Stringent Action Against Adoption of Unfair Means - ICAI
Posted Date : 15-Mar-2018 , 09:46:31 pm | Posted By CASANSAAR
Cases of adoption/attempt to adopt unfair means are reported in respect of the examinations held every time. In respect of the Examinations held in November 2017, over 90 cases of infringement/ violation of Instructions to Examinees, which tantamounts to adoption of unfair means, were reported. The ...
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ICAI |
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RBI guv Urjit Patel calls for more powers over state-run banks
Posted Date : 14-Mar-2018 , 11:31:29 pm | Posted By CASANSAAR
RBI Governor Urjit Patel has sought more powers to deal with frauds at public sector banks (PSBs) such as PNB scam. Speaking at Gujarat National Law University Gandhinagar yesterday, he said RBI's power over public sector banks are weaker than the private sector banks.
Referring to the ...
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RBI |
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Finance Bill passed in Lok Sabha amid protest by Opposition
Posted Date : 14-Mar-2018 , 04:21:37 am | Posted By CASANSAAR
The Lok Sabha on Wednesday passed Finance Bill approving the budget for the fiscal year beginning April 1. Applying the guillotine process, the Bill was passed without any discussion as the opposition continued to disrupt the proceedings for the eighth day.
The guillotine process allows for a vot...
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Finance |
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Foreign lawyers, firms cannot practice law in India - Supreme Court
Posted Date : 13-Mar-2018 , 08:50:51 pm | Posted By CASANSAAR
Foreign lawyers cannot carry out any litigation or non-litigation work in India on a permanent basis, the Supreme Court held in a ruling, which also gives the Bar Council of India (BCI) regulatory control over overseas legal professionals even if they are in the country on temporary assignments.&nbs...
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General |
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Division of assesses under GSTN
Posted Date : 13-Mar-2018 , 08:38:30 pm | Posted By CASANSAAR
The division of assesses between Centre and State is decided by the Centre and State Governments. GSTN got an application developed using which Central and State tax authorities have uploaded the data on allocation of migrated taxpayers in the GST System database. As on 8th March, 2018 data on divis...
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GST |
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Resolution professional doesn’t require nod of shareholders/members for insolvency resolution
Posted Date : 13-Mar-2018 , 08:35:36 pm | Posted By CASANSAAR
Ministry vide its circular no. IBC/01/2017 dated 25.10.2017 clarified that Section 30 and 31 of the Code provide a detailed procedure from the time of receipt of resolution plan by the resolution professional to its approval by the Adjudicating Authority and there is no requirement for obtaining app...
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Insolvent Professional |
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RBI discontinues Letters of Undertaking, Letters of Comfort for trade credit
Posted Date : 13-Mar-2018 , 08:33:09 pm | Posted By CASANSAAR
The Reserve Bank of India today discontinued Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits.
The RBI, in a circular, said it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category -I banks...
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RBI |
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Govt asks banks to name and shame wilful defaulters
Posted Date : 13-Mar-2018 , 08:31:13 pm | Posted By CASANSAAR
Tightening the noose around wilful defaulters, the government has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers.
According to PTI, the finance ministry has written a letter to all state-run banks directing them to take board...
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Banking |
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SC indefinitely extends March 31 deadline for mandatory Aadhaar linking
Posted Date : 13-Mar-2018 , 06:24:17 am | Posted By CASANSAAR
The Supreme Court has ruled that for now, citizens do not have to link their Aadhaar numbers to a range of services including bank accounts and mobile phones. The top court said that a biometric ID is mandatory for accessing social welfare schemes and subsidies, but till it decides on whether the go...
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General |
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SBI slashes minimum balance charges by up to 75%
Posted Date : 13-Mar-2018 , 05:17:03 am | Posted By CASANSAAR
State Bank of India, SBI has cut down the charges for non-maintenance of average minimum balance in its savings accounts by up to 75 per cent.
The new charges, which will benefit about 25 crore bank customers, comes into effect from 1st of next month.
The bank said in a release tha...
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Banking |
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Nirav scam: PNB to pay lenders, but with a rider
Posted Date : 12-Mar-2018 , 11:15:42 pm | Posted By CASANSAAR
Banks are close to reaching an accord on resolving the tussle over payments due to them by Punjab National Bank (PNB) against guarantees the latter issued to jewellers Nirav Modi and Mehul Choksi as well as their companies that are the subject of a Rs 13,000-crore fraud. While PNB has agreed to hono...
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Banking |
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IBBI signs a Memorandum of Understanding with the RBI
Posted Date : 12-Mar-2018 , 07:51:15 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Reserve Bank of India (RBI). The MoU was signed by Mr. Sudarshan Sen, Executive Director of the RBI and Dr. (Ms.) Mamta Suri, Executive Director of the IBBI in the august presence of Mr. Inj...
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Insolvent Professional |
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Parliamentary panel asks govt to define 'Shell Companies' in Companies Act
Posted Date : 11-Mar-2018 , 09:54:23 pm | Posted By CASANSAAR
A Parliamentary panel has asked the government to define "shell company" in the Companies Act and ensure distinction between those guilty of fraud and those irregular with filings.
The recommendation assumes significance at a time when the government is cracking down on companies that h...
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Companies Act |
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RBI starts special audit of public sector banks
Posted Date : 11-Mar-2018 , 09:50:53 pm | Posted By CASANSAAR
Rattled by a spate of banking frauds, RBI has initiated special audit of State-owned lenders with focus on trade financing activities, especially relating to issuance of letters of undertaking (LoUs) by them, banking sources said.
In addition, the RBI has asked all banks for details of the LoUs t...
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RBI |
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Govt to introduce Fugitive Economic offenders Bill and Chit Funds (Amendment) Bill in Lok Sabha
Posted Date : 11-Mar-2018 , 09:40:11 pm | Posted By CASANSAAR
The Chit Funds (Amendment) Bill and The Fugitive Economic Offenders Bill are scheduled to be introduced in the Lok Sabha on Monday.
AIR correspondent reports, last month, the Cabinet had given its approval to introduce the Chit Funds (Amendment) Bill in Parliament.
The amendment ha...
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Corporate Law |
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Guidance Note on Audit of Banks 2018 Edition issued by ICAI
Posted Date : 11-Mar-2018 , 09:29:17 pm | Posted By CASANSAAR
Guidance Note on Audit of Banks 2018 edition issued by the Auditing and Assurance Standards Board – (11-03-2018)
Independent audit of financial statement of banks is essential for a healthy, safe and sound banking system. Audit of banks involves number of peculiarities e.g. huge volumes and...
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Bank Branch Audit |
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Recommendations made during the 26th meeting of the GST Council held in New Delhi
Posted Date : 11-Mar-2018 , 09:22:39 pm | Posted By CASANSAAR
Return filing System
The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and Group o...
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GST |
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Recommendations regarding E-way Bill made during meeting of the GST Council
Posted Date : 11-Mar-2018 , 09:21:06 pm | Posted By CASANSAAR
In the 26th meeting held here, the GST Council has recommended the introduction of e-way bill for inter-State movement of goods across the country from 01st April 2018. For intra-State movement of goods, e-way bill system will be introduced w.e.f. a date to be announced in a phased manner but ...
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GST |
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26th Meeting of the GST Council meets & decides Extension of tax exemptions for exporters for six months
Posted Date : 11-Mar-2018 , 09:19:07 pm | Posted By CASANSAAR
Sending a strong positive signal to the exporting community, the GST Council in its 26thmeeting held here today decided to extend the available tax exemptions on imported goods for a further 6 months beyond 31.03.2018. Thus, exporters presently availing various export promotion schemes can now conti...
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GST |
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GST Council Approves Staggered Rollout of E-way Bill from April 15
Posted Date : 10-Mar-2018 , 03:22:17 am | Posted By CASANSAAR
The GST Council on Saturday has approved staggered rollout of the intra-state e-Way Bill from April 15. The states have been divided into four lots for the rollout. Sources said Kerala, Karnataka, Tamil Nadu are likely to initiate the rollout.
The GST Council meet, chaired by Finance Minister Aru...
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GST |
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Delhi HC admits writ filed by CA students on results
Posted Date : 10-Mar-2018 , 09:34:10 am | Posted By CASANSAAR
Delhi High Court Division Bench admmits the writ filed by CA Students on Results and asked ICAI to produce result and the procedure for moderation of result in the court. Next hearing will be on 8th May 2018.
Delhi High Court also rejected the plea of ICAI that announcing result is a confidential...
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CA Results |
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16.65 crore PAN, 87.79 crore bank accounts linked to Aadhaar
Posted Date : 09-Mar-2018 , 09:53:26 pm | Posted By CASANSAAR
As per the latest available information as on 05.03.2018, number of Aadhaar cards linked with PAN is 16,65,82,421 . Further, as on 02.03.2018, 8779.65 Lakhs Current Accounts and Savings Accounts have been linked with Aadhaar.
There are number of security features with regard to Aadhaar link...
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PAN |
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Banks gross NPAs at Rs 8.41 lakh crore in December
Posted Date : 10-Mar-2018 , 09:19:56 am | Posted By CASANSAAR
The gross non-performing assets (NPAs) of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, government said today.
The gross NPAs or bad loans of scheduled commercial banks as on December 31, 2017 due to loa...
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NPA |
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RBI slaps Five Crore penalty on Airtel Payments Bank
Posted Date : 10-Mar-2018 , 09:18:11 am | Posted By CASANSAAR
RBI has imposed a penalty of Rs 5 crore on Airtel Payments Bank for violating operating guidelines and Know Your Customer (KYC) norms. The fine was imposed after RBI scrutinised the bank’s documents relating to opening of accounts without any specific or clear consent from the customers....
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RBI |
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PNB may be given 1 year to provision against Rs 12,646 Cr fraud
Posted Date : 10-Mar-2018 , 09:12:22 am | Posted By CASANSAAR
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country's biggest ever banking fraud of Rs 12,646 crore allegedly masterminded by billionaire diamantaire Nirav Modi.
The bank has written a letter to the banking sector regulator seekin...
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Banking |
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Over one crore taxpayers registered under GST - Govt
Posted Date : 10-Mar-2018 , 09:10:28 am | Posted By CASANSAAR
Over one crore taxpayers have registered under the Goods and Services Tax (GST), which was rolled out from on 1st of July last year. The GST has subsumed over a dozen local taxes, including Excise Duty, Service Tax and VAT.
Minister of State for Finance Shiv Pratap Shukla, in a written repl...
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GST |
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NFRA to be run by bureaucrats, sans CAs
Posted Date : 08-Mar-2018 , 08:53:33 am | Posted By CASANSAAR
The Centre's new body to regulate accounting and audit professionals, the National Financial Regulatory Authority (NFRA), will not have any representation from chartered or cost accountants and could essentially be a body run by retired bureaucrats. This is mainly aimed to ensure that regulation...
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CA |
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Cabinet approves the Arbitration and Conciliation (Amendment) Bill, 2018
Posted Date : 08-Mar-2018 , 08:40:48 am | Posted By CASANSAAR
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the Arbitration and Conciliation (Amendment) Bill, 2018 for introduction in the Parliament. It is a part of the efforts of the Government to encourage institutional arbitration for settlement of disputes and make India a cen...
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General |
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RBI slaps Rs 40 lakh penalty on SBI for flouting fake note norms
Posted Date : 08-Mar-2018 , 08:38:08 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes.
An RBI notification issued from Mumbai today informs that the action is based on deficiencies in regulatory co...
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RBI |
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GST TRAN-2 submission date extended upto 31 March 2018
Posted Date : 08-Mar-2018 , 08:29:01 am | Posted By CASANSAAR
CBEC has extended Last Date for Submission of GST TRAN-2 extended upto 31 March 2018 vide Notification No.12/2018 – Central Tax dated : 7th March 2018. Relevant Extract is as follows:-
2. In the Central Goods and Services Tax Rules, 2017, –
(i) with effect from the date...
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GST |
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