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RBI allows eKYC to use OTP for account opening
Posted Date : 09-Dec-2016 , 08:15:24 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has decided to allow one-time-pin (OTP) based e-KYC (electronic know your customer) for opening bank accounts. “A regulated entity (bank) may provide an option for one-time-pin (OTP) based e-KYC process for on-boarding of customers,” the RBI said in a n...

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Category : RBI | Comments : 0 | Hits : 577

Govt announces several incentives on payments through digital modes
Posted Date : 09-Dec-2016 , 07:56:15 am | Posted By CASANSAAR

Government announced several incentives on payments made through digital modes. Addressing media in New Delhi, Union Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75 percent on diesel and petrol to consumers who pay through digital means. Mr Jaitley also said,...

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Category : Banking | Comments : 0 | Hits : 448

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad
Posted Date : 09-Dec-2016 , 07:32:06 am | Posted By CASANSAAR

Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a few decoy cu...

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Category : Income Tax | Comments : 0 | Hits : 552

Paperless ICAI - Online submission of ICAI Forms
Posted Date : 08-Dec-2016 , 12:40:21 pm | Posted By CASANSAAR

In the series of regulatory forms - Form 6, Form 9, Form 101, Form 103 and Form 117 are currently available in the above links for ease of access of ICAI and its stakeholders. Members can authenticate and submit forms in online and offline mode using Digital Signature. Form 6 (Certificate of Prac...

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Category : ICAI | Comments : 0 | Hits : 1270

Triple talaq is unconstitutional, it violates rights of Muslim women - Allahabad HC
Posted Date : 08-Dec-2016 , 12:27:54 pm | Posted By CASANSAAR

Pronouncing its order on the sensitive issue, the HC said the triple talaq system practice in the Muslim community violates the rights of Muslim women. The court slammed All India Muslim Personal Law Board's stand of supporting triple talaq saying, "No Personal Law Board is above the Con...

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Category : General | Comments : 0 | Hits : 161

Auditors of 50 Bank Branches are under Examination
Posted Date : 08-Dec-2016 , 08:53:14 am | Posted By CASANSAAR

On the heels of allegations of bank officials being involved in largescale money laundering across the country, the Enforcement Directorate is examining the documents of at least 50 bank Branches to determine if there is any truth in the charges. Sources said the banks on the list have seen the l...

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Category : Banking | Comments : 0 | Hits : 4374

Panel suggests relief to private companies and subsidiaries of foreign companies from Auditor rotation
Posted Date : 08-Dec-2016 , 08:38:09 am | Posted By CASANSAAR

The Standing Committee on Finance headed by Veerappa Moily has recommended that “justifiable relief” be extended to private companies and subsidiaries of foreign companies on the “auditor rotation” front. The “justifiable relief” should depend upon their capi...

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Category : Auditing | Comments : 0 | Hits : 734

GST jurisdiction a difficult issue, hopeful of Apr roll-out - FM
Posted Date : 08-Dec-2016 , 08:28:49 am | Posted By CASANSAAR

Pinning hopes on quick resolution of the difficult issue of tax jurisdiction with States, Union Finance Minister Arun Jaitley has said that the Goods and Services Tax (GST) regime will be rolled out from April next year. Addressing the valedictory ceremony of Petrotech 2016 in New Delhi last even...

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Category : GST | Comments : 0 | Hits : 402

PSU banks write off Rs 1.54 lakh crore bad loans
Posted Date : 07-Dec-2016 , 10:07:57 pm | Posted By CASANSAAR

Public sector banks (PSBs) have written off Rs 1.54 lakh crore of bad loans between April 2013 and June 2016, Parliament was informed today. During 2013-14, all PSBs written off Rs 34,409 crore non-performing assets (NPAs). The amount increased further to Rs 49,018 crore in the following year. ...

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Category : NPA | Comments : 0 | Hits : 461

Bombay HC asks RBI to file response to PIL on blind unable to identify notes
Posted Date : 07-Dec-2016 , 10:05:34 pm | Posted By CASANSAAR

The Bombay High Court has asked the Reserve Bank of India (RBI) to file within six weeks its response to a PIL highlighting difficulty faced by blind persons in identifying currency notes and coins in recent years. A division bench headed by Chief Justice Manjula Chellur, hearing a petition filed by...

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Category : Banking | Comments : 0 | Hits : 119

Axis Bank suspends 19 officials; Hires KPMG for forensic audit
Posted Date : 06-Dec-2016 , 09:58:01 pm | Posted By CASANSAAR

Axis Bank on Tuesday said it has suspended its 19 officials allegedly involved in illegal activity post demonetisation. Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strength...

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Category : Banking | Comments : 0 | Hits : 933

Justice JS Khehar to be next Chief Justice of India
Posted Date : 06-Dec-2016 , 09:54:19 pm | Posted By CASANSAAR

Justice Khehar, who will be sworn in on January 4, will hold the tenure for over seven months till August 27, 2017. Justice Jagdish Singh Khehar, who led the five-judge constitution bench in the Supreme Court which had struck down the controversial NJAC Act for appointment of judges, was on Tuesd...

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Category : General | Comments : 0 | Hits : 200

Expert panel on audit firms gets more time to submit report
Posted Date : 06-Dec-2016 , 09:07:58 am | Posted By CASANSAAR

A government appointed three-member panel looking into various issues related to audit firms has been given more time till January 15 to submit its report.  The group, headed by TERI Chairman Ashok Chawla, was set up by the Corporate Affairs Ministry in September following representations fr...

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Category : Auditing | Comments : 0 | Hits : 458

Government departments to make all payments above Rs 5000 electronically
Posted Date : 06-Dec-2016 , 08:59:35 am | Posted By CASANSAAR

The Finance Ministry on Monday said any payment by government departments or ministries above Rs 5,000 should be made electronically, lowering the threshold limit from Rs 10,000. This move is intended to bring about a complete digitisation of payments, the ministry said in a statement. All the...

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Category : Banking | Comments : 0 | Hits : 379

US fines Deloitte record $8mn over audit fraud in Brazil
Posted Date : 06-Dec-2016 , 08:38:13 am | Posted By CASANSAAR

A US accounting watchdog hit Deloitte's Brazil division with a record USD 8 million fine for issuing false audits of a US-traded Brazilian airline and then doctoring papers to thwart an investigation, the agency said.  Brazil-based Deloitte Touche Tohmatsu Auditores Independentes "k...

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Category : Auditing | Comments : 0 | Hits : 751

ED arrests 2 bank managers for money laundering
Posted Date : 06-Dec-2016 , 08:17:05 am | Posted By CASANSAAR

The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said. “Banks have been advised to stop activity in eleven accounts,” the ED add...

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Category : Banking | Comments : 0 | Hits : 425

ISA-AT application forms date extended upto 10th Dec. 2016 - ICAI
Posted Date : 05-Dec-2016 , 09:42:46 pm | Posted By CASANSAAR

5th December 2016 Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016. It has been decided that the last date for submission of application forms for ISA-AT scheduled to be held on 24th December 2016 has b...

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Category : ICAI | Comments : 0 | Hits : 300

Govt nudges shopkeepers to accept card payments
Posted Date : 05-Dec-2016 , 09:37:26 pm | Posted By CASANSAAR

As part of its efforts to promote digital payments after demonetising old high value notes, the government today nudged shop owners to use debit cards, saying it will reduce cash handling costs while digital transaction records will help them seek more funds from banks. Merchants will benefit by ...

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Category : Banking | Comments : 0 | Hits : 184

Verification of High Value Suspicious Declarations made under the IDS 2016
Posted Date : 05-Dec-2016 , 08:43:41 am | Posted By CASANSAAR

An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent (45%) of the declared amount as tax, surcharge and penalty. The scheme closed on 30th September,2016. On 1st Octob...

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Category : Black Money | Comments : 0 | Hits : 337

Income Tax department rejects black money disclosures of over Rs 2 lakh crore
Posted Date : 04-Dec-2016 , 11:06:25 pm | Posted By CASANSAAR

The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind th...

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Category : Income Tax | Comments : 0 | Hits : 460

Depositing black money in banks will not make it white - FM
Posted Date : 03-Dec-2016 , 08:49:23 pm | Posted By CASANSAAR

What can be termed as veiled warning to the black money hoarders, Finance Minister Arun Jaitley said that just merely by depositing black money in the bank accounts, one must not think that it has been converted to white as taxes are still to be paid on the unaccounted cash. Jaitley said, “...

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Category : Banking | Comments : 0 | Hits : 480

No consensus at GST Council, Next Meet on December 11-12
Posted Date : 03-Dec-2016 , 08:35:34 pm | Posted By CASANSAAR

For the third time in one month, the GST Council on Saturday failed to break deadlock over control of assessees under the new indirect tax regime, an issue that has been holding up supporting bills essential for the GST rollout from April 1 next year. The Council, headed by Finance Minister Arun ...

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Category : GST | Comments : 0 | Hits : 229

Government intends to implement GST by 1st April next year - FM
Posted Date : 03-Dec-2016 , 07:39:22 am | Posted By CASANSAAR

The Two Days Goods and Services Tax,GST Council meeting is underway in New Delhi. It will dwell on the issue of jurisdiction over assesees and draft model laws for implementation of the GST regime from April next year. The meeting is being chaired by Finance Minister Arun Jaitley. The GST Council...

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Category : GST | Comments : 0 | Hits : 551

Businessman declares Rs 13680 crore under disclosure scheme, goes missing
Posted Date : 02-Dec-2016 , 11:03:46 pm | Posted By CASANSAAR

A property dealer who approached the Income Tax department with a disclosure of a whopping Rs 13,680 crore minutes before the voluntary declaration scheme lapsed on September 30 has now gone missing, according to his chartered accountant. Mahesh Shah, 67, originally hails from Ahmedabad but has b...

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Category : Income Tax | Comments : 0 | Hits : 1544

ICAI invites suggestions on revised Model GST Law
Posted Date : 02-Dec-2016 , 10:40:23 pm | Posted By CASANSAAR

Your feedback / concerns and suggestions received on Model GST Law were communicated and as can be seen many amendments are due to the suggestions made by us. CBEC has now released revised draft Model GST Law in the public domain. The same can be viewed at the below link: http://idtc-icai.s3.amaz...

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Category : ICAI | Comments : 0 | Hits : 424

Govt suspends 27 public sector bank officials over ‘illegal’ transactions
Posted Date : 02-Dec-2016 , 09:59:29 pm | Posted By CASANSAAR

The union Ministry of Finance has suspended 27 officials of public sector banks and transferred six to non-sensitive positions over allegations of illegal transactions as the central government continues to plug holes after its announcement to invalidate old high-value banknotes of Rs 500 and Rs 100...

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Category : Banking | Comments : 0 | Hits : 625

Constitutional compulsion to roll out GST from Sep next - FM
Posted Date : 02-Dec-2016 , 05:51:27 pm | Posted By CASANSAAR

Citing constitutional compulsion, Finance Minister Arun Jaitley today sought to drive home the point that the Goods and Services Tax has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country without revenu...

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Category : GST | Comments : 0 | Hits : 303

RBI cautions against fake notifications on social media
Posted Date : 02-Dec-2016 , 08:32:01 am | Posted By CASANSAAR

In view of the numerous notifications being issued by the RBI post the November 8 demonetisation measure, India's central bank on Thursday cautioned people on fake instructions being published in its name by "unscrupulous elementson" over social media. "It has been reported t...

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Category : RBI | Comments : 0 | Hits : 827

NIRC Premier League 2016 - Match Result & Points Table
Posted Date : 01-Dec-2016 , 04:53:30 pm | Posted By CASANSAAR

NIRC Premier League 2016 - Points Table & Every Match Result. Total 24 Teams are playing in NIRC Premier League. 6 Groups has been formed, Every Team will play 3 matches in each Group.  Quarter Final will be in Top 6 Team from Each Group & 2 Top Teams as per NRR. Every Team had pl...

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Category : General | Comments : 0 | Hits : 768

No tax on ancestral jewellery, purchase from disclosed income
Posted Date : 01-Dec-2016 , 04:31:25 pm | Posted By CASANSAAR

Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the  government said today. The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up t...

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Category : Income Tax | Comments : 0 | Hits : 769

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