Applicability of Service Tax on Commission Payable to Non-Whole Time Directors of a Company Under Section 309 (4) of the Companies Act, 1956 - Approval of Central Government
Posted Date : 18-Aug-2012 , 07:17:48 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has decided that any increase in remuneration of Non-Whole time Director (s) of a Company solely on account of payment of service tax on commission payable to them by the company shall not require approval of Central Government under section 309 and 310 of the Compa...

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Category : Service Tax | Comments : 0 | Hits : 390

Coal loss Rs 1.86L cr, Delhi airport 24K cr, power 29K cr: CAG
Posted Date : 17-Aug-2012 , 01:45:33 pm | Posted By CASANSAAR

The Comptroller and Auditor General’s (CAG) reports on allocation of coal blocks without bidding and the Delhi airport concession given to GMR and power projects was tabled in Parliament on Friday.The CAG report on allocation of coal blocks between 2004 and 2009 without auction has pegged the ...

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Category : General | Comments : 1 | Hits : 559

Bank unions plan strike on August 22-23
Posted Date : 17-Aug-2012 , 11:14:27 am | Posted By CASANSAAR

A section of public sector bank employees plan to go on a two-day strike on August 22-23 to protest the proposed reforms in the banking sector and outsourcing of jobs.   The United Forum of Bank Unions (UFBU) has decided to go on nation-wide strike on August 22-23, the union said in a stateme...

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Category : Banking | Comments : 0 | Hits : 309

ICAI yet to decide on action against MNC accounting cos: Govt
Posted Date : 17-Aug-2012 , 08:06:57 am | Posted By CASANSAAR

Accounting regulator ICAI has reported alleged violation of various laws by multinational accounting firms having arrangements with domestic companies, but is yet to take any action against them.In a written reply to Lok Sabha, Minister of State for Corporate Affairs RPN Singh Thursday said the ICAI...

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Category : ICAI | Comments : 0 | Hits : 564

Companies can tap bonus shares, rights issues for 25% public holding
Posted Date : 17-Aug-2012 , 08:04:31 am | Posted By CASANSAAR

Providing more routes to firms finding it tough to attain minimum 25 percent public holding, Sebi on Thursday allowed them to dilute shares through two more avenues, bonus shares and rights issue, and hinted that further leeway could be provided on a case-to-case basis.Sebi has made it mandatory for...

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Category : Income Tax | Comments : 0 | Hits : 299

MCA ordered Inspection into Kingfisher's account books
Posted Date : 17-Aug-2012 , 08:01:55 am | Posted By CASANSAAR

The Corporate Affairs Ministry has ordered an inspection of the account books of debt-ridden Kingfisher Airlines after receiving complaints from stakeholders alleging violation of company law like provisions on debt-equity ratio, sources said.   The Registrar of Companies, Bangalore, has been...

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Category : Corporate Law | Comments : 0 | Hits : 286

CBI arrest income tax official on bribe charge in Jalandhar
Posted Date : 17-Aug-2012 , 07:57:47 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) has arrested an Income Tax Officer, (W) IV-(1), BL Uppal, for accepting a bribe of Rs. 25,000 from a complainant. Sources said that the CBI laid a trap and caught the accused ITO Uppal red-handed. An advocate, Aakash Gupta, had complained to the CB...

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Category : Income Tax | Comments : 0 | Hits : 436

Goods and Services Tax could send right signal: Manmohan Singh
Posted Date : 17-Aug-2012 , 07:55:14 am | Posted By CASANSAAR

Prime Minister Manmohan Singh, who on Thursday repeated his call for political consensus on economic issues, said the implementation of theGoods and Services Tax could send a strong signal on the country's commitment to reforms. "The finance minister will be working with chief ministe...

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Category : GST | Comments : 0 | Hits : 205

e-IPOs to be a reality soon, entry load for MFs won't be reintroduced: Sebi
Posted Date : 16-Aug-2012 , 05:19:26 pm | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has cleared the much touted reforms for mutual funds and primary markets. It gave nod for the introduction of e-IPOs, which would allow investors to bid for initial public offers (IPOs) electronically and without any physical paperwork.For mutual fun...

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Category : SEBI | Comments : 0 | Hits : 203

Tribunal grants tax relief for FIIs using forex forwards
Posted Date : 16-Aug-2012 , 11:48:06 am | Posted By CASANSAAR

A recent ruling by the Income Tax Appellate Tribunal (ITAT) has come as a big relief for foreign institutional investors (FIIs) hedging their currency risks through forward contracts with banks.   The Mumbai bench of ITAT has held gains arising on cancellation of foreign exchange forward cont...

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Category : Income Tax | Comments : 0 | Hits : 155

Blackmoney: Govt to set up 14 new overseas I-T offices
Posted Date : 15-Aug-2012 , 08:17:15 pm | Posted By CASANSAAR

The government will set up 14 more Income Tax Overseas Units (ITOUs) to deal with the menace of blackmoney and keep a tab on illegal routing of funds from abroad and parking money in foreign countries.   The Finance Ministry has recently sent a detailed proposal in this regard to the Ministry...

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Category : Income Tax | Comments : 0 | Hits : 249

Standard Chartered, NY regulator reach $340-million settlement
Posted Date : 15-Aug-2012 , 01:16:58 pm | Posted By CASANSAAR

Standard Chartered, the British bank, has agreed to pay New York’s top banking regulator $340 million to settle claims that it laundered hundreds of billions of dollars in tainted money for Iran and lied to regulators.    The agreement is a victory for Benjamin M. Lawsky and his 10...

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Category : International Business | Comments : 0 | Hits : 212

RBI proposes to tighten banks' exposure norms to group companies
Posted Date : 14-Aug-2012 , 10:51:56 pm | Posted By CASANSAAR

Aiming to avoid concentration of credit risk, the RBI today proposed that a bank's exposure to its own group entities should not exceed 20 per cent of thepaid-up capital and reserves.In case of all non-financial services companies and unregulated financial services companies taken tog...

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Category : RBI | Comments : 0 | Hits : 214

RBI to banks: Compensate customers for cheque clearance delay
Posted Date : 14-Aug-2012 , 07:26:12 am | Posted By CASANSAAR

 In a big relief to the bank customers, the Reserve Bank today asked the banks to compensate them for delay in clearance of local cheques.Banks, as per the RBI directive, will have to pay the compensation at savings bank interest rate in absence of a specified rate, for delayed cleara...

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Category : Banking | Comments : 0 | Hits : 598

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