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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Category :
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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Category :
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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ICAI issues advisory regarding Allocation of Work among the Joint Auditors in case of Bank Audits
Posted Date : 08-Mar-2018 , 08:25:34 am | Posted By CASANSAAR
Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits
1 As you are aware that ICAI has issued Standard on Auditing (SA) 299, “Responsibility of Joint Auditors”. Regarding allocation of work among the joint auditors, SA ...
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ICAI |
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NFRA to have power to impose penalty on Audit Firms
Posted Date : 07-Mar-2018 , 09:44:15 am | Posted By CASANSAAR
The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI).
The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for ta...
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Category :
Auditing |
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0 | Hits : 1657
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ICICI Bank Chief Chanda Kocchar, Axis Bank MD Shikha Sharma summoned in PNB fraud case
Posted Date : 06-Mar-2018 , 03:08:36 pm | Posted By CASANSAAR
ICICI Bank Chief Chanda Kocchar and Axis Bank Managing Director Shikha Sharma were summoned for interrogation on Tuesday by Serious Fraud Investigation Office (SFIO), Mumbai, in the Punjab National Bank (PNB) scam case.
Both the bankers have been summoned in a case of over 5,000 crore rupee worki...
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Income Tax |
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Banks may be told to take passport details for loans above Rs 50 crore
Posted Date : 06-Mar-2018 , 08:41:29 am | Posted By CASANSAAR
The finance ministry may ask state-run lenders to seek the certified passport details of borrowers with an exposure of Rs 50 crore and above to help prevent them fleeing the country in case of default or wrongdoing of any kind, a senior government official said.
This comes as the government...
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Banking |
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RBI slaps Rs 3 cr penalty on Axis Bank, 2 cr on IOB
Posted Date : 06-Mar-2018 , 08:26:13 am | Posted By CASANSAAR
RBI said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations.
RBI said it had carried out a statutory inspection of private sector player Axis Bank with reference to its fi...
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Category :
Banking |
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Income Tax department unearths TDS scam worth Rs 3200 crore
Posted Date : 05-Mar-2018 , 10:36:08 am | Posted By CASANSAAR
The income tax department has revealed that 447 companies duped the government of Rs 3,200 crore as they didn’t deposit the sum with the government which they had deducted from their employees as TDS. A report said that the money was diverted to meet their other business obligations. The TDS w...
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TDS |
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RBI tightens PSL norms for banks by directing them to create sub-targets
Posted Date : 05-Mar-2018 , 10:17:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has further tightened the priority sector lending (PSL) norms for foreign banks by directing them to mandatorily create sub-targets so that they lend a portion of their loans to small and marginal farmers as well as micro enterprises (MSMEs) from April.
The m...
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RBI |
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Second part of the budget session of Parliament begins today after recess
Posted Date : 05-Mar-2018 , 10:12:53 am | Posted By CASANSAAR
The second part of the budget session of Parliament will begin today after nearly a month-long recess. The first part of the session began on the 29th of January and concluded on 9th of February after the presentation of Union Budget and adoption of the motion of thanks to President's address to...
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Budget |
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CBI lens on Infosys staff, I-T officials and fake CA for fraud
Posted Date : 03-Mar-2018 , 01:00:52 am | Posted By CASANSAAR
The CBI is investigating a “revised tax returns” fraud involving several unknown employees of Infosys Technologies, officials from the I-T department and one fake CA from Bengaluru. This scam, benefiting employees of bellwether IT companies, was unearthed by the I-T department in late Ja...
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Income Tax |
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CBI suspects PNB hushed up Audit Reports
Posted Date : 03-Mar-2018 , 08:52:51 am | Posted By CASANSAAR
The CBI suspects that the annual audit reports of Punjab National Bank's internal auditors were either suppressed or ignored by the top brass, resulting in non-detection of the Rs 12,636-crore loan fraud by diamantaires Nirav Modi and Mehul Choksi.
CBI sources expressed surprise that the scam...
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Category :
Auditing |
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0 | Hits : 2288
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Cabinet approves Establishment of National Financial Reporting Authority
Posted Date : 01-Mar-2018 , 10:55:14 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
The decision aims at ...
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Category :
Auditing |
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No scope for error in accounting system - Finance Minister
Posted Date : 02-Mar-2018 , 10:19:40 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has said that highest level of integrity and efficiency is required on the part of officers and staff of Civil Accounts Service as great sanctity is attached to the accounting system.
Addressing the 42nd Civil Accounts Day function in New Delhi this morning, Mr...
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Accounts |
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WhatsApp refuses to share user-specific data with SEBI
Posted Date : 01-Mar-2018 , 09:49:39 am | Posted By CASANSAAR
Instant messaging platform WhatsApp has declined to share user-specific data with the Securities and Exchange Board of India (Sebi), citing its privacy policy.
The market regulator had written to WhatsApp, seeking information on the origin of messages that allegedly contained unpublished price-se...
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WhatsApp |
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PNB appoints a forensic auditor for Nirav Modi fraud case
Posted Date : 01-Mar-2018 , 09:45:47 am | Posted By CASANSAAR
Punjab National Bank (PNB) has appointed Belgium-based consultancy firm BDO as forensic auditor for five of Nirav Modi Group companies that lead to the biggest ever banking fraud of USD 2 billion in the country.
Besides, more than two dozen banks have decided to seek a forensic audit to establish...
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Auditing |
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0 | Hits : 1659
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CBI arrests PNB bank internal auditor in $2 billion fraud
Posted Date : 01-Mar-2018 , 09:39:45 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens.
CBI, however, has yet to track ...
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Category :
Auditing |
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RBI skipped PNB Branch Audit for 9 years
Posted Date : 01-Mar-2018 , 09:36:17 am | Posted By CASANSAAR
While the blame game begins in the Rs 12,636 crore PNB fraud, so lax were auditing controls that the last audit done by the Reserve Bank of India was nine years ago on March 31, 2009. For a mid corporate bank, like PNB's Brady House branch, that deals with high networth individuals, the audit is...
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Category :
Auditing |
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0 | Hits : 2752
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Cabinet likely to discuss tighter norms for Auditors
Posted Date : 01-Mar-2018 , 09:26:06 am | Posted By CASANSAAR
Perturbed over the spate of banking frauds, the Union Cabinet is likely to consider measures to strengthen the regulatory regime for auditors to prevent such incidents in the future.
The Cabinet headed by Prime Minister Narendra Modi will be meeting again tomorrow and is reported to have only one...
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Category :
Auditing |
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0 | Hits : 1444
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Directors of two companies held for GST fraud
Posted Date : 01-Mar-2018 , 09:23:25 am | Posted By CASANSAAR
CGST Mumbai Central Commissionerate arrested the directors of two companies for allegedly availing of tax credit in a fraudulent manner.
Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, both were arrested for availing of inelig...
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GST |
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0 | Hits : 1745
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Govt moves to set up new regulator for CAs
Posted Date : 28-Feb-2018 , 10:40:37 am | Posted By CASANSAAR
The scam at state-run Punjab National Bank has prompted the government to move on setting up a new agency to regulate and discipline auditors, almost five years after the law provided for it.
Setting up of the National Financial Reporting Authority, a new agency provided for in the Companies Act,...
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CA |
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0 | Hits : 2785
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RBI increases exposure limits for residents, foreign investors
Posted Date : 28-Feb-2018 , 10:30:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has increased the exposure limits for residents and FPIs in the exchange traded currency derivatives (ETCD) market.
“It has now been decided to permit persons resident in India and FPIs (foreign portfolio investors) to take positions (long or short), without ...
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RBI |
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