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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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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Auditing |
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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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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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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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CA Results |
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GST e-way bill software set to be overhauled
Posted Date : 15-Feb-2018 , 09:10:48 am | Posted By CASANSAAR
The government is looking at complete overhaul of the electronic-way-bill (e-way-bill) system under the goods and services tax (GST) regime instead of tinkering with its structure or scrapping it altogether, sources in the know told DNA Money.
According to him, the e-way invoice could be relaunch...
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GST |
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ICAI to come out with concept paper on virtual currencies
Posted Date : 14-Feb-2018 , 09:40:33 pm | Posted By CASANSAAR
Chartered accountants' apex body ICAI is looking into various aspects of virtual currencies and will come out with a concept paper on the same, according to its president Naveen N D Gupta.
There are rising concerns about investments in virtual currencies such as bitcoins, which have see...
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ICAI |
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Punjab National Bank detects RS.11400 Cr fraud
Posted Date : 14-Feb-2018 , 09:28:18 pm | Posted By CASANSAAR
State-owned Punjab National Bank today said it has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.
PNB has suspended 10 ...
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Banking |
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RBI's new norms on bad loans wake up call for defaulters - Govt
Posted Date : 14-Feb-2018 , 09:32:51 am | Posted By CASANSAAR
In a bid to hasten the resolution of bad loans, RBI has tightened rules to make banks identify and tackle any non-payment of loan rapidly, a move the government said should act as a "wake up call" for defaulters.
The Reserve Bank of India abolished half a dozen existing loan-restructuri...
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RBI |
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ICAI seeks one more disciplinary committee Bench
Posted Date : 14-Feb-2018 , 09:29:11 am | Posted By CASANSAAR
ICAI has requested the government to give its nod for one more Bench of disciplinary committee to strengthen the disciplinary mechanism around the CA profession, said its newly elected President Naveen N.D. Gupta.
This proposed new Bench of disciplinary committee will be dedicated for “publ...
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ICAI |
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IT raid cases will not be processed under e-assessment - CBDT
Posted Date : 14-Feb-2018 , 09:19:04 am | Posted By CASANSAAR
The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the Central Board of Direct Taxes has said.
The CBDT added that the current system of ...
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Category :
Income Tax |
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0 | Hits : 1017
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Government of India makes Amendments in Small Savings Act
Posted Date : 14-Feb-2018 , 09:13:35 am | Posted By CASANSAAR
The Government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our country’s savings architecture. In order to remove existing ambiguities due to multiple Acts and rule...
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Category :
General |
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Big relief for individuals! I-T scrutiny turns faceless with e-proceeding facility
Posted Date : 13-Feb-2018 , 04:22:20 pm | Posted By CASANSAAR
In a big relief for individuals facing income-tax (IT) scrutiny, the I-T department has said all further interaction would happen only through 'Eproceeding' facility, making the entire process faceless.
In a direction issued to the field officers Monday, the Central Board of Direct ...
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Category :
Income Tax |
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0 | Hits : 1388
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RBI issues revised guidelines for expeditious resolution of bad loans
Posted Date : 13-Feb-2018 , 09:40:43 am | Posted By CASANSAAR
Reserve Bank of India has issued a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC).
The new guidelines have specified framework for early identification and reporting of stres...
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RBI |
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Newly Elected President & Vice-President of ICAI for the year 2018-19
Posted Date : 13-Feb-2018 , 09:32:52 am | Posted By CASANSAAR
CA. Naveen N. D. Gupta elected as President, ICAI & CA. Prafulla Chhajed as Vice-President, ICAI for the year 2018-19.
Many Congrats from CASANSAAR
CA.Vivek Khurana (Founder - CASANSAAR) with newly elected President, ICAI & Vice President, ICAI....
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ICAI |
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Govt mulls making PAN an Aadhaar-like unique ID for businesses
Posted Date : 12-Feb-2018 , 08:42:34 am | Posted By CASANSAAR
The Centre is in talks to make the Permanent Account Number (PAN) an Aadhaar-like unique ID for businesses. The plan to introduce a unique identity for businesses was earlier announced by Finance Minister Arun Jaitley in his budget speech.
An official told the Economic Times, this would help redu...
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Category :
Income Tax |
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0 | Hits : 1388
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15 months after note ban, RBI still processing returned notes
Posted Date : 11-Feb-2018 , 08:18:26 pm | Posted By CASANSAAR
The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness".
This is being done in an "expedited manner", the central bank said...
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RBI |
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0 | Hits : 1185
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GST regime not user-friendly - Bombay High Court
Posted Date : 11-Feb-2018 , 08:12:39 am | Posted By CASANSAAR
The Bombay High Court said the goods and services tax (GST) regime wasn't easy to use, questioning the celebratory midnight session of Parliament that was held to mark its launch. It called on those responsible for GST implementation to resolve glitches in the system that have led to frustration...
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GST |
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Government mops up Rs 26,500 crore from those who didn't file tax returns
Posted Date : 10-Feb-2018 , 10:36:42 am | Posted By CASANSAAR
The government's drive, through a non-filer monitoring system, to target those who indulge in high value transactions but don't pay enough taxes has forced the filing of at least Rs 1.7 crore extra returns and helped the Centre mop up close to Rs 26,500 crore till December.
In a written r...
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Category :
Income Tax |
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Direct tax collection grows Rs 6.95 lakh crore during April-January period
Posted Date : 09-Feb-2018 , 09:15:45 pm | Posted By CASANSAAR
The government's direct tax collection has grown 6(point)95 lakh crore rupees during the April-January period of the current fiscal, a growth of 19.3 per cent over the year-ago period.
The net collections for Corporate Income Tax, CIT, showed a growth of 19.2 per cent and for Personal Income ...
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Income Tax |
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Delhi HC seeks response from RBI on protection of online transactions
Posted Date : 09-Feb-2018 , 09:28:45 am | Posted By CASANSAAR
At a time when the Centre is encouraging people to adopt digital transactions, some banks are allegedly not enforcing RBI directions to provide an additional authentication system for online transactions. The Delhi High Court has decided to examine the issue to protect consumers from rising incident...
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RBI |
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RBI warns for fake website of RBI
Posted Date : 09-Feb-2018 , 09:26:37 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday cautioned members of the public that it has come across a fake website www.indiareserveban.org created by some unknown person(s) with a layout similar to the original RBI website and containing a provision for ‘Bank verification with online account-holders...
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RBI |
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Competition Commission slaps Rs 136 crore penalty on Google
Posted Date : 09-Feb-2018 , 09:22:24 am | Posted By CASANSAAR
The Competition Commission on Wednesday imposed a fine of Rs 136 crore on internet giant Google for unfair business practices in the Indian market for online search.
After a detailed probe on the complaints filed in 2012, the regulator through a majority order said the penalty is being imposed on...
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General |
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884 companies under scanner in money laundering cases - Govt
Posted Date : 08-Feb-2018 , 09:18:31 am | Posted By CASANSAAR
As many as 884 companies are under the scanner in various money laundering cases and assets worth Rs 5,000 crore have been attached following probes initiated as per the PMLA, Union Minister P P Chaudhary said.
However, he said that not a single company has been deregistered on the charges of mon...
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Category :
Money laundering |
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0 | Hits : 1891
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RBI announces relief measures for GST-affected MSME sector
Posted Date : 08-Feb-2018 , 09:13:39 am | Posted By CASANSAAR
In a measure to provide relief to the micro, small and medium enterprises (MSME) sector which was "badly hit" by the implementation of the Goods and Services Tax (GST), the Reserve Bank of India (RBI) on Wednesday gave them an extension of up to 180 days to clear their loans to banks. ...
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GST |
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0 | Hits : 1364
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Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017
Posted Date : 08-Feb-2018 , 08:34:42 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given Ex-post facto approval to the modifications carried out in the replacement Bill, which replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017, and which has been passed by the Parliament as the Insolvency and Ban...
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Category :
Insolvent Professional |
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0 | Hits : 1171
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RBI to link base rate with MCLR
Posted Date : 08-Feb-2018 , 08:31:29 am | Posted By CASANSAAR
The Reserve Bank of India has said that it will link the base rate with the MCLR from 1st of April this year to ensure expeditious transmission of its policy rate to borrowers. In a statement, RBI said, though it had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect...
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RBI |
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0 | Hits : 958
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Amendments to the IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
Posted Date : 08-Feb-2018 , 08:27:31 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.
2. According to the amendments,
a. The resolution professional shall appoint registered valuers to determ...
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Category :
Insolvent Professional |
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0 | Hits : 969
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Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 08-Feb-2018 , 08:23:32 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
2. According to the amendments,
a. The resolution professional shall appoint two registered valuers to determine th...
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Category :
Insolvent Professional |
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0 | Hits : 924
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