FinMin puts out list of 9500 high-risk finance companies
Posted Date : 26-Feb-2018 , 12:33:43 pm | Posted By CASANSAAR
Financial Intelligence Unit (FIU) has released a list of around 9500 Non-Banking Financial Companies (NBFCs), which have been categorised as high-risk financial institutions.
The FIU under the Finance Ministry has released the list on its website showing the names of these NBFCs which have ...
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Finance |
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OBC fraud: CBI registers Rs 109 crore loan default case against CMD of Simbhaoli Sugars
Posted Date : 26-Feb-2018 , 12:26:14 pm | Posted By CASANSAAR
The Central Bureau of Investigation has filed a case against Bombay Stock Exchange listed–Simbhaoli Sugars Limited, one of the largest sugar refining companies–for allegedly cheating Oriental Bank of Commerce (OBC) of Rs 109 crore in 2011 on the pretext of financing sugarcane farmers.
...
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Banking |
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SC asks Centre to curb illegal operations of multinational auditors
Posted Date : 23-Feb-2018 , 10:24:50 pm | Posted By CASANSAAR
The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian Chartered Accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in.
"The Union of India may constitute a three-me...
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Auditing |
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RBI launches Ombudsman Scheme for NBFCs
Posted Date : 24-Feb-2018 , 09:45:00 am | Posted By CASANSAAR
The RBI launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them.
"The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme,&...
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RBI |
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Govt gets NCLT nod to attach properties of Nirav Modi, Mehul Choksi
Posted Date : 23-Feb-2018 , 10:03:53 pm | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday evening allowed the government to attach 64 properties belonging to individuals as well as companies that are part of groups headed by Nirav Modi and Mehul Choksi and find mention in the complaint lodged by state-run Punjab Natio...
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Insolvent Professional |
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IBBI seeks public comments on contents of Request for Proposal (RFP)
Posted Date : 24-Feb-2018 , 09:21:39 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) is inviting public comments on contents of Request for Proposal (RFP). An RFP is an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate Insolvency Resolut...
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Insolvent Professional |
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ICAI plans to review accounts of all companies with over Rs 2K Cr loans
Posted Date : 23-Feb-2018 , 10:31:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) on Thursday said that it has written to Reserve Bank of India seeking a list of corporate borrowers of public sector banks with over Rs 2,000 crore loan outstanding so that their accounts can be examined by Financial Reporting Review Board for a...
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ICAI |
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SEBI gives additional avenues for minimum public shareholding
Posted Date : 23-Feb-2018 , 10:29:01 am | Posted By CASANSAAR
Markets regulator Securities and Exchange Board of India (SEBI) on Thursday provided two additional measures to listed companies to ensure such entities comply with 25 percent minimum public shareholding norms.
These additional methods are — qualified institutions placement (QIP) and sale o...
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SEBI |
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Government wants Auditors to be Audited
Posted Date : 23-Feb-2018 , 10:26:46 am | Posted By CASANSAAR
In the aftermath of the Rs 11,400-crore Punjab National Bank (PNB) fraud, the finance ministry is planning to create a National Financial Reporting Authority, which will work as a regulatory body for accountants (CAs) and audit firms with a power to penalise them for their misconduct.
“The ...
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CA |
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ICAI issues show-cause notices to PNB, Gitanjali Gems Auditors
Posted Date : 23-Feb-2018 , 10:22:48 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI said it has issued show-cause notices to the auditors of Punjab National Bank and Gitanjali Gems in connection with the Rs 11,400 crore fraud at the public sector lender.
Besides, the institute has summoned a deputy general manager of the bank ...
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ICAI |
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Revised Double Taxation Avoidance Agreement (DTAA) between India and Kenya notified
Posted Date : 23-Feb-2018 , 10:21:06 am | Posted By CASANSAAR
The Double Taxation Avoidance Agreement (DTAA) between India and Kenya was signed and notified in 1985. Subsequently, the DTAA was renegotiated and a revised DTAA was signed between both countries on 11th July, 2016. The revised DTAA has been notified in the Official Gazette on 19th Febr...
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International Business |
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CAs cannot get away just by citing red flags - Govt
Posted Date : 21-Feb-2018 , 11:15:30 pm | Posted By CASANSAAR
Auditors may not be able to get away by citing “red flags” raised by them in fraud-hit companies as the government is set to crack down on errant entities, including those associated with Nirav Modi, Mehul Choksi and Punjab National Bank (PNB), which are at the centre of the over Rs 11,3...
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CA |
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GST Network simplifies returns filing process
Posted Date : 22-Feb-2018 , 10:36:53 am | Posted By CASANSAAR
In a move to make filing of returns taxpayer friendly and error-free, the Goods and Service Tax Network (GSTN), the firm that processes tax returns in the indirect tax regime, has simplified the monthly return of sales summary that businesses and traders have to file.
GSTN said in a statement on ...
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GST |
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EPFO declares 8.55% interest rate for FY18, lower than 8.65% for FY17
Posted Date : 22-Feb-2018 , 10:30:59 am | Posted By CASANSAAR
Retirement fund body EPFO today lowered the rate of interest on employees provident fund to 8.55% for its over 6-crore subscribers for 2017-18, from 8.65% in the previous fiscal.
"It is difficult to evaluate about future in view of present economic scenario. We paid 8.65% last fiscal, which ...
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General |
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PNB’s LoU story spoils plot for import finance
Posted Date : 22-Feb-2018 , 10:24:49 am | Posted By CASANSAAR
Import finance, crucial for ensuring critical supplies for India’s industrial and consumer needs, faces serious restrictions as banks clamp down on issue of letters of undertaking (LoUs) after a bunch of employees at Punjab National Bank were caught issuing fake LoUs in the country’s big...
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Banking |
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No buyers for Indian bonds means more pain for Modi's debt plan
Posted Date : 21-Feb-2018 , 03:26:05 pm | Posted By CASANSAAR
The biggest holders of India's sovereign debt are dumping them.
State lenders have been selling 4.7 billion rupees ($73 million) of government bonds on average every day this year, hurt by deep portfolio losses, data from the Clearing Corp. of India show. Last year, their net daily infl...
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Finance |
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Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018
Posted Date : 21-Feb-2018 , 08:40:46 am | Posted By CASANSAAR
In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-
(a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament &
(...
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General |
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SEBI may give fresh push to loan default disclosure by listed firms
Posted Date : 20-Feb-2018 , 09:01:44 am | Posted By CASANSAAR
Concerned over a massive Rs 11,000 crore fraud at PNB remaining undetected for years, markets regulator Sebi may give a fresh push to its "on-hold" proposal to mandate listed firms to disclose all loan defaults within a day.
While billionaire jewellery designer Nirav Modi, the all...
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SEBI |
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Govt may review norms for statutory auditor appointment in PSBs
Posted Date : 20-Feb-2018 , 08:52:43 am | Posted By CASANSAAR
Hit hard by the country's biggest bank fraud at PNB, the government is looking at tightening the norms for appointment of statutory auditors at public sector banks (PSBs) to help detect any irregularities early and take corrective actions, according to a government official.
At present,...
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Category :
Auditing |
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ED seeks statutory audit reports of banks from RBI
Posted Date : 20-Feb-2018 , 08:47:43 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has sought statutory audit reports of banks from the Reserve Bank of India (RBI) in connection with the Rs 11,400 crore bank fraud reported by Punjab National Bank last week, according to an ED official who spoke off the record.
The official said that at the momen...
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Auditing |
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Govt mulls dissolving Banks Board Bureau headed by Vinod Rai
Posted Date : 20-Feb-2018 , 08:42:09 am | Posted By CASANSAAR
As the plot behind the PNB scam thickens, the government is considering dissolving the Banks Board Bureau (BBB) headed by Vinod Rai who is set to retire in March, a highly placed source in the finance ministry told Express. “The government is considering dissolving it. The chairman is retiring...
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Banking |
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Govt asks RBI to check efficiency of systems to detect frauds
Posted Date : 20-Feb-2018 , 08:36:11 am | Posted By CASANSAAR
The CBI has arrested three officials of Punjab National Bank's Brady House branch in Mumbai in connection with Nirav Modi fraud case.
These officials are Chief Manager Bechu B Tewari, Forex Department Manager Yashwant Joshi and Praful Sawant, a Scale I officer in Export section. They we...
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Category :
Banking |
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PNB Fraud - Officials of other banks under scanner
Posted Date : 18-Feb-2018 , 09:29:38 pm | Posted By CASANSAAR
As investigations into the Rs 11,400 crore scam at PNB gather momentum, officials at overseas branches of other banks, where the fraudulently issued Letter of Undertakings (LoUs) were encashed, are under scanner, sources said.
Officials of Hong Kong branches of Indian lenders including Allahabad ...
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Banking |
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ICAI to look at Auditors' role, sets up panel to study systemic issues
Posted Date : 17-Feb-2018 , 07:42:45 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI on Friday said it has taken suo motu cognisance of the $1.77 billion fraud at PNB and has sought information from investigation agencies besides setting up a group to study the system issues arising out of the incident.
The Institute of Chartered Accounta...
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ICAI |
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Govt asks fraud-hit PNB to conduct Forensic Audits
Posted Date : 16-Feb-2018 , 09:55:00 am | Posted By CASANSAAR
The government has asked fraud-hit Punjab National Bank (PNB) to conduct a forensic audit and give a detailed report on why the loans given to jeweller Nirav Modi and his associates, based on fraudulent letters of undertaking (LoUs), were not unearthed from 2011 till now.
This comes after PNB Chi...
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Category :
Auditing |
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Price Waterhouse can audit clients till March 2019 - SAT
Posted Date : 16-Feb-2018 , 09:51:15 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) granted partial relief to Price Waterhouse (PW), allowing it to audit existing clients till March 31, 2019, or until a new bench is formed.
PW had been barred by the Securities and Exchange Board of India (Sebi) from auditing listed companies in India...
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Category :
Auditing |
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0 | Hits : 1881
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RBI asks banks to accept notes & coins of small denominations tendered at their counters
Posted Date : 16-Feb-2018 , 09:43:36 am | Posted By CASANSAAR
RBI has directed all banks to accept small denomination notes and coins tendered at their counters. The apex bank issued a notification in Mumbai yesterday, saying such denial of service causes inconvenience to the public at large as shopkeepers and traders refuse to accept coins for payment of good...
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RBI |
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PNB cautions other banks about modus operandi of fraud
Posted Date : 15-Feb-2018 , 10:02:45 am | Posted By CASANSAAR
Hit by a Rs 11,400 crore fraud, state-owned Punjab National Bank (PNB) has cautioned other banks about the modus operandi of the scam.
"It has been reported through a preliminary investigation that the suspected fraud has been carried out by the perpetrators in collusion with the staff of on...
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Category :
Banking |
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PNB fraud turns up heat on India's banking reforms
Posted Date : 15-Feb-2018 , 09:35:55 am | Posted By CASANSAAR
India’s financial institutions keep finding fresh ways to screw up. Punjab National Bank (PNB), the country’s second biggest public sector bank, has uncovered $1.8 billion (about Rs11,363 crore) of “fraudulent and unauthorized” transactions from a single branch in Mumbai. It ...
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Category :
Banking |
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CA Students called for a protest on Thursday at ICAI
Posted Date : 15-Feb-2018 , 09:21:35 am | Posted By CASANSAAR
Many final year students of the Institute of Chartered Accountants of India (ICAI) are up in arms against the institute for withdrawing declared results and redeclaring them with numerous names ‘missing’ from the list.
Students have called for a protest on Thursday at ICAI Bhawa...
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Category :
CA Results |
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