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Government Advises PSBs to take Number of Initiatives to increase the pace of Recovery and Manage NPAs
Posted Date : 20-Dec-2012 , 09:13:01 pm | Posted By CASANSAAR

The objective of restructuring is to conserve valuable financial assets in a downturn, revival of entities and ensuring safety of the funds lent by the banks. Although, the Gross Non-Performing Assets (NPAs) and restructuring of loans of Public Sector Banks (PSBs) have shown an increasing trend, at ...

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Category : Banking | Comments : 0 | Hits : 129

Results of Assembly Elections 2012
Posted Date : 20-Dec-2012 , 10:49:50 am | Posted By CASANSAAR

Gujarat Party Lead Won BJP 115 CONG 61 GPP 2 Others 4 Himachal Pradesh Party Lead Won CONG 36 BJP 26 Others 6 ...

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Category : General | Comments : 0 | Hits : 458

Highlights of the Companies Bill, 2011 passsed in Lok Sabha on 18.12.12
Posted Date : 20-Dec-2012 , 07:49:22 am | Posted By CASANSAAR

Ø    The Bill has 470 clauses as against 658 Sections in the existing Companies Act, 1956.   Ø    The entire bill has been divided into 29 chapters.   Ø    Many new chapters have been introduced, viz.,...

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Category : Corporate Law | Comments : 0 | Hits : 1613

SEBI raises minimum capital requirements for brokers
Posted Date : 19-Dec-2012 , 10:55:21 pm | Posted By CASANSAAR

Stock market regulator SEBI has revised the base minimum capital (BMC) deposit requirement for brokers (offering algorithmic trading) to a maximum of Rs 50 lakhs.   BMC for stock brokers will be enhanced and for trading members in the derivatives segment, BMC would be intr...

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Category : SEBI | Comments : 0 | Hits : 251

DLF inks pact to sell Amanresorts for over Rs 1,600 cr
Posted Date : 19-Dec-2012 , 01:26:17 pm | Posted By CASANSAAR

Realty major DLF today said it has signed an agreement to sell back luxury hotel chain Amanresorts to the hospitality property's founder and Chairman Adrian Zecha for about USD 300 million (over Rs 1,600 crore).In a filing to the BSE, DLF said the sale of the hotelsand resorts under t...

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Category : Corporate Law | Comments : 0 | Hits : 162

Lok Sabha passes revised Companies Bill, to improve governance and transparency in India Inc
Posted Date : 19-Dec-2012 , 07:39:09 am | Posted By CASANSAAR

The Lok Sabha today passed the revised Companies Bill, which had been hanging fire since it was first introduced in the House in August 2008. During the debate over the Bill in the Lower House today, the government re-emphasised that the aim is to protect the interest of employees and small in...

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Category : Corporate Law | Comments : 0 | Hits : 559

Lok Sabha passes Banking Bill, clears way for new banking licenses
Posted Date : 18-Dec-2012 , 09:09:08 pm | Posted By CASANSAAR

The Lok Sabha today passed the Banking (Amendment) Bill, aimed at attracting more foreign investment into the banking industry in yet another move by Prime Minister Manmohan Singh to open up Asia's third-largest economy. The Bill was passed after the government earlier today agreed to drop the cont...

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Category : Banking | Comments : 0 | Hits : 446

Vijay Mallya offers 3 kg gold to Lord Venkateswara on his 58th birthday
Posted Date : 18-Dec-2012 , 06:07:23 pm | Posted By CASANSAAR

Promoter of crisis-ridden Kingfisher Airlines and UB Group Chairman Vijay Mallyamade an offering of gold bricks, weighing about three kg, at the famous hill shrine of Lord Venkateswara on his 58th birthday today. Mallya donated the gold after offerin...

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Category : General | Comments : 0 | Hits : 334

India lost $123 billion in black money in a decade
Posted Date : 18-Dec-2012 , 01:58:38 pm | Posted By CASANSAAR

The Indian economy suffered USD 1.6 billion in illicit financial outflows in 2010, capping-off a decade in which it experienced black money losses of USD 123 billion, according to a new report. India is ranked as the decade's 8th largest victim of illicit capital fligh...

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Category : International Business | Comments : 0 | Hits : 254

Highlights of RBI policy review
Posted Date : 18-Dec-2012 , 01:55:18 pm | Posted By CASANSAAR

The RBI left its key interest rates unchanged as expected on Tuesday but said policy focus was shifting towards growth, reiterating its October guidance of further easing in the first quarter of 2013 as inflation was seen cooling. "In view of inflation pressures ebbing,&nbs...

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Category : RBI | Comments : 0 | Hits : 351

RBI keeps key rates unchanged in monetary policy review
Posted Date : 18-Dec-2012 , 11:24:45 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday kept key policy rates including the cash reserve ratio (CRR) unchanged. While the repo ratewas maintained at 8%, CRR was also maintained at status quo of 4.25%. D Subbarao maintained that risks to inflation ...

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Category : Banking | Comments : 0 | Hits : 215

Parliament passes stringent law against money laundering
Posted Date : 18-Dec-2012 , 07:54:42 am | Posted By CASANSAAR

A bill, which seeks to enlarge the definition of money laundering offences and could help curb funding of terrorist operations, was approved by Parliament today.The Prevention of Money Laundering (Amendment) Bill was passed by the Rajya Sabha by voice vote afterFinance ...

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Category : Finance | Comments : 0 | Hits : 324

I-T Dept probing HSBC list of accounts: P Chidambaram
Posted Date : 17-Dec-2012 , 09:24:03 pm | Posted By CASANSAAR

The government today informed Parliament that the Income Tax Department and its other wings are probing the information received with regard to foreign bank accounts of individuals and entities with the HSBC bank. "HSBC list of accounts is being investigated by the Income Tax Dep...

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Category : Income Tax | Comments : 0 | Hits : 235

RBI allows foreign funding for low-cost housing
Posted Date : 17-Dec-2012 , 09:23:22 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday allowed property developers to borrow money overseas through external commercial borrowing (ECB) for funding low-cost housing projects.   Housing finance companies can also avail of ECB for financing prospective owners of low-cost housing units, t...

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Category : RBI | Comments : 0 | Hits : 198

Compliance with the Requirements of Corporate Governance
Posted Date : 17-Dec-2012 , 09:22:44 pm | Posted By CASANSAAR

Compliance with the requirements of Corporate Governance as laid down in the Companies Act is looked into by the Registrars of Companies and suitable action is initiated wherever there is failure to comply with the law.   Giving this information in written reply to a question in the Rajya Sa...

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Category : Corporate Law | Comments : 0 | Hits : 184

ICAI team probing land purchase in Nagpur on December 20
Posted Date : 17-Dec-2012 , 08:29:03 am | Posted By CASANSAAR

A fact finding team of Institute of Chartered Accountants of India (ICAI) will visit the 9 acre property at Luxora Township in Pipla on December 20 to probe its purchase for Rs99 crore. The final report is expected to be submitted on December 31. Jaideep Shah, a Nagpur char...

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Category : ICAI | Comments : 0 | Hits : 492

Sebi rejigs committee on disclosure, accounting standards
Posted Date : 16-Dec-2012 , 07:32:09 pm | Posted By CASANSAAR

Capital markets regulator Sebi has revamped its expert committee on disclosure and accounting standards, which is mandated to suggest ways for improving disclosure framework for listed companies and accounting practices of various market entities. The Sebi Committee on Disclosur...

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Category : SEBI | Comments : 0 | Hits : 167

Naina Lal Kidwai becomes first woman President of FICCI
Posted Date : 16-Dec-2012 , 07:08:59 pm | Posted By CASANSAAR

Naina Lal Kidwai on Saturday took over as President of FICCI, becoming the first woman to head the leading industry body. FICCI said in a statement at the conclusion of its Annual General Meeting in New Delhi Kidwai, 55, is the first woman and professional manager to be elected as President of ...

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Category : General | Comments : 0 | Hits : 210

CA expected to be diligent & careful in his professional work – High Court
Posted Date : 15-Dec-2012 , 07:47:11 pm | Posted By CASANSAAR

A Chartered Accountant has an obligation, not only statutory but also moral and social, to be absolutely and completely diligent and cautious and careful while preparing, signing andcertifying Annual Accounts and/or Audit report. Several Government and private organizations and indivi...

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Category : ICAI | Comments : 0 | Hits : 1069

Public sector bank employees to strike work on Dec 20
Posted Date : 15-Dec-2012 , 07:34:02 pm | Posted By CASANSAAR

Employees of public sector banks will observe one-day country-wide strike on December 20 in protest against the government's move to place the Banking Law Amendments bill in the current session of Parliament. Addressing a press conference here, RA Singh, president of Jharkhand Pradesh Bank Employees...

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Category : Banking | Comments : 1 | Hits : 551

More youths should take up chartered accountancy - Director ICAI
Posted Date : 15-Dec-2012 , 08:26:45 am | Posted By CASANSAAR

More young people should take up chartered accountancy for study as it is inexpensive and offers good job opportunities, Vijay Kapur, Director, Board of Studies, Institute of Chartered Accountants of India (ICAI), has said.   He was the chief guest at the State-level conference of s...

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Category : Income Tax | Comments : 0 | Hits : 738

RBI extends deadline for issuance of new std cheques by 3 months
Posted Date : 14-Dec-2012 , 09:18:37 pm | Posted By CASANSAAR

Bank account holders can continue to use their old format cheques for another three months as RBI has extended the deadline for banks to issue new cheques with uniform security features till March next year.   The Reserve Bank in a notification today said, "Taking into consideration represent...

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Category : Banking | Comments : 0 | Hits : 620

1,7000000 customers using mobile banking services : Fin Min
Posted Date : 14-Dec-2012 , 06:49:16 pm | Posted By CASANSAAR

Nearly one crore seventy lakh customers across the country are presently using banking services through mobile phones. Finance Minister P Chidambaram informed the Lok Sabha today in a written reply that the Banks are making efforts to introduce mobile-enabled banking services in Indian language...

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Category : General | Comments : 0 | Hits : 154

Income Tax Refund
Posted Date : 14-Dec-2012 , 06:47:37 pm | Posted By CASANSAAR

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto on...

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Category : Income Tax | Comments : 0 | Hits : 910

Change in Tariff Value of RBD Palmolein, brass Scrap (All Grades) Poppy seeds, Gold and Silver Notified
Posted Date : 14-Dec-2012 , 06:46:37 pm | Posted By CASANSAAR

 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of Indi...

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Category : Custom | Comments : 0 | Hits : 168

In Punjab, online VAT refunds from April 1
Posted Date : 14-Dec-2012 , 08:08:09 am | Posted By CASANSAAR

The Punjab government has decided to introduce online payment of VAT refunds from April 1, 2013 to bring transparency and expedite the process of refunds. A dedicated corpus of Rs 150 crore will also be created in the excise and taxation department to ensure hassle-free refunds, which will...

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Category : VAT | Comments : 0 | Hits : 316

Sebi steps in to prevent flash crashes at bourses
Posted Date : 14-Dec-2012 , 08:02:54 am | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) on Thursday announced a series of measures to prevent flash crash. It has asked exchanges to put an upper limit on a single order at Rs 10 crore and also decided to tighten the dynamic price band around a stock that will stretch only 10 per cent eith...

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Category : SEBI | Comments : 0 | Hits : 170

CD of Indian Account Holders in France
Posted Date : 14-Dec-2012 , 07:59:00 am | Posted By CASANSAAR

On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France. Based on this information, inv...

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Category : Income Tax | Comments : 0 | Hits : 236

Govt to slap fine on entities not depositing TDS on time
Posted Date : 13-Dec-2012 , 09:34:17 am | Posted By CASANSAAR

The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source.   “The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the A...

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Category : Income Tax | Comments : 0 | Hits : 533

CAG of India briefs UN Secretary General on Conduct of UN Audit
Posted Date : 13-Dec-2012 , 09:28:29 am | Posted By CASANSAAR

The United Nations’ Panel of External Auditors which comprises Supreme Audit Institutions (SAIs) engaged in auditing United Nations, its specialised agencies and the International Atomic Energy Agency, held its 53rd meeting which concluded last night at the UN Headquarters in New York. Shri Vi...

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Category : Income Tax | Comments : 0 | Hits : 179

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