RBI warns companies, banks on unhedged forex loans
Posted Date : 08-Apr-2015 , 08:46:47 am | Posted By CASANSAAR
RBI Governor Raghuram Rajan warned companies against keeping their foreign currency exposures unhedged, saying they might face "big risk" in case of change in the monetary policy globally.
"They (companies) have to recognise that they are taking a big risk (by not hedging the...
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RBI |
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RBI Raises Lending Limit for Microfinance Institutions
Posted Date : 07-Apr-2015 , 10:41:15 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday allowed microfinance institutions (MFI) to lend up to Rs 1 lakh to small borrowers.
The increase in the limit was suggested by the Nachiket Mor committee on Comprehensive Financial Services for Small Businesses and Low Income Households.
The borro...
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RBI |
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1 | Hits : 693
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Excise Dept move on service tax may make rail-based traffic costlier
Posted Date : 07-Apr-2015 , 07:01:35 pm | Posted By CASANSAAR
At a time when the Centre is trying to increase the share of rail-based traffic, an excise department move may end up shifting container traffic away from rail to roads.
The excise department wants to impose full service tax on containerised traffic without providing the 70 per cent abatement a...
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Excise |
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RBI Policy- RBI keeps repo rate unchanged at 7.5%; CRR maintained at 4%
Posted Date : 07-Apr-2015 , 12:37:12 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) kept the repo rate unchanged at 7.5% in its monetary policy review on tuesday. Along market expectations, Raghuram Rajan also kept the Cash Reserve Ratio (CRR) at 4%.
"Transmission of policy rates to lending rates has not taken place so far des...
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RBI |
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RBI gives banks more time to recast loans
Posted Date : 07-Apr-2015 , 08:16:10 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given banks more time to restructure their troubled loans.
On March 30, a day before the fiscal came to close, the central bank allowed banks to continue restructuring of loans if references were made either to the corporate debt restructuring (CDR)...
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RBI |
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Service Tax - Service tax to stay at 12% until Parliament passes Finance Bill
Posted Date : 07-Apr-2015 , 08:10:29 am | Posted By CASANSAAR
The proposed new rate of service tax of 14 per cent will be applicable from a date to be notified by the government after passage of the Finance Bill 2015 by Parliament & Signed by the President of India.
Till then the current rate of 12 per cent will continue along with two per cen...
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Service Tax |
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GST Bill to be introduced in Lok Sabha in next few weeks
Posted Date : 06-Apr-2015 , 04:40:33 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley has said that the government will move GST Constitutional Amendment Bill in Lok Sabha in next few weeks.
He also said that the government will provide reasonable compliance window under the new black money law. Adding further he said that a group wi...
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GST |
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Black money law - FM promises reasonable compliance window
Posted Date : 06-Apr-2015 , 01:50:03 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Monday promised a "reasonable compliance window" under the new black money law for persons with overseas funds to come clean, even as he asserted that targetting undeclared assets cannot be termed as 'tax terrorism'.
Addressing industry represent...
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Black Money |
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ICAI red-flags auditor selection process at PSU banks
Posted Date : 06-Apr-2015 , 08:04:10 am | Posted By CASANSAAR
Raising concerns, the chartered accountants’ apex body Institute of Chartered Accountants of India (ICAI) has said the current process for selecting auditors at public sector banks could compromise their “independence” in carrying out the auditing job.
ICAI has conveyed its...
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ICAI |
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4 | Hits : 2376
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Income Tax department slaps notices worth $5-6 billion on nearly 100 FIIs
Posted Date : 06-Apr-2015 , 07:50:35 am | Posted By CASANSAAR
In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to cough up an estimated US $5-6 billion for 'untaxed gains' made by them in the domestic markets over the past years by income tax department.
The number of affected investors can rise substantiall...
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Income Tax |
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0 | Hits : 482
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RBI relaxes KYC norms for Non-Banking Financial Companies
Posted Date : 06-Apr-2015 , 07:32:59 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has relaxed the Know Your Customer norms and allowed sole proprietor firms to open accounts in co-operative banks by submitting a single proof of their business. Earlier, they were required to submit two such documents.
The Apex bank in a communication to urban, st...
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RBI |
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RBI nixes bank plan for additional holidays on alternate Saturdays
Posted Date : 04-Apr-2015 , 08:02:09 am | Posted By CASANSAAR
The Reserve Bank of India has nixed a plan for additional bank holidays on alternate Saturdays. The banking sector regulator feels that the infrastructure for keeping key deposit related functions need to be strengthened before the banks can down shutters to enjoy a five day week.
Recently the ...
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RBI |
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1 | Hits : 1118
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Money laundering case filed against ex-Syndicate bank CMD
Posted Date : 03-Apr-2015 , 05:29:10 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) has registered a money laundering case against the former CMD of Syndicate Bank SK Jain and others who were last year arrested by CBI in a bribery and corruption case.
Sources said the agency slapped charges under the Prevention of Money Launderin...
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Money laundering |
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0 | Hits : 678
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CBDT raises the bar on Income Computation for tax purposes
Posted Date : 02-Apr-2015 , 06:54:37 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has ushered in a new framework for computation of taxable income for businesses.
For this purpose, CBDT has now notified 10 income computation and disclosure standards (ICDS) that will go long way in minimising tax related disputes.
These 10 ICDS &m...
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CBDT |
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New Feature of www.casansaar.com i.e CA FIRMS for the Practicing Chartered Accountants
Posted Date : 02-Apr-2015 , 08:32:16 am | Posted By CASANSAAR
It is Our great pleasure to announce that, CAsansaar has come up with an another exclusive feature “CA FIRMS” for the Practicing Chartered Accountants.
We have design this page specially for Practicing Chartered Accountants, who can Submit the details of their...
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CA Firms |
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RBI prescibes uniform provisioning norm for fraud cases
Posted Date : 02-Apr-2015 , 08:23:08 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday prescribed a uniform provisioning norm for banks in respect of all cases of fraud.
The central bank said the entire amount due to the bank (irrespective of the quantum of security held against such assets), or for which the bank is liable (including ...
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RBI |
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0 | Hits : 574
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Mangla Bank: India’s first bank run by beggars, of beggars, for beggars
Posted Date : 01-Apr-2015 , 09:47:16 pm | Posted By CASANSAAR
If one has to learn the benefits of banking, it is from these beggars in Bihar who have started their own bank, which they operate to provide financial assistance to fellow beggars.
The bank named as Mangla Bank is situated at Gaya town near Maa ‘Maa Manglagauri Mandir, where these beggar...
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Bank |
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RBI approves ING Vysya-Kotak Mahindra merger
Posted Date : 01-Apr-2015 , 04:31:05 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given its nod to the merger of ING Vysya Bank and Kotak Mahindra Bank, the exchanges were informed today.
The merger will come into effect from April 1, 2015.
In February 2015, the proposed Rs 15,000-crore merger ...
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RBI |
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0 | Hits : 826
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Top income tax official arrested on bribery charge
Posted Date : 01-Apr-2015 , 04:26:18 pm | Posted By CASANSAAR
CBI today arrested Jodhpur's Chief Commissioner of Income Tax PK Sharma on bribery charges after Rs 15 lakh were allegedly received by a local jeweller on his behalf.
CBI had last night detained Income Tax Officer Shailendra Bhandari in connection with the case, agency so...
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Income Tax |
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0 | Hits : 1140
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WhatsApp FREE voice calling now available to all Android users
Posted Date : 01-Apr-2015 , 04:01:39 pm | Posted By CASANSAAR
WhatsApp calling has finally arrived. WhatsApp users will need to update to version 2.12.5 (or above) from Google Play. If the update is not available directly from Google Play, users can get the latest version from here. The calling feature will automatically get activated after updating the a...
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WhatsApp |
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1 | Hits : 2715
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Service Tax - Service Tax Changes applicable from 01-04-2015
Posted Date : 01-Apr-2015 , 10:35:23 am | Posted By CASANSAAR
Service Tax changes applicable from 1.4.2015
A) Exemptions withdrawn
Following services provided to government, local authority or a governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, re...
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Service Tax |
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Service Tax - Applicability of New Service Tax Rates
Posted Date : 01-Apr-2015 , 08:42:57 am | Posted By CASANSAAR
Higher rates of service tax (from 12.36% to 14%) will become effective only when the Finance Act 2015 is enacted and not from Wednesday (01/04/2015) .
"The increase in service tax rate from 12.36% to 14% will take effect only from the day a notification is issued specifying an effective date...
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Service Tax |
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CBDT extends due date for applying roll back facility under Advance Pricing Agreement
Posted Date : 01-Apr-2015 , 08:12:55 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has given more time to taxpayers to apply for ‘roll back’ facility under the advance pricing agreements (APA).
Applications for roll back facility could now be made up to June 30 this year, the CBDT said in a statement here.
The CBDT had...
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CBDT |
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RBI imposes Rs 5 lakh fine on 16 banks for violation of norms
Posted Date : 01-Apr-2015 , 08:06:30 am | Posted By CASANSAAR
RBI has penalised 16 central co-operative banks with a fine of 5 lakh rupees each for non-adherence of the Know Your Customer and Anti-Money Laundering guidelines. These include Dumka Central Co-op. Bank Ltd (Jharkhand), Cuttack Central Co-op. Bank Ltd (Odisha) and Ajmer Central Co-op. Bank Ltd (Raj...
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RBI |
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1 | Hits : 597
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Income Tax dept publishes names of 18 big defaulters
Posted Date : 31-Mar-2015 , 09:02:40 pm | Posted By CASANSAAR
With the curtains coming down on the current fiscal, the Income Tax department on Tuesday for the first time issued newspaper notices on 18 tax defaulters -- 11 of them Gujarat-based -- who collectively owe over Rs.500 crore to the exchequer.
The defaulters' names were put up on t...
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Income Tax |
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Interest Rates for Various Small Savings Schemes wef 01-04-2015
Posted Date : 31-Mar-2015 , 08:43:59 pm | Posted By CASANSAAR
It was decided by the Government of India that interest rates on Small savings Schemes will be linked to yields on government securities of comparable maturity. In pursuance of that decision, the Government has decided to revise the rates applicable on various small savings schemes as given in the t...
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Finance |
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0 | Hits : 901
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Political party accounts must be subjected to CAG scrutiny - HC
Posted Date : 31-Mar-2015 , 08:14:58 am | Posted By CASANSAAR
Accounts of major political parties must be audited by the Comptroller and Auditor General (CAG) himself and with the same stringent parameters with which he audits government accounts to curb the use of black money during election campaigns, the high court was urged on Thursday.
When the public ...
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CAG |
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Newly Married Woman CA found dead in hostel
Posted Date : 31-Mar-2015 , 08:08:07 am | Posted By CASANSAAR
A 27-year-old Chartered Accountant (CA) who was married earlier this month was found dead under suspicious circumstances in her room at a working women's hostel at Somajiguda on Monday.
The victim, Anusha, was a native of Janupally village near Amalapuram in East Godavari district of An...
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CA |
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1 | Hits : 1936
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ICAI suggest changes to Swachh Bharat cess calculation
Posted Date : 31-Mar-2015 , 08:02:18 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI has suggested that the proposed cess of two per cent for clean India initiative should be calculated on the payable service tax instead of taxable services' value.
Calculating Swachh Bharat cess on the value taxable services ...
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ICAI |
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0 | Hits : 866
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400 listed companies ignore SEBI rule, have no women directors on Board
Posted Date : 31-Mar-2015 , 07:51:53 am | Posted By CASANSAAR
Despite a SEBI deadline to appoint women directors coming to end in just two days, nearly 400 listed companies are yet to comply with the guideline. Listed companies are required to have at least one woman director before April 1 and recently, Sebi also indicated that there would not be any further ...
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SEBI |
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2 | Hits : 365
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