RBI widens ICICI Bank probe after whistleblower complaints
Posted Date : 26-Jun-2018 , 08:50:02 am | Posted By CASANSAAR
India’s banking regulator initiated a second probe into the affairs of ICICI Bank Ltd for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, within days of receiving a whistleblower’s complaints on 20 March and 22 March, a fact th...
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RBI |
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Heads of 11 PSBs to appear before Parliamentary Panel
Posted Date : 26-Jun-2018 , 08:39:19 am | Posted By CASANSAAR
Heads of 11 state-run banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases on Tuesday, sources said.
They will be appearing before the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, which is looking in...
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Banking |
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RBI proposes Board of Management in Urban Co-operative banks
Posted Date : 26-Jun-2018 , 08:25:02 am | Posted By CASANSAAR
The RBI proposed that all Urban Co-operative Banks (UCBs) having deposits of over Rs 100 crore will have to set up a Board of Management within one year to promote professional management in the banks.
BoM will be in addition to the Board of Directors (BoD), said the RBI's draft guidelin...
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RBI |
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Clarification Regarding Date of Declaration of Results of CA Exams - ICAI
Posted Date : 25-Jun-2018 , 08:04:12 am | Posted By CASANSAAR
24th June 2018
Clarification regarding date of declaration of results of CA exams.
It has been brought to our notice that a fake announcement regarding the date of declaration of the Common Proficiency Test (CPT) held in June 2018 and CA Final Examination held in May 2018, is doing the round...
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CA Exams |
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GST example of cooperative federalism - PM Modi
Posted Date : 24-Jun-2018 , 10:59:56 pm | Posted By CASANSAAR
Prime Minister Narendra Modi today said, Goods and Services Tax, GST is a great example of cooperative federalism, where all the States decided to take a unanimous decision in the interest of the nation.
He informed that it is a matter of pride that all the decisions taken in the 27 meeting...
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GST |
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GSTN designing tools for taxmen to analyse data to check evasion
Posted Date : 24-Jun-2018 , 10:57:35 pm | Posted By CASANSAAR
Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.
GST Network (GSTN), the company handling the technology backbone for Go...
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GST |
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0 | Hits : 1034
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Govt to improve norms for Auditors, Corp Professionals
Posted Date : 24-Jun-2018 , 10:54:32 pm | Posted By CASANSAAR
The Government is working to improve the regulations for auditors and corporate professionals as it looks to strengthen the "fabric of corporate governance" in the country, according to Union Minister P P Chaudhary.
His comments come against the backdrop of some auditing entities coming...
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Auditing |
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CBDT proposes clear-cut timelines under transfer pricing
Posted Date : 22-Jun-2018 , 08:39:43 am | Posted By CASANSAAR
The income-tax (I-T) department has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements...
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Income Tax |
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Discharge from Responsibility as IRP, RP or Liquidator of the Corporate Processes under IBC
Posted Date : 22-Jun-2018 , 08:35:15 am | Posted By CASANSAAR
Keeping in view the time bound nature of the processes and the role of IP in these processes, it is proposed to allow an IP to seek discharge from a process only on one ground, that is, he is incapacitated to continue as IRP, RP or Liquidator.
He can be incapacitated only in two ways:
(a) phy...
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Insolvent Professional |
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Taxpayer can file revised return after notice issued by I-T Dept - ITAT
Posted Date : 22-Jun-2018 , 08:20:08 am | Posted By CASANSAAR
A tax benefit claimed by a taxpayer in his revised income-tax return cannot be denied outright by an income-tax (I-T) officer merely because the revised return has been filed after issue of notice, income-tax appellate tribunal (ITAT) has said.
However, the revised return needs to be filed within...
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ITR |
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Prompt investigation taking place in fresh series of cases pertaining to Panama Papers
Posted Date : 22-Jun-2018 , 07:56:17 am | Posted By CASANSAAR
Central Board of Direct Taxes(CBDT) today said, prompt investigation is being taken in fresh series of cases pertaining to Panama Papers.
In a release, the Board said, the fresh Panama Papers reveal made in the media is being promptly looked into by the law enforcement agencies under the ae...
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CBDT |
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IBC resolution to moderate NPAs; rising referrals slowing process
Posted Date : 21-Jun-2018 , 12:13:21 am | Posted By CASANSAAR
Stressed assets’ resolution under the Insolvency and Bankruptcy Code (IBC) is expected to result in moderation of non-performing assets of banks as they can recover more than 50 per cent of their dues from the first 12 large cases, Credit Suisse said in a report on Wednesday. With a total of 7...
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Insolvent Professional |
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0 | Hits : 1133
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CBDT issues draft notification for amending computation of interest income
Posted Date : 21-Jun-2018 , 10:34:19 am | Posted By CASANSAAR
The Department of Income Tax (IT) through the Central Board of Direct Taxes (CBDT) has prposed to amend Rule 10CB of IT Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment u/s 92CE of IT Act, 1961.
In this regard, a CBDT spokesperson said that a draft notific...
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CBDT |
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GST increased illegal activities 4-5 times in terms of Billing
Posted Date : 21-Jun-2018 , 10:31:59 am | Posted By CASANSAAR
The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four-five times...
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GST |
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0 | Hits : 2997
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Govt clears Rs. 38,062 Cr in GST refunds
Posted Date : 21-Jun-2018 , 10:29:33 am | Posted By CASANSAAR
The government has cleared pending GST refunds to the tune of Rs.38,062 crore to exporters so far, the Central Board of Indirect Taxes and Customs said on Wednesday.
“In all, Rs.21,142 crore (IGST refunds), Rs.9,923 crore (RFD-01A refund by CBIC) and Rs.6,997 crore (RFD-01A refund by states...
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GST |
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0 | Hits : 1002
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International Yoga Day being celebrated world over today
Posted Date : 21-Jun-2018 , 10:18:25 am | Posted By CASANSAAR
The 4th International Yoga Day is being celebrated across the globe today. In India Prime Minister Narendra Modi led thousands of people in performing yoga asanas, in the main event organised at Forest Research Institute in Dehradun, Uttarakhand. He called upon people to make Yoga a movement and a p...
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General |
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MCA invites comments from stakeholders on introductory note and draft on Cross-Border Insolvency
Posted Date : 20-Jun-2018 , 09:41:40 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA), Government of India, invites comments and views from stakeholders on introductory note and draft on ‘Cross-Border Insolvency. The MCA is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, fine-tuned to suit the needs...
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MCA |
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Bank of Maharashtra CEO, ED held for Rs 3,000 Cr DSK Group default case
Posted Date : 20-Jun-2018 , 03:06:58 pm | Posted By CASANSAAR
The Economic offences wing of the Pune police has arrested the MD & CEO of Bank of Maharashtra Ravindra Marathe along with executive director RK Gupta in the Rs 3,000 crore DSK Group loan default case. Sushil Muhnot, the former CMD of the bank, was also nabbed from Jaipur in connection with the ...
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Banking |
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Commerce Minister releases National Strategy for Standardization
Posted Date : 20-Jun-2018 , 11:05:40 am | Posted By CASANSAAR
India’s quest for providing best quality begins with identifying standards, stated Suresh Prabhu, Minister of Commerce and Industry. He was speaking at the 5th National Standards Conclave - Implementing the Indian National Strategy for Standardization, being held in New Delhi on 19-20 June 201...
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Finance |
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RBI to hike rates again by year-end with August still in play: Poll
Posted Date : 20-Jun-2018 , 10:34:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to raise interest rates again in the final three months of this year, according to a Reuters poll of economists, but over one-third of them predicted a hike as early as at the next meeting in August.
Accelerating inflation and India retaining top spot a...
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RBI |
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RBI revises upwards housing loan limits under priority sector
Posted Date : 19-Jun-2018 , 11:56:51 pm | Posted By CASANSAAR
Housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said on Tuesday.
PSL loans are relatively cheaper than market interest rate.
"With a view to bringing ...
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RBI |
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Sebi set to revamp IPO norms
Posted Date : 20-Jun-2018 , 10:16:20 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) is set to revamp initial public offering (IPO) norms to make them less onerous for legitimate sellers while clamping down on possible misuse.
These include recognising a wider set of institutional investors such as alternative investment fun...
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SEBI |
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RBI hikes housing loan limits under priority sector lending
Posted Date : 19-Jun-2018 , 11:32:50 pm | Posted By CASANSAAR
Housing loans of up to Rs. 35 lakh, for dwellings costing less than Rs. 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said today. PSL loans are relatively cheaper than market interest rate.
"With a view to bringing conver...
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RBI |
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0 | Hits : 1113
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GST leads to Formalization of Economy and Widening of Tax Base
Posted Date : 18-Jun-2018 , 03:27:49 pm | Posted By CASANSAAR
Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumpt...
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GST |
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0 | Hits : 1063
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GST collection soars 150%, revenue gap dips by half
Posted Date : 18-Jun-2018 , 12:42:31 pm | Posted By CASANSAAR
UP has been registering a steady growth in GST collections, and the rise has been to such an extent that the compensation paid by Centre to the states for revenue loss due to GST implementation has come down from 27% in September 2017 to nil for the months of April and May, 2018 in UP's case. UP...
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GST |
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0 | Hits : 1308
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SEBI shares info on 14,720 entities involved in non-genuine trades with IT Dept
Posted Date : 18-Jun-2018 , 10:09:39 am | Posted By CASANSAAR
Continuing with efforts to crack down on illegal trading activities, regulator Sebi has shared its findings about 14,720 entities that indulged in non-genuine trades through illiquid stock options with the Income Tax Department and the Ministry of Corporate Affairs, according to a senior official.
...
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SEBI |
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CAs, lawyers and valuers now in the line of FIR for bank frauds
Posted Date : 18-Jun-2018 , 10:06:22 am | Posted By CASANSAAR
Lawyers, chartered accountants (CAs) and valuers, who collude with fraudulent borrowers, will soon find their names in FIRs lodged by banks.
Shaken by the Nirav Modi fraud, India's second largest lender, Punjab National Bank (PNB), last week directed its offices that FIRs be filed not j...
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CA |
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0 | Hits : 2663
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United Bank of India referred 30 stressed accounts to NCLT
Posted Date : 18-Jun-2018 , 09:31:34 am | Posted By CASANSAAR
United Bank of India (UBI), which referred 30 stressed accounts with an aggregated exposure of Rs 5,961 crore to National Company Law Tribunal (NCLT) in 2017-18 (FY18), is betting on the resolution of bad loan accounts to improve its net profit, its report said.
"Thirty accounts in which the...
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Insolvent Professional |
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0 | Hits : 1275
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Income Tax Dept detects Rs.10, 767 Crore undisclosed income during fiscal 2017-18
Posted Date : 18-Jun-2018 , 09:26:09 am | Posted By CASANSAAR
The Income Tax Department has detected undisclosed income of over Rs. 10,000 crore in fiscal 2017-18, thus recording a 20 percent surge over the previous fiscal.
A senior department official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Crimin...
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Income Tax |
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MCA probing 42 listed companies for Financial Irregularities as auditors quit
Posted Date : 16-Jun-2018 , 07:31:24 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has asked western regional directors of the Registrar of Companies (RoC) to investigate 42 listed companies whose auditors resigned abruptly by May-end. The probe will focus on finding whether there were any financial irregularities at the firms along with asc...
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MCA |
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