SEBI weighs custodians to shield retail investors
Posted Date : 12-Jun-2018 , 12:51:30 am | Posted By CASANSAAR
Defaulting brokers and vanishing share portfolios have prompted the capital market regulator to consider ways to protect the interests of retail investors who are often at the mercy of unscrupulous brokers misusing clients’ shares without consent.
The Securities and Exchange Board of ...
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SEBI |
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Over 1,300 new FPIs register with SEBI in FY18
Posted Date : 12-Jun-2018 , 12:50:02 am | Posted By CASANSAAR
More than 1,300 fresh foreign portfolio investors (FPIs) were registered with Sebi in 2017-18 on continued interest in the Indian capital markets, as per the regulator's data.
In comparison, close to 3,500 new FPIs were registered with Securities and Exchange Board of India (Sebi) in th...
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SEBI |
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Allahabad Bank referred 65 accounts to NCLT for resolution under IBC
Posted Date : 12-Jun-2018 , 10:49:48 am | Posted By CASANSAAR
State-run Allahabad Bank has refereed 65 accounts of stressed assets involving an amount of about Rs 12,566 crore to National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during last fiscal.
The bank said in its annual report that the it was focusing...
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Insolvent Professional |
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Interest-free loan from employer taxable - ITAT
Posted Date : 12-Jun-2018 , 10:43:32 am | Posted By CASANSAAR
Interest-free loans extended by an employer are taxable in the hands of an employee as a perquisite, the Income Tax Appellate Tribunal (ITAT) has said.
However, the valuation of the taxable benefit or perquisite, which forms part of the salary income of the employee, cannot be done in an ad...
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Income Tax |
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Authority's orders favour firms for anti-profiteering in times of GST
Posted Date : 12-Jun-2018 , 10:10:28 am | Posted By CASANSAAR
Allaying industry’s apprehensions, all three orders passed by the National Anti-Profiteering Authority under the goods and services tax (GST) regime have so far gone in favour of companies.
In its latest order, the five member NAA has dismissed complaint against elevator manufacturer Schind...
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GST |
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6 more state-run banks may come under PCA
Posted Date : 11-Jun-2018 , 05:17:16 pm | Posted By CASANSAAR
Six more state-run banks are at risk of entering the Reserve Bank of India’s prompt corrective action (PCA) framework, officials said. These include Punjab National Bank, Union Bank of India and Syndicate Bank, they said, adding that this may reduce the chances of the finance ministry’s ...
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Banking |
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GST refund to foreign tourists at airports on the cards
Posted Date : 11-Jun-2018 , 08:36:26 am | Posted By CASANSAAR
Foreign tourists may soon get to claim GST refunds at airports at the time of exit as the revenue department is working on a mechanism to refund taxes paid by them on local purchases.
Initially, only purchases made by tourists from big retailers would be eligible for Goods and Services Tax (GST) ...
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GST |
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Focus should be resolution, not liquidation - IBBI Chairman
Posted Date : 11-Jun-2018 , 08:32:58 am | Posted By CASANSAAR
The Chairperson of Insolvency and Bankruptcy Board of India (IBBI) M S Sahoo on Saturday said that the focus on cases coming under Insolvency and Bankruptcy Code (IBC) should be on resolution and not liquidation to maximise the value of corporate debtors.
He said that the soul of the Code was to ...
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Insolvent Professional |
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Govt opens 10 joint-secretary level posts for private sector professionals
Posted Date : 11-Jun-2018 , 08:21:19 am | Posted By CASANSAAR
If you are a private sector professional above 40 years of age and with 15 years of work experience in any of the ten fields like economic affairs, civil aviation or commerce, the Narendra Modi government may hire you as a joint secretary. This “lateral entry” exercise is aimed at &ldquo...
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Finance |
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RBI seeks on payments data storage every fortnight
Posted Date : 11-Jun-2018 , 08:12:41 am | Posted By CASANSAAR
Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight.
"You are hereby advised to inform the status of ensuring compliance...Th...
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RBI |
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SBI to auction 12 bad accounts this month to recover over Rs 1325 Cr
Posted Date : 10-Jun-2018 , 06:53:59 pm | Posted By CASANSAAR
The country's largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore.
The e-auction of these accounts will take place on June 25, according to an SBI notice.
The NPA accounts that have been put under the hammer i...
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Banking |
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ICAI Valuation Standard effective for Valuation Reports issued on or after 1st July, 2018.
Posted Date : 10-Jun-2018 , 08:17:55 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants
Recognising the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use in...
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ICAI |
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Companies linked to ICICI Bank controversy come under MCA lens
Posted Date : 08-Jun-2018 , 05:35:37 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is looking into companies involved in the ICICI Bank controversy of alleged conflict of interest in bank chief Chanda Kochhar's dealings with certain borrowers, according to a senior official.
The official also said the affairs of ICICI Bank are not bei...
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MCA |
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Task Force on Shell Companies takes pro-active and coordinated steps to check the menace of shell companies
Posted Date : 08-Jun-2018 , 05:31:36 pm | Posted By CASANSAAR
The Task Force on Shell Companies has met 8 times since its constitution and has taken pro-active and coordinated steps to check the menace of shell companies. The ‘Task Force’ was set up in February, 2017 by the Prime Minister’s Office under the joint Chairmanship of the Revenue S...
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Income Tax |
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RBI amends Gold Monetisation Scheme to make it more attractive
Posted Date : 08-Jun-2018 , 11:39:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has made changes in the Gold Monetisation Scheme (GMS) of 2015 to enable people to open a hassle-free gold deposit account. In a notification issued yesterday, RBI said that the short-term deposits should be treated as bank's on-balance sheet liability.
I...
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RBI |
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Interest rate on unclaimed funds lying with banks cut to 3.5% from 4%
Posted Date : 08-Jun-2018 , 12:46:33 am | Posted By CASANSAAR
The unclaimed money lying in bank saving accounts is going to earn less interest than before.
The rate of interest payable by banks to the depositors or claimants on the unclaimed amount transferred to the Depositor Education and Awareness Fund shall be 3.5 percent simple interest per annum...
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Banking |
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Rate of Exchange of different Foreign Currencies to Indian Currency notified
Posted Date : 08-Jun-2018 , 12:39:40 am | Posted By CASANSAAR
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification of the Central Board of Indirect Taxes and Customs(CBIC) No.43/2018-CUSTOMS (N.T.), dated 17thMay, 2018 except as respects things done or omitted to be done before such ...
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Finance |
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CBIC introduces PAN-based refund clearances of exporters
Posted Date : 07-Jun-2018 , 07:38:17 pm | Posted By CASANSAAR
The CBIC has allowed clearance of GST refunds based on PAN of exporters if such refunds are held up due to mismatch in GSTIN mentioned in shipping bill and return forms.
As much as Rs 14,000 crore worth of refunds due to exporters are stuck because of various reasons and the Central Board of Indi...
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GST |
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0 | Hits : 920
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CBDT marks Jun 1-15 for expeditious disposal of pending appeals
Posted Date : 07-Jun-2018 , 07:27:33 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has dedicated a fortnight beginning June 1 for expeditious disposal of pending appeals and rectification matters.
The direct tax body in a statement said the assessing officers have been directed to accord top priority to such matters and to give spe...
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CBDT |
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Govt to probe Auditor Resignations from listed Indian Companies
Posted Date : 07-Jun-2018 , 08:50:22 am | Posted By CASANSAAR
A rush of exit of auditors in the last few months has prompted the ministry of corporate affairs to seek reasons for their departure from the companies with close to 15 cases coming under the scanner.
Since January, close to three dozen auditors have opted out of their assignments in listed compa...
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Auditing |
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RBI to take over J&K Bank Audit from CAG
Posted Date : 07-Jun-2018 , 08:43:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has informed the Comptroller and Auditor General of India that henceforth the central bank alone will audit the Jammu and Kashmir Bank.
“We have been asked by the RBI to stop auditing the J&K Bank account books,” a CAG official told BusinessLine.
...
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RBI |
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RBI approves Capital First’s Merger with IDFC Bank
Posted Date : 06-Jun-2018 , 09:30:20 pm | Posted By CASANSAAR
The Reserve Bank of India has given its approval for Capital First Ltd.’s merger with IDFC Bank.
The central bank conveyed its ‘no objection’ to the deal in a letter dated June 4, the Mumbai-based non-banking financial company said in a statement to the exchanges. The merger, an...
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RBI |
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RBI gives big relief to MSME sector
Posted Date : 06-Jun-2018 , 09:25:18 pm | Posted By CASANSAAR
Providing major relief to the MSME sector, RBI eased NPA classification norms for such units facing input credit linkages and associated issues.
"In continuation of support and relief to MSMEs, NPA recognition for GST and non GST MSMEs now at 180 days for dues up to December 31, 2018. T...
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RBI |
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President Approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018
Posted Date : 06-Jun-2018 , 04:15:14 pm | Posted By CASANSAAR
The President today gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018.
The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors. This would give them due representation in the Committee of Creditors an...
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Insolvent Professional |
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RBI hikes Repo Rate by 25 bps to 6.25 %, Reverse Repo rate at 6.0 %
Posted Date : 06-Jun-2018 , 04:34:01 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) raised the repo rate to 25 basis points to 6.25 percent from the earlier 6 percent in the June bi-monthly policy meet on Wednesday. The reverese repo rate has been raised to 6 percent from the earlier 5.75 percent, raising the key rate by 25 basis points.
"The...
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RBI |
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ICAI, SAICA sign pact to facilitate professionals movement
Posted Date : 06-Jun-2018 , 09:39:36 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has signed a pact with its South African counterpart to establish a framework for making recognition of their members easier and promote mobility of professionals between the countries.
The mutual recognition agreement (MRA) signed between th...
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ICAI |
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SEBI puts 10% cross-shareholding cap in rating agencies
Posted Date : 06-Jun-2018 , 09:07:35 am | Posted By CASANSAAR
Markets regulator Sebi has imposed 10 per cent cap on cross-shareholding in credit rating agencies, raised their net worth requirement to Rs 25 crore from Rs 5 crore and disallowed having a seat on the rival's board.
The new norms are likely to have an impact on global rating agencies l...
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SEBI |
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Online Facility for members to update Email ID, Mobile & Address - ICAI
Posted Date : 06-Jun-2018 , 09:03:49 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India is always committed to bring technological advancements in various processes of the Institute to better serve the members, students and other stakeholders. In this regard, ICAI has recently launched two online services for the benefit and ease of use o...
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ICAI |
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RBI to announce its second bi-monthly Monetary Policy of 2018-19
Posted Date : 06-Jun-2018 , 08:51:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will announce its second bi-monthly Monetary Policy of 2018-19 this afternoon. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, began its meeting in Mumbai on Monday, and it will meet today as well before the policy will be announced. This is the fir...
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RBI |
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last date for online claim of Unstructured CPE hours extended to 30th June - ICAI
Posted Date : 06-Jun-2018 , 08:31:43 am | Posted By CASANSAAR
This is for kind information of the members that the last date for submitting Self Declaration form for claiming CPE Hours under Unstructured Learning Activities for the Calendar Year 2017 – has been extended from 31st May, 2018 to 30th June, 2018.
The members who could not submit their sel...
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CPE Hours |
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