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Professional services firm Price Waterhouse is looking to convert all the nine audit firms under its Indian network into limited liability partnerships (LLPs) by April.   “We are in the process of conversion (from partnership firms to LLPs). By April 1, 2014, all the nine audit firms un...

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Category : Auditing | Comments : 0 | Hits : 648

Finnish mobile maker Nokia has moved the Delhi High Court, seeking lifting of stay on transfer of its assets here in an alleged tax evasion case, contending that the injunction will jeopardise the sale of its Indian arm to Microsoft under the $7.2-billion global deal.   The company submitted ...

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Category : Income Tax | Comments : 0 | Hits : 316

ICAI believes in harnessing technology for the benefit of members and students. In view of increased use of tablets and smart phones that facilitate easy reading, the ICAI has come out with study materials in form of e-books. Now students will be able to conveniently read and learn on the move. Pres...

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Category : Students Zone | Comments : 0 | Hits : 2150

President Pranab Mukherjee on Thursday said that the current economic environment poses many issues in the financial and accounting world, and added that the chartered accountants have an important role to play in advising the management as well as users of financial statements. ...

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Category : ICAI | Comments : 0 | Hits : 483

In the wake of deteriorating asset quality in the banking system, which is hovering at record highs, the Reserve Bank today asked banks to strengthen their due diligence and improve the loan recovery process. "Banks need to not only follow the various measures put in place by the RBI and the go...

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Category : Banking | Comments : 0 | Hits : 220

SEBI today cautioned general public and investors against dealing with MCX Biz Solutions and its proprietor Syed Sadaq, who were found running fraudulent investment schemes with fake and forged documents while using a name similar to that of an exchange group. Market regulator said the re...

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Category : SEBI | Comments : 0 | Hits : 159

The Supreme Court Thursday restrained Sahara Group chief Subrata Roy and two directors from leaving the country as they have failed to comply with its Oct 28 orders.   By its Oct 28 orders, the court directed the Sahara group's real estate and finance arm - Sahara India Real Estate ...

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Category : Corporate Law | Comments : 0 | Hits : 193

Global consulting firm PwC today said it has re-appointed Deepak Kapoor as the Chairman of PwC India for three years beginning January 2014. "Deepak Kapoor has been re-elected for a second term as Chairman of PwC India network of entities, for a three year period beginning on 1 Jan 2014," it sa...

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Category : Auditing | Comments : 0 | Hits : 358

DRAFT RULES FOR COST AUDIT UNDER 6TH TRANCHE HAS BEEN PUT FOR PUBLIC COMMENTS. LAST DATE FOR GIVING SUGGESTIONS IS 6/12/2013.   CLICK HERE TO DOWNLOAD   CLICK HERE TO SEND FEEDBACK....

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Category : Corporate Law | Comments : 0 | Hits : 492

The Institute of Chartered Accountants of India has ordered the removal of Harsh Vardhan Lodha and Aditya Lodha from the member-rolls of the institute for three months on grounds of professional misconduct.   The two are senior partners of chartered accountant firm Lodha & Co. Harsh Vardh...

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Category : ICAI | Comments : 2 | Hits : 3130

MCA release Draft rules for Winding up under 5th tranche and put for public comments. Last Date for giving suggestion is 19/12/2013.   CLICK HERE TO DOWNLOAD.   CLICK HERE FOR FEEDBACK....

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Category : Corporate Law | Comments : 0 | Hits : 273

Employee unions in public sector banks today threatened to go on nation-wide strike on December 19 to press for early wage revision.  The United Forum of Bank Unions in a meeting held in Chennaidecided to go on strike on December 19, Ashwini Rana, General Secretary of the National Organis...

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Category : Banking | Comments : 0 | Hits : 319

Market regulator Securities and Exchange Board of India (Sebi) has proposed a major overhaul of stock-related employee benefit schemes, to allow companies purchase shares from the open market. The regulator, in January 2013, had prohibited secondary market purchases by employee welfare trusts or un...

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Category : SEBI | Comments : 0 | Hits : 232

The Reserve Bank today asked all the non-banking financial companies (NBFCs) to participate in the Lok Adalat on November 23 for settlement of any pending cases or dues. "RBI has appealed to all Non-Bank Finance Companies (NBFCs) to participate in the Lok Adalat being organised by th...

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Category : Banking | Comments : 0 | Hits : 194

IMPORTANT ANNOUNCEMENT November 19, 2013 Subject: Zone-shifting of candidates for 15th December - 2013 CPT Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi and Indore, some of the candidates have been allotted examin...

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Category : Students Zone | Comments : 0 | Hits : 248

The Forward Markets Commission (FMC) on Tuesday approved Price Waterhouse Coopers (PWC) as the auditor to conduct a special audit of MCX and Chokshi & Chokshi chartered accountants to conduct the forensic audit of NSEL’s e-series contracts.    The regu...

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Category : Auditing | Comments : 0 | Hits : 481

The Reserve Bank of India (RBI) on Tuesday directed public sector banks to provide credit to women self-help groups at the rate of 7 per cent per annum so as to get the benefit of interest subvention scheme under the Swarnajayanti Gram Swarozgar Yojana-Aajeevika (SGSY) scheme. "PSBs will be subvent...

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Category : Banking | Comments : 0 | Hits : 378

The proposal to levy a ‘super-rich’ tax, at the rate of 35 per cent, on those earning more than Rs 10 crore a year might not receive support of the Union Cabinet, which is to consider the Direct Taxes Code (DTC) Bill this month. This is because the government might not lik...

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

Bharatiya Mahila Bank, the country’s first all-women commercial bank, commenced its operations on Tuesday with seven branches. However, doubts remain if the bank will succeed in achieving its objective of economic empowerment of women in remote villages. “The setting up of the...

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Category : Banking | Comments : 0 | Hits : 506

The Delhi High Court Monday directed the Institute of Chartered Accountants of India (ICAI) to prepare a panel of writers to assist disabled students in appearing for the chartered accountancy examinations that it conducts.   The court has asked that the panel be...

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Category : Students Zone | Comments : 0 | Hits : 453

Reserve Bank deputy governor KC Chakrabarty has said banks have written off a whopping Rs 1 trillion in the past 13 years and criticised the lenders because as much as 95 per cent of these write-offs were for large borrowers.    "During the past 13 years what we see is t...

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Category : Banking | Comments : 0 | Hits : 333

Securities and Exchange Board of India (Sebi) has directed stock exchanges to beef up their surveillance system to ensure the disclosure standard of listed companies is accurate and adequate. The move is aimed at ensuring complete and timely information reaches investors to enable them ta...

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Category : SEBI | Comments : 0 | Hits : 207

18th November, 2013 Important AnnouncementAttention: Intermediate (IPC) and Final Course studentsNon-applicability of Companies Act, 2013 for May 2014, Examinations  This is to bring to the notice of students that the Companies Act, 2013 notified in the Official Gazette on 30th August, 2013 (...

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Category : Students Zone | Comments : 0 | Hits : 788

Reserve Bank has designated 29 bank branches, including public and private banks to collect income tax payment in advance of the due date to avoid the last minute rush towards March-end.   State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Allahabad Bank, Punjab National Bank, Oriental Ba...

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Category : Income Tax | Comments : 0 | Hits : 296

The banking system's slippage to recovery and upgradation ratio has shot up to 257 as of March 2013 from 217 in March 2011 as banks have failed to implement efficient and speedy measures for recovering stressed assets, according to the Reserve Bank. This increase in the slippages ratio was a tad ab...

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Category : Banking | Comments : 0 | Hits : 275

Axis Bank will become a "foreign- owned" lender, to be governed by FDI policy, following the go- ahead to its proposed increase in foreign investment holding to 62 per cent, entailing inflow of over Rs. 6,200 crore. The proposal, recently cleared by the Foreign Investment Promotion Board,...

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Category : Banking | Comments : 0 | Hits : 292

Promoters and top executives, intending to buy or sell shares of their companies, may soon have to inform the market well in advance before such transactions. Securities and Exchange Board of India (Sebi), which is in the process of an overhaul of its insider trading rules, is considerin...

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Category : SEBI | Comments : 0 | Hits : 167

Retirement fund body EPFO will pay at least 8.5 percent rate of return on PF deposits for 2013-14 to its over 5 crore subscribers as provided in the previous fiscal and the decision in this regard could be taken as early as next month.   "The Employees' Provident Fund Organisation (EPFO) will...

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Category : General | Comments : 0 | Hits : 266

The Government of India on Saturday decided to award the Bharat Ratna to Sachin Tendulkar, who incidentally retired the same day in the morning after playing his 200th Test in Mumbai.   Tendulkar and eminent scientist Professor CNR Rao were the two names announced by the government for the hi...

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Category : General | Comments : 0 | Hits : 315

Commodity market regulator Forward Markets Commission (FMC) has shortlisted two Mumbai-based chartered accountancy firms — Haribhakti & Co and Chokshi & Chokshi Chartered Accountants — to conduct a forensic audit of gold and silver backing the socalled e-series bullion contracts ...

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Category : Auditing | Comments : 0 | Hits : 535