CAG agrees to only financial audit of KG-D6 block: official
Posted Date : 11-Dec-2012 , 05:01:28 pm | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has agreed to restrict its audit of Reliance Industries' KG-D6 block to financial scrutiny of the spendings on the flagging gas fields and a performance audit, if any, would be done of the Oil Ministry, a senior government official said t...
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Auditing |
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HSBC to pay record $1.9 bln U.S. fine in money laundering case
Posted Date : 11-Dec-2012 , 04:56:42 pm | Posted By CASANSAAR
HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.
HSBC Holdings Plc admitted to a breakdown of controls and apologised in...
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International Business |
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0 | Hits : 310
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Service tax dept impounds KFA flight for defaulting on dues
Posted Date : 11-Dec-2012 , 03:13:32 pm | Posted By CASANSAAR
Mumbai’s service tax department today impounded a grounded Kingfisher aircraft for defaulting on tax dues amounting to Rs 63 crore. While one aircraft has been seized , another is in the process of detention.
“We have seized one ATR aircraft of the Kingfisher as the ca...
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Service Tax |
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0 | Hits : 300
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427 Cos,104 Audit firms guilty of violating accounting norms
Posted Date : 11-Dec-2012 , 08:13:19 am | Posted By CASANSAAR
The Government today said 427 companies and 104 audit firms have been found guilty of violating accounting principles and otherfinancial irregularities during the last three years.
“As per the latest information available, 427 companies and 104 audit firms were found gu...
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Auditing |
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Reserve Bank of India simplifies account opening norms
Posted Date : 11-Dec-2012 , 08:08:00 am | Posted By CASANSAAR
The Reserve Bank of India has made it easier to open new bank accounts by doing away with the need to provide separate proofs for identity and address. It has also added Aadhar letters and cards as well as the NREGA job card to the list of eligible documents of proof fo...
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Banking |
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Net direct tax collection up 15 pc in in Apr-Nov
Posted Date : 10-Dec-2012 , 09:56:46 pm | Posted By CASANSAAR
Net direct tax collection grew by 15.04 per cent to Rs 2,70,731 crore during April-November period of the current fiscal, with nearly three-fifth coming from the corporate sector. The net corporate tax collection, according to aFinance Ministry official, stood at Rs 1,62,897 cror...
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Income Tax |
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Incorporation of the Corporate Social Responsibility Provision in the New Companies Bill
Posted Date : 10-Dec-2012 , 09:55:53 pm | Posted By CASANSAAR
Clause 135 of the Companies Bill, 2011 inter alia, provides for the specified companies to spend at least 2% of the average net profits (of last 3 years) in pursuance of the company’s Corporate Social Responsibilities (CSR) policy and in case of failure, to specify the reasons for not spending...
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Category :
Corporate Law |
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0 | Hits : 302
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Govt introduces amendment bill to Competition Act
Posted Date : 10-Dec-2012 , 09:55:12 pm | Posted By CASANSAAR
The government today introduced in Parliament the Bill to amend the Competition Act which, among other things, will require theCompetition Commission to decide on corporate mergers within 180 days.
Once in place, the Bill will allow the Competition Commission of India (CCI) C...
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Corporate Law |
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0 | Hits : 238
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Cases of Default in Repayment by the Non-Banking Financial Companies
Posted Date : 10-Dec-2012 , 09:51:42 pm | Posted By CASANSAAR
As on 30th November 2012, eight cases of default in repayment of deposits by the Non-Banking Financial Companies (NBFC) were pending with the Regional Benches of the Company Law Board (CLB) all over the country. Giving this information in written reply to a question in the Parliament, Shri ...
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Category :
Finance |
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0 | Hits : 243
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MCA 21 Project – Achievements and Continuation
Posted Date : 10-Dec-2012 , 09:51:04 pm | Posted By CASANSAAR
The Government is implementing an e-governance initiative called MCA 21 Project to ensure the efficiency of the core services regarding company affairs. Giving this information in written reply to a question in the Parliament, Shri Sachin Pilot, Minister of Corporate Affairs, said that MCA 21 Projec...
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Corporate Law |
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0 | Hits : 248
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Government asks taxpayers to disclose true income or face action
Posted Date : 10-Dec-2012 , 03:56:20 pm | Posted By CASANSAAR
In a stern warning to tax evaders, the government today asked them to either disclose their correct income and pay advance tax by December 15 or be prepared to face action. "Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true in...
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Income Tax |
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0 | Hits : 383
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RBI may hike NPA provision: Deputy governor
Posted Date : 10-Dec-2012 , 07:49:59 am | Posted By CASANSAAR
RBI deputy governor K C Chakrabarty has come down heavily on banks showing higher profits without providing adequately for bad loans and said, if need be, the central bankmay hike provision coverage ratio (PCR) levels. He also said lending rates would have been far lower if banks had ...
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Banking |
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Wal-Mart lobbying bill hits Rs 125 crore on India entry
Posted Date : 10-Dec-2012 , 07:45:40 am | Posted By CASANSAAR
Global retail giant Wal-Mart — waiting for years to open its supermarkets in India — has been lobbying with the US lawmakers since 2008 to facilitate its entry into the highly lucrative Indian market.
According to lobbying disclosure reports filed by Wal-Mart with the US ...
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Category :
International Business |
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0 | Hits : 443
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CWG tax evasion: Govt. slaps recovery notices for Rs. 505 crore
Posted Date : 09-Dec-2012 , 09:45:38 pm | Posted By CASANSAAR
Many private firms and government departments have been slapped with notices for recovery of over Rs 500 crore tax allegedly evaded by them while executing Commonwealth Games-related projects in New Delhi.
Official sources said recovery notices for Rs 505 crore towards value-added tax (VAT)...
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Category :
Income Tax |
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0 | Hits : 257
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Finmin withdraws search, seizure powers of IT wing
Posted Date : 09-Dec-2012 , 02:48:31 pm | Posted By CASANSAAR
The elite criminal investigation wing of the Income Tax department, which conducted a number of high-profile actions including raids on liquor baron Ponty Chadha, has been disallowed to carry out any search or seizure operations by the Finance Ministry henceforth.
The just over-an-year old ...
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Category :
Income Tax |
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Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
Posted Date : 06-Dec-2012 , 10:10:17 pm | 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.99/2012-CUSTOMS (N.T.), dated the 16th November, 2012 vide number S.O.2719...
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Custom |
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BSE eyes IPO next year, seeks $1 billion value
Posted Date : 06-Dec-2012 , 10:08:14 pm | Posted By CASANSAAR
BSE Ltd, the operator of the Bombay Stock Exchange which has lost market share to rivals, has chosen 14 banks for a share offering planned for the first half of 2013, its chief executive said.
The company, which operates Asia's oldest stock exchange, is seeking an initial public share offering ...
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Category :
Shares & Stock |
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0 | Hits : 197
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Circulation of Fake Currency Notes
Posted Date : 06-Dec-2012 , 10:06:04 pm | Posted By CASANSAAR
National Crime Records Bureau (NCRB) has informed that the total number of Fake Indian Currency Notes (FICN) seized and recovered in the years 2009-10, 2010-11 and 2011-12 has been as follow:-
Period
Total No. of FICN
Total Value (Rs.)
2009-10
670631
26,81,54,...
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Category :
Finance |
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0 | Hits : 323
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Announcement for Financial Assistance from Chartered Accountants Students Benevolent Fund
Posted Date : 06-Dec-2012 , 07:40:30 am | Posted By CASANSAAR
THE CHARTERED ACCOUNTANTS STUDENTS BENEVOLENT FUND(CASBF)
The Board of Trustees of The Chartered Accountants Students Benevolent Fund have decided to grant financial assistance to 200 students (who are currently undergoing articled training in accordance with The Chartered Accountants R...
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Category :
Students Zone |
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Securities transaction tax collection down 13% as trading volumes plunge
Posted Date : 06-Dec-2012 , 07:26:55 am | Posted By CASANSAAR
Securities transaction tax (STT) collections dipped 12.9% during the April to November 2012 period, as weak investor sentiments over the past several months resulted in a dip in trading volumes.The Income-tax department collected Rs 2,905 crore in STT during the period, compared with ...
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Shares & Stock |
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0 | Hits : 212
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IT dept raids singers, actors, film distributors in Punjab
Posted Date : 06-Dec-2012 , 07:25:05 am | Posted By CASANSAAR
The investigations wing of the income tax (IT) department on Wednesday seized Rs 80 lakh in cash and a large amount of unaccounted jewellery in raids that were conducted at 28 different places across Punjab to check tax evasion by top Punjabi singers, actors, film distributors and music companies. T...
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Income Tax |
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RBI fixes reference rate of rupee for US dollar and EURO
Posted Date : 06-Dec-2012 , 07:21:30 am | Posted By CASANSAAR
The Reserve Bank today fixed the reference rate of the rupee for the US dollar at 54.5690 and the euro at 71.5 as against 54.9 a dollar and 71.7 a euro as on Tuesday.In a press release issued by RBI, the exchange rates for the pound and yen against the rupee were quoted at 87.9 a pound and 66.3 per ...
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RBI |
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Auditors in trouble on defaults
Posted Date : 05-Dec-2012 , 08:14:28 am | Posted By CASANSAAR
Auditors could be in trouble in case their client companies default on loan repayments.
Under new government norms that seems to upset the independent accounting watchdogs, banks can now lodge a formal complaint against the auditors with the Institute of Chartered Accountants of India (I...
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Auditing |
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RBI sets up supervisory college for SBI and ICICI Bank
Posted Date : 05-Dec-2012 , 08:09:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has set up a supervisory college for State Bank of India (SBI) and ICICI Bank Ltd, in order to deal with supervisory issues revolving around the banks and establish a cooperation mechanism for cross-border supervision.
For SBI, there are nine host country sup...
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Banking |
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0 | Hits : 348
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RIL to be made party to insider trading case between Sebi, RTI activist Arun Agarwal
Posted Date : 05-Dec-2012 , 07:56:36 am | Posted By CASANSAAR
The Bombay High Court has directed thatReliance Industries be made a party to the case between the Securities and Exchange Board of India (Sebi) and right-to-information (RTI) activist-cum-lawyer Arun Agarwal, who is seeking release of names involved in an insider ...
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Shares & Stock |
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0 | Hits : 240
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Independent Regulator for Auditors
Posted Date : 04-Dec-2012 , 08:54:42 pm | Posted By CASANSAAR
The Parliamentary Standing Committee on Finance which examined the Companies Bill, 2009 and the Companies Bill, 2011 had recommended that the National Advisory Committee on Accounting and Auditing Standards (NACAAS), proposed in the Companies Bill, 2009, be institutionalized not only as a body for s...
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Auditing |
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0 | Hits : 942
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FDI Proposal Worth Rs. 27 Crore Cleared
Posted Date : 04-Dec-2012 , 08:52:50 pm | Posted By CASANSAAR
The Government has approved one proposal of Foreign Direct Investment amounting to Rs. 27.72 croreapproximately. The Foreign Investment Promotion Board (FIPB) approved it while considering the 14 pending proposals decision on which was deferred at its earlier ...
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International Business |
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Policy Document on Corporate Governance
Posted Date : 04-Dec-2012 , 08:49:39 pm | Posted By CASANSAAR
Ministry of Corporate Affairs had constituted a committee to formulate a Policy document on Corporate Governance under the Chairmanship of Shri Adi Godrej on 07.03.2012.
Giving this information in written reply to a question in the Rajya Sabha, Shri Sachin Pilot, Minister of Corporate Affa...
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Category :
Corporate Law |
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0 | Hits : 241
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Cheque signature mismatch may lead to criminal proceedings – SC
Posted Date : 04-Dec-2012 , 07:29:39 am | Posted By CASANSAAR
A Bench of justices T.S. Thakur and Gyan Sudha Mishra set aside the verdict of Gujarat High Court which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a ...
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Banking |
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0 | Hits : 551
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Tax exemption to political parties in 5 years: a whopping Rs 2,490 crore
Posted Date : 04-Dec-2012 , 07:24:56 am | Posted By CASANSAAR
Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than 80 per cent.
&nbs...
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Income Tax |
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