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No scope for error in accounting system - Finance Minister
Posted Date : 02-Mar-2018 , 10:19:40 am | Posted By CASANSAAR

Finance Minister Arun Jaitley has said that highest level of integrity and efficiency is required on the part of officers and staff of Civil Accounts Service as great sanctity is attached to the accounting system.  Addressing the 42nd Civil Accounts Day function in New Delhi this morning, Mr...

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Category : Accounts | Comments : 0 | Hits : 261

WhatsApp refuses to share user-specific data with SEBI
Posted Date : 01-Mar-2018 , 09:49:39 am | Posted By CASANSAAR

Instant messaging platform WhatsApp has declined to share user-specific data with the Securities and Exchange Board of India (Sebi), citing its privacy policy. The market regulator had written to WhatsApp, seeking information on the origin of messages that allegedly contained unpublished price-se...

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Category : WhatsApp | Comments : 0 | Hits : 440

PNB appoints a forensic auditor for Nirav Modi fraud case
Posted Date : 01-Mar-2018 , 09:45:47 am | Posted By CASANSAAR

Punjab National Bank (PNB) has appointed Belgium-based consultancy firm BDO as forensic auditor for five of Nirav Modi Group companies that lead to the biggest ever banking fraud of USD 2 billion in the country. Besides, more than two dozen banks have decided to seek a forensic audit to establish...

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Category : Auditing | Comments : 0 | Hits : 909

CBI arrests PNB bank internal auditor in $2 billion fraud
Posted Date : 01-Mar-2018 , 09:39:45 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) on Wednesday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens.  CBI, however, has yet to track ...

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Category : Auditing | Comments : 0 | Hits : 2435

RBI skipped PNB Branch Audit for 9 years
Posted Date : 01-Mar-2018 , 09:36:17 am | Posted By CASANSAAR

While the blame game begins in the Rs 12,636 crore PNB fraud, so lax were auditing controls that the last audit done by the Reserve Bank of India was nine years ago on March 31, 2009. For a mid corporate bank, like PNB's Brady House branch, that deals with high networth individuals, the audit is...

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Category : Auditing | Comments : 0 | Hits : 1817

Cabinet likely to discuss tighter norms for Auditors
Posted Date : 01-Mar-2018 , 09:26:06 am | Posted By CASANSAAR

Perturbed over the spate of banking frauds, the Union Cabinet is likely to consider measures to strengthen the regulatory regime for auditors to prevent such incidents in the future. The Cabinet headed by Prime Minister Narendra Modi will be meeting again tomorrow and is reported to have only one...

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Category : Auditing | Comments : 0 | Hits : 766

Directors of two companies held for GST fraud
Posted Date : 01-Mar-2018 , 09:23:25 am | Posted By CASANSAAR

CGST Mumbai Central Commissionerate arrested the directors of two companies for allegedly availing of tax credit in a fraudulent manner.  Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, both were arrested for availing of inelig...

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Category : GST | Comments : 0 | Hits : 1063

Govt moves to set up new regulator for CAs
Posted Date : 28-Feb-2018 , 10:40:37 am | Posted By CASANSAAR

The scam at state-run Punjab National Bank has prompted the government to move on setting up a new agency to regulate and discipline auditors, almost five years after the law provided for it. Setting up of the National Financial Reporting Authority, a new agency provided for in the Companies Act,...

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Category : CA | Comments : 0 | Hits : 1827

RBI increases exposure limits for residents, foreign investors
Posted Date : 28-Feb-2018 , 10:30:38 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has increased the exposure limits for residents and FPIs in the exchange traded currency derivatives (ETCD) market. “It has now been decided to permit persons resident in India and FPIs (foreign portfolio investors) to take positions (long or short), without ...

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Category : RBI | Comments : 0 | Hits : 235

CBDT notifies new communication scheme for e-assessment
Posted Date : 28-Feb-2018 , 10:21:00 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee. The scheme stipulat...

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Category : Banking | Comments : 0 | Hits : 1194

Not prudent to draw any conclusion against CAs and profession before anything gets established - ICAI
Posted Date : 28-Feb-2018 , 10:14:55 am | Posted By CASANSAAR

Press Release issued by ICAI ICAI, robust regulator of accounting and auditing profession in India, committed to conclude the disciplinary process against those found involved in the PNB scam ICAI is an autonomous regulator of accounting profession created by Chartered Accountants Act, 1949....

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Category : ICAI | Comments : 0 | Hits : 916

Govt asks PSU Banks to scan all bad debts of above Rs 50 Cr
Posted Date : 28-Feb-2018 , 09:06:11 am | Posted By CASANSAAR

The government on Tuesday asked state-run banks to fix operational gaps within 15 days and said lenders must check all bad loan accounts over Rs 50 crore for possible fraud. The latest directive has been sent by Rajeev Kumar, the secretary - department of financial services, after the over Rs 12,600...

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Category : Banking | Comments : 0 | Hits : 387

First sale of Electoral Bonds to commence from 1st March
Posted Date : 26-Feb-2018 , 01:17:43 am | Posted By CASANSAAR

The first sale of Electoral Bonds will commence from the 1st of next month for a period of ten days.  The Ministry of Finance said, State Bank of India has been authorized to issue and encash Electoral Bonds initially at its four authorised branches.  Electoral Bond will be valid for...

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Category : General | Comments : 0 | Hits : 390

FinMin puts out list of 9500 high-risk finance companies
Posted Date : 26-Feb-2018 , 12:33:43 pm | Posted By CASANSAAR

Financial Intelligence Unit (FIU) has released a list of around 9500 Non-Banking Financial Companies (NBFCs), which have been categorised as high-risk financial institutions.  The FIU under the Finance Ministry has released the list on its website showing the names of these NBFCs which have ...

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Category : Finance | Comments : 0 | Hits : 642

OBC fraud: CBI registers Rs 109 crore loan default case against CMD of Simbhaoli Sugars
Posted Date : 26-Feb-2018 , 12:26:14 pm | Posted By CASANSAAR

The Central Bureau of Investigation has filed a case against Bombay Stock Exchange listed–Simbhaoli Sugars Limited, one of the largest sugar refining companies–for allegedly cheating Oriental Bank of Commerce (OBC) of Rs 109 crore in 2011 on the pretext of financing sugarcane farmers. ...

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Category : Banking | Comments : 0 | Hits : 570

SC asks Centre to curb illegal operations of multinational auditors
Posted Date : 23-Feb-2018 , 10:24:50 pm | Posted By CASANSAAR

The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian Chartered Accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in. "The Union of India may constitute a three-me...

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Category : Auditing | Comments : 1 | Hits : 905

RBI launches Ombudsman Scheme for NBFCs
Posted Date : 24-Feb-2018 , 09:45:00 am | Posted By CASANSAAR

The RBI launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them.  "The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme,&...

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Category : RBI | Comments : 0 | Hits : 410

Govt gets NCLT nod to attach properties of Nirav Modi, Mehul Choksi
Posted Date : 23-Feb-2018 , 10:03:53 pm | Posted By CASANSAAR

The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday evening allowed the government to attach 64 properties belonging to individuals as well as companies that are part of groups headed by Nirav Modi and Mehul Choksi and find mention in the complaint lodged by state-run Punjab Natio...

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Category : Insolvent Professional | Comments : 0 | Hits : 255

​IBBI seeks public comments on contents of Request for Proposal (RFP)
Posted Date : 24-Feb-2018 , 09:21:39 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) is inviting public comments on contents of Request for Proposal (RFP). An RFP is an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate Insolvency Resolut...

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Category : Insolvent Professional | Comments : 0 | Hits : 309

ICAI plans to review accounts of all companies with over Rs 2K Cr loans
Posted Date : 23-Feb-2018 , 10:31:40 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) on Thursday said that it has written to Reserve Bank of India seeking a list of corporate borrowers of public sector banks with over Rs 2,000 crore loan outstanding so that their accounts can be examined by Financial Reporting Review Board for a...

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Category : ICAI | Comments : 0 | Hits : 1456

SEBI gives additional avenues for minimum public shareholding
Posted Date : 23-Feb-2018 , 10:29:01 am | Posted By CASANSAAR

Markets regulator Securities and Exchange Board of India (SEBI) on Thursday provided two additional measures to listed companies to ensure such entities comply with 25 percent minimum public shareholding norms. These additional methods are — qualified institutions placement (QIP) and sale o...

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Category : SEBI | Comments : 0 | Hits : 322

Government wants Auditors to be Audited
Posted Date : 23-Feb-2018 , 10:26:46 am | Posted By CASANSAAR

In the aftermath of the Rs 11,400-crore Punjab National Bank (PNB) fraud, the finance ministry is planning to create a National Financial Reporting Authority, which will work as a regulatory body for accountants (CAs) and audit firms with a power to penalise them for their misconduct. “The ...

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Category : CA | Comments : 0 | Hits : 2925

ICAI issues show-cause notices to PNB, Gitanjali Gems Auditors
Posted Date : 23-Feb-2018 , 10:22:48 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI said it has issued show-cause notices to the auditors of Punjab National Bank and Gitanjali Gems in connection with the Rs 11,400 crore fraud at the public sector lender.  Besides, the institute has summoned a deputy general manager of the bank ...

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Category : ICAI | Comments : 0 | Hits : 2041

Revised Double Taxation Avoidance Agreement (DTAA) between India and Kenya notified
Posted Date : 23-Feb-2018 , 10:21:06 am | Posted By CASANSAAR

The Double Taxation Avoidance Agreement (DTAA) between India and Kenya was signed and notified in 1985.  Subsequently, the DTAA was renegotiated and a revised DTAA was signed between both countries on 11th July, 2016.  The revised DTAA has been notified in the Official Gazette on 19th Febr...

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Category : International Business | Comments : 0 | Hits : 340

CAs cannot get away just by citing red flags - Govt
Posted Date : 21-Feb-2018 , 11:15:30 pm | Posted By CASANSAAR

Auditors may not be able to get away by citing “red flags” raised by them in fraud-hit companies as the government is set to crack down on errant entities, including those associated with Nirav Modi, Mehul Choksi and Punjab National Bank (PNB), which are at the centre of the over Rs 11,3...

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Category : CA | Comments : 1 | Hits : 1697

GST Network simplifies returns filing process
Posted Date : 22-Feb-2018 , 10:36:53 am | Posted By CASANSAAR

In a move to make filing of returns taxpayer friendly and error-free, the Goods and Service Tax Network (GSTN), the firm that processes tax returns in the indirect tax regime, has simplified the monthly return of sales summary that businesses and traders have to file. GSTN said in a statement on ...

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Category : GST | Comments : 0 | Hits : 1385

EPFO declares 8.55% interest rate for FY18, lower than 8.65% for FY17
Posted Date : 22-Feb-2018 , 10:30:59 am | Posted By CASANSAAR

Retirement fund body EPFO today lowered the rate of interest on employees provident fund to 8.55% for its over 6-crore subscribers for 2017-18, from 8.65% in the previous fiscal. "It is difficult to evaluate about future in view of present economic scenario. We paid 8.65% last fiscal, which ...

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Category : General | Comments : 0 | Hits : 173

PNB’s LoU story spoils plot for import finance
Posted Date : 22-Feb-2018 , 10:24:49 am | Posted By CASANSAAR

Import finance, crucial for ensuring critical supplies for India’s industrial and consumer needs, faces serious restrictions as banks clamp down on issue of letters of undertaking (LoUs) after a bunch of employees at Punjab National Bank were caught issuing fake LoUs in the country’s big...

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Category : Banking | Comments : 0 | Hits : 417

No buyers for Indian bonds means more pain for Modi's debt plan
Posted Date : 21-Feb-2018 , 03:26:05 pm | Posted By CASANSAAR

The biggest holders of India's sovereign debt are dumping them.  State lenders have been selling 4.7 billion rupees ($73 million) of government bonds on average every day this year, hurt by deep portfolio losses, data from the Clearing Corp. of India show. Last year, their net daily infl...

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Category : Finance | Comments : 0 | Hits : 232

Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018
Posted Date : 21-Feb-2018 , 08:40:46 am | Posted By CASANSAAR

In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-  (a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament & (...

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Category : General | Comments : 0 | Hits : 466

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