RBI to announce final Norms on Small Banks, Payment soon
Posted Date : 13-Oct-2014 , 08:08:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Deputy Governor, S S Mundra, has said that the central bank plans to announce the final norms on small and payment banks next month.
“We have received comments (on the discussion paper). Soon, in a month or so, the RBI will come out with the final guide...
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Banking |
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Court issues summons to Ramalinga Raju, others in SEBI case
Posted Date : 13-Oct-2014 , 07:53:29 am | Posted By CASANSAAR
An economic offences court here has issued summonses to Satyam Computer Services founder Ramalinga Raju, his brother Rama Raju and three former senior executives among others, to appear before it on November 13 in connection with complaints by capital market regulator SEBI. Based...
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Corporate Law |
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Incorporation of one-person companies sees spurt since April
Posted Date : 13-Oct-2014 , 07:52:16 am | Posted By CASANSAAR
The new Companies Act has made it legal to set up a company with just one director, limiting the liability of a business owner to the assets of the firm, unlike the alternative sole proprietorship model where an owner is personally liable for business debt.
Data from the corporate affairs ministry ...
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Corporate Law |
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Income Tax department launches secure email system for staff to curb frauds
Posted Date : 13-Oct-2014 , 07:43:41 am | Posted By CASANSAAR
To curb misuse of official cyber tools and attempts of phishing, the Income Tax department has rolled out a secure email system for all its employees and officers. The department, official sources said, has recently discontinued its existing email systems (called Lotus mail and IMail) and has i...
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Income Tax |
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Vodafone wins Rs 3,200 Cr Transfer Pricing case in Bombay High Court
Posted Date : 11-Oct-2014 , 08:20:17 am | Posted By CASANSAAR
The Bombay High Court on Friday ruledVodafone is not liable to pay an income tax demand of Rs 3,200 crore in a case relating to transfer pricing, a verdict which comes as a big relief for the UK-based mobile service provider already locked in a big tax dispute with the Government.
&n...
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Income Tax |
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Cap of 3 free ATM transactions only for metros, says RBI
Posted Date : 11-Oct-2014 , 08:18:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has clarified that freetransactions at non-home bank ATMs would come down to three from five only if all the transactions are carried out in the metros. These six metros include Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.
The regulator has clar...
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RBI |
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5. 52 Crore Accounts Opened under PMJDY as on 7.10.2014; Deposit of Rs. 4268/- Crore have been Mobilized under PMJDY
Posted Date : 11-Oct-2014 , 07:53:39 am | Posted By CASANSAAR
The progress of Pradhan Mantri Jan Dhan Yojana (PMJDY) was reviewed by the Mission Director in a VC Meeting with the Executive Directors and other senior officers of public sector banks and major private sector banks on 09.10.2014. The meeting was also attended by representatives of National Payment...
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Banking |
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Tax relief on transfer of technical manpower in SEZs
Posted Date : 11-Oct-2014 , 06:41:22 am | Posted By CASANSAAR
The income tax (I-T) department has allowed profit-linked tax deductions to new Special Economic Zone (SEZ) units upon transfer of technical manpower up to 50 per cent from an existing unit — a further relaxation from 20 per cent allowed earlier in July this year. This will provide a...
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Income Tax |
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RBI raises concern over high exposure of Banks to infra, realty
Posted Date : 11-Oct-2014 , 06:40:48 am | Posted By CASANSAAR
Expressing concern over high exposure of banks to infrastructure and real estate sectors, fifa 15 coins RBI Deputy governor R Gandhi today cautioned lenders saying they cannot put all eggs into one basket.As an alternative, the deputy governor suggested looking at corporate bonds market, fifa coins ...
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Banking |
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AGMs cannot be
Posted Date : 11-Oct-2014 , 06:40:24 am | Posted By CASANSAAR
Stressing on a need for better governance practices at listed companies, SEBIi Chairman U K Sinha on Friday said things are changing for good and shareholder meetings should not be like a “chai and samosa party“.
Mr. Sinha gave credit for this change to growing activism of buy f...
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SEBI |
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RBI to monitor trades by companies in debt markets
Posted Date : 09-Oct-2014 , 07:18:24 am | Posted By CASANSAAR
Worried that a surge in trading in debt markets by companies could pose risks to financial market stability, the Reserve Bank of India has ordered its supervision team to monitor their trades, sources with direct knowledge of the situation said.
The move is the strongest expression of conce...
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RBI |
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Govt to look into People's concerns on Flipkart's massive discount sale
Posted Date : 08-Oct-2014 , 09:17:07 pm | Posted By CASANSAAR
After receiving many complaints from traders on Flipkart's massive discount sale, Government today said it will look into the concerns and take a call on whether more clarity is required on e-commerce retail business. Speaking to reporters on the sidelines of a function in New Delhi Commerce an...
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Corporate Law |
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0 | Hits : 1596
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ICAI working on changes to Indian Accounting Standards
Posted Date : 08-Oct-2014 , 09:13:37 pm | Posted By CASANSAAR
The apex body of chartered accountants ICAI is in the process of making changes to the Indian accounting standards as part of efforts to converge with international norms. The government wants companies to adopt the new Indian Accounting Standards (Ind AS) - converged w...
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ICAI |
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SEBI notifies one-time registration system for brokers
Posted Date : 08-Oct-2014 , 08:35:03 pm | Posted By CASANSAAR
Simplifying procedural requirements in the capital markets, regulator Sebi today notified new norms that will require stock brokers and clearing entities to have one-time single registration process for operating across different bourses. The new regulations would replace the current pract...
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SEBI |
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Finance Ministry, RBI to unveil new monetary policy framework by Feb 1
Posted Date : 08-Oct-2014 , 08:22:16 am | Posted By CASANSAAR
The Finance Ministry aims to complete the formalities for implementation of the new Monetary Policy Framework Agreement by February 1. However, it will be left to the Reserve Bank of India to decide on the date of implementation.
The proposed framework aims to change the monetary policy for...
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RBI |
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RBI asks companies not to lower their guard on hedging forex exposure
Posted Date : 08-Oct-2014 , 08:21:20 am | Posted By CASANSAAR
A relatively stable rupee may be prompting corporates not to hedge their foreign currency exposures, but the Reserve Bank (RBI) is not comfortable with such a trending practice. RBI deputy governor H R Khan has warned Indian business entities against leaving their overseas borrowings unhedged, citin...
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RBI |
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Net Direct Tax Collection Up 7 Per Cent at Rs. 2.68 Lakh Crore in April-September
Posted Date : 08-Oct-2014 , 08:06:58 am | Posted By CASANSAAR
Net direct tax collection has risen 7.09 per cent to Rs.2,68,836 crore in the first six months of the current fiscal year (2014-15).
It was Rs. 2,51,028 crore in the corresponding period of fiscal year 2013-14, the Finance Ministry said in a statement.
Gross direct t...
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Income Tax |
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Registration of companies declines 50 per cent on compliance norms
Posted Date : 07-Oct-2014 , 08:14:27 am | Posted By CASANSAAR
The registration of companies has halved in the first five months of this financial year, with some analysts blaming it on cumbersome compliance requirements of the new companies act. The number of companies that were registered in April-August fell to 21,260 from 43,000 a year earlier, accordi...
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Corporate Law |
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0 | Hits : 1380
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Despite RBI norm, forensic audits of only 12 banks filed
Posted Date : 07-Oct-2014 , 08:11:03 am | Posted By CASANSAAR
More than a year after RBI has made forensic audit compulsory for major bank loans that run into trouble, only 12 such reports have been filed by the auditors.
Even among those there are few actionable points for the banks to file cases like classifying the borrowers as wilful defaulters. T...
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Auditing |
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Govt Asks PSU Banks To Tighten High-value Fixed Deposit Norms
Posted Date : 06-Oct-2014 , 02:36:50 pm | Posted By CASANSAAR
Following reports of frauds at Dena Bank and Oriental Bank of Commerce, the Finance Ministry has asked public sector banks to tighten norms for high-value fixed deposits (FD). As per preliminary forensic audit report, frauds worth Rs 436 crore were committed in these banks.
Banks have been asked to...
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Banking |
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HC relief for student seeking wheelchair access at exam centre
Posted Date : 06-Oct-2014 , 09:05:00 am | Posted By CASANSAAR
The Bombay high court has directed the Institute of Chartered Accountants of India (ICAI) and the Brihan Maharashtra College of Commerce (BMCC) here to make necessary arrangements for a wheelchair-bound student to appear for her chartered accountancy (CA) intermediate exam in November.
In an ...
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Students Zone |
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Access your Provident Fund account online from Oct 16
Posted Date : 06-Oct-2014 , 09:04:43 am | Posted By CASANSAAR
Nearly 50 million members of Employees' Provident Fund Organisation (EPFO) will be able to access their PF accounts online on real time basis by mid-October, an official said Sunday.
EPFO subscribers would be able to access their permanent or universal account numbers (UANs) through a dedic...
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Corporate Law |
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Tax Department to publish list of Service Tax defaulters
Posted Date : 06-Oct-2014 , 08:54:29 am | Posted By CASANSAAR
The revenue authority plans to prepare a list of service tax defaulters and publish it. This is part of the arrear recovery plan for all indirect taxes, such as customs duty, excise duty and service tax.
“In service tax law, provision is available for publication of the names of defau...
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Service Tax |
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Corporate Affairs Min says simplifying procedures under new cos law
Posted Date : 04-Oct-2014 , 08:58:48 am | Posted By CASANSAAR
Making efforts to ensure smooth implementation of the new companies law, the Ministry of Corporate Affairs is working on simplifying procedures by way of notifications and circulars.
The Companies Act, 2013 – that replaces the nearly six-decade old law governing corporates in the coun...
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Corporate Law |
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Punjab govt raises VAT on diesel, cold drinks, cigarette
Posted Date : 04-Oct-2014 , 08:57:13 am | Posted By CASANSAAR
People will have to pay more for diesel, aerated drinks and cigarette in Punjab with SAD-BJP led state government raising value added tax (VAT) on these products.
In a notification issued on October 1, Punjab excise and taxation department has increased VAT rate on diesel (other than premium diesel...
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VAT |
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Banks open 5.29 cr accounts under Jan Dhan, issue 1.78 cr RuPay cards
Posted Date : 03-Oct-2014 , 07:50:54 am | Posted By CASANSAAR
The Finance Ministry on Thursday said 5.29 crore bank accounts have been opened and 1.78 crore RuPay debit cards have been issued so far under Prime Minister Narendra Modi's flagship Jan Dhan Yojana.
"As on date, 5.29 crore accounts have been opened under PMJDY, of which 3.12 cror...
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Banking |
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0 | Hits : 950
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Life Insurance Corporation gets Rs 11,500 crore in income tax refunds, policy holders to benefit
Posted Date : 03-Oct-2014 , 07:44:22 am | Posted By CASANSAAR
Life Insurance Corporation (LIC) has received more than Rs 11,500 crore in income tax refunds and a big chunk of the amount would be passed on to policyholders, an official said."We received I-T refunds in two tranches aggregating to more than Rs 11,500 crore, after winning a dispute with the I...
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Income Tax |
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Bankers seek clarity on tax treatment of new Additional Tier-I bonds under Basel-III
Posted Date : 02-Oct-2014 , 07:55:35 am | Posted By CASANSAAR
Bankers have sought clarity from the finance ministry on treatment of additional tier-I bonds under Basel-III guidelines that prescribe how much capital banks should hold. The government has been pushing banks to raise capital through this instrument, popularly known as AT1 bonds, to meet fund requi...
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Banking |
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Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
Posted Date : 02-Oct-2014 , 07:45:04 am | Posted By CASANSAAR
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.87/2014-CUSTOMS (N.T.), dated the 18th September, 2014 vide number S.O. 24...
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Excise |
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Empanelment of Members for the Assignment of
Posted Date : 01-Oct-2014 , 02:39:27 pm | Posted By CASANSAAR
October 1, 2014
Empanelment of members for the assignment of “Checkers” for CA examinations to be held in November 2014Checking of totaling of marks etc in the answer books of CA examinations, after they have been evaluated by the examiners, is being assigned/carried out by members of t...
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ICAI |
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