ICICI Bank, SBI saw most frauds in first 3 quarters
Posted Date : 13-Mar-2017 , 07:52:58 pm | Posted By CASANSAAR
As many as 455 fraud cases involving Rs one lakh and above were recorded in ICICI Bank between April 2016 to December 2016, data received from the Reserve Bank of India has showed. While ICICI topped the list of banks that have witnessed frauds, State Bank of India came second with 429 such cases, a...
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Banking |
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RBI lifts all cash withdrawal limits from today
Posted Date : 13-Mar-2017 , 07:50:01 pm | Posted By CASANSAAR
All limits on cash withdrawal from savings bank account imposed on November 8 after the demonetisation drive has been removed with effective from Monday as the Reserve Bank of India (RBI) had announced about it last month. Earlier, the central bank had removed all curbs on branch withdrawals from cu...
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RBI |
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Service tax arrears triple to Rs 71K cr in 2 yrs - CAG
Posted Date : 11-Mar-2017 , 08:05:31 am | Posted By CASANSAAR
Service tax arrears more than tripled to Rs 71,257 crore in 2014-15 within a couple of years, apex auditor CAG said today, expressing concern that the recovery is not being given due importance.
The arrears of service tax were at Rs 22,014 crore in 2012-13, it said.
The Comptroller and Auditor...
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Service Tax |
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NBFC cash loan against gold restricted to Rs 25,000 - RBI
Posted Date : 10-Mar-2017 , 07:22:30 am | Posted By CASANSAAR
Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.
RBI reduced the amount to Rs 25,000 from th...
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RBI |
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Canada (Toronto) Chapter of ICAI launched helpline for Members interested for getting CPA Canada membership
Posted Date : 10-Mar-2017 , 07:16:34 am | Posted By CASANSAAR
In continuation of our efforts to help our members acquire CPA designation, we are pleased to inform you that we have launched a helpline platform in this regard. We are very fortunate to have our members Dweep Mehta, Priyanka Baidya, Saoli Chakraborty (recent successfu...
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ICAI |
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Parliament passes bill to raise maternity leave to 26 weeks
Posted Date : 09-Mar-2017 , 09:54:23 pm | Posted By CASANSAAR
Parliament has passed the Maternity Benefit (Amendment) Bill, 2016 with Lok Sabha approving it today which was already cleared by Rajya Sabha. The bill seeks to enhance paid maternity leave for women engaged in organised sector from 12 weeks to 26 weeks for two surviving children.
It will be appl...
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Excise |
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ICAI to train 15 lakh traders in GST basics
Posted Date : 09-Mar-2017 , 09:01:36 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) plans to train 15 lakh traders across the country over the next one year in GST basics, according to CMA Manas KR Thakur, National President.
Addressing a press conference here, he said, “We were among several other professional bodies who h...
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ICAI |
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Happy Women's Day - Youngest woman CA in country clears exam at 19
Posted Date : 08-Mar-2017 , 09:11:24 am | Posted By CASANSAAR
Many spend years to clear the chartered accountancy exam but this 19-year-old girl did it in one go and became the youngest woman to become a CA in country. She is entering a field that is largely dominated by men at a tender age, but doesn't find it challenging at all.
"I don't th...
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CA |
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Finance Bill will be passed before March 31 - FM
Posted Date : 08-Mar-2017 , 08:02:46 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday said the Finance Bill pertaining to the budget 2017-18 will be passed before March 31. This will enable ministries to plan their spending from April 1 as the funds will be available from the start of the fiscal year.
The date for presentation of Union Budg...
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Budget |
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CBI books DGM and AGM of Union Bank of India for fraud
Posted Date : 08-Mar-2017 , 07:58:42 am | Posted By CASANSAAR
The Central Bureau of Investigation has registered a case against a Deputy General Manager (DGM) and the Assistant General Manager (AGM) of Union Bank of India in Mumbai and three directors for alleged violation of RBI guidelines during demonetisation.
Additionally, proprietors of a private firm ...
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Banking |
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Income Tax dept initiates probe against petrol pumps for converting black money
Posted Date : 08-Mar-2017 , 07:37:25 am | Posted By CASANSAAR
Income Tax department has launched a probe against petrol pumps for suspected conversion of unaccounted cash during demonetisation. Petrol pumps were allowed to accept old currency notes in payments towards refueling of vehicles after demonetisation.
They are under the scanner of the I-T departme...
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Income Tax |
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SC seeks reply of Centre, RBI on exchanging demonetised notes
Posted Date : 07-Mar-2017 , 07:43:30 am | Posted By CASANSAAR
The Supreme Court has questioned the Centre and the RBI on a plea made by petitioner, Sharad Mishra.
The plea brought in focus the allegation that people were not allowed to deposit the old currency notes of 500 and 1000 in the specified RBI branches.
The Supreme Court bench, heade...
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Banking |
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0 | Hits : 1169
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Trade Mark Rules 2017 come into effect from 06th March
Posted Date : 07-Mar-2017 , 07:19:43 am | Posted By CASANSAAR
The Trade Mark Rules, 2017 have come into effect from 06th March which will replace the erstwhile Trade Mark Rules 2002 and streamline and simplify the processing of Trade Mark applications.
In the revamped rules number of Trade Mark forms have been reduced from 74 to eight. Commerce and In...
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General |
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Agriculturists, small traders exempt from registering under GST
Posted Date : 04-Mar-2017 , 10:04:58 pm | Posted By CASANSAAR
The Centre and states have decided to exempt agriculturists from registering under the Goods and Services Tax regime, while the threshold for traders has been set at Rs 20 lakh turnover.
The GST Council has also empowered commissioner-level officers to allow payment of GST levy by a taxpayer in i...
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GST |
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GST Council approves final draft of Central GST, Integrated GST laws
Posted Date : 04-Mar-2017 , 10:02:47 pm | Posted By CASANSAAR
The GST Council today approved the final draft of Central GST and Integrated GST laws in its meeting headed by Finance Minister Arun Jaitley in New Delhi.
Briefing media in New Delhi, Mr Jaitley said, the UT-GST and SGST laws will be approved in the next meeting on 16th of this month.
The comp...
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GST |
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GST Council to meet today to finalise supplementary legislations
Posted Date : 04-Mar-2017 , 07:36:53 am | Posted By CASANSAAR
The GST Council will meet today to finalise supplementary legislations during the second part of budget session of parliament, which will resume next week, so that the new regime is rolled out from 1st of July. This will be the 11th meeting of the Council, which comprises the Union finance Minister ...
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GST |
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CA held guilty for failure to highlight suspicious book entries during audit
Posted Date : 03-Mar-2017 , 02:44:03 pm | Posted By CASANSAAR
Suffice it to highlight that in paras 26 and 27 of the report the Committee highlighted the modus operandi adopted by PCL and AIL to form a loop with no cash flow coming in, but sales, stocks and receivables increases. The obligation of the auditor concerning transactions which are merely book entri...
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Chartered Accountant |
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Model GST Bill to go for 20% peak tax, slabs intact for now
Posted Date : 02-Mar-2017 , 07:18:34 pm | Posted By CASANSAAR
The GST Council has proposed to raise the peak tax rate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future.
The change in the peak rate will not alter the 4-slab rate ...
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GST |
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Govt notifies law to make banned note possession punishable
Posted Date : 02-Mar-2017 , 08:46:15 am | Posted By CASANSAAR
The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs. 10,000.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a para...
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Black Money |
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Govt set to prosecute 10 lakh shell companies for tax evasion
Posted Date : 02-Mar-2017 , 08:00:27 am | Posted By CASANSAAR
A government task force on action against shell companies has decided to prosecute about 10 lakh such firms and prepare an Aadhaar-based KYC registry to check future black money generation through them.
The special task force, with members from various central probe and enforcement agencies, has ...
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Income Tax |
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Banks' bad loans could exceed Rs 20 Lakh Cr. - Ex RBI Dy Governor
Posted Date : 01-Mar-2017 , 08:26:45 am | Posted By CASANSAAR
The various projections of bad loans with the banking sector in India are only tips of the iceberg and the actual amount of problem assets of the banks could be more than thrice the figures put out bay banks and the banking sector regulator, says a former deputy governor of the Reserve Bank of India...
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NPA |
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CBDT signs 10 more unilateral APAs with taxpayers
Posted Date : 01-Mar-2017 , 08:16:20 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has signed 10 more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
The 10 APAs signed in the past one week pertain to sectors like telecom, pharma, banking and ...
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CBDT |
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Guidance Note on Audit of Banks 2017 edition issued by AASB - ICAI
Posted Date : 01-Mar-2017 , 08:04:02 am | Posted By CASANSAAR
The Auditing and Assurance Standards Board of the ICAI has today issued the Guidance Note on Audit of Banks 2017 edition. For the benefit of the members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at the following links:
Guidance Note on Audi...
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ICAI |
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RBI sets up panel to review cyber threats
Posted Date : 01-Mar-2017 , 07:54:00 am | Posted By CASANSAAR
The Reserve Bank announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology.
The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholde...
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RBI |
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CA Vivek Khurana Elected as Vice Chairman of NIRC of ICAI
Posted Date : 27-Feb-2017 , 08:05:18 am | Posted By CASANSAAR
Many Many Congrats to CA Vivek Khurana (Founder - CASANSAAR) for being elected as Vice Chairman of Northern India Regional Council (NIRC) of ICAI for the year 2017 - 18.
CA Rakesh Makkar has been elected as Chairman of NIRC of ICAI for the year 2017 - 18.
(PIC - CA.Vivek Khurana - Vice Chair...
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ICAI Election |
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DGFT wants GST Council to create an e-wallet facility to ease exporters fears
Posted Date : 27-Feb-2017 , 07:48:16 am | Posted By CASANSAAR
Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying th...
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GST |
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Govt warns banks over non-acceptance of PMGKY tax
Posted Date : 27-Feb-2017 , 07:42:18 am | Posted By CASANSAAR
The Government has warned banks of “de-authorisation” of branches if they refuse to accept taxes under the amnesty scheme PMGKY, which ends on March 31.
The Finance Ministry, in a communication to heads of banks which are authorised to accept deposits under the Pradhan Mantri Garib Ka...
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Banking |
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Bank Unions call for strike on 28th Feb.
Posted Date : 27-Feb-2017 , 07:37:35 am | Posted By CASANSAAR
Operations at public sector banks are likely to be disrupted on Tuesday as nine unions under the aegis of United Forum of Bank Unions (UFBU) have called for a strike to press for various demands, including top executives’ accountability in view of mounting bad loans in the sector.Most of the b...
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Banking |
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0 | Hits : 999
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HSBC discloses tax evasion probes in India, other countries
Posted Date : 27-Feb-2017 , 07:31:38 am | Posted By CASANSAAR
Tax authorities in India and other countries are probing HSBC Bank, including its Swiss and Dubai offices, for allegedly abetting tax evasion by four Indians and their families, the multinational lender has disclosed.
"Various tax administrations, regulatory and law enforcement authorities a...
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International Business |
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Freedom 251 phone maker Ringing Bells’ MD detained for fraud
Posted Date : 24-Feb-2017 , 11:11:52 pm | Posted By CASANSAAR
Mohit Goel, the Director of Noida-based company Ringing Bells which had announced Freedom251 smartphones at an astonishingly low price of Rs. 251 apiece, was detained on Thursday on allegations of fraud, police said.
Mr. Goel has been detained after owner of Ghaziabad-based Ayam Enterprises filed...
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General |
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