Set up central agency to evaluate big loan proposals - ICAI
Posted Date : 09-Jul-2018 , 08:22:51 am | Posted By CASANSAAR
Cost accountants' apex body ICAI has suggested constituting a central agency, with cost accountants and experts from other fields, to evaluate applications for large loans before banks give their approval.
The suggestion comes at a time when the country's banking system is grappling with ...
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ICAI |
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Govt, RBI mull database to track non-cash transactions
Posted Date : 09-Jul-2018 , 08:18:57 am | Posted By CASANSAAR
The government and the Reserve Bank of India (RBI) have begun discussions to put in place a 'search engine' or a database of all payment transactions in the country as they step up efforts to track black money and establish a money trail to investigate money laundering cases and operations o...
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RBI |
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UBI expects Rs 3,000 crore recovery from NCLT resolutions
Posted Date : 09-Jul-2018 , 08:03:36 am | Posted By CASANSAAR
United Bank of IndiaNSE 0.45 % is expecting to recover around Rs 3,000 crore out of a total of Rs 5,951 crore, by way of resolutions through the National Company Law Tribunal (NCLT), the public sector lender's MD and CEO Pawan Bajaj said .
Altogether 40 cases were referred to the ...
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Insolvent Professional |
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Scrap reverse charge, defer sops for digital payments - GST GoMs
Posted Date : 09-Jul-2018 , 07:59:26 am | Posted By CASANSAAR
A group of ministers (GoM) led by Bihar deputy chief minister Sushil Modi on Sunday decided to recommend to the GST council that a section in the GST Act concerning the reverse charge mechanism (RCM) be scrapped as “it discriminates against unregistered dealers while not adding much to the rev...
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GST |
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ICAI develops software to allot CAs for bank audits
Posted Date : 07-Jul-2018 , 08:09:07 am | Posted By CASANSAAR
To ensure transparency in the allotment of chartered accountants (CAs) for bank audits, the Institute of Chartered Accountants of India (ICAI) has developed a software that randomly selects the auditors and allots them to banks.
Speaking on the sidelines of a two-day national conference for ICAI ...
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Bank Branch Audit |
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GST evasion of Rs 2,000 crore detected in last few months - CBIC
Posted Date : 07-Jul-2018 , 08:00:44 am | Posted By CASANSAAR
The indirect-tax department has detected goods and services tax (GST) evasion of Rs 2,000 crore over the last few months, John Joseph, member, Central Board of Indirect Taxes and Customs (CBIC), said on Friday, adding that a tenth of this came to light only last week. Independent analysts have, howe...
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Income Tax |
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IBBI Circular Regarding Empanelment of Insolvency Professional Entities
Posted Date : 07-Jul-2018 , 07:43:28 am | Posted By CASANSAAR
An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if “its sole objective is to provide support services to the insolvency professionals, who are its partn...
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Insolvent Professional |
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SEBI revamps panel on alternative investment
Posted Date : 06-Jul-2018 , 09:05:12 pm | Posted By CASANSAAR
Markets regulator Sebi has reorganised the committee that advises it on matters pertaining to further development of the alternative investment and startup ecosystem in the country.
The Alternative Investment Policy Advisory Committee is chaired by Infosys Founder N R Narayana Murthy, as per the ...
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SEBI |
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Non-tariff charges in electricity bill to attract GST
Posted Date : 06-Jul-2018 , 08:01:43 am | Posted By CASANSAAR
Electricity bills can have a goods and services tax (GST) component at times. Non-tariff charges, which include application fee for releasing connection, rentals charged against metering equipment and labour charges for shifting of meters and service lines, are liable to taxed at 18% under the GST.
...
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GST |
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Banks finalise inter-creditor agreement to fast track NPA resolution
Posted Date : 06-Jul-2018 , 07:56:19 am | Posted By CASANSAAR
With a view to fast track NPA resolution, bankers on Thursday finalised the inter-creditor agreement (ICA) framework that envisages effective communication among lenders.
The ICA mechanism is expected to be enforced this month itself.
The non-performing assets (NPAs) in the banking sector cros...
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Banking |
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UK court grants enforcement order in Mallya assets case
Posted Date : 05-Jul-2018 , 10:33:58 pm | Posted By CASANSAAR
A UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Vijay Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore.
The order gran...
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Income Tax |
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RBI tightens Banks' Statutory Auditor rules
Posted Date : 05-Jul-2018 , 09:37:17 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday tightened rules on banks' statutory auditors saying it reserved the right to not approve appointments of such auditors for a specified period if their audit quality was not found satisfactory.
The Reserve Bank of India (RBI) said it will take...
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Bank Branch Audit |
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IBBI amends norms, notifies procedures for Homebuyers under IBC
Posted Date : 05-Jul-2018 , 09:35:35 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India has notified revised norms for the insolvency resolution process paving the way for homebuyers to seek relief as financial creditors, putting in place clear timelines to be followed by resolution professionals and permitting withdrawal of insolvency appli...
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Insolvent Professional |
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RBI grants licence to Bank of China to set up branch in India
Posted Date : 05-Jul-2018 , 09:31:04 am | Posted By CASANSAAR
The Reserve Bank of India has issued licence to Bank of China to launch operations in India, official sources said today.
Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the SCO...
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RBI |
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Income Tax refunds worth Rs 70,000 crore issued, 99% claims processed - CBDT
Posted Date : 05-Jul-2018 , 09:24:41 am | Posted By CASANSAAR
Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today.
The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later...
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CBDT |
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IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 05-Jul-2018 , 09:14:30 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today.
2. The following are salient amendments to the regulations:
a. The ...
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Insolvent Professional |
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Cabinet approves extension of Scheme of Recapitalization of Regional Rural Banks upto 2019-20
Posted Date : 05-Jul-2018 , 09:11:59 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the extension of the scheme of recapitalization of Regional Rural Banks (RRBs) for the next three years i.e. upto 2019-20. This will enable the RRBs to maintain the minimum prescribed Capital to Ris...
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Income Tax |
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Cabinet approves renewal of MoU between ICAI & Saudi Organisation for CPAS
Posted Date : 05-Jul-2018 , 09:08:03 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certi...
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ICAI |
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FM to meet heads of banks to discuss NPA resolution structure
Posted Date : 05-Jul-2018 , 08:56:12 am | Posted By CASANSAAR
Finance Minister Piyush Goyal will meet heads of banks in New Delhi today to discuss an inter-lender structure suggested under the 'Project Sashakta' that intends to fastrack resolution of stressed assets in the banking system. Sources said the meeting has been organised by Indian Banks Asso...
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NPA |
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Auditors may have to compulsorily get registered with NFRA
Posted Date : 04-Jul-2018 , 09:40:30 am | Posted By CASANSAAR
Mandatory registration of auditors, powers to probe irregularities as well as recommend accounting and auditing standards are among the functions likely to be vested with the National Financial Reporting Authority (NFRA), according to sources.
The Corporate Affairs Ministry has floated an initial...
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NFRA |
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MCA plans to frame tougher regulations for independent directors
Posted Date : 04-Jul-2018 , 09:37:35 am | Posted By CASANSAAR
The corporate affairs ministry is planning to frame rules to make independent directors more accountable for malpractice. Besides, it is also mulling action against 42 auditors that have resigned from companies.
According to a ministry official, an independent director cannot say he does not appr...
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MCA |
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ICAI may lose powers if draft rules to set up NFRA are approved
Posted Date : 03-Jul-2018 , 08:51:15 am | Posted By CASANSAAR
The draft rules for establishing a new body to oversee auditing and accounting standards under the National Financial Regulatory Authority (NFRA) will render the Institute of Chartered Accountants of India (ICAI) ineffective as the new watchdog will require auditors to register with it before taking...
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NFRA |
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PwC Ordered to Pay $625 Million in Damages Over Bank's Audit
Posted Date : 03-Jul-2018 , 08:45:13 am | Posted By CASANSAAR
PricewaterhouseCoopers LLP was ordered to pay the Federal Deposit Insurance Corp. more than $625 million for negligence in the audit of Colonial BancGroup Inc., an Alabama bank holding company that failed during the financial crisis.
U.S. District Judge Barbara Jacobs Rothstein issued the ruling ...
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Auditing |
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Govt likely to go slow on key anti-evasion measure under GST
Posted Date : 03-Jul-2018 , 08:35:33 am | Posted By CASANSAAR
The government is unlikely to insist on implementing the reverse charge mechanism, a key anti-evasion measure proposed under the goods and services tax (GST), on concerns that the rule will adversely impact small businesses while not yielding revenue gains.
The implementation of the reverse charg...
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GST |
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CAs Watchdogs of Public Trust, Should be answerable during White Collar Crimes - President Kovind
Posted Date : 02-Jul-2018 , 08:17:45 am | Posted By CASANSAAR
Emphasising that chartered accountants are watchdogs of public trust, President Ram Nath Kovind on Sunday said when white-collar crimes happen, it would be relevant to ask if those responsible for auditing balance sheets have truly done their duty.
Amid rising instances of white-collar crimes and...
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CA |
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Government celebrates First GST Day
Posted Date : 01-Jul-2018 , 09:28:17 pm | Posted By CASANSAAR
Government of India celebrated the 1st GST Day here today. The event saw an address on the eventful 1styear journey of GST over a live video link by Union Minister, Shri Arun Jaitley. Union Minister for Railways, Coal, Finance & Corporate Affairs, Shri Piyush Goyal presided over as the Chie...
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GST |
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President of India Inaugurates the Platinum Jubilee Celebrations of ICAI
Posted Date : 02-Jul-2018 , 07:54:20 am | Posted By CASANSAAR
The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi today (July 1, 2018).
Speaking on the occasion, the President said that adherence to a fair taxation system is much ...
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ICAI |
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HAPPY CHARTERED ACCOUNTANTS DAY (History of Chartered Accountants)
Posted Date : 01-Jul-2018 , 12:37:05 am | Posted By CASANSAAR
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to...
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Chartered Accountant |
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Free of cost instant e-PAN allotment on near to real time basic
Posted Date : 29-Jun-2018 , 09:39:22 pm | Posted By CASANSAAR
Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar holders.
Prerequisites:
Applicant already having PAN should not apply for e-PAN
The e-PAN facility is ONLY for reside...
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PAN |
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FAQ for Limited Insolvency Examination wef 01st July 2018 - IBBI
Posted Date : 30-Jun-2018 , 07:47:17 am | Posted By CASANSAAR
1. Is the Examination pattern changed from 1st July, 2018?
The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their ex...
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Insolvent Professional |
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