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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Category :
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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Category :
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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Category :
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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Category :
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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Category :
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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Category :
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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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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Category :
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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Category :
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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0 | Hits : 1610
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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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Category :
Income Tax |
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0 | Hits : 2284
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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 : 2293
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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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0 | Hits : 1078
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