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RBI refuses to give reasons behind demonetisation
Posted Date : 29-Dec-2016 , 05:26:50 pm | Posted By CASANSAAR

 Why were Rs 1000 and Rs 500 notes demonetised by the government?  Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public. The monetary policy regulat...

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Category : RBI | Comments : 0 | Hits : 164

ED arrests Delhi lawyer for alleged illegal exchange of old notes
Posted Date : 29-Dec-2016 , 11:33:18 am | Posted By CASANSAAR

The Enforcement Directorate on Thursday arrested Delhi-based lawyer Rohit Tandon on allegations of getting over Rs. 60 crore in trashed notes recycled. The accused had got the cash exchanged through Kolkata-based businessman Paras Mal Lodha and Kotak Mahindra Bank branch manager Ashish Kumar, who...

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Category : Black Money | Comments : 0 | Hits : 236

Audit finds NSE's system compromised for 18 months
Posted Date : 29-Dec-2016 , 08:39:35 am | Posted By CASANSAAR

The NSE's trading system was compromised for about one and half years, which allowed certain brokers to get preferential treatment over all others. Some of the bourse's employees helped these brokers gain such preferential access to the NSE's trading system, a Sebi-directed enquiry by co...

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Category : Auditing | Comments : 0 | Hits : 517

RBI extends loan repayment window to 90 days
Posted Date : 29-Dec-2016 , 08:33:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December. In a notification, RBI said, on a review, it ...

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Category : RBI | Comments : 0 | Hits : 448

Govt names Viral V Acharya as RBI Deputy Governor
Posted Date : 28-Dec-2016 , 03:06:49 pm | Posted By CASANSAAR

Government today appointed Viral V Acharya, a professor of Economics in the Department of Finance at the New York University (NYU), new Deputy Governor at the Reserve Bank of India. The Appointments Committee of the Cabinet cleared the appointment for three years. He is taking over at a time w...

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Category : RBI | Comments : 0 | Hits : 204

Cabinet clears ordinance to penalise persons with old notes
Posted Date : 28-Dec-2016 , 03:06:05 pm | Posted By CASANSAAR

The Cabinet today approved promulgation of an ordinance to impose a penalty, including a jail term, for possession of the scrapped 500 and 1,000 rupee notes beyond a cut-off. The Cabinet headed by Prime Minister Narendra Modi also approved an ordinance to amend the RBI Act to extinguish the liabi...

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Category : Black Money | Comments : 0 | Hits : 254

Income Tax Dept to issue notice to those who bought car after November 8
Posted Date : 28-Dec-2016 , 08:13:38 am | Posted By CASANSAAR

After a series of raids across the country following demonetisation, the Income Tax Department is now taking a close look at car sales that were made after November 8. Car dealers across the country have been asked to share details of those buyers who made purchase after Prime Minister Narendra M...

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Category : Income Tax | Comments : 0 | Hits : 1398

MHA cancels FCRA licences of 20000 NGOs
Posted Date : 28-Dec-2016 , 08:10:39 am | Posted By CASANSAAR

The number of total NGOs in the country with a valid licence to receive foreign funds has shrunk to a mere 13,000 from around 33,000 a year ago, a home ministry spokesperson said on Tuesday. The licences of nearly 20,000 NGOs issued under the Foreign Contributions Regulation Act (FCRA), 2010 were re...

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Category : International Business | Comments : 0 | Hits : 353

Black money holders to bear taxes, penalties amounting to over 137% post raids
Posted Date : 28-Dec-2016 , 08:07:34 am | Posted By CASANSAAR

Black money holders will have to bear taxes and penalties amounting to over 137 per cent if they do not admit to or fail to explain the source of undisclosed income after being raided. The Income Tax department, in a release, said, the total levy can touch 107.25 per cent if the undisclosed income i...

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Category : Income Tax | Comments : 0 | Hits : 345

Tata Sons serve legal notice on Mistry for breach of trust
Posted Date : 27-Dec-2016 , 08:32:36 pm | Posted By CASANSAAR

Tata Sons on Tuesday served a legal notice on its ousted Chairman Cyrus Mistry, alleging breach of confidentiality and passing on sensitive information to his family-controlled companies. No damages were sought. Mistry, who still remains a Director on the board of the holding arm of the the $100 ...

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Category : Finance | Comments : 0 | Hits : 163

25 lakh cars sold in India every year despite only 24 lakh people declaring income over Rs 10 lakh
Posted Date : 27-Dec-2016 , 08:18:16 pm | Posted By CASANSAAR

An average of 25 lakh cars including 35,000 luxury vehicles are sold in India every year despite only 24 lakh people declaring an annual income of over Rs 10 lakh, PTI reported on Tuesday. A senior government official told the agency that only 3.65 crore of the 125 crore people in the country filed ...

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Category : Income Tax | Comments : 1 | Hits : 292

SEBI eases trading norms for equity derivatives contract
Posted Date : 27-Dec-2016 , 08:12:21 pm | Posted By CASANSAAR

With an aim to ease trading requirements, markets regulator Sebi today relaxed the combined futures and options position limit of stock brokers, FPIs and mutual funds in equity derivatives to 20 per cent of the applicable Market Wide Position Limit. The decision has been taken in consultation wit...

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Category : SEBI | Comments : 0 | Hits : 135

Rs 50,000 penalty for holding old notes after December 30?
Posted Date : 27-Dec-2016 , 08:32:18 am | Posted By CASANSAAR

With the old Rs 500 and Rs 1000 currency notes set to become completely illegal post December 30, the government is likely to come up with a new ordinance in regards to the usage of the old notes. According to report, the government is planning for a new ordinance on holding of old notes and is l...

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Category : Black Money | Comments : 0 | Hits : 799

Public Auditors' body demand for more power to PAC, Audit of FIs
Posted Date : 25-Dec-2016 , 11:18:24 pm | Posted By CASANSAAR

The Public Accounts Committee (PAC) should be given enough powers to take up cases for investigation on its own, the Institute of Public Auditors of India (IPAI) has demanded. Besides, banks, other financial institutions and projects under the PPP should be brought within the scope of CAG's a...

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Category : Auditing | Comments : 0 | Hits : 360

No intention of govt to impose long-term capital gains tax - FM
Posted Date : 25-Dec-2016 , 11:08:12 pm | Posted By CASANSAAR

To assuage market fears, Finance Minister Arun Jaitley on Sunday said there is no move to impose long-term capital gains tax on share transactions, an issue investors are hugely touchy about. The statement came a day after Prime Minister Narendra Modi reportedly dropped a hint on increasing taxes...

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Category : Income Tax | Comments : 0 | Hits : 310

SC to hear plea against tax exemption to political parties on Jan 11
Posted Date : 24-Dec-2016 , 08:35:34 am | Posted By CASANSAAR

The Supreme Court on Friday said it would next month hear a plea seeking quashing of a provision of the Income Tax (IT) Act on tax exemption to political parties on receiving voluntary contributions. A bench of justices Ashok Bhushan and L Nageswara Rao said there was no urgency in hearing the pl...

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Category : Income Tax | Comments : 0 | Hits : 159

GST Council to meet again on Jan 3-4 to decide on dual control and IGST - FM
Posted Date : 23-Dec-2016 , 05:41:21 pm | Posted By CASANSAAR

Finance Minister Arun Jaitley today said that the GST Council today finalised primary draft of CGST and SGST laws, which are for compensating states. The laws comprising 197 provisions, 5 schedules have been approved.  While speaking to media after chairing the 7th GST Council meeting, he...

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Category : GST | Comments : 0 | Hits : 353

Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Posted Date : 23-Dec-2016 , 03:48:00 pm | Posted By CASANSAAR

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016.  Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at...

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Category : Income Tax | Comments : 0 | Hits : 468

ICAI Commerce Wizard 2016 for Students on January 8, 2017
Posted Date : 23-Dec-2016 , 09:06:02 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) will conduct a talent search examination in Commerce, ‘ICAI Commerce Wizard 2016’ for students of Classes 9 to 12 on January 8, 2017. There are two levels of the exam in which the candidate can take the level 1 of the test online ...

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Category : ICAI | Comments : 0 | Hits : 1107

Govt allowed use of old notes for tax payment under PMGKY
Posted Date : 23-Dec-2016 , 09:02:15 am | Posted By CASANSAAR

The Govt has allowed use of old bank notes of 500 and 1,000 rupees for payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan ​​Yojana (PMGKY) till 30th of this month. Finance Ministry in a statement said, the Taxation and Investment Regime for PMGKY, 2016 h...

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Category : Income Tax | Comments : 0 | Hits : 252

I Tax Dept set to initiate criminal action against Mahesh Shah and his CA
Posted Date : 23-Dec-2016 , 08:54:21 am | Posted By CASANSAAR

Income-Tax authorities are set to initiate criminal action against realtor Mahesh Shah and his Chartered Accountant (CA) Tehmul Sethna for filing a “false” declaration of Rs. 13,860 crore black money under the Centre’s Income Disclosure Scheme (IDS). Mr. Shah had declared unacco...

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Category : CA | Comments : 0 | Hits : 794

GST Council finalises Central and State GST Laws, Dual Control pending
Posted Date : 23-Dec-2016 , 08:44:48 am | Posted By CASANSAAR

In a significant breakthrough, the GST Council on Thursday finalised 197 clauses of the Central GST and State GST laws. In doing so, the Council has given final shape to these GST laws, a senior finance ministry official said on the condition of anonymity. Another 3-4 clauses relating to definiti...

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Category : GST | Comments : 0 | Hits : 562

Income Tax Dept warns taxpayers against sharing user ID, password
Posted Date : 23-Dec-2016 , 08:36:24 am | Posted By CASANSAAR

The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.  In an advisory to taxpayers, the department's TDS Centralised Process...

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Category : Income Tax | Comments : 0 | Hits : 446

ICAI Code of Conduct for elected, Co-opted and Nominated Representatives
Posted Date : 23-Dec-2016 , 08:32:02 am | Posted By CASANSAAR

No. ICAI /ESB/2016/02 Announcement In pursuance of the decision taken at the 356th Meeting of Council held on 29th June - 1st July, 2016, the ICAI Code of Conduct for elected, Co-opted and Nominated Representatives has been issued. This Code applies to elected and nominated members to the...

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Category : ICAI | Comments : 0 | Hits : 170

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
Posted Date : 22-Dec-2016 , 10:37:42 pm | Posted By CASANSAAR

  The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR...

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Category : Income Tax | Comments : 0 | Hits : 510

Whatsapp Group Admin Cannot Be Held Responsible For Defamatory Content - HC
Posted Date : 22-Dec-2016 , 08:25:46 am | Posted By CASANSAAR

Last year, social media was rattled by the news of arrest of a Whatsapp Group admin, due to controversial content posted by the members of that group. The incident happened in Latur, but its ripples were felt all over the country because it made the task of administrating a Whatsapp group (or a T...

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Category : General | Comments : 0 | Hits : 1165

CBDT asks I-T to ensure better collection of revenue arrears
Posted Date : 21-Dec-2016 , 10:20:56 pm | Posted By CASANSAAR

Concerned over 60 per cent shortfall in cash collection from arrear demands, the CBDT has asked the Income Tax department to pull up its socks and ensure it achieves the target in this regard as the current fiscal is running out fast. While the Central Board of Direct Taxes (CBDT), the policy-making...

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Category : CBDT | Comments : 0 | Hits : 225

RBI slaps fine on 5 foreign banks for violating FEMA
Posted Date : 21-Dec-2016 , 08:50:01 pm | Posted By CASANSAAR

The Reserve Bank today imposed penalty on five foreign banks, including Deutsche Bank and Standard Chartered Bank, for violation of its instructions on reporting requirements of the FEMA. The three other banks are: Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland. RBI s...

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Category : FEMA | Comments : 0 | Hits : 386

Currency worth Rs 5.92 lakh crore issued since demonetisation
Posted Date : 21-Dec-2016 , 08:48:10 pm | Posted By CASANSAAR

The Reserve Bank today said banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old high value notes last month. The central bank also said that it has issued 2.2 billion (220 crore) pieces of notes of new Rs 500 and Rs 2,000 during the period -- Nov...

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Category : Banking | Comments : 0 | Hits : 156

RBI modifies circular on depositing over Rs 5000 in banks in old notes
Posted Date : 21-Dec-2016 , 08:27:46 pm | Posted By CASANSAAR

Scrapping the December 19 circular, the Reserve Bank of India today modified the old currency deposit rules and withdrew the 5000 rupee limit for depositing money in old currency notes for fully KYC (Know Your Customer) compliant accounts only. The RBI in a circular issued said the KYC complaint acc...

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Category : RBI | Comments : 0 | Hits : 276

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