CBI files another bank fraud case of Rs.1394 Cr
Posted Date : 22-Mar-2018 , 11:04:25 am | Posted By CASANSAAR
Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.
A Central Bureau of Investigation (CBI) team also carried out ...
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Banking |
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Linking of SWIFT to the Core Banking System
Posted Date : 22-Mar-2018 , 11:01:05 am | Posted By CASANSAAR
Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fint...
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Banking |
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0 | Hits : 1070
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GST - Clarity on E-Way Bill
Posted Date : 22-Mar-2018 , 10:59:29 am | Posted By CASANSAAR
Government has received various representations from Association of Exporters as well as Corporate Bodies seeking clarity on e-way bill regarding movement of goods from dry-ports to sea ports and from SEZs within the zone. Some of the queries regarding applicability of e-way bill provisions are as b...
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GST |
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0 | Hits : 1337
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States Exempted from Tax Refund after GST
Posted Date : 22-Mar-2018 , 10:57:31 am | Posted By CASANSAAR
The North Eastern and Hilly States have not been provided exemption from tax refund till March, 2027 under GST. The GST Council in the meeting held on 30.09.2016, had decided that all entities exempted from payment of indirect tax under the then existing tax incentive scheme shal...
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GST |
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0 | Hits : 914
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GST on Skill Development, Start-Ups and Tourism
Posted Date : 22-Mar-2018 , 10:56:10 am | Posted By CASANSAAR
All kinds of representations received from the trade and industry (including start-ups) regarding GST rates on services have been deliberated in the Fitment Committee. Government has exempted various kinds of services in relation to skill development. Decision pertaining to rates of GST an...
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GST |
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Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so
Posted Date : 22-Mar-2018 , 10:54:29 am | Posted By CASANSAAR
Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE’s) including Non-Banking Financial Companies (NBFC’s) to verify identity of clients, maintain records and furnish information to FIU-IND. To facilitate the filing of prescribed repor...
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Finance |
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PNB issued over 41k LoUs since 2011- FinMin
Posted Date : 22-Mar-2018 , 10:52:26 am | Posted By CASANSAAR
In reply to another question, Minister of State for Finance Shiv Pratap Shukla said that as per PNB, the total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377.
He further sai...
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Banking |
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0 | Hits : 919
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Parliament passes Payment of Gratuity Bill
Posted Date : 22-Mar-2018 , 07:30:33 am | Posted By CASANSAAR
Parliament gave its seal of approval to the Payment of Gratuity (Amendment) Bill, 2018 with the Rajya Sabha adopting it today. The bill was passed by voice vote during Zero Hour without discussion. The Lok Sabha had already passed the bill last week.
Moving the Bill, Labour Minister Santosh Kumar...
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General |
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Bank Branch Audit 2018 - Update on allotment of Branches
Posted Date : 22-Mar-2018 , 12:10:10 am | Posted By CASANSAAR
Bank Branch Audit 2018 - Update on allotment of Branches
As per information received, Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval.
Plz check your email on regular basis.
If you have any update regard...
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Bank Branch Audit |
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2 | Hits : 14574
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RBI asks PSB auditors to step up vigil, spot SCAMS
Posted Date : 21-Mar-2018 , 09:22:58 pm | Posted By CASANSAAR
Battling with frauds and dodgy borrowers, the Reserve Bank of India (RBI) has asked auditors of state-owned banks to watch out for unrealistic cash-flow projections that corporates often make to obtain new loans or rejig old loans to buy time. The regulator, at a meeting last week, also told them to...
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RBI |
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Punjab waives its share of GST on langar at key shrines
Posted Date : 21-Mar-2018 , 09:16:33 pm | Posted By CASANSAAR
Chief minister Amarinder Singh on Wednesday announced waiver of the state government’s 50% share in the Goods and Services Tax (GST) on community kitchen (langar) at Golden Temple, Durgiana Temple, Bhagwan Valmiki Tirath and key shrines of the other communities.
The Punjab assembly also una...
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GST |
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1 | Hits : 909
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Government sets up task force to draft new Direct Tax Law
Posted Date : 21-Mar-2018 , 09:02:57 pm | Posted By CASANSAAR
Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.
Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...
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Income Tax |
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0 | Hits : 1039
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IBBI nvites comments on the Draft Syllabus of Limited Insolvency Examination.
Posted Date : 21-Mar-2018 , 07:51:57 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the four key pillars of the insolvency regime, other three being the Adjudicating Authority, the Insolvency and Bankruptcy Board of ...
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Insolvent Professional |
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Delhi HC issues notice to Raja, Kanimozhi on ED, CBI appeal in 2G scam case
Posted Date : 21-Mar-2018 , 02:06:59 am | Posted By CASANSAAR
The Delhi High Court today issued a notice to former Telecom Minister A Raja, DMK MP Kanimozhi and others on the Enforcement Directorate, ED's plea challenging their acquittal in a money laundering case arising out of the 2G spectrum allocation scam.
Justice SP Garg issued another notice to t...
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General |
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Banking Regulation Act doesn’t wholly apply to SBI, other PSBs & Regional rural banks: RBI official
Posted Date : 19-Mar-2018 , 10:55:13 pm | Posted By CASANSAAR
The law that regulates and supervises banking companies in India does not wholly apply to State Bank of India (SBI), other government-owned lenders and regional rural banks (RRBs), a senior Reserve Bank of India (RBI) official told ET.
This follows RBI governor Urjit Patel’s March 14 ...
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RBI |
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Bank unions demand JPC probe into PNB fraud case
Posted Date : 19-Mar-2018 , 09:25:05 pm | Posted By CASANSAAR
Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI).
"We are demanding a detailed JPC probe into the rec...
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Category :
Income Tax |
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CBEC to verify GST transitional credit claims of 50000 taxpayers
Posted Date : 19-Mar-2018 , 08:42:33 pm | Posted By CASANSAAR
In order to check "frivolous and fraudulent" tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh.
The verification of "unreasonable&...
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GST |
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Bank Branch Statutory Audit Updates
Posted Date : 19-Mar-2018 , 10:02:58 am | Posted By CASANSAAR
Bank Branch Statutory Audit Updates
Panel of Statutory Bank auditors received by various banks. As Per reliable sources, Some Banks are using Software for allotment proess.
Following Banks has start sending mails for Bank Branch Audit:-
Corporation Bank
Canara Bank
Syndicate Bank
Indian ...
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Bank Branch Audit |
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30 | Hits : 57784
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HC seeks govt response on plea challenging a GST rule
Posted Date : 18-Mar-2018 , 09:13:01 pm | Posted By CASANSAAR
The Delhi High Court has sought response of the Centre and the Goods and Services Tax (GST) Council on a Bajaj Auto dealer's plea challenging constitutionality of a GST rule which provides a time line for filing the form to claim input tax credit.
A bench of justices S Ravindra Bhat and...
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GST |
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0 | Hits : 1147
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Only 16% of initial GST returns filed for July-Dec matched with final returns
Posted Date : 18-Mar-2018 , 10:53:53 am | Posted By CASANSAAR
With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion.
According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between ...
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GST |
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Rs 11,300 crore lying unclaimed with 64 banks - RBI
Posted Date : 18-Mar-2018 , 10:50:34 am | Posted By CASANSAAR
As much as Rs 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks, data from the Reserve Bank of India has revealed.
The largest amount — Rs 1,262 crore — is lying with the State Bank of India, Rs 1,250 crore with PNB, while all other nationalis...
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RBI |
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Prosecutions filed against auditor after inspecting DDCA books - Govt
Posted Date : 16-Mar-2018 , 08:47:10 pm | Posted By CASANSAAR
The corporate affairs ministry said an inspection was conducted on functioning of Delhi and District Cricket Association (DDCA) and prosecutions were filed against the auditor.
In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had receive...
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Auditing |
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Indian GST is one of the most complex tax systems in the World - World Bank
Posted Date : 16-Mar-2018 , 08:38:43 pm | Posted By CASANSAAR
The Indian Goods and Services Tax (GST) system is among the most complex in the world with not only one of the highest tax rates but also one of the largest number of tax slabs, the World Bank has said.
It added that India has the highest standard GST rate in Asia, and second highest in the world...
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GST |
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0 | Hits : 1362
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107 companies and 7 LLPs under SFIO scanner in PNB fraud case
Posted Date : 16-Mar-2018 , 08:30:47 pm | Posted By CASANSAAR
The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008 on 17.02.2018 belonging to Mr Nirav Modi (Firestar Diamond group) and Mr Mehul...
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Banking |
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0 | Hits : 1248
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Over 1,700 card, net banking-related frauds reported in 2017
Posted Date : 16-Mar-2018 , 08:29:15 pm | Posted By CASANSAAR
Over 1,700 cases of fraud related to credit/debit card and Internet banking with the extent of losses touching Rs 71.48 crore were reported in 2017, Parliament was informed today.
A total of 1,785 cases related to credit/debit card and Internet banking for amounts involving Rs 1 lakh and more wer...
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Banking |
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0 | Hits : 1117
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RBI issues PCA framework to maintain sound financial health of banks
Posted Date : 16-Mar-2018 , 08:26:56 pm | Posted By CASANSAAR
RBI has issued a Prompt Corrective Action (PCA) framework to maintain sound financial health of banks.
In a written reply to a question in the Lok Sabha today, Minister of State for Finance Shiv Pratap Shukla said, it facilitates banks in breach of risk thresholds for identified areas of mo...
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RBI |
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Changes in the Finance Bill that will affect your Money Matters
Posted Date : 16-Mar-2018 , 12:16:13 am | Posted By CASANSAAR
The Lok Sabha passed the Finance Bill 2018 and the Appropriation Bill on Wednesday and it is scheduled to become law by April 1 once President Ram Nath Kovind signs off on it. The finance minister, Arun Jaitley, moved 21 amendments to the Bill, which contains taxation proposals for 2018-19. Once thi...
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Finance Bill |
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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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0 | Hits : 1114
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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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0 | Hits : 1161
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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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