RBI to announce second bi-monthly monetary policy today
Posted Date : 06-Jun-2019 , 09:14:24 am | Posted By CASANSAAR
Reserve Bank of India will announce its second bi-monthly monetary policy for current fiscal year in Mumbai this morning.
The three day meeting of the monetary policy committee (MPC) began on Tuesday amid expectations of a third straight rate cut of 25 basis points.
The key lending...
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RBI |
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SC allows SFIO to reopen and recast IL&FS accounts for last five years
Posted Date : 05-Jun-2019 , 09:46:59 am | Posted By CASANSAAR
The Supreme Court on Tuesday allowed the Serious Fraud Investigation Office (SFIO) to reopen and recast the accounts of Infrastructure Leasing & Financial Services (IL&FS) and two of its key subsidiaries of five years starting 2012-13 (FY13). The order came on a plea moved by the Ministry of...
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ITR |
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Clarifications on filing of Annual Return (FORM GSTR-9)
Posted Date : 05-Jun-2019 , 09:37:28 am | Posted By CASANSAAR
The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows:
Information contained in FORM GSTR-2A as on 01.05.20...
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GST |
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RBI releases report on Benchmarking India's Payment Systems
Posted Date : 05-Jun-2019 , 09:35:16 am | Posted By CASANSAAR
The report on 'Benchmarking India's Payment Systems’ which was released on Tuesday mentions that the country is "strong" in areas like having necessary laws and cash in circulation per capita.
The report provides a comparative position of the payment system ecosystem in In...
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RBI |
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CBDT extends deadline for employers to issue Form 16 till July 10
Posted Date : 05-Jun-2019 , 09:33:51 am | Posted By CASANSAAR
CBDT has extended the deadline for employers to issue Form 16 TDS (Tax Deducted at Source) certificate for the financial year 2018-19 to its employees by 25 days till 10 of next month. Earlier the last date was the 15th of June. The due date of filing of TDS statement by employers to the Income Tax ...
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CBDT |
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Requirement of Mentioning UDIN while Signing Audit Reports - ICAI
Posted Date : 05-Jun-2019 , 09:29:30 am | Posted By CASANSAAR
Announcement for Attention of the Members
Requirement of Mentioning UDIN while Signing Audit Reports
1. The members may be aware that “Unique Document Identification Number (UDIN)” has been made mandatory as per the Council decision taken at it...
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ICAI |
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RBI bars EY member firm S.R.Batliboi from Auditing banks for a year
Posted Date : 04-Jun-2019 , 09:49:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said it has barred audit firm S.R.Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year starting 1 April 2019, citing lapses in a statutory audit.
The central bank said the action was initiated on account of the laps...
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RBI |
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MCA examining pre-packaged insolvency solutions to cut delay under IBC
Posted Date : 04-Jun-2019 , 09:46:21 am | Posted By CASANSAAR
Prepackaged insolvency resolution, allowing creditors and shareholders with a pre-negotiated corporate reorganisation plan to approach NCLT, may be taken forward by the government as a key route in the time to come.
Sources said "this will aid the existing framework and cut costs and t...
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Insolvent Professional |
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Govt issues notices to tax evaders on ITR, GST mismatch
Posted Date : 04-Jun-2019 , 09:44:04 am | Posted By CASANSAAR
First time government is matching income tax and GST returns. The initial findings have reported the overstatement of GST claims and understatement of income in the ITRs, as per officials. The recent Supreme Court judgement has also made it tough for these entities by refusing to allow protection to...
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GST |
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RBI modifies large exposures framework for bank
Posted Date : 04-Jun-2019 , 09:37:58 am | Posted By CASANSAAR
The Reserve Bank of India June 3 modified the guidelines on large exposures for banks with a view to reduce concentration of risk and align them with the global norms.
The modified 'Large Exposures Framework' (LEF) provides exclusion of entities connected with the sovereign from definitio...
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RBI |
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MCA moves NCLT against Deloitte, BSR over fraud at IL&FS subsidiary
Posted Date : 03-Jun-2019 , 08:24:45 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has launched a prosecution against Deloitte Haskins and Sells as well as BSR and Associates LLP and their former auditors for their role in “perpetuating the fraud” at IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS...
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MCA |
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GST revenue collection crosses Rs one lakh cr in May
Posted Date : 03-Jun-2019 , 08:14:36 am | Posted By CASANSAAR
The GST revenue collection has crossed one lakh crore rupees in May this year, which is a growth of 6.67 per cent over the revenue collected in the same month last year.
The GST collected during last month was one lakh 289 crore rupees as compared to over 94 thousand crore rupees in the same peri...
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GST |
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FM Nirmala Sitharaman to present her first Union Budget on 5 July
Posted Date : 01-Jun-2019 , 07:55:14 am | Posted By CASANSAAR
The new Finance Minister Nirmala Sitharaman will present her first Union Budget (for FY20) on 5 July, the government decided on Friday.
A day before the Union Budget, Sitharaman will table in Parliament the Economic Survey 2018-19 authored by chief economic adviser Krishnamurthy Subramaniam and h...
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Budget |
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Parliament Session to be held from June 17 to July 26
Posted Date : 01-Jun-2019 , 07:53:33 am | Posted By CASANSAAR
While the newly elected 17th Lok Sabha will meet on 17th June, the Rajya Sabha will have its sitting on 20th June onwards.
Briefing reporters after the cabinet meeting, Information and Broadcasting Minister Prakash Javdekar said, the session will continue till 26th of July.
T...
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General |
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MCA begins work to bar 9 Auditors, Audit Partners
Posted Date : 01-Jun-2019 , 07:50:28 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has authorised its regional unit to initiate proceedings against nine auditors and audit partners including BSR Co. and Deloitte Haskins & Sells (DHS) and bar them after they were charged with colluding with the management of IL&FS Financial Services and fra...
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MCA |
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Smt. Nirmala Sitharaman takes charge as the Union Minister of Finance & Corporate Affairs
Posted Date : 01-Jun-2019 , 07:38:00 am | Posted By CASANSAAR
Smt. Nirmala Sitharaman assumed charge as the Union Minister of Finance & Corporate Affairs here today. She was greeted at the office in North Block by Minister of State for Finance & Corporate Affairs designate, Shri Anurag Singh Thakur, Finance Secretary Shri Subhash Chandra Garg and...
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Finance |
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Shri Anurag Thakur takes charge as Minister of State for Finance & Corporate Affairs
Posted Date : 01-Jun-2019 , 07:36:13 am | Posted By CASANSAAR
Shri Anurag Singh Thakur assumed charge of office as the Union Minister of State (MoS) for Finance & Corporate Affairs here today. Shri Thakur took the charge in the august presence of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman.
Shri Thakur was greeted in...
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Finance |
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Nirmala Sitharaman India's first woman FM
Posted Date : 01-Jun-2019 , 07:33:55 am | Posted By CASANSAAR
Nirmala Sitharaman Friday broke the glass ceiling again as she became the first full-time woman Finance Minister, who will present Modi 2.0 government's maiden Budget that should look to take out the country from slowing growth, create jobs, attract investments and tackle banking sector wo...
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Finance |
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Portfolios announced for new council of ministers
Posted Date : 31-May-2019 , 01:36:53 pm | Posted By CASANSAAR
BJP President Amit Shah will be the new Home Minister while Rajnath Singh has been given the charge of Defence Ministry.
Nirmala Sitharaman will look after Finance and Corporate Affairs. S Jaishankar will be External Affairs Minister.
Ramesh Pokhriyal Nishank is the new Human Resources Develop...
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General |
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RBI releases calendar for issuance of gold bonds for first half of FY 19
Posted Date : 31-May-2019 , 10:16:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) May 30 announced calendar for issuance of Sovereign Gold Bonds for the first half of the current fiscal. The Sovereign Gold Bonds (SGB) will be issued every month from June 2019 to September 2019, RBI said in a statement.
"The Bonds will be sold through Schedu...
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RBI |
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GST defaulters may get arrested without FIR, anticipatory bail unlikely - SC
Posted Date : 31-May-2019 , 10:15:16 am | Posted By CASANSAAR
The Supreme Court suggested to the high courts on Wednesday not to grant anticipatory bail to those who default on the goods and services tax (GST), and reminded them that the SC has upheld the Telangana HC’s decision not to grant bail to such defaulters, the Times of India said in a report.
...
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GST |
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SFIO files first chargesheet in IL&FS Case
Posted Date : 31-May-2019 , 10:11:10 am | Posted By CASANSAAR
The Serious Fraud Investigation Office filed its first chargesheet in the IL&FS case against 30 individuals and entities, including businessman C Sivasankaran and nine former directors of unit IL&FS Financial Services (IFIN) on Thursday.
It accused auditors BSR & Co LLP and Delo...
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Auditing |
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New GST return forms to help authorities check tax evasion
Posted Date : 31-May-2019 , 10:00:31 am | Posted By CASANSAAR
Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place.
The new forms, set to roll out shortly starting with large businesses, will prevent companies from...
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GST |
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Govt likely to adopt Bank of Baroda-like model of merger for Banks
Posted Date : 31-May-2019 , 09:58:01 am | Posted By CASANSAAR
The National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, in its second stint may not go for a mega merger of public sector banks (PSBs) — a plan which was mooted during recent deliberations on consolidation.
Instead, the government may likely adopt the Bank of...
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Banking |
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NCLT approves Tata Steel takeover of Bhushan Energy
Posted Date : 31-May-2019 , 12:14:03 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on May 30 approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy Ltd for around Rs 800 crore.
The principal bench of NCLT Delhi also rejected objections from Bhushan Energy's former promoter Neeraj Singal opposing Tata Steels&...
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Insolvent Professional |
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Last Date for availing FREE Unstructured CPE Hours is 31st May 2019
Posted Date : 30-May-2019 , 10:00:47 am | Posted By CASANSAAR
To avail CPE Hours under Unstructured Learning Activities (ULAs), the requirement of submitting Self-declaration in online mode once a year has been withdrawn.
Now members may submit their Self-declaration online even on daily basis as per their convenience.
The members are required to s...
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ICAI |
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RBI extends relaxed norms for NBFC loan securitisation till December 31
Posted Date : 30-May-2019 , 09:45:08 am | Posted By CASANSAAR
The RBI extended minimum holding period requirement for NBFCs to raise funds via loan securitisation to help the sector overcome liquidity shortage.
Non-banking financial companies (NBFCs) have been permitted to securitise loans of over five-year maturity after holding them for six months on thei...
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RBI |
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Auditors may be debarred from non-audit work
Posted Date : 30-May-2019 , 09:42:46 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is looking at tightening the rules for audit firms in the country. It is soon likely to bring an amendment to the Companies Act, 2013, to debar these firms from offering non-audit services to their clients.
Recently, the role of auditors came under scrutiny...
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Auditing |
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Banks can use Aadhaar for KYC with customer's consent - RBI
Posted Date : 30-May-2019 , 09:41:06 am | Posted By CASANSAAR
Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated b...
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RBI |
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GST Network offers free accounting and billing software to MSMEs
Posted Date : 29-May-2019 , 09:25:30 am | Posted By CASANSAAR
GST Network (GSTN) Tuesday said it has started offering free accounting and billing software to MSMEs with annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses.
This software would help businesses create invoices and account statements, manage inventory and pr...
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GST |
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