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...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 965
|
 |
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 ...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 1065
|
|
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...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 950
|
|
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...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 950
|
|
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...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1694
|
|
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.
...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1607
|
|
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...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 957
|
|
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...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1183
|
|
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...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 945
|
|
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...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1192
|
|
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...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1249
|
|
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...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 959
|
|
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...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 2647
|
|
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...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 927
|
|
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...
Continue Reading...
Category :
CPE Hours |
Comments :
0 | Hits : 2340
|
|
2nd Successful NPA resolution under IBC - Vedanta to buyout Electrosteel at Rs 5300 Cr
Posted Date : 05-Jun-2018 , 10:42:17 am | Posted By CASANSAAR
Second successful NPA resolution: Vedanta has finally forayed into the steel industry by offering a cheque of Rs 5,300 crore to buy out bankrupt Electrosteel Steels under the newly-adopted Insolvency and Bankruptcy Code. this is the second successful resolution under the IBC law from the very first ...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 1507
|
|
SC directs Binani Cement lenders to proceed with debt resolution process
Posted Date : 05-Jun-2018 , 10:38:29 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Committee of Creditors (CoC) of Binani Cement Ltd to proceed with its debt resolution process but said the same would be subject to the final outcome of the case.
“All we want is that no final order should be passed till 2nd July, the next date of he...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 891
|
|
SEBI provides relaxations for insolvent firms in delisting norms
Posted Date : 04-Jun-2018 , 11:51:35 pm | Posted By CASANSAAR
Market regulator SEBI has relaxed requirements to comply with delisting norms for companies facing insolvency proceedings provided the resolution plan lays down the procedure for delisting that particular entity from the exchanges.
The move is expected to provide succour to various listed compani...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 891
|
|
32 Auditors at listed firms have resigned in last 5 months
Posted Date : 05-Jun-2018 , 10:19:32 am | Posted By CASANSAAR
In the past one month, fifteen auditors have resigned prematurely, besides increasing audit qualifications. The total number of exits, so far, in this calendar year stands at a staggering 32.
According to data from Prime Database, a primary market tracker, between January and May, 32 auditors hav...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 3366
|
|
GST likely to get centralised AAR for uniform rulings
Posted Date : 05-Jun-2018 , 10:11:26 am | Posted By CASANSAAR
India is looking at creating a centralised Authority for Advance Rulings (AAR) for the goods and services tax (GST) after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax. A recent case in point being the divergent rulings by Karnataka and Maharashtra AA...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1109
|
|
Reserve Bank of India organizing Financial Literacy Week
Posted Date : 04-Jun-2018 , 04:59:41 pm | Posted By CASANSAAR
The Reserve Bank of India, RBI, is organizing Financial Literacy Week from today till 8th of this month, across the nation. This year the theme is Customer Protection. The aim is to create financial awareness among bank customers about financial products and services, good financial practices and di...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 887
|
|
Govt clarifies GST applicability on financial services
Posted Date : 04-Jun-2018 , 08:34:32 am | Posted By CASANSAAR
Goods and services tax applies to exit loads charged by mutual funds, additional interest charged for default in payment of loan instalments and late payment charges levied by credit card companies, the government has said.
Securitisation, future contracts, derivatives and forward contracts...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1738
|
|
Govt weighs merger of Bank of Baroda, IDBI Bank, Oriental Bank, Central Bank
Posted Date : 04-Jun-2018 , 08:29:27 am | Posted By CASANSAAR
The government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India, two people aware of the matter said. If the plan goes through, the merged entity will become the second-largest bank in the country after...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1981
|
|
International passengers need not pay GST at airport Duty Free shops
Posted Date : 03-Jun-2018 , 08:01:48 pm | Posted By CASANSAAR
International passengers buying goods at airport 'duty-free' shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said.
Following an order passed in March by the New Delhi bench of the Authority for Advance Ruling (AAR) stating that ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1000
|
|
SBI to modify rules for startup investments
Posted Date : 03-Jun-2018 , 07:24:23 pm | Posted By CASANSAAR
Country's largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said.
"We are a public institution and investments in startups are generally considered very risky. W...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 828
|
|
Get up to Rs. 5 Cr for information on tax evasion, benami transactions
Posted Date : 01-Jun-2018 , 07:59:09 pm | Posted By CASANSAAR
The government on Friday launched three new reward schemes under which a person can get up to Rs. 5 crore for information on tax evasion and 'benami' (proxy) transactions and properties. While a person can get maximum Rs. 5 crore for giving specific information about substantial tax evasion ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1123
|
|
Rs 94,016 Cr of total gross GST revenue collected in May 2018
Posted Date : 01-Jun-2018 , 07:54:28 pm | Posted By CASANSAAR
The total gross GST revenue collected in the month of May2018 is Rs. 94,016 crore of which CGST is Rs.15,866 crore, SGST is Rs.21,691 crore, IGST is Rs. 49,120crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).The t...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 805
|
|
Income Tax Dept issues revised Income Tax Informants Reward Scheme, 2018
Posted Date : 01-Jun-2018 , 07:51:33 pm | Posted By CASANSAAR
With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the ea...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 949
|
|
Roll out of e-Way Bill system for intra-State movement of goods in 8 States
Posted Date : 01-Jun-2018 , 07:31:12 am | Posted By CASANSAAR
As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 30th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bi...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1232
|
|
FORM GSTR-6 due date extended till 31.07.2018
Posted Date : 01-Jun-2018 , 07:26:15 am | Posted By CASANSAAR
The last date for filing of return in FORM GSTR-6 by Input Service Distributors for the months from July, 2017 to June, 2018 is being extended till 31.07.2018.
GST@GoIVerified account @askGST_GoI 14h14 hours ago
More
The last date for filing ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1002
|
|
|
