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Parliament passes Payment of Gratuity Bill
Posted Date : 22-Mar-2018 , 07:30:33 am | Posted By CASANSAAR

Parliament gave its seal of approval to the Payment of Gratuity (Amendment) Bill, 2018 with the Rajya Sabha adopting it today. The bill was passed by voice vote during Zero Hour without discussion. The Lok Sabha had already passed the bill last week. Moving the Bill, Labour Minister Santosh Kumar...

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Category : General | Comments : 0 | Hits : 440

Bank Branch Audit 2018 - Update on allotment of Branches
Posted Date : 22-Mar-2018 , 12:10:10 am | Posted By CASANSAAR

Bank Branch Audit 2018 - Update on allotment of Branches   As per information received, Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval.  Plz check your email on regular basis.  If you have any update regard...

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Category : Bank Branch Audit | Comments : 2 | Hits : 13218

RBI asks PSB auditors to step up vigil, spot SCAMS
Posted Date : 21-Mar-2018 , 09:22:58 pm | Posted By CASANSAAR

Battling with frauds and dodgy borrowers, the Reserve Bank of India (RBI) has asked auditors of state-owned banks to watch out for unrealistic cash-flow projections that corporates often make to obtain new loans or rejig old loans to buy time. The regulator, at a meeting last week, also told them to...

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Category : RBI | Comments : 1 | Hits : 709

Punjab waives its share of GST on langar at key shrines
Posted Date : 21-Mar-2018 , 09:16:33 pm | Posted By CASANSAAR

Chief minister Amarinder Singh on Wednesday announced waiver of the state government’s 50% share in the Goods and Services Tax (GST) on community kitchen (langar) at Golden Temple, Durgiana Temple, Bhagwan Valmiki Tirath and key shrines of the other communities. The Punjab assembly also una...

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Category : GST | Comments : 1 | Hits : 207

Government sets up task force to draft new Direct Tax Law
Posted Date : 21-Mar-2018 , 09:02:57 pm | Posted By CASANSAAR

Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.  Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...

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Category : Income Tax | Comments : 0 | Hits : 388

IBBI nvites comments on the Draft Syllabus of Limited Insolvency Examination.
Posted Date : 21-Mar-2018 , 07:51:57 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the four key pillars of the insolvency regime, other three being the Adjudicating Authority, the Insolvency and Bankruptcy Board of ...

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Category : Insolvent Professional | Comments : 0 | Hits : 207

Delhi HC issues notice to Raja, Kanimozhi on ED, CBI appeal in 2G scam case
Posted Date : 21-Mar-2018 , 02:06:59 am | Posted By CASANSAAR

The Delhi High Court today issued a notice to former Telecom Minister A Raja, DMK MP Kanimozhi and others on the Enforcement Directorate, ED's plea challenging their acquittal in a money laundering case arising out of the 2G spectrum allocation scam. Justice SP Garg issued another notice to t...

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Category : General | Comments : 0 | Hits : 181

Banking Regulation Act doesn’t wholly apply to SBI, other PSBs & Regional rural banks: RBI official
Posted Date : 19-Mar-2018 , 10:55:13 pm | Posted By CASANSAAR

The law that regulates and supervises banking companies in India does not wholly apply to State Bank of India (SBI), other government-owned lenders and regional rural banks (RRBs), a senior Reserve Bank of India (RBI) official told ET.  This follows RBI governor Urjit Patel’s March 14 ...

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Category : RBI | Comments : 0 | Hits : 404

Bank unions demand JPC probe into PNB fraud case
Posted Date : 19-Mar-2018 , 09:25:05 pm | Posted By CASANSAAR

Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI). "We are demanding a detailed JPC probe into the rec...

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Category : Income Tax | Comments : 0 | Hits : 225

CBEC to verify GST transitional credit claims of 50000 taxpayers
Posted Date : 19-Mar-2018 , 08:42:33 pm | Posted By CASANSAAR

In order to check "frivolous and fraudulent" tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh.  The verification of "unreasonable&...

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Category : GST | Comments : 0 | Hits : 226

Bank Branch Statutory Audit Updates
Posted Date : 19-Mar-2018 , 10:02:58 am | Posted By CASANSAAR

Bank Branch Statutory Audit Updates Panel of Statutory Bank auditors received by various banks. As Per reliable sources, Some Banks are using Software for allotment proess. Following Banks has start sending mails for Bank Branch Audit:- Corporation Bank Canara Bank Syndicate Bank Indian ...

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Category : Bank Branch Audit | Comments : 30 | Hits : 54357

HC seeks govt response on plea challenging a GST rule
Posted Date : 18-Mar-2018 , 09:13:01 pm | Posted By CASANSAAR

The Delhi High Court has sought response of the Centre and the Goods and Services Tax (GST) Council on a Bajaj Auto dealer's plea challenging constitutionality of a GST rule which provides a time line for filing the form to claim input tax credit.  A bench of justices S Ravindra Bhat and...

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Category : GST | Comments : 0 | Hits : 477

Only 16% of initial GST returns filed for July-Dec matched with final returns
Posted Date : 18-Mar-2018 , 10:53:53 am | Posted By CASANSAAR

With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion. According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between ...

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Category : GST | Comments : 0 | Hits : 825

Rs 11,300 crore lying unclaimed with 64 banks - RBI
Posted Date : 18-Mar-2018 , 10:50:34 am | Posted By CASANSAAR

As much as Rs 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks, data from the Reserve Bank of India has revealed. The largest amount — Rs 1,262 crore — is lying with the State Bank of India, Rs 1,250 crore with PNB, while all other nationalis...

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Category : RBI | Comments : 0 | Hits : 449

Prosecutions filed against auditor after inspecting DDCA books - Govt
Posted Date : 16-Mar-2018 , 08:47:10 pm | Posted By CASANSAAR

The corporate affairs ministry said an inspection was conducted on functioning of Delhi and District Cricket Association (DDCA) and prosecutions were filed against the auditor. In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had receive...

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Category : Auditing | Comments : 2 | Hits : 1647

Indian GST is one of the most complex tax systems in the World - World Bank
Posted Date : 16-Mar-2018 , 08:38:43 pm | Posted By CASANSAAR

The Indian Goods and Services Tax (GST) system is among the most complex in the world with not only one of the highest tax rates but also one of the largest number of tax slabs, the World Bank has said. It added that India has the highest standard GST rate in Asia, and second highest in the world...

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Category : GST | Comments : 0 | Hits : 578

107 companies and 7 LLPs under SFIO scanner in PNB fraud case
Posted Date : 16-Mar-2018 , 08:30:47 pm | Posted By CASANSAAR

The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008 on 17.02.2018 belonging to Mr Nirav Modi (Firestar Diamond group) and Mr Mehul...

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Category : Banking | Comments : 0 | Hits : 529

Over 1,700 card, net banking-related frauds reported in 2017
Posted Date : 16-Mar-2018 , 08:29:15 pm | Posted By CASANSAAR

Over 1,700 cases of fraud related to credit/debit card and Internet banking with the extent of losses touching Rs 71.48 crore were reported in 2017, Parliament was informed today. A total of 1,785 cases related to credit/debit card and Internet banking for amounts involving Rs 1 lakh and more wer...

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Category : Banking | Comments : 0 | Hits : 350

RBI issues PCA framework to maintain sound financial health of banks
Posted Date : 16-Mar-2018 , 08:26:56 pm | Posted By CASANSAAR

RBI has issued a Prompt Corrective Action (PCA) framework to maintain sound financial health of banks.  In a written reply to a question in the Lok Sabha today, Minister of State for Finance Shiv Pratap Shukla said, it facilitates banks in breach of risk thresholds for identified areas of mo...

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Category : RBI | Comments : 0 | Hits : 437

Changes in the Finance Bill that will affect your Money Matters
Posted Date : 16-Mar-2018 , 12:16:13 am | Posted By CASANSAAR

The Lok Sabha passed the Finance Bill 2018 and the Appropriation Bill on Wednesday and it is scheduled to become law by April 1 once President Ram Nath Kovind signs off on it. The finance minister, Arun Jaitley, moved 21 amendments to the Bill, which contains taxation proposals for 2018-19. Once thi...

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Category : Finance Bill | Comments : 0 | Hits : 711

Stringent Action Against Adoption of Unfair Means - ICAI
Posted Date : 15-Mar-2018 , 09:46:31 pm | Posted By CASANSAAR

Cases of adoption/attempt to adopt unfair means are reported in respect of the examinations held every time. In respect of the Examinations held in November 2017, over 90 cases of infringement/ violation of Instructions to Examinees, which tantamounts to adoption of unfair means, were reported. The ...

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Category : ICAI | Comments : 0 | Hits : 380

RBI guv Urjit Patel calls for more powers over state-run banks
Posted Date : 14-Mar-2018 , 11:31:29 pm | Posted By CASANSAAR

RBI Governor Urjit Patel has sought more powers to deal with frauds at public sector banks (PSBs) such as PNB scam. Speaking at Gujarat National Law University Gandhinagar yesterday, he said RBI's power over public sector banks are weaker than the private sector banks.  Referring to the ...

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Category : RBI | Comments : 0 | Hits : 420

Finance Bill passed in Lok Sabha amid protest by Opposition
Posted Date : 14-Mar-2018 , 04:21:37 am | Posted By CASANSAAR

The Lok Sabha on Wednesday passed Finance Bill approving the budget for the fiscal year beginning April 1. Applying the guillotine process, the Bill was passed without any discussion as the opposition continued to disrupt the proceedings for the eighth day. The guillotine process allows for a vot...

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Category : Finance | Comments : 0 | Hits : 356

Foreign lawyers, firms cannot practice law in India - Supreme Court
Posted Date : 13-Mar-2018 , 08:50:51 pm | Posted By CASANSAAR

Foreign lawyers cannot carry out any litigation or non-litigation work in India on a permanent basis, the Supreme Court held in a ruling, which also gives the Bar Council of India (BCI) regulatory control over overseas legal professionals even if they are in the country on temporary assignments.&nbs...

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Category : General | Comments : 0 | Hits : 321

Division of assesses under GSTN
Posted Date : 13-Mar-2018 , 08:38:30 pm | Posted By CASANSAAR

The division of assesses between Centre and State is decided by the Centre and State Governments. GSTN got an application developed using which Central and State tax authorities have uploaded the data on allocation of migrated taxpayers in the GST System database. As on 8th March, 2018 data on divis...

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Category : GST | Comments : 0 | Hits : 527

Resolution professional doesn’t require nod of shareholders/members for insolvency resolution
Posted Date : 13-Mar-2018 , 08:35:36 pm | Posted By CASANSAAR

Ministry vide its circular no. IBC/01/2017 dated 25.10.2017 clarified that Section 30 and 31 of the Code provide a detailed procedure from the time of receipt of resolution plan by the resolution professional to its approval by the Adjudicating Authority and there is no requirement for obtaining app...

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Category : Insolvent Professional | Comments : 0 | Hits : 297

RBI discontinues Letters of Undertaking, Letters of Comfort for trade credit
Posted Date : 13-Mar-2018 , 08:33:09 pm | Posted By CASANSAAR

The Reserve Bank of India today discontinued Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits.  The RBI, in a circular, said it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category -I banks...

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Category : RBI | Comments : 0 | Hits : 386

Govt asks banks to name and shame wilful defaulters
Posted Date : 13-Mar-2018 , 08:31:13 pm | Posted By CASANSAAR

Tightening the noose around wilful defaulters, the government has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers. According to PTI, the finance ministry has written a letter to all state-run banks directing them to take board...

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Category : Banking | Comments : 0 | Hits : 625

SC indefinitely extends March 31 deadline for mandatory Aadhaar linking
Posted Date : 13-Mar-2018 , 06:24:17 am | Posted By CASANSAAR

The Supreme Court has ruled that for now, citizens do not have to link their Aadhaar numbers to a range of services including bank accounts and mobile phones. The top court said that a biometric ID is mandatory for accessing social welfare schemes and subsidies, but till it decides on whether the go...

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Category : General | Comments : 0 | Hits : 1368

SBI slashes minimum balance charges by up to 75%
Posted Date : 13-Mar-2018 , 05:17:03 am | Posted By CASANSAAR

State Bank of India, SBI has cut down the charges for non-maintenance of average minimum balance in its savings accounts by up to 75 per cent.  The new charges, which will benefit about 25 crore bank customers, comes into effect from 1st of next month.  The bank said in a release tha...

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Category : Banking | Comments : 0 | Hits : 498

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