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GST delayed, rollout now likely on 1 June
Posted Date : 02-Jan-2017 , 08:34:17 am | Posted By CASANSAAR

The rollout of the goods and services tax (GST) is likely to be delayed by two or three months, according to two people familiar with the situation. The government is yet to lock down a date, but is likely to settle for either 1 June or 1 July, the people said on condition of anonymity. Expect...

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Category : GST | Comments : 0 | Hits : 1256

Govt junks plan for new law on grant of bail
Posted Date : 02-Jan-2017 , 08:21:53 am | Posted By CASANSAAR

Just over a year after it was conceived, the government has junked a plan to come out with a new law that clearly sets out conditions for grant of bail as it now feels that amendments in CrPC can help do away with cumbersome procedures involved in getting the relief. In September last year, the t...

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Category : General | Comments : 0 | Hits : 269

NRIs can exchange defunct notes till june 30, others till March 31- RBI
Posted Date : 01-Jan-2017 , 10:23:30 pm | Posted By CASANSAAR

RBI on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till yesterday, the last day for depositing the invalid currency notes in banks. Resident Indian citizens who were abroad from November 9 to December 30 can ...

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Category : Black Money | Comments : 0 | Hits : 303

Rs 3,285 Cr withdrawn from Jan Dhan a/cs in last 15 days
Posted Date : 01-Jan-2017 , 10:20:57 pm | Posted By CASANSAAR

Jan Dhan accounts witnessed net withdrawal of Rs 3,285 crore in the last fortnight after a huge surge in deposits post demonetisation in November. Total deposits increased to a record high of Rs 74,610 crore for the week ended December 7 and thereafter, it started gradual decline to close at Rs 7...

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Category : Banking | Comments : 0 | Hits : 324

SBI, PNB, UBI cuts lending rate by up to 90 bps
Posted Date : 01-Jan-2017 , 10:19:04 pm | Posted By CASANSAAR

Top PSU lenders State Bank, Punjab National Band and Union Bank today slashed their benchmark lending rates by up to 90 basis points. The country's largest lender, SBI, in a statement said, it has reduced marginal cost of funds based lending rate (MCLR) by 0.9 per cent from 8.90 per cent to 8...

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Category : Banking | Comments : 0 | Hits : 296

RBI extends period of enhanced Prepaid Payment Instruments limit
Posted Date : 31-Dec-2016 , 06:43:19 pm | Posted By CASANSAAR

Reserve Bank today extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments. RBI said in a notification today that keeping in view that Bank is undertaking a comprehensive review of the guidelines and framework for PPI iss...

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Category : RBI | Comments : 0 | Hits : 152

CBDT plans to act on accounts with huge deposits first
Posted Date : 31-Dec-2016 , 08:35:41 am | Posted By CASANSAAR

As the time-frame to deposit the cash in demonetised Rs 500 and Rs 1,000 notes comes to an end, the Income Tax Department on Friday said that it will have to prioritise and plan the action and is likely to verify accounts with huge deposits first, considering the constraints of a limited manpower co...

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Category : CBDT | Comments : 0 | Hits : 820

Archana Nigam appointed as Controller General of Accounts
Posted Date : 31-Dec-2016 , 08:34:28 am | Posted By CASANSAAR

Archana Nigam will take over as the next Controller General of Accounts in the Department of Expenditure under the Ministry of Finance on January 1, 2017. An Officer of the 1981 batch of the Indian Civil Accounts Service, Nigam has worked in various capacities in a number of ministries in the las...

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Category : CAG | Comments : 0 | Hits : 360

Cash withdrawal limit from ATMs increased to Rs 4,500 per day
Posted Date : 31-Dec-2016 , 08:27:04 am | Posted By CASANSAAR

In a major relief for the common man, Reserve Bank of India (RBI) increased the daily limit of ATM withdrawal to Rs 4500 from current Rs 2500 with effective from January 1, 2017.  RBI in a notification issued has said that there has been no change in the weekly withdrawal limit, which stands...

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Category : Banking | Comments : 0 | Hits : 228

President approves promulgation of Specified Bank Notes Ordinance, 2016
Posted Date : 31-Dec-2016 , 08:26:05 am | Posted By CASANSAAR

President Pranab Mukherjee on Friday gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The Union Cabinet had earlier approved the ordinance. It provides for making holding of old 1,000 and 500 rupee notes after 31st of March next year a o...

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Category : Banking | Comments : 0 | Hits : 222

Demonetisation: Deadline to deposit old notes in banks ends today
Posted Date : 30-Dec-2016 , 08:03:05 am | Posted By CASANSAAR

The 50-day deadline to deposit the old 500 and 1,000 rupee notes in banks comes to an end today, however, people, will still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30....

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Category : Black Money | Comments : 0 | Hits : 169

Income Tax detects Rs 4,172 crore undisclosed income, seizes new note
Posted Date : 29-Dec-2016 , 10:07:09 pm | Posted By CASANSAAR

Over Rs 4,172 crore of un-disclosed income has been detected while new notes worth Rs 105 crore have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. Official source...

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Category : Income Tax | Comments : 0 | Hits : 278

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 : 193

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 : 254

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 : 593

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 : 482

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 : 236

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 : 281

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 : 1434

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 : 385

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 : 364

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 : 196

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 : 353

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 : 171

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 : 837

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 : 399

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 : 335

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 : 176

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 : 379

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 : 489

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