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Govt to issue new rules to bring NBFCs under IBC
Posted Date : 07-Nov-2019 , 08:01:18 am | Posted By CASANSAAR

The fear that at Dewan Housing Finance Corporation (DHFL) may spill over to other non-banking finance companies (NBFC) has pushed the government to introduce fresh rules and regulations to bring even the financial sector under the purview the Insolvency and Bankruptcy Code (IBC). A government sou...

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Category : Insolvent Professional | Comments : 0 | Hits : 171

FM announces special window to complete stalled real estate projects
Posted Date : 07-Nov-2019 , 07:55:06 am | Posted By CASANSAAR

The Cabinet has approved establishment of a 'Special Window' to provide priority debt financing for completion of stalled housing projects in the Affordable and Middle-Income Housing sector. Briefing media after the Cabinet meeting, Finance Minister Nirmala Sitharaman said a Fund has been...

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Category : Finance | Comments : 0 | Hits : 155

Quebec needs 80,000 immigrants per year, not 50,000
Posted Date : 06-Nov-2019 , 04:13:54 pm | Posted By CASANSAAR

To sustain a strong economy, Quebec needs almost twice as many immigrants as it is currently targeting.  In recent years, Canada’s second-largest province has welcomed around 50,000 immigrants annually, ranking second behind Ontario. On a per capita basis, however, Quebec’s ne...

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Category : International Business | Comments : 0 | Hits : 366

HC allows taxpayers to avail disputed pre-GST tax credits
Posted Date : 06-Nov-2019 , 11:07:53 am | Posted By CASANSAAR

An order from the Punjab and Haryana High Court has paved the way for carry forward of CENVAT credit and VAT input credits to the Goods and Services Tax (GST) regime for taxpayers who could not do so due to non-filing or incorrect filing of claims. While this order may be good news for thousands of ...

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Category : GST | Comments : 0 | Hits : 981

SEBI issues circular on Aadhaar e-KYC for investors
Posted Date : 06-Nov-2019 , 11:01:48 am | Posted By CASANSAAR

Sebi on Tuesday issued a detailed circular regarding the process to be followed for Aadhaar-based electronic KYC exercise for domestic investors. The circular mentions about the requirements to be fulfilled by entities registered with the UIDAI as KYC User Agency (KUA) as well as for sub-KUA. ...

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Category : SEBI | Comments : 0 | Hits : 412

RBI issues compensation norms for foreign, private banks
Posted Date : 05-Nov-2019 , 10:25:50 am | Posted By CASANSAAR

The Reserve Bank of India has issued compensation guidelines for whole-time directors and chief executives of foreign, private, small finance, payments banks and local area banks, mandating the cash component of variable pay at 67 per cent. The RBI said if the variable pay is up to 200 per cent o...

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Category : RBI | Comments : 0 | Hits : 384

Over 3,400 branches of 26 public sector banks closed or merged in last 5 years
Posted Date : 05-Nov-2019 , 09:01:06 am | Posted By CASANSAAR

Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query. Of this, 75 per cent of the affected branches belong to the country's biggest...

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Category : Banking | Comments : 0 | Hits : 857

SEBI issues clarifications on prohibition of insider trade regulations
Posted Date : 05-Nov-2019 , 08:55:54 am | Posted By CASANSAAR

Listed Indian firms' employees, including foreign nationals, are required to follow the code of conduct while trading in American Depositories Receipts and Global Depositories Receipts, capital market regulator Sebi said on Monday. Trading in such depository receipts is covered under the Proh...

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Category : Income Tax | Comments : 0 | Hits : 348

Income Tax department to issue PAN instantly online
Posted Date : 05-Nov-2019 , 08:50:09 am | Posted By CASANSAAR

The income tax department is set to launch a facility to instantly issue permanent account number (PAN) online, using details available in the Aadhaar database, helping end the wait time for applicants. Sources told TOI the service would be launched over the next few weeks and would also help those ...

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Category : Income Tax | Comments : 0 | Hits : 1517

MCA recommends fraud probe against DHFL
Posted Date : 04-Nov-2019 , 10:07:02 am | Posted By CASANSAAR

In mounting trouble for the debt ridden Dewan Housing Finance Ltd (DHFL) the Ministry of Corporate Affairs (MCA) has recommended fraud probe against the Non Banking Finance Company (NBFC), said a government official. This comes after a report by Registrar of Companies (ROC), Mumbai's initial ...

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Category : MCA | Comments : 0 | Hits : 390

Three banks report NPA divergence a day after SEBI directive
Posted Date : 03-Nov-2019 , 08:38:17 am | Posted By CASANSAAR

A day after market regulator Sebi put in place tighter disclosure norms, Lakshmi Vilas Bank and two other lenders on Friday reported divergence in their bad loans for the last fiscal ended March 2019. Sebi on Thursday had directed all listed banks to disclose any divergence in bad loan provisioni...

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Category : SEBI | Comments : 0 | Hits : 242

Quebec announced new quotas for Entrepreneur, Self-Employed Worker programs
Posted Date : 02-Nov-2019 , 03:42:17 pm | Posted By CASANSAAR

Quebec announced new quotas for its Entrepreneur and Self-Employed Worker programs for those who do not have a high level of French. There is no quota for those who can demonstrate an advanced intermediate level of oral French expression and comprehension. The province will accept 25 applications...

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Category : Income Tax | Comments : 0 | Hits : 560

Saskatchewan invites 858 Express Entry and Occupation In-Demand candidates
Posted Date : 02-Nov-2019 , 03:41:35 pm | Posted By CASANSAAR

Saskatchewan ended October with another big draw for immigration candidates in its Express Entry and Occupation In-Demand sub-categories.  The 858 invitations issued October 31 continued a six-week string of major draws through these popular Saskatchewan Immigrant Nominee Program (SINP) path...

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Category : International Business | Comments : 0 | Hits : 815

Quebec suspends immigrant investor program until July 2020
Posted Date : 02-Nov-2019 , 03:21:57 pm | Posted By CASANSAAR

The Quebec Immigrant Investor Program, which allows investors to obtain Canadian permanent residence with a $1.2 million investment, has been suspended until July 1, 2020.  The suspension takes effect Friday, November 1, 2019. Quebec’s Immigration Minister, Simon Jolin-Barrette, att...

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Category : International Business | Comments : 0 | Hits : 248

MCA asks disqualified directors to ensure compliance or face action
Posted Date : 02-Nov-2019 , 09:33:41 am | Posted By CASANSAAR

The corporate affairs ministry has asked disqualified directors to file their pending statutory returns and ensure compliance or else face regulatory action. As part of larger crackdown on companies suspected to be shell entities, the ministry had disqualified many individuals from holding directors...

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Category : MCA | Comments : 0 | Hits : 1819

Rs 95,380 crore gross GST Revenue collected in October
Posted Date : 01-Nov-2019 , 03:57:43 pm | Posted By CASANSAAR

The gross GST revenue collected in the month of October, 2019 is ₹ 95,380 crore of which CGST is ₹ 17,582 crore, SGST is ₹ 23,674 crore, IGST is ₹ 46,517 crore (including ₹ 21,446 crore collected on imports) and Cess is ₹ 7,607 crore (including ₹ 774 crore collected on imports). The to...

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Category : GST | Comments : 0 | Hits : 235

Credit and Debit card details of 13 lakh Indians on sale
Posted Date : 01-Nov-2019 , 09:09:03 am | Posted By CASANSAAR

Earlier in the day, reports of a debit and credit card detail selling online came up, revealing a massive risk of privacy on 13 lakh Indian credit and debit card users. Now the Reserve Bank of India(RBI) has swung into action in order to safeguard the interest of these affected Indian customers. ...

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Category : Banking | Comments : 0 | Hits : 1217

SEBI tightens norms for public Banks on bad loan disclosures
Posted Date : 01-Nov-2019 , 09:05:35 am | Posted By CASANSAAR

Putting in place a stricter framework, Sebi on Thursday directed all listed banks to disclose any divergence in bad loan provisioning within 24 hours of receiving RBI's risk assessment report, rather than waiting to publish the details in their annual financial statements. In recent months, t...

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Category : SEBI | Comments : 0 | Hits : 348

Canada’s largest Province Quebec introduces Values Test for Immigrants
Posted Date : 31-Oct-2019 , 12:22:42 pm | Posted By CASANSAAR

Quebec will require immigrants seeking permanent residency in the Canadian province to pass a "values" test to ensure they understand its new secularism law, the provincial government said on Wednesday. The test is being implemented by Premier François Legault's Coalition d&#...

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Category : International Business | Comments : 0 | Hits : 756

Gold amnesty scheme might be announced soon
Posted Date : 31-Oct-2019 , 09:06:01 am | Posted By CASANSAAR

The government may soon announce an amnesty scheme for gold to bring hordes of black money used in buying the yellow metal considered a safe investment option in India. According to sources, the new amnesty scheme would allow gold hoarders to come clean on investment made using black money by dec...

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Category : Income Tax | Comments : 0 | Hits : 890

RBI imposes fine on Janata Sahakari Bank & Jalgaon Peoples Co-operative Bank
Posted Date : 30-Oct-2019 , 01:15:22 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Pune-based Janata Sahakari Bank and Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating income recognition, advances management and asset classification norms. The central bank said in a release today that the penalty h...

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Category : RBI | Comments : 0 | Hits : 935

PFRDA permitted now Overseas Citizen of India to enroll in NPS at par with Non-Resident Indians
Posted Date : 30-Oct-2019 , 01:05:34 pm | Posted By CASANSAAR

Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enroll in National Pension Scheme (NPS) at par with Non-Resident Indians vide Circular No: PFRDA/2019/19/PDES/3 dated 29th October 2019. The Government vide notification S.O. 3732(E) dated ...

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Category : General | Comments : 0 | Hits : 340

RBI Imposes Rs.1 Crore Penalty On Bandhan Bank
Posted Date : 30-Oct-2019 , 08:23:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs. 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 per cent. Bandhan MFI had obtained in-principle universal banking license from the central bank in 2014 and started full-fledged operations as a bank from...

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Category : Banking | Comments : 0 | Hits : 821

Justice Sharad Arvind Bobde appointed next Chief Justice of India
Posted Date : 29-Oct-2019 , 12:20:57 pm | Posted By CASANSAAR

President Ram Nath Kovind on October 29 signed a warrant to appoint Justice Sharad A. Bobde as the next Chief Justice of India (CJI). He will take oath and charge as the next CJI on November 18. His term will extend until April 2021. ...

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Category : General | Comments : 0 | Hits : 317

Government starts hiring process for NFRA
Posted Date : 29-Oct-2019 , 10:43:11 am | Posted By CASANSAAR

The Government has started process to hire people for the National Financial Reporting Authority (NFRA), a senior official said. The independent watchdog for the auditing profession is looking into alleged accounting issues at IL&FS and Infosys, following directives from the government. Th...

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Category : NFRA | Comments : 0 | Hits : 611

Income Tax notices can be sent to old address - SC
Posted Date : 29-Oct-2019 , 10:36:38 am | Posted By CASANSAAR

If you have not updated the address in the PAN (Permanent Account Number) database, then the Income Tax Department has every right to send any notice at your old address and complete the assessment accordingly. In an important judgement recently, the Supreme Court has made it clear that the notic...

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Category : Income Tax | Comments : 0 | Hits : 656

IBC resolutions exceed new time limit of 330 days prescribed by Govt
Posted Date : 29-Oct-2019 , 10:33:22 am | Posted By CASANSAAR

The average time taken for completion of 156 CIRPs that have yielded resolution plans has overshot the government's revised deadline of 330 days for completion of the process. According to the Insolvency and Bankruptcy Board of India (IBBI) data, till September 2019, 156 CIRPs have yielded re...

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Category : Insolvent Professional | Comments : 0 | Hits : 142

Gujarat HC serves notices on Govt, GST council for breach of refund norms
Posted Date : 28-Oct-2019 , 09:27:42 am | Posted By CASANSAAR

The Gujarat High Court has issued notices to the union government and the GST Council over the alleged breach of refund norms by field officers under the goods and services tax (GST) regime. Under the Rule 92 of the Central GST (CGST) Act, the claim of the refund has to be made in the RFD 04 form...

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Category : GST | Comments : 0 | Hits : 840

Notice issued to a person not existing in the eyes of law - Valid or not?
Posted Date : 26-Oct-2019 , 02:16:16 pm | Posted By CASANSAAR

Notice issued to a person not existing / not alive in the eyes of law - Valid or not explained by Adv (CA) Kapil Goel with CA Vivek khurana. Don't Forget to  SUBSCRIBE CA Sansaar YouTube Chanel. https://www.youtube.com/channel/UC4-Bk3Aw5QKFpn9gw_vFJDw?view_as=subscriber ...

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Category : Income Tax | Comments : 0 | Hits : 430

MCA reviews list of economic offenders, names sent to home ministry for action
Posted Date : 26-Oct-2019 , 10:20:50 am | Posted By CASANSAAR

Ministry of Corporate Affairs (MCA) has recently reviewed a list of individuals and corporates under the scanner over potential cases of financial irregularities. The ministry has referred over 80 names under various categories of look out circulars (LOC) after the review, government sources said. ...

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Category : MCA | Comments : 0 | Hits : 374

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