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Banks Board Bureau recommends new appointments for SBI, IOB, Central Bank of India
Posted Date : 01-Jun-2020 , 10:28:01 am | Posted By CASANSAAR

The Banks Board Bureau (BBB) has recommended the elevation of Ashwani Bhatia as Managing Director of State Bank of India. The Bureau also recommended the appointment of Matam Venkat Rao and PP Sengupta as MD & CEO of Central Bank of India and Indian Overseas Bank, respectively.   T...

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Category : Banking | Comments : 0 | Hits : 343

RBI imposes Rs 4 Cr penalty on Citibank
Posted Date : 30-May-2020 , 10:31:56 am | Posted By CASANSAAR

The Reserve Bank has imposed a penalty of Rs 4 crore on Citibank for non-compliance with various regulatory norms and directions of the central bank. In a release, RBI said the penalty has been imposed on Citibank N A for contravention of certain sections of the Banking Regulation Act and for non...

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Category : RBI | Comments : 0 | Hits : 202

Madras High Court issues notices to Franklin Templeton MF, SEBI
Posted Date : 30-May-2020 , 10:29:08 am | Posted By CASANSAAR

Notices have been issued to crisis-hit Franklin Templeton Mutual Fund and Sebi by the Madras High Court after a petition was filed by an investors group to safeguard nearly Rs 28,000 crore of investors' money stuck in six schemes shut down by the fund house, according to a statement. The inve...

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Category : SEBI | Comments : 0 | Hits : 96

Reserve Bank of India imposes Rs 6.50 Cr penalty on 3 banks
Posted Date : 29-May-2020 , 10:47:46 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Thursday imposed a penalty of Rs 6.50 crore on Karnataka Bank, Bank of India and Saraswat Co-operative Bank for non-compliance with central bank's Income Recognition and Asset Classification norms. It fined Rs 5 crore on Bank of India, while it charged Rs 1....

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Category : RBI | Comments : 0 | Hits : 543

FM launches facility of Instant PAN through Aadhaar based e-KYC
Posted Date : 29-May-2020 , 10:44:20 am | Posted By CASANSAAR

In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess ...

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Category : PAN | Comments : 0 | Hits : 888

Govt notifies Rs 3 lakh crore MSME credit guarantee scheme
Posted Date : 28-May-2020 , 08:49:46 am | Posted By CASANSAAR

The government on May 26 notified the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme for Medium, Small and Micro Enterprises (MSMEs) under the Atma Nirbhar Bharat Abhiyan to help them tide over the economic distress being faced due to the COVID-19 pandemic. Under this scheme, MSMEs borrow...

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Category : General | Comments : 0 | Hits : 336

MCA allows CSR Contributions towards PM CARES Fund
Posted Date : 28-May-2020 , 08:45:18 am | Posted By CASANSAAR

The government has made the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) eligible to receive contributions from corporate social responsibility (CSR) corpuses of corporates. The Ministry of Corporate Affairs (MCA) has allowed the CSR contributi...

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Category : MCA | Comments : 0 | Hits : 90

Principal Income Tax commissioner commits suicide in Delhi.
Posted Date : 28-May-2020 , 08:39:24 am | Posted By CASANSAAR

A principal tax commissioner posted at the income tax office has committed suicide at his residence in Bapu Dham, Chanakyapuri. He was found hanging in his bedroom using a bed sheet. A suicide note has been found from his room. The man Keshav Saxena (57) was found hanging in his room by his wife ...

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Category : Income Tax | Comments : 0 | Hits : 1586

Retailers, small businesses not registered as MSMEs eligible for emergency credit
Posted Date : 27-May-2020 , 10:52:50 am | Posted By CASANSAAR

The Rs 3 lakh crore emergency credit borrowing scheme for Micro, Small and Medium Enterprises (MSMEs) announced by the govt on May 12 will also cover retailers and other businesses. Retail businesses devastated by the 62-day lockdown have been declared eligible for the scheme, although they are n...

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Category : Income Tax | Comments : 0 | Hits : 684

NCLAT sets aside NCLT order on making MCA party in all IBC cases
Posted Date : 26-May-2020 , 10:05:14 am | Posted By CASANSAAR

In a relief to the Ministry of Corporate Affairs (MCA), the National Company Law Appellate Tribunal (NCLAT) set aside an order of the Principal Bench of the National Company Law Tribunal (NCLT) which had directed that the MCA be made a party in all cases filed under the Section 7, 9, and 10 of the I...

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Category : MCA | Comments : 0 | Hits : 510

CBIC clears GST refund claims of Rs 11,052 Cr since April 8
Posted Date : 26-May-2020 , 10:03:27 am | Posted By CASANSAAR

The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown". The tweet added that 29,230 ...

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Category : GST | Comments : 0 | Hits : 411

Extend loan automatically to all eligible borrowers without fear of 3Cs - FM
Posted Date : 24-May-2020 , 08:23:34 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs -- CBI, CVC and CAG. She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on F...

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Category : Finance | Comments : 0 | Hits : 600

French BPO firm Teleperformance terminates 3,000 employees in India
Posted Date : 23-May-2020 , 09:58:43 am | Posted By CASANSAAR

French business process outsourcing firm Teleperformance has laid off hundreds of employees in India as its business took a hit at the back of COVID-19. Harpreet Saluja, Founder & General Secretary - National Information Technology Employees Senate (NITES), has said that Teleperformance emplo...

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Category : General | Comments : 0 | Hits : 1022

Income Tax dept issues refunds of Rs 26,242 crore since April
Posted Date : 23-May-2020 , 09:49:26 am | Posted By CASANSAAR

The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis. The Central Board of Direct Taxes (CBDT) said 16,84,298...

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Category : Income Tax | Comments : 0 | Hits : 250

Supreme Court seeks Centre’s response in plea to ban use of Zoom app
Posted Date : 23-May-2020 , 09:41:26 am | Posted By CASANSAAR

The Supreme Court (SC) on Friday sought the response of the central government in a plea seeking a ban on the use of Zoom software application, citing privacy and security concerns. Zoom app, which is owned by the US-headquartered company, Zoom Video Communications, enables video conferences and ...

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Category : General | Comments : 0 | Hits : 531

RBI cuts repo rate, extends moratorium on term loans by 3 months
Posted Date : 22-May-2020 , 10:46:38 am | Posted By CASANSAAR

RBI  announced that it has decided to cut the repo rate cut by 40 basis points from 4.4 per cent to 4 per cent, adding that the reverse repo rate has been reduced to 3.35 per cent. Addressing his third press conference in less than two months, RBI Governor Shaktikanta Das said that the GDP g...

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Category : RBI | Comments : 0 | Hits : 867

US Senate passes bill to delist Chinese companies from exchanges
Posted Date : 22-May-2020 , 09:44:09 am | Posted By CASANSAAR

The Senate overwhelmingly approved legislation on Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd and Baidu Inc being barred from listing on US stock exchanges amid increasingly tense relations between the world’s two largest economies. The bill, introduced ...

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Category : International Business | Comments : 0 | Hits : 163

MCA extends expiration of names reserved for company incorporation
Posted Date : 22-May-2020 , 09:38:15 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) further extended the expiration of names reserved for company incorporation by 20 days from May 31 for those reserved names that were expiring between May 15-31. Similarly, the expiration of names reserved for change of name by existing companies was extend...

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Category : MCA | Comments : 0 | Hits : 127

Cabinet approves additional funding of up to Rs. 3 Lakh Cr through introduction of ECLGS
Posted Date : 21-May-2020 , 10:18:46 am | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given the following approvals: To enable additional funding of up to Rs. three lakh crore to eligible MSMEs and interested MUDRA borrowers by way of "Emergency Credit Line Guarantee Scheme." Under the Sch...

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Category : Finance | Comments : 0 | Hits : 881

57% investors say Big-4 Auditors have no credibility - IiAS survey
Posted Date : 21-May-2020 , 10:14:42 am | Posted By CASANSAAR

In more troubles for the auditing fraternity, an investor survey has found that 57 percent large investors and sell-side analysts do not have any faith in the Big-4 audit firms as they have lost credibility. According to a survey by Institutional Investor Advisory Services of 63 large investors a...

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Category : Auditing | Comments : 0 | Hits : 1428

Cabinet approves Special Liquidity Scheme for NBFCs/HFCs to address their Liquidity Stress
Posted Date : 21-May-2020 , 09:30:55 am | Posted By CASANSAAR

  The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity po...

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Category : Finance | Comments : 0 | Hits : 72

Centre reduces EPFO contributions from 12 per cent to 10 per cent from May to July this year
Posted Date : 20-May-2020 , 09:28:51 am | Posted By CASANSAAR

The Centre has notified the reduction in statutory rate of contributions from 12 per cent  to 10 per cent for wage months period from May to  July, 2020 for all class of establishments covered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 . Earlier,the govern...

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Category : General | Comments : 0 | Hits : 499

MHA withdraws order directing companies to pay full wages to employees during lockdown
Posted Date : 19-May-2020 , 09:57:02 am | Posted By CASANSAAR

The Government has withdrawn its order directing companies and commercial units to pay full wages to workers even when they are not in operation during the Covid-19-induced nationwide lockdown, which began on March 25. The lockdown, imposed to prevent the spread of the novel coronavirus, entered ...

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Category : General | Comments : 0 | Hits : 3078

NFRA begins DHFL Audit, asks for FY18 documents
Posted Date : 19-May-2020 , 09:52:14 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has started an audit of Dewan Housing Finance Corp. Ltd (DHFL) and has reached out to the company’s administrator for documents, a person aware of the development said. According to the person quoted above, the NFRA, an independent regulator...

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Category : NFRA | Comments : 0 | Hits : 766

ICSI begins free online crash course for CS exam 2020 to be held in July
Posted Date : 19-May-2020 , 09:30:47 am | Posted By CASANSAAR

The Institute of Company Secretaries of India (ICSI) has started free online crash course for students who have enrolled for CS July 2020 examination. The crash course has been organised under ICSI e-VIDHYA VAHINI programme. The online classes are being conducted for Foundation, Executive and Pro...

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Category : ICSI | Comments : 0 | Hits : 2213

Govt allows Indian public companies to directly list shares overseas
Posted Date : 18-May-2020 , 09:02:26 am | Posted By CASANSAAR

To improve ease of doing business, the government on Sunday announced allowing Indian public companies to directly list their shares overseas. Also, private companies that list their debentures on stock exchanges will now not be regarded as listed firms. The move will help Indian companies get ac...

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Category : Shares & Stock | Comments : 0 | Hits : 689

FM announces fifth and final tranche of Atma Nirbhar Bharat Package; Outlines reforms in seven areas
Posted Date : 18-May-2020 , 08:48:39 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman yesterday unveiled the fifth and final tranche of financial stimulus and policy measures to help build a self-reliant India under the Atma Nirbhar Bharat Campaign.  Prime Minister Narendra Modi had on Tuesday in his address to the nation announced a special e...

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Category : General | Comments : 0 | Hits : 377

SC notice to Centre, RBI for clarity on moratorium
Posted Date : 16-May-2020 , 08:09:49 am | Posted By CASANSAAR

The Supreme Court on Friday issued notices to the Union government and Reserve Bank of India (RBI) in a plea by an association of property developers seeking clarification on the central bank’s circular allowing a three-month moratorium on loan repayments. The apex court has sought a respon...

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Category : Finance | Comments : 0 | Hits : 273

SC says no action against employers who don't pay full wages during lockdown
Posted Date : 15-May-2020 , 08:13:16 pm | Posted By CASANSAAR

The Supreme Court on Friday asked authorities not to take coercive action against firms which could not comply with the union home ministry's order asking employers to pay full wages to their workers during the lockdown over the COVID-19 pandemic An apex court bench of Justices N V Ramana, Sa...

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Category : General | Comments : 0 | Hits : 2629

Govt circulates draft details of loan scheme for MSMEs
Posted Date : 15-May-2020 , 08:36:53 am | Posted By CASANSAAR

The draft circular sent by the finance ministry to banks, detailing the implementation of collateral-free automatic loans for businesses, including micro, small and medium enterprises (MSMEs), says banks can charge up to 9.25% interest, said a senior banker, requesting anonymity. The scheme was part...

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Category : Finance | Comments : 0 | Hits : 613

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