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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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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0 | Hits : 2313
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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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Auditing |
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0 | Hits : 2302
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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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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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0 | Hits : 1463
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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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0 | Hits : 1607
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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 : 1679
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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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0 | Hits : 3439
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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 : 2765
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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 : 1454
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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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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 : 2805
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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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0 | Hits : 913
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CBDT notifies new communication scheme for e-assessment
Posted Date : 28-Feb-2018 , 10:21:00 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee.
The scheme stipulat...
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Banking |
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0 | Hits : 2103
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Not prudent to draw any conclusion against CAs and profession before anything gets established - ICAI
Posted Date : 28-Feb-2018 , 10:14:55 am | Posted By CASANSAAR
Press Release issued by ICAI
ICAI, robust regulator of accounting and auditing profession in India, committed to conclude the disciplinary process against those found involved in the PNB scam
ICAI is an autonomous regulator of accounting profession created by Chartered Accountants Act, 1949....
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ICAI |
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Govt asks PSU Banks to scan all bad debts of above Rs 50 Cr
Posted Date : 28-Feb-2018 , 09:06:11 am | Posted By CASANSAAR
The government on Tuesday asked state-run banks to fix operational gaps within 15 days and said lenders must check all bad loan accounts over Rs 50 crore for possible fraud. The latest directive has been sent by Rajeev Kumar, the secretary - department of financial services, after the over Rs 12,600...
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Banking |
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First sale of Electoral Bonds to commence from 1st March
Posted Date : 26-Feb-2018 , 01:17:43 am | Posted By CASANSAAR
The first sale of Electoral Bonds will commence from the 1st of next month for a period of ten days.
The Ministry of Finance said, State Bank of India has been authorized to issue and encash Electoral Bonds initially at its four authorised branches.
Electoral Bond will be valid for...
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Category :
General |
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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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0 | Hits : 1489
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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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Category :
Auditing |
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1 | Hits : 1700
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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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0 | Hits : 1170
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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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0 | Hits : 919
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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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0 | Hits : 1033
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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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0 | Hits : 2394
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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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0 | Hits : 1237
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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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0 | Hits : 3969
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