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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 (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

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

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

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

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 : 6393

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

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

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

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

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

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

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

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

UAE's Central Bank has asked all banks and exchange houses to advise their customers not to carry rupees into India. The Central Bank also asked banks and money changers to warn their customers of the consequences of failing to do so. "The penalties stipulated in the new (Indian) law inclu...

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Category : Banking | Comments : 0 | Hits : 354

Providing greater flexibility to individuals travelling abroad, the Reserve Bank of India, on Friday, allowed them to carry Indian currency of up to Rs.10,000 per person.   The limit has been increased from the existing Rs.7,500 per person.   “As part of providing greater flexibi...

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Category : RBI | Comments : 0 | Hits : 561

Parliament on Friday passed the pension bill that seeks to give statutory powers to sector regulator and also allows at least 26% foreign direct investment in the sector. The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011, was passed in the Rajya Sabha that had been a...

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Category : General | Comments : 0 | Hits : 367

A Survey action was conducted by the Income Tax Department at Jaipur on 03.09.2013 in the case of a leading Builder and Developer of Jaipur which resulted in the detection of the additional income of Rs. 95.14 crores.   The assessee not only admitted the said additional income but also furni...

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Category : Income Tax | Comments : 0 | Hits : 605

In a move to quicken dollar inflows, the Reserve Bank of India (RBI) has changed the rules to make it easier for foreign and NRI promoters to raise stake in listed Indian companies.Offshore parents of such local companies can now freely purchase shares by using the services of registered I...

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Category : RBI | Comments : 0 | Hits : 180

The Bombay High Court dismissed a petition by Vodafone Group in a tax dispute with the authorities, ruling on Friday that a tax tribunal should examine the matter first, the British mobile company said. Vodafone said it has almost 12 weeks to review its options and that the court had extended a sta...

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Category : Income Tax | Comments : 0 | Hits : 328

The Board of Studies of the Institute is organizing Webcasts on Accounting Standards and respective subjects of the Intermediate (IPC) Course and Final Course on Saturdays from 1.00 p.m. to 5.00 p.m. and/ or Sundays from 10.00 a.m. to 2.00 p.m. in July-September, 2013.The Subject specific we...

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Category : Students Zone | Comments : 0 | Hits : 824

Temple boards in Kerala have received a letter from the Reserve Bank of India (RBI) seeking details of the stock of gold in their possession, a temple board official said today. Speaking to IANS, a top official of the famous Guruvayoor Devasom Board said a letter had been received from the RBI seek...

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Category : RBI | Comments : 0 | Hits : 523

Question: If there are 10 partners in a firm of Chartered Accountants, then how many tax audits reports can each partner sign in a financial year? Answer: As per Chapter VI of Council General Guidelines, 2008 (Tax AuditAssignments under Section 44AB...

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Category : Income Tax | Comments : 0 | Hits : 1391

The battle between McDonald's and its former India managing director Vikram Bakshi seems to have escalated, with Bakshi challenging the questions raised on his functioning by the US fast-food giant at its board meeting on August 6. According to sources close to the promoters, McDonald's t...

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Category : Accounts | Comments : 0 | Hits : 590

The Reserve Bank today allowed cash withdrawals of up to Rs 1,000 a day through prepaid cards, including gift cards, issued by banks from point of sale terminals, a move aimed at enhancing customer convenience in using plastic money. As of now, this facility was available only to debit cards is...

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Category : RBI | Comments : 0 | Hits : 535

Retirement fund managervEPFO will launch an online facility on Friday where over 5 crore subscribers can view their updated accounts. "We will launch the facility tomorrow where subscribers can track their accounts online on a real-time basis and check their updated accounts," EPFO's ...

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Category : General | Comments : 0 | Hits : 272

After alerting taxpayers to fraudulent emails promising fake refunds and other services, the income tax (I-T) department has now alerted the public to fake mobile applications that compromise confidential financial information. The department has warned taxpayers that illegal mobile applicati...

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Category : Income Tax | Comments : 0 | Hits : 535

To safeguard investors as well as the market from systemic risks emanating from Financial Market Infrastructures, Sebihas decided to adopt 24 standard global principles for such institutions.These principles will apply to all clearing corporations and depositories present in the Indian securiti...

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Category : SEBI | Comments : 0 | Hits : 179

The income-tax department will issue notices to two dozen borrowers on the National Spot Exchange (NSEL) as their probe so far has revealed that most of the trades undertaken by them were not backed by underlying commodities."We will be summoning the borrowers shortly as an examination of their book...

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

This is the last call to students who are members of NRO-library to get their old cards renewed (red and green ticket holders). Further, those students who had deposited Rs 500/- as security amount and are carrying computerized card are also requested to renew their library cards by depositing addit...

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Category : Students Zone | Comments : 0 | Hits : 500