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FIIS allowed to invest 90% directly in Govt Debt
Posted Date : 14-Sep-2013 , 06:59:13 pm | Posted By CASANSAAR

Market regulator SEBI today allowed foreign investors to invest directly in the debt market, by doing way with the auction process.In a circular Securities and Exchange Board of India said that “it has been decided that FIIs/QFIs can now invest in government debt without purchasing debt limits...

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Category : Finance | Comments : 0 | Hits : 194

ICAI to give suggestions on fiscal reforms to FM
Posted Date : 14-Sep-2013 , 06:47:52 pm | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) today said a list of suggestions were being prepared by it to be given to the Union Finance ministry for helping the government tide over the current economic crisis. ICAI president Subodh Kumar Agarwal said that a seven-member group has be...

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Category : Income Tax | Comments : 0 | Hits : 248

I-T dept sends another 35,000 more letters to non-filers
Posted Date : 14-Sep-2013 , 09:34:12 am | Posted By CASANSAAR

The Income Tax Department on Friday said it had written to 35,000non-filers. This raises the number of such letters sent by the department this year to 245,000. The department is also planning to write to those who carried out high-value transactions in 2010-11 and 2011-12. By m...

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Category : Income Tax | Comments : 0 | Hits : 519

RBI to issue unique identification codes for financial market participants
Posted Date : 14-Sep-2013 , 09:32:51 am | Posted By CASANSAAR

In a bid to get a better handle on financial transactions, such as equity and currency derivatives, the Reserve Bank of India has invited limited bids from about six entities, including depositories, depository participants and custodians, to issue unique identification codes to market participants....

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Category : RBI | Comments : 0 | Hits : 196

Petrol price hiked by Rs 1.63 a litre; 7th increase since June
Posted Date : 14-Sep-2013 , 09:14:57 am | Posted By CASANSAAR

Petrol prices were on Friday hiked by Rs 1.63 per litre — the seventh increase since June — on the back of rising oil rates and the falling rupee.   The increase excludes local sales tax or VAT and will come into effect from midnight on Saturday, oil firms said. The petrol price i...

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Category : General | Comments : 0 | Hits : 245

Send e-return copies to Bangalore centre: Income Tax department to taxpayers
Posted Date : 13-Sep-2013 , 03:14:27 pm | Posted By CASANSAAR

Income Tax department has asked electronic filing taxpayers not having sent their returns copy for the two previous assessment years by post to its centre in Bangalore, to do so early.It also said that those tax payers who have already posted the corresponding ITR-V to its centre and have not r...

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Category : Income Tax | Comments : 0 | Hits : 719

Delhi gang-rape case: All four convicts sentenced to death, rarest of rare cases says judge
Posted Date : 13-Sep-2013 , 03:01:48 pm | Posted By CASANSAAR

 Four men have been given the death sentence for the fatal gang-rape of a young medical student on a moving Delhi bus, an attack that shocked India and ignited weeks of protests demanding better safety for women and swift justice for the 23-year-old who was killed.  One of the men, Vinay ...

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Category : General | Comments : 0 | Hits : 458

CA Student Hacks Ambaniís IT account
Posted Date : 13-Sep-2013 , 08:50:19 am | Posted By CASANSAAR

Driven by curiosity, a 21-year old Woman from Hyderabad hacked into Anil Ambani's efiling of Income-Tax returns account. She not only accessed details such as the amount of tax he paid, returns from previous years, and his PAN card number, but also changed the password of his e-account on the I-T we...

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Category : Students Zone | Comments : 0 | Hits : 5012

Rotation of Auditors: Inconsistency between new Companies Act and Draft Rules
Posted Date : 13-Sep-2013 , 08:42:54 am | Posted By CASANSAAR

The new Companies Act has enhanced scope of auditors by mandatinginternal audit for such class of companies as may be specified, while by imposing civil liability on the auditors, the Act requires auditors to be more cautious and careful while auditing  Following the trend in th...

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Category : Corporate Law | Comments : 0 | Hits : 745

SEBI finalises easier rules for foreign investors
Posted Date : 13-Sep-2013 , 08:38:56 am | Posted By CASANSAAR

Market regulator SEBI will soon notify new rules to make it easier for foreign entities to invest in Indian markets following finalisation of the necessary regulatory changes by the government for a major overhaul of the existing regulations for overseas investments.   Under the new rules, wh...

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Category : SEBI | Comments : 0 | Hits : 186

Power finance corporation chief signs accounts after term ended
Posted Date : 13-Sep-2013 , 08:35:49 am | Posted By CASANSAAR

Power Finance Corporation and the power ministry have allowed Satnam Singh to sign the public sector firm's accounts on August 2 - two days after his five-year term came to an end.Sources told TOI that the power ministry has neither issued an order extending his tenure, nor re-appoint...

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Category : Accounts | Comments : 0 | Hits : 409

Ministry of Corporate Affairs issues Notification for Commencement of 98 Sections of the New Act
Posted Date : 12-Sep-2013 , 08:41:48 pm | Posted By CASANSAAR

The Companies Act, 2013 as passed by the Parliament and assented to by the President of India is available on the Ministry of Corporate Affairs’ website at www.mca.gov.in. The Ministry has initiated the process to implement the new Act in consultation with concerned regulatory authoritie...

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Category : Corporate Law | Comments : 0 | Hits : 598

Foreign banks can open zero-balance accounts
Posted Date : 12-Sep-2013 , 08:44:35 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday said foreign bankswith branches in India could open zero-balance accounts. In a list of frequently asked questions issued by the central bank, it said basicsavings bank deposit account (BSBDA) guidelines were applicable to “all schedu...

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Category : Banking | Comments : 1 | Hits : 395

Income tax returns: Disclosure of yachts and more aimed at plugging wealth tax evasion
Posted Date : 12-Sep-2013 , 08:41:23 am | Posted By CASANSAAR

Rich business persons gearing up to file their income tax returns for fiscal 2013 by the due date of September 30 find themselves saddled with additional disclosure requirements.They are required to disclose assets — both immovable and movable — held in India in personal capacity as of M...

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Category : Income Tax | Comments : 0 | Hits : 277

RBI to crack down on unauthorised NBFCs
Posted Date : 12-Sep-2013 , 08:32:43 am | Posted By CASANSAAR

The Reserve Bank of India will get tough with companies which are accepting deposits from the public though they do not have the mandate to do so, a senior central bank official said.   A RBI survey has found that there are 96 companies that are accepting deposits without registering with the...

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Category : RBI | Comments : 0 | Hits : 288

No car loan if annual income less than Rs. 6 lakh, says SBI
Posted Date : 11-Sep-2013 , 09:06:13 pm | Posted By CASANSAAR

Individuals with annual income of less than Rs. 6 lakh will not get a car loan from State Bank of India (SBI) as the bank has tightened eligibility conditions for its four-wheeler loan scheme with a view to minimising possible defaults. The eligibility limit for loan issuance to salaried ...

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Category : Banking | Comments : 1 | Hits : 670

Don't use currency notes for making garlands: RBI
Posted Date : 11-Sep-2013 , 08:18:21 pm | Posted By CASANSAAR

Making garlands of currency notes, a common practice in Indian marriages and political rallies, has been sought to be discouraged by the Reserve Bank of India (RBI). "The Reserve Bank of India has appealed to members of public not to use banknotes for making garlands, decorating pandals and places ...

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Category : RBI | Comments : 0 | Hits : 374

Competition Commission of India to investigate the matter involving Delhi Development Authority on alleged violation of Competition Act
Posted Date : 11-Sep-2013 , 08:03:51 pm | Posted By CASANSAAR

Competition Commission of India (CCI) has ordered investigation by its Director General in the matter involving Delhi Development Authority (DDA) in respect of allegations regarding violation of provisions of Competition Act by DDA. The order has been issued under Section 26(1) of the Competition Ac...

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Category : Corporate Law | Comments : 0 | Hits : 169

Jalandhar-based Property dealer held for circulating jokes on Sikhs
Posted Date : 11-Sep-2013 , 02:54:56 pm | Posted By CASANSAAR

A Jalandhar-based property dealer has been arrested for circulating jokes on Sikhs. ACP R P S Sandhu said Atul Mehta was arrested after he was booked for hurting religious sentiments and under the IT Act. Complainant Narinder Singh said Mehta had first sent him a derogatory message ...

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Category : General | Comments : 0 | Hits : 493

RBI allows banks to borrow overseas up to 100% of capital
Posted Date : 11-Sep-2013 , 08:32:56 am | Posted By CASANSAAR

The Reserve Bank of India has allowed banks to borrow overseas up to 100% of their capital and swap it at a subsidized rate as promised by governorRaghuram Rajan immediately after taking charge at the country's central bank. This was one of the first few announcements made b...

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Category : RBI | Comments : 0 | Hits : 278

Sebi notifies rules to classify illegal collective investment schemes as fraud
Posted Date : 11-Sep-2013 , 08:27:51 am | Posted By CASANSAAR

Tightening the noose around entities running illegal collective investment schemes (CIS), the Securities and Exchange Board of India (Sebi) has notified new norms to classify such activities as frauds and impose penalties of up to three times of their profits. Besides, the new rules expand the list...

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Category : SEBI | Comments : 1 | Hits : 250

21 Marks Increased during Re-Verification of CA Final Exam.
Posted Date : 10-Sep-2013 , 09:14:59 pm | Posted By CASANSAAR

Now a days when CA Students struggle for every single mark to clear their exams,  ICAI has, in the recent case, increased 21 Marks during Re-Verification .   CA Final year student Ms. Saloni Bansal D/o CA. Prem Bansal who secured 189 marks initially and failed due to aggregate. She file...

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Category : Students Zone | Comments : 1 | Hits : 6388

Now, Audit firms can be penalized for frauds
Posted Date : 10-Sep-2013 , 08:09:00 am | Posted By CASANSAAR

Life is set to get tougher for auditors and audit firms, with the draft rules of theCompanies Act proposing to not just make auditors, but even audit firms, liable for frauds. So far, chartered accountants were penalized but the new law also puts firms under the spotlight. In addition, the...

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Category : Auditing | Comments : 0 | Hits : 1196

Banks expect no quick fix for NPA pain despite RBI warning
Posted Date : 10-Sep-2013 , 08:02:23 am | Posted By CASANSAAR

Despite the Reserve Bank of India's (RBI) hard talks against loan defaulters, banks are expecting more pain in terms of asset quality as the systemic gaps allow bad borrowers to divert funds and go scot-free under the garb of economic slowdown. Bankers said this trend has almost become viral an...

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Category : Banking | Comments : 0 | Hits : 205

Draft rules of Companies law provide clarity on auditor rotation: Experts
Posted Date : 10-Sep-2013 , 07:55:58 am | Posted By CASANSAAR

The draft rules released the government for the new companies legislation provide clarifications on rotation of auditors but ambiguity persists on eligibility and appointment of internal auditors, say experts. Government today issued the first tranche of draft rules, covering 16 chapters of the...

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Category : Corporate Law | Comments : 0 | Hits : 508

Govt releases draft rules for New Companies Act & Invite Suggestions
Posted Date : 09-Sep-2013 , 04:01:03 pm | Posted By CASANSAAR

The draft Rules for following 16 chaptersunder the Companies Act 2013 is made live for public comments in 1st phase. The last date of receiving comments on these rules is 08/10/2013:   Chapter I – Preliminary   Chapter II – Incorporation of Com...

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Category : Corporate Law | Comments : 0 | Hits : 389

Applicability of Companies Act, 2013 for May 2014, Examination - ICAI
Posted Date : 09-Sep-2013 , 03:14:18 pm | Posted By CASANSAAR

6th September, 2013 Important AnnouncementAttention: Intermediate (IPC) and Final Course studentsApplicability of Companies Act, 2013 for May 2014, Examination  This is to bring to the notice of students that the Companies Act, 2013 passed by the Parliament has received the as...

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Category : Students Zone | Comments : 0 | Hits : 2267

RBI allows foreign promoters to raise stake in domestic companies
Posted Date : 09-Sep-2013 , 08:43:33 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has made it easier for foreign and non-resident Indian promoters to increase their stake in domestic companies through the foreign direct investment (FDI) route, a move that can bolster the stocks of companies where foreign promoters have a stake.Almost four...

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Category : International Business | Comments : 0 | Hits : 307

Rs 1.27 lakh crore indirect tax revenue stuck in litigations
Posted Date : 09-Sep-2013 , 08:39:22 am | Posted By CASANSAAR

A staggering Rs 1.27 lakh crore revenue as central excise and service tax remained unrealised due to appeals and litigations pending before authorities during the financial year 2011-12, says a CAGreport. Of the total of Rs 1,27,897.39 crore pending demand, Rs 73,274.74 crore was...

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Category : Service Tax | Comments : 0 | Hits : 240

One person companies to eliminate middlemen: Sachin Pilot
Posted Date : 08-Sep-2013 , 07:30:40 pm | Posted By CASANSAAR

Small entrepreneurs can now set up 'one person companies' to directly access target markets rather than being forced to share their profits with middlemen,Corporate Affairs Minister Sachin Pilot has said. With the new Companies Act, 2013 coming into force, the 'one person company...

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Category : Corporate Law | Comments : 0 | Hits : 472

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