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ICAI Signs Memorandum of Understanding with the Saudi Organization for Certified Public Accountants
Posted Date : 20-Jun-2014 , 08:28:44 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India signed a Memorandum of Understanding with the Saudi Organization for Certified Public Accountants (SOCPA) yesterday at ICAI Bhawan, New Delhi. The MoU interalia provides that both ICAI and SOCPA would be working together in establishing possible c...

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Category : ICAI | Comments : 0 | Hits : 630

CBDT plans new posts to deal with rising tax-dispute cases
Posted Date : 19-Jun-2014 , 08:34:21 am | Posted By CASANSAAR

Concerned over the rising number of tax disputes with multi-national companies, the income tax department is planning to create more posts in the international taxation division to handle sticky issues.   Sources told The Indian Express that central board of direct taxes (CBDT) is in the proc...

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Category : Income Tax | Comments : 0 | Hits : 474

SEBI Issues New Norms for Public Issuance of Debt Securities
Posted Date : 18-Jun-2014 , 10:16:07 pm | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) on Tuesday issued new norms for public issuance of debt securities under which such offers have to be of minimum Rs. 100 crore, while issuers would need to make additional disclosures and attain at least 75 per cent subscription. Market re...

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Category : SEBI | Comments : 0 | Hits : 314

RBI asks banks to disclose sector-wise loans from next fiscal
Posted Date : 18-Jun-2014 , 09:18:19 pm | Posted By CASANSAAR

The RBI today asked banks to make sector-wise disclosure of their advances from 2014-15 onwards with a view to encourage them to actively manage exposure to various segments.  "Banks are advised to disclose sector-wise advances in the 'Notes to Accounts' to the financial statements as per the ...

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Category : RBI | Comments : 0 | Hits : 278

Union Budget 2014-15 likely to be presented on July 09/10
Posted Date : 18-Jun-2014 , 09:28:17 am | Posted By CASANSAAR

Finance Minister Arun Jaitly is likely to present the Union Budget for 2014-2015 in Parliament on on July 09/10 as per sources.  The budget session of Parliament is likely to be convened from July 07 while the Rail Budget will be presented on July 08, sources told Zee Media.  Both the bu...

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Category : Budget | Comments : 0 | Hits : 797

Now, transfer funds from US to Indian bank accounts instantly
Posted Date : 18-Jun-2014 , 08:37:33 am | Posted By CASANSAAR

You can now transfer money from the United States to any bank account in India on an instant basis.   Punjab National Bank (PNB) and Nasdaq-listed Xoom Corporation have partnered to roll out instant bank deposit services to bank accounts in India.   The instant money transfer will be a...

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Category : Banking | Comments : 0 | Hits : 625

Vodafone tax dispute: Former Chief Justice of India RC Lahoti named arbitrator
Posted Date : 18-Jun-2014 , 08:28:54 am | Posted By CASANSAAR

The stage is being set for international arbitration for the Rs 20,000-crore tax dispute between New Delhi and British telecom major Vodafone, with both sides appointing their arbitrators. Sources told FE that the Centre on Monday appointed former chief justice RC Lahoti as its arbitrator in the hig...

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Category : Income Tax | Comments : 0 | Hits : 501

RBI Tightens Anti-Money Laundering Norms for Companies
Posted Date : 17-Jun-2014 , 08:48:45 am | Posted By CASANSAAR

The RBI has tightened the anti-money laundering (AML) norms by asking companies to appoint a designated director who can impose fines of up to Rs. 1 lakh if an employee is found guilty of violation.   "If the director, in the course of any inquiry, finds that a reporting entity or i...

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Category : RBI | Comments : 0 | Hits : 580

SEBI ordinance challenged in Madras high court
Posted Date : 17-Jun-2014 , 08:46:45 am | Posted By CASANSAAR

A public interest litigation (PIL) filed in Madras high court has challenged the constitutional validity of the fresh promulgation of the Securities Laws (Amendment) Second Ordinance. The first bench admitted the petition and called for Sebi's respose in three weeks time. &n...

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Category : SEBI | Comments : 0 | Hits : 384

Abolish Revenue Secretary post; merge CBDT, CBEC, says Tax Administration Reform Commission
Posted Date : 17-Jun-2014 , 08:35:56 am | Posted By CASANSAAR

Recommending far-reaching reforms in tax administration, a government committee has suggested abolition of the post of Revenue Secretary, merger of CBDT and CBEC and broaden the use of Permanent Account Number (PAN). The Tax Administration Reform Commission (TARC), headed by Parthasarathi Shome...

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Category : Income Tax | Comments : 0 | Hits : 552

Golden Opportunity for Professionals (CA, CS, CMA) by CASANSAAR - Domain + Website + Hosting + 2 email id @ Just Rs.3100
Posted Date : 16-Jun-2014 , 08:35:44 am | Posted By CASANSAAR

CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose.  It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. By payin...

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Category : General | Comments : 0 | Hits : 604

Bain Capital Sues Ernst & Young (EY) Over Alleged $60m Loss in Lilliput Kidswear
Posted Date : 16-Jun-2014 , 08:33:03 am | Posted By CASANSAAR

Bain Capital Partners, along with 10 other subsidiaries, is suing EY, known as Ernst and Young until 2013, in the U.S. for recommending that the Boston-based company invest in an Indian kids-wear company, Reuters reported Friday.   Boston-based Bain claims that it invested nearly $60 million ...

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Category : Auditing | Comments : 0 | Hits : 825

LawMin no to MCA proposal on taking control of FTIL
Posted Date : 16-Jun-2014 , 08:10:16 am | Posted By CASANSAAR

The ministry of law and justice has rejected the ministry of corporate affairs’ proposal to invoke legal provisions to take control of Financial Technologies India Ltd (FTIL) for ‘deliberate bungling’ in National Spot Exchange Ltd (NSEL) that is under scanner for Rs 5,500 crore pay...

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Category : Corporate Law | Comments : 0 | Hits : 354

RBI to announce rules for on-tap bank licences soon
Posted Date : 15-Jun-2014 , 08:18:27 am | Posted By CASANSAAR

The RBI will ‘shortly’ come up with new guidelines for differentiated as well as full-service bank licences and they will be issued on-tap basis, its deputy governor R Gandhi said on Saturday.   “We are working on guidelines for both full-service commercial banks and differe...

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Category : Banking | Comments : 0 | Hits : 291

Government to look into changes needed in Companies Act
Posted Date : 14-Jun-2014 , 04:30:06 pm | Posted By CASANSAAR

Union Commerce Minister Nirmala Sitharaman has said that a meeting with all stakeholders will be held next week in Delhi to look at the changes that need to be made to the new Companies Act. Emphasising on the need to review the Act, the minister also said that it is time to take all measures necess...

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Category : Corporate Law | Comments : 0 | Hits : 850

Differently abled CA Sarika Jain clears Civil Services Exam in first attempt
Posted Date : 14-Jun-2014 , 08:30:07 am | Posted By CASANSAAR

Not letting her disability come in the way of reaching her goals has become Sarika Jain's second nature. The polio stricken Odisha woman has cleared the civil service examination in her first attempt, two years after qualifying the tough Chartered Accountancy exam.    &nb...

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Category : ICAI | Comments : 1 | Hits : 1572

Centre may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh
Posted Date : 14-Jun-2014 , 08:25:03 am | Posted By CASANSAAR

In what could probably become one of the landmark reforms by the Narendra Modi government, sources tell CNN-IBN that the Centre is likely to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh.   The Finance Ministry has also sought a report on the same from the I-T d...

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Category : Income Tax | Comments : 1 | Hits : 987

Government gives more time for companies to set up Audit Committee
Posted Date : 13-Jun-2014 , 08:10:01 am | Posted By CASANSAAR

Making another relaxation, the government has provided more time till March 2015 for corporates to set up audit, nomination and remuneration committees as mandated under the new companies law.The Corporate Affairs Ministry has given additional time for compliance following suggestions from various s...

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Category : Auditing | Comments : 0 | Hits : 574

RBI to come out with payment bank soon
Posted Date : 13-Jun-2014 , 08:05:00 am | Posted By CASANSAAR

The Reserve Bank of India, on Thursday, said it would soon come out with a payment bank, as recommended by the Nachiket Mor committee.   “We are also coming up shortly with what could be payment bank because there is huge potential for financial inclusion with focus on remittances...

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Category : RBI | Comments : 0 | Hits : 558

Govt okays salary cap hike for EPF; threshold for savings raised from Rs 6,500 a month to Rs 15,000
Posted Date : 12-Jun-2014 , 06:56:17 pm | Posted By CASANSAAR

Employees earning upto Rs 15,000 a month will soon come under the Employees' Provident Fund (EPF) net, with the Narendra Modi government approving a hike in the threshold for mandatory PF savings from Rs 6,500 a month to Rs 15,000.Though the Manmohan Singh government had approved the hike in the EPF...

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Category : Income Tax | Comments : 0 | Hits : 1201

CBDT notifies Cost Inflation Index for FY 2014-2015. Cost Inflation Index From 1981-82 to 2014-15
Posted Date : 12-Jun-2014 , 02:28:44 pm | Posted By CASANSAAR

CBDT notifies Cost Inflation Index (CII) for FY 2014-2015 is 1024. Financial Year          Cost Inflation Index  1981-82 100 1982-83 109 1983-84 116 1984-85 125 1985-86 133 1986-87 140 1987-88 150 1988-8...

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Category : Income Tax | Comments : 0 | Hits : 920

Government amends rules for Company Secretaries
Posted Date : 12-Jun-2014 , 08:07:57 am | Posted By CASANSAAR

The government on Monday amended the rules for company secretaries, giving a lifeline to the profession that faced a heavy blow from the new companies law. A notification issued on June 9 also included an additional rule, saying all companies with paid-up capital above Rs 5 crore need to employ...

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Category : ICSI | Comments : 0 | Hits : 1135

ICAI CPT June 2014 Admit Cards available for Download
Posted Date : 11-Jun-2014 , 09:20:49 pm | Posted By CASANSAAR

Institute of Chartered Accountants of India has released the Admit Cards for the Common Proficiency Test (CPT) to be held on June 22, 2014. Candidates can download and print their Admit Cards for the June 2014 exam by entering CPT Registration Number or Bar Code as printed on the examinati...

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Category : Students Zone | Comments : 0 | Hits : 258

Invitation for developing Study Materials for different modules of Master in Business Finance Certificate Course - ICAI
Posted Date : 11-Jun-2014 , 02:47:48 pm | Posted By CASANSAAR

The Committee on Management Accounting (CMA) of ICAI is conducting One Year Certificate Course on Master in Business Finance. CMA invites expression of interest from the authors, faculty of finance and professionals to contribute in developing Study Materials for different modules. List of d...

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Category : ICAI | Comments : 0 | Hits : 371

SBI to merge five subsidiary banks with itself
Posted Date : 11-Jun-2014 , 07:47:23 am | Posted By CASANSAAR

State Bank of India, the nation's biggest lender, will kick off consolidation in the banking industry by combining five associate banks as it prepares to fund the economy that is on the cusp of a strong growth like China two decades ago. The combination of the associates will enhance the asset ...

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Category : Banking | Comments : 0 | Hits : 1333

MCA clears air on tenure of independent directors
Posted Date : 11-Jun-2014 , 07:42:02 am | Posted By CASANSAAR

The government has clarified that the tenure of all independent directors who were appointed before April 1, 2014, will not be counted towards the mandatory ten-year period or two consecutive term limit under the new company law, provided firms make fresh appointment before March 31, 2015.   ...

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Category : Corporate Law | Comments : 0 | Hits : 655

FinMin wants consensus on rolling out of GST soon
Posted Date : 10-Jun-2014 , 07:40:45 pm | Posted By CASANSAAR

The Finance Minister Arun Jaitley has said that the Centre and States need to work together to roll out Goods and Services Tax, GST.  He said, the mandate of 2014 clearly spells out that economic growth cannot be compromised at any cost and there is a need to round off corners towards GST impl...

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Category : GST | Comments : 0 | Hits : 303

RBI tells banks to keep 60% liquidity coverage ratio from January 2015
Posted Date : 10-Jun-2014 , 08:29:55 am | Posted By CASANSAAR

In a move aimed at creating liquidity buffers in banks, the Reserve Bank of India (RBI) has mandated the lenders to maintain 60 per cent liquidity coverage ratio (LCR) from January 1, 2015. Also, the central bank suggested a phased manner in which the ratio will have to increase to 10...

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Category : RBI | Comments : 0 | Hits : 518

Over 200 companies face heat for violating disclosure norms
Posted Date : 10-Jun-2014 , 08:22:32 am | Posted By CASANSAAR

Over 200 listed companies have been penalised by the stock exchanges for violating various listing agreement norms, involving late or non-submission of mandatory details like financial results and shareholding data and non-compliance to corporate governance regulations.While National Stock Exchange ...

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Category : Corporate Law | Comments : 0 | Hits : 588

Now, submit single proof of address to open bank account
Posted Date : 09-Jun-2014 , 09:34:53 pm | Posted By CASANSAAR

Migrant workers and transferred employees need to submit only one documentary proof of address (either current or permanent) while opening a bank account, according to the Reserve Bank of India.   In a notification, RBI said, “Henceforth, customers may submit only one documentary proof ...

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Category : Banking | Comments : 0 | Hits : 796

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