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RBI cancels registration of 31 NBFCs, majority from West Bengal
Posted Date : 09-Nov-2018 , 09:53:27 pm | Posted By CASANSAAR

The Reserve Bank of India on Friday cancelled the certificate of registrations of as many as 31 non-banking finance companies (NBFCs) for unspecified reasons.  It also cancelled the certificate of registrations of 17 NBFCs following a request by them for the same. The action comes amid diffi...

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Category : RBI | Comments : 0 | Hits : 425

HC of Karnataka slaps a fine of Rs 1 lakh on Commissioner of Service Tax
Posted Date : 09-Nov-2018 , 09:44:20 pm | Posted By CASANSAAR

The High Court recently imposed an ‘exemplary cost’ of Rs 1 lakh on the Commissioner of Service Tax (Appeals) Suresh Kumar, which he has to pay “from his personal funds”. The fine came after what the HC termed was a “total callous, negligent and disrespectful behaviour ...

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Category : Service Tax | Comments : 0 | Hits : 326

Advisory to UIN Entities claiming GST Refunds
Posted Date : 09-Nov-2018 , 08:54:35 pm | Posted By CASANSAAR

  The GST Act provides for allotting a Unique Identification Number (UIN) to Consulates, Embassies and other UN Organizations to enable such entities to claim refund of GST paid. One of the conditions for claiming this refund is to file Invoice Level Data in their FORM GSTR-11 on the common ...

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Category : GST | Comments : 0 | Hits : 197

Election Manifesto of KHURANA VIVEK - CC S. No.13
Posted Date : 09-Nov-2018 , 04:57:32 am | Posted By CASANSAAR

Election Manifesto of KHURANA VIVEK - CC S. N. 13 Respected Professional Colleagues, With the grace of almighty God and your continuing support, I have offered my candidature for ensuing election to the Central Council (CC - North) and seek your kind first preference vote and support. I a...

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Category : ICAI Election | Comments : 0 | Hits : 588

4 public sector banks may come out of PCA shackles
Posted Date : 09-Nov-2018 , 09:26:14 am | Posted By CASANSAAR

The government expects four public sector banks (PSBs) to graduate from the Reserve Bank’s prompt corrective action framework based on their improved financial performance.  The government will cite this to persuade RBI to relax the PCA regime for the remaining seven banks so that they...

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Category : Banking | Comments : 0 | Hits : 384

No let-up in sanction of GST Refunds - CBIC
Posted Date : 09-Nov-2018 , 09:24:13 am | Posted By CASANSAAR

There are concerns being raised about growing pendency of GST Refunds. Exporters arereassured that there is no le-tup in the sanction of GST refunds. The disposal rate is consistently improving month-on-month. As on 31st October, 2018, total GST refunds to the tune of Rs 82,775 crore have been dispo...

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Category : GST | Comments : 0 | Hits : 206

RBI relaxes ECB norms for infrastructure creation
Posted Date : 09-Nov-2018 , 09:21:27 am | Posted By CASANSAAR

The Reserve Bank of India on Wednesday liberalised the norms governing foreign borrowings for infrastructure creation.  The central bank in a notification said that the minimum average maturity requirement for the External Commercial Borrowings, ECBs in the infrastructure space raised by eli...

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Category : RBI | Comments : 0 | Hits : 144

ISA-AT Test will be held on 22nd December 2018
Posted Date : 09-Nov-2018 , 09:15:33 am | Posted By CASANSAAR

Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 22nd December, 2018 (Saturday) from 9.00 AM to 1.00 PM (IST). An application for admission to the Assessment Test is required to be submi...

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Category : ICAI | Comments : 0 | Hits : 379

ICAI Elections 2018- Manner of Recording of Votes
Posted Date : 09-Nov-2018 , 09:09:56 am | Posted By CASANSAAR

It is brought to the knowledge of all members eligible to vote that the Central Government has notified the amendments made in the Chartered Accountants (Election to the Council) Rules, 2006 in the Gazette of India vide Notification No. GSR 796E dated 23rd August, 2018. One of the amendments so made...

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Category : ICAI Election | Comments : 0 | Hits : 150

ICAI Elections - Single Transferable System of Voting - An Apprisal
Posted Date : 09-Nov-2018 , 09:07:15 am | Posted By CASANSAAR

The stage is all set for the triennial elections to the Council and the Regional Councils of the Institute of Chartered Accountants of India. The next elections to the Council and Regional Councils of the Institute will be held on 7th and 8th December 2018 at Ahmedabad, Bengaluru, Chennai, Delhi/New...

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Category : ICAI Election | Comments : 0 | Hits : 165

RBI slaps Rs 1 crore fine on Fino Payments bank
Posted Date : 06-Nov-2018 , 09:39:07 am | Posted By CASANSAAR

Mumbai-based newly-licenced bank Fino Payments Bank has been slapped a fine of Rs 1 crore by the central bank, said the Reserve Bank of India in a press note on its website on Wednesday.  “The Reserve Bank of India (RBI) has, on October 31, 2018, imposed a monetary penalty of Rs 1 cror...

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Category : RBI | Comments : 0 | Hits : 181

Income Tax department to probe use of fake PAN cards in market trading
Posted Date : 05-Nov-2018 , 10:15:43 pm | Posted By CASANSAAR

The Income Tax Department will apparently seek details of trading worth thousand crores and more on equity exchanges which have been carried out a few years ago using fake Permanent Account Number (PAN) cards. According to a preliminary probe by Multi Commodity Exchange (MCX) between 2012 and 2015, ...

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Category : Income Tax | Comments : 0 | Hits : 270

ICAI allows students to submit observation on CA Question Paper
Posted Date : 05-Nov-2018 , 09:09:42 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has notified the candidates appearing in the CA examination in November will be able to submit observations on the question paper, if any. Candidates will be able to submit their observations by way of email or letter. The observations should be...

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Category : CA Exams | Comments : 0 | Hits : 395

75 lakh new tax filers added to income tax list this fiscal - CBDT
Posted Date : 05-Nov-2018 , 09:01:26 am | Posted By CASANSAAR

About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Cen...

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Category : Income Tax | Comments : 0 | Hits : 274

Reliance receives India’s first LC payment via Blockchain
Posted Date : 05-Nov-2018 , 08:59:16 am | Posted By CASANSAAR

In a first for India, HSBC Holdings Plc has executed a trade finance transaction using blockchain for an export by Reliance Industries Ltd (RIL) to US-based Tricon Energy. The blockchain-enabled letter of credit (LC) transaction substantially reduced the time taken for such deals, RIL said in a pres...

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Category : International Business | Comments : 0 | Hits : 409

1,198 corporates admitted under IBC - IBBI
Posted Date : 04-Nov-2018 , 10:48:19 pm | Posted By CASANSAAR

As many as 1,198 corporates were admitted into the resolution process under the Insolvency and Bankruptcy Code (IBC) by September end, of which 52 yielded resolution while 212 resulted in liquidation, an official said here on Saturday.  "As of September 30, 1,198 corporates were under i...

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Category : Insolvent Professional | Comments : 0 | Hits : 219

RBI kick-starts process to set up PCR for capturing details of borrowers
Posted Date : 04-Nov-2018 , 10:43:03 pm | Posted By CASANSAAR

The Reserve Bank has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies.  The PCR will also include data from entities like mar...

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Category : RBI | Comments : 0 | Hits : 260

SEBI to introduce alternative payment mechanism for retail IPO investors from Jan
Posted Date : 01-Nov-2018 , 10:30:15 pm | Posted By CASANSAAR

Sebi Thursday said it will launch Unified Payments Interface as an alternative payment option for retail investors, buying shares in a public issue, in a phased manner from January 1 next year, which will cut listing time for an IPO to three days from six at present. The new mechanism will increa...

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Category : SEBI | Comments : 0 | Hits : 225

GST collections cross Rs 1 lakh crore mark in October
Posted Date : 01-Nov-2018 , 10:28:29 pm | Posted By CASANSAAR

GST collections have crossed Rs 1 lakh crore mark in October this year.  In September, the revenue from goods and services tax was 94,000 crore rupees.  In a tweet, Finance Minister Arun Jaitley said, the success of GST is lower rates, lesser evasion, higher compliance, only one tax ...

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Category : GST | Comments : 0 | Hits : 274

NFRA necessary reform, needs to be strengthened - Expert panel
Posted Date : 01-Nov-2018 , 09:38:32 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) is a necessary institutional reform to align the Indian audit landscape with the global position and the authority should be strengthened to address challenges in relation to auditors, audit firms and networks operating in India, a government-appoint...

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Category : NFRA | Comments : 0 | Hits : 326

Amrapali affairs run by a Syndicate - Forensic auditor tells SC
Posted Date : 01-Nov-2018 , 09:35:20 am | Posted By CASANSAAR

The Supreme Court was on Wednesday told by forensic auditors that affairs of the real estate major Amrapali group of companies were being run by a "syndicate" and that group's former Chief Financial Officer and statutory auditor were part of it. "I don't have an iota of dou...

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Category : Auditing | Comments : 0 | Hits : 488

RBI board to meet on 19 November to discuss key issues
Posted Date : 01-Nov-2018 , 09:32:39 am | Posted By CASANSAAR

The RBI’s Central Board, headed by Governor Urjit Patel, is scheduled to meet in Mumbai on 19 November , sources said amid reported rift between the government and the central bank over certain key issues. Sources said it is a pre-scheduled and routine meeting of the central board of the RB...

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Category : RBI | Comments : 0 | Hits : 210

IL&FS shortlists BDO, Grant Thornton as auditors
Posted Date : 01-Nov-2018 , 09:28:26 am | Posted By CASANSAAR

Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services Ltd has shortlisted Indian arms of Belgium-based BDO and Chicago-headquartered Grant Thornton to investigate alleged irregularities in its operations, three people with direct knowledge of the matter said.&n...

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Category : Auditing | Comments : 0 | Hits : 315

Committee of Experts submits its report on Regulating audit firms and the Networks
Posted Date : 01-Nov-2018 , 09:20:59 am | Posted By CASANSAAR

  The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the Hon'ble Supreme Cour...

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Category : Auditing | Comments : 0 | Hits : 269

SEBI cautions investors against unregulated foreign trading portals
Posted Date : 31-Oct-2018 , 09:05:18 am | Posted By CASANSAAR

Markets regulator SEBI warned investors against participating in unregulated web portals offering transactions in securities, including derivatives, which are executed on the terminal of overseas exchanges. SEBI has observed that investors in India are being offered services by various firms thro...

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Category : SEBI | Comments : 0 | Hits : 203

SEBI asks suspected shell cos to cooperate in forensic audits
Posted Date : 31-Oct-2018 , 08:58:01 am | Posted By CASANSAAR

Sebi has asked over a dozen suspected shell companies to extend cooperation to ensure completion of forensic audits in a time-bound manner, failing which they would face stringent trading curbs. The forensic audit is being conducted by independent auditors appointed by stock exchange on the direc...

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Category : SEBI | Comments : 0 | Hits : 213

Centre, states apportion Rs 32,000 crore IGST in October
Posted Date : 31-Oct-2018 , 08:48:51 am | Posted By CASANSAAR

As much as Rs 32,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in the month of October. The states' share would be over Rs 15,000 crore, the official said.  The apportionment would add to the goods and services ...

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Category : GST | Comments : 0 | Hits : 244

RBI allows banks for fire audit of currency chests
Posted Date : 30-Oct-2018 , 09:57:24 am | Posted By CASANSAAR

The Reserve Bank has relaxed norms for the fire audit of currency chests allowing banks to get it done from approved agencies in case of shortage of staff at district fire offices.Banks maintaining currency chests are required to get fire audit done once in a two years.  In a recent notifica...

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Category : RBI | Comments : 0 | Hits : 278

GST council met 30 times, took 918 decisions in 2 years - FinMin
Posted Date : 30-Oct-2018 , 09:46:32 am | Posted By CASANSAAR

The GST council, chaired by finance minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime in just over two years. The goods and services tax (GST) council, which comprises state finance ministers and Union minister of state in char...

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Category : GST | Comments : 0 | Hits : 270

21,900 entities under IT Dept’s scanner for evading taxes of about Rs 3,400 Cr
Posted Date : 30-Oct-2018 , 09:31:12 am | Posted By CASANSAAR

As many as 21,900 entities are under the scanner of Income Tax Department for allegedly evading taxes of approximately Rs 3,200 crore between 2014 and 2016 through non-genuine trades in the illiquid stock options contract segment of the Bombay Stock Exchange (BSE) Ltd. Of the total 21,900 entities t...

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Category : Income Tax | Comments : 0 | Hits : 478

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