IBC brought back Rs 3 lakh crore into banking system - FM
Posted Date : 01-Mar-2019 , 08:13:46 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (IBC) has brought back close to Rs 3 lakh crore back into the banking system, Finance Minister Arun Jaitley said on Thursday.
He attributed the IBC's success to the government keeping an arm's length distance from the processes which various institutions...
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Insolvent Professional |
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Public Sector Banks are lifeline of Indian economy - Finance Minister
Posted Date : 28-Feb-2019 , 08:25:16 pm | Posted By CASANSAAR
The Union Minister of Finance & Corporate Affairs, Arun Jaitley said the Public Sector Banks (PSBs) are the lifeline of Indian economy. He said that if their health is not good, then economy at large will also suffer. The Finance Minister, Arun Jaitley was speaking at the Conference on 'Refo...
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Banking |
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Link your PAN with bank for refunds - Income Tax Dept
Posted Date : 28-Feb-2019 , 04:57:29 pm | Posted By CASANSAAR
The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication.
The department said refunds will be sent to bank accounts as it...
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Income Tax |
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SEBI to tighten takeover regulations for Companies under IBC process
Posted Date : 28-Feb-2019 , 10:31:51 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) plans to tighten takeover norms applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).
Sources said the capital markets regulator would do away with the provision that allowed a ‘competent authority&rs...
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SEBI |
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Govt detects Rs 20,000 Cr GST evasion in April-Feb FY19
Posted Date : 27-Feb-2019 , 07:10:17 pm | Posted By CASANSAAR
The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said on Wednesday.
Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph further said the department wou...
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GST |
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RBI proposes tightening compensation norms for private, foreign banks
Posted Date : 27-Feb-2019 , 08:24:01 am | Posted By CASANSAAR
Seeking to curb excessive salary payout practices, the Reserve Bank has proposed strict compensation norms for senior officials of private as well as foreign banks, including minimum 50 per cent variable component and money clawback provisions.
Floating a discussion paper, the central bank has al...
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RBI |
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Income tax dept to issue only e-refunds from Mar 1, 2019
Posted Date : 27-Feb-2019 , 08:15:22 am | Posted By CASANSAAR
Come March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.
In addition to that, you are also required to prae-validate your bank account with the income tax department e-filing portal to receive tax refund.&n...
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Income Tax |
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RBI removes Allahabad Bank, Corporation Bank and Dhanlaxmi Bank from PCA framework
Posted Date : 27-Feb-2019 , 08:11:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on February 26 said that Allahabad Bank, Corporation Bank and Dhanlaxmi Bank have been taken out of the Prompt Corrective Action (PCA) framework.
In a statement, RBI said the Board for Financial Supervision (BFS) reviewed the performance of banks under PCA and note...
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RBI |
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Trade bodies welcome rate cut in GST on real estate
Posted Date : 25-Feb-2019 , 08:30:31 am | Posted By CASANSAAR
Various trade bodies have lauded the GST Council decision on Goods and Services Tax rate cut on real estate.
Director General of Confederation of Indian Industry (CII) Chandrajit Banerjee said the GST Council's decision will address the needs of home buyers and boost offtake of housing....
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GST |
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IBC reigns supreme over other Civil Laws - Delhi HC
Posted Date : 25-Feb-2019 , 08:22:38 am | Posted By CASANSAAR
The Delhi High Court on Friday upheld the supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantees and said that only the National Company Law Tribunal (NCLT) or similar adjudicating authorities should deal with the cases falling under the cod...
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Insolvent Professional |
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GST on under-construction housing properties cut to 5%, affordable houses to 1%
Posted Date : 24-Feb-2019 , 08:09:51 pm | Posted By CASANSAAR
Union and state governments on Sunday decided to lower Goods and Services Tax (GST) on under construction housing properties to 5% from an effective 12% in a pro-consumer decision ahead of national polls due by April-May.
GST rate on affordable housing projects too has been lowered from an effect...
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GST |
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MCA seeks more details from Companies to put a check on shell firms
Posted Date : 23-Feb-2019 , 11:03:11 am | Posted By CASANSAAR
Every company incorporated till December 31, 2017, has to disclose its particulars and registered office in a new return, a move aimed at tightening the noose around shell firms.
Experts say the move would increase the compliance burden on companies and be good for the economy in the long run.
...
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MCA |
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Finance Bill 2019 becomes Act - President assented interim Budget 2019
Posted Date : 23-Feb-2019 , 10:58:30 am | Posted By CASANSAAR
The interim budget 2019 finance bill has been assented to by the President on February 21 thereby making it an Act. This means that the proposals in the Finance bill 2019 including the tax changes now become law. The interim budget had proposed to increase standard deduction for salaried employees t...
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Budget |
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CBDT sets up panel to help bring down tax litigation
Posted Date : 23-Feb-2019 , 10:56:29 am | Posted By CASANSAAR
The government is looking to address taxation-related pain points and cut down the number of tax litigations, while focusing on some of the major issues that may lead to revenue generation, people familiar with the development said.
The Central Board of Direct Taxes (CBDT) has formed a four...
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CBDT |
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MCA announces new verification e-form for newly-incorporated companies
Posted Date : 23-Feb-2019 , 10:52:50 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has rolled out a new e-form that must be filed by all companies incorporated on or before December 31, 2017.
According to a February 21 press note, the form is named ACTIVE (INC-22A), and is part of the ACTIVE (Active Company Tagging Identities and Verifica...
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MCA |
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Government passes ordinance to ban unregulated deposit
Posted Date : 22-Feb-2019 , 09:36:03 pm | Posted By CASANSAAR
In a bid to save credulous investors from ponzi schemes, the Central government has banned unregulated deposit schemes, a move that may help tackling the menace of illicit deposit-taking activities.
Pursuant to this ordinance now any Individual or group of individuals cannot take any deposit or l...
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Finance |
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CBI issues lookout circular against Chanda Kochhar
Posted Date : 22-Feb-2019 , 03:06:22 pm | Posted By CASANSAAR
After charging her for corruption and cheating last month, the Central Bureau of Investigation (CBI) has alerted the immigration authorities at all the airports and entry-exit points across the country to inform it if former ICICI Bank CEO Chanda Kochhar + tries to leave the country.
Highly place...
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Banking |
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SEBI revises minimum haircut for govt securities used as collateral
Posted Date : 22-Feb-2019 , 08:40:23 am | Posted By CASANSAAR
Sebi on Thursday revised the minimum haircut for government securities (G-sec) that are used as collateral in the market. Generally, haircut refers to the difference between the market value of the particular securities and the value at which the same has been kept as collateral.
Now, there would...
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SEBI |
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EPFO Board recommends interest rate of 8.65% for FY19
Posted Date : 21-Feb-2019 , 10:16:27 pm | Posted By CASANSAAR
The Board of retirement fund body Employees’ Provident Fund Organisation (EPFO) has recommended an interest rate of 8.65 percent for FY19, 10 basis points higher than FY18, to its six crore subscribers.
This is the first time since FY16 that the interest rate has been raised.
The EPFO Bo...
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General |
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Merger of Vijaya Bank and Dena Bank with BoB to be effective from April 1
Posted Date : 21-Feb-2019 , 08:23:57 am | Posted By CASANSAAR
Bank of Baroda on Wednesday said the merger of Dena Bank and Vijaya Bank with itself would be effective from April 1 as per the scheme of amalgamation approved by the government.
Besides, the board of the bank fixed March 11, 2019, as record date for issuing and allotting equity shares of the Ban...
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Merger & Acquisitions |
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GST Council defers decision on tax on real estate
Posted Date : 20-Feb-2019 , 10:41:56 pm | Posted By CASANSAAR
The GST Council deferred a decision on the rationalisation of tax rates on real estate till February 24 as some states wanted a physical meeting before a final decision is taken on the issue.
Briefing media after the 33rd meeting of GST Council held in New Delhi on Wednesday through video- ...
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GST |
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Govt to infuse Rs 48,239 Cr in 12 Public Sector Banks
Posted Date : 20-Feb-2019 , 10:34:08 pm | Posted By CASANSAAR
The government has approved recapitalisation of Rs 48,239 crore in 12 public sector banks, including fraud-hit Punjab National Bank.
It will pump Rs 6,896 crore in Allahabad Bank, Rs 4,112 crore in Union Bank, Rs 4,638 crore in Bank of India, Rs 205 crore in Bank of Maharashtra and Rs 9,086...
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Banking |
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Cabinet approves Promulgation of the Companies (Second Amendment) Ordinance 2019
Posted Date : 19-Feb-2019 , 10:42:48 pm | Posted By CASANSAAR
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill. It is based on the recommendations of the Committee to review offen...
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Companies Act |
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Banks may have to write off nearly Rs 30,000 cr of loan to IL&FS entities
Posted Date : 19-Feb-2019 , 05:10:25 pm | Posted By CASANSAAR
Financial institutions that have lent money to IL&FS group companies could be collectively staring at a write-off of nearly Rs 30,000 crore, a source told Moneycontrol.
That is because Rs 65,000 crore of the outstanding loans are to IL&FS groups classified in the ‘red’ categor...
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Banking |
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RBI to give Rs 28,000 cr to Centre as dividend
Posted Date : 19-Feb-2019 , 06:43:33 am | Posted By CASANSAAR
The Reserve Bank has announced that it will transfer an interim surplus of 28,000 crore rupees to the central government for the half-year ended 31st December 2018.
In a statement, the RBI said the decision has been based on a limited audit review and after applying the extant economic capital fr...
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RBI |
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CIC pulls up RBI for non-disclosure of demonetisation records
Posted Date : 18-Feb-2019 , 09:26:44 pm | Posted By CASANSAAR
The Central Information Commission has pulled up the Reserve Bank of India for "perfunctory handling" of an RTI application seeking records of its board meetings where the issue of demonetisation was deliberated, and issued a show-cause notice to its Central Public Information Officer.&nbs...
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RBI |
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GoM favours uniform tax on lottery, GST Council to decide rate on Feb 20
Posted Date : 18-Feb-2019 , 09:22:08 pm | Posted By CASANSAAR
A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on which would be taken by the GST Council at its meeting on February 20.
Currently, a state-organised lottery attracts 12 per cent GST whil...
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GST |
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RBI to transfer Rs 28,000 cr interim surplus to Centre
Posted Date : 18-Feb-2019 , 09:18:35 pm | Posted By CASANSAAR
The Reserve Bank has announced that it will transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended 31st December, 2018.
In a statement issued on Monday evening, the RBI said the decision has been based on a limited audit review and after applying th...
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RBI |
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Karnataka businessman jailed for income tax default of Rs 7.35 Cr
Posted Date : 18-Feb-2019 , 08:55:37 am | Posted By CASANSAAR
A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday.
"The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the ...
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Income Tax |
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IICA launches two-year graduate insolvency programme
Posted Date : 16-Feb-2019 , 08:38:52 am | Posted By CASANSAAR
With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP).
Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or...
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Insolvent Professional |
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