IFRS-compliant accounting standards by December - ICAI
Posted Date : 01-Sep-2014 , 08:25:34 am | Posted By CASANSAAR
New Indian Accounting Standards (Ind-AS), being formulated in alignment with International Financial Reporting Standards (IFRS), are likely to be notified by December this year.
"We have targeted the completion of amendments to Ind-ASby November 30. It is expected that these would be notified ...
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ICAI |
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Get FREE Regular Professional Updates via WhatsApp / email / BBM from CASANSAAR
Posted Date : 30-Aug-2014 , 10:33:57 am | Posted By CASANSAAR
Now receive Regular Professional update via WhatsApp /email / BBM from CASANSAAR.COM. This free subscription will entitle you to faster complete updates. Receive Professional, Tax and Career related updates in your mobile / email inbox and stay ahead in your professional life.Some fea...
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General |
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PM launches Jan Dhan Yojna, 1.5 crore bank accounts opened on Day 1
Posted Date : 29-Aug-2014 , 07:45:21 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Thursday launched his government's mega scheme 'Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.
On the inaugural day, a record 1.5 crore bank accounts were opened across the country, ...
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General |
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RBI eases norms, 1 photo ID proof to open bank account
Posted Date : 29-Aug-2014 , 07:43:42 am | Posted By CASANSAAR
Reserve Bank of India has, as part of Prime Minister Narendra Modi's push for financial inclusion, relaxed 'know your customer' (KYC) norms to open new bank accounts.
RBI said there would be no need for applicants to submit separate documents for address and identity proof to open a savings a...
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RBI |
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Two more banks under CBI scanner in loan scam
Posted Date : 29-Aug-2014 , 07:42:32 am | Posted By CASANSAAR
After the suspension of Syndicate Bank CMD S.K. Jain, top functionaries of two more public sector banks have come under the CBI scanner for suspected irregularities in the extension of credit facilities to private companies.
The CBI has instituted two preliminary enquiries to ascertain whet...
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Banking |
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FMC turns the heat on UCX, orders a Forensic Audit now
Posted Date : 29-Aug-2014 , 07:41:39 am | Posted By CASANSAAR
Commodity futures market regulator Forward Markets Commission (FMC) has directed the board of Universal Commodity Exchange (UCX) to appoint audit firm KPMG for conducting a forensic audit of the bourse, after having found last month that its promoter allegedly siphoned off funds from the exchange, a...
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Auditing |
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Online Updation of details of the Peer Reviewers - ICAI
Posted Date : 28-Aug-2014 , 04:40:39 pm | Posted By CASANSAAR
The Peer Review Board (PRB) with an aim to improving the quality of review has designed a web - format to simplify the system of uploading and updating the details of reviewers online and the same has already been uploaded on the Institute’s website. Data fed in that form will help the Peer Re...
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ICAI |
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CBDT sets up high-level committee to decide retro tax cases
Posted Date : 28-Aug-2014 , 04:38:34 pm | Posted By CASANSAAR
The Central Board of Direct Taxes on Thursday set up a high-level committee to scrutinise all Income Tax cases arising out of the retrospective tax amendment.
The four-member committee will be headed by the Joint Secretary of the Foreign Tax and Tax Research-I unit of the CBDT. It will deci...
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Income Tax |
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Minimum monthly pension of Rs 1,000 under EPFO; wage ceiling up at Rs 15,000
Posted Date : 28-Aug-2014 , 02:43:53 pm | Posted By CASANSAAR
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
The government's decision to fix pension entitlement of Rs 1,000 under the Employees' Pension Schem...
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General |
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PM to launch Jan Dhan Yojana today; 1 crore bank A/Cs to be opened on day 1
Posted Date : 28-Aug-2014 , 09:23:10 am | Posted By CASANSAAR
Prime Minister Narendra Modi will on Thursday launch Jan Dhan Yojana, a mega financial inclusion plan under which bank accounts and RuPay debit cards with inbuilt insurance cover of Rs 1 lakh will be provided to crores of persons with no access to formal banking facilities.
Plans are afoot to...
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Banking |
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Govt launches Dot Bharat Domain
Posted Date : 28-Aug-2014 , 08:54:26 am | Posted By CASANSAAR
Government has launched a new domain, Dot Bharat in Devanagari Script in New Delhi today.The aim of the domain is to connect people with social media and provide contents in regional languages especially to those who are not conversant with English.The domain will initially cover eight languages inc...
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Shares & Stock |
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FTIL completes exit from MCX
Posted Date : 27-Aug-2014 , 08:25:41 pm | Posted By CASANSAAR
Jignesh shah's promoted Financial Technologies has fully exited from Multi Commodity Exchange. Today the company sold 5% on stock exchanges. MCX was promoted by it in 2003 and it has to exit following FMC order declaring it not fit to run the exchange.
These shares have ...
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Shares & Stock |
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RBI: People without valid documents can open Bank Accounts
Posted Date : 27-Aug-2014 , 08:54:45 am | Posted By CASANSAAR
The Reserve Bank of India has clarified that small accounts with banks can be opened even without officially valid documents.In a circular posted on its website, the banking regulator has said that a small account can be opened on the basis of a self-attested photograph and putting the pro...
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Banking |
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CBI arrests Registrar of Companies
Posted Date : 27-Aug-2014 , 08:46:34 am | Posted By CASANSAAR
The CBI arrested M. Manu Neethi Cholan, Registrar of Companies, in Chennai on Tuesday on bribery charge. He allegedly took Rs. 10 lakh from M.A.M. Ramaswamy, chairman of the Chettinad Group, to stall a takeover of the group.
Registrar took bribe to stall Chettinad Group takeover: CBI
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Corporate Law |
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FinMin orders forensic Audit of UCO Bank
Posted Date : 27-Aug-2014 , 08:44:06 am | Posted By CASANSAAR
The government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities, if any, in sanction of loans.
"We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those ...
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Banking |
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Anandiben asks CAs to help strengthen fiscal health of Country
Posted Date : 26-Aug-2014 , 08:22:34 am | Posted By CASANSAAR
Asking the Chartered Accountants to keep a watch on fiscal transactions to check scams and financial irregularities in the country, Chief Minister Anandiben Patel on Monday said that people have got a wrong perception about chartered accountants helping convert “black money” into “...
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ICAI |
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Finance Ministry mulls splitting CMD post for PSU Banks
Posted Date : 25-Aug-2014 , 07:24:43 pm | Posted By CASANSAAR
Finance Ministry today said it is considering bifurcation of the post of Chairman and Managing Director in public sector banks to strengthen corporate governance in the light of recent cases of corruption.
“We are considering the proposal (to split CMD’s post),” Financial Se...
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Banking |
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MCA not to define 'Ordinary Course of Business'
Posted Date : 25-Aug-2014 , 07:23:24 pm | Posted By CASANSAAR
The corporate affairs ministry has ruled out defining the term 'ordinary course of business', used several times in the Companies Act, 2013. This, experts say, might lead to confusion and litigation.
"We are not going to define the 'ordinary course of business'. Companies will have to do it themsel...
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Corporate Law |
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RBI says 36% of total Bad Loans from six Key Sectors
Posted Date : 24-Aug-2014 , 06:49:26 pm | Posted By CASANSAAR
The Reserve Bank has said about 36 per cent of the overall 4.1 per cent bad assets in the system have been created by six sectors of the economy - infrastructure, metals, textiles, chemicals, engineering and mining.
These sectors, though, have only 30 per cent of the credit share.
...
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RBI |
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Chartered Accountants are
Posted Date : 23-Aug-2014 , 04:38:56 pm | Posted By CASANSAAR
Recalling the words of the Prime Minister Narendra Modi that his government does not believe in a high taxation regime, Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan today said this was possible by maintaining extraordinary integrity, fairness and putting heart and mind in...
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ICAI |
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RBI shuts overseas payment gateway for credit card transactions within India
Posted Date : 23-Aug-2014 , 10:00:37 am | Posted By CASANSAAR
The Reserve Bank of India moved to close a loophole on Friday, saying that the rules need to be followed with respect to e-commerce credit card transactions "essentially taking place between two residents in India". This means that companies such as Uber will need to fo...
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RBI |
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Bombay HC grants bail to Jignesh Shah in NSEL case
Posted Date : 23-Aug-2014 , 09:42:26 am | Posted By CASANSAAR
The Bombay high court on Friday granted bail of Rs 5 lakh to MCX promoter Jignesh Shah arrested on May 7 in the Rs 5,000 crore National Spot Exchange Ltd, a commodities exchange scam. Justice Abhay Thipsay who released Shah on bail held that his custody was not essential for further i...
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Income Tax |
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Advance ruling facility to resident tax payers: CBDT Chairman
Posted Date : 22-Aug-2014 , 05:59:44 pm | Posted By CASANSAAR
The income tax department will extend the advance ruling facility to the resident tax payers from the current year, K V Chowdary, chairman of the Central Board of Direct Taxes(CBDT) said here on Friday.
Till now this facility was only available to the non-resident tax payers. The ...
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Income Tax |
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CBDT: Rs 90,000 Cr of undisclosed income detected in 2013-14
Posted Date : 22-Aug-2014 , 05:43:12 pm | Posted By CASANSAAR
Undisclosed income of Rs 90,000 crore was detected during 2013-14, according to KV Chowdary, Chairman, Central Board of Direct Taxes.
Addressing a press conference here on Friday, the official said the IT department had conducted surveys in 5,327 cases.
The main sectors in which un...
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Income Tax |
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RBI to restrict Bank's group exposure limit at 25%, down from current 40%
Posted Date : 22-Aug-2014 , 08:41:59 am | Posted By CASANSAAR
The Reserve Bank of India proposes to cut banks' group exposure limit by as much as 15 percentage points to reduce the systemic risk posed by lending too much to any single business house. This means that credit to any particular group will have to be restricted to 25% of a bank's capital, down from...
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RBI |
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SC Judge, ex-SEBI Chief rap new Companies Act
Posted Date : 22-Aug-2014 , 08:36:11 am | Posted By CASANSAAR
The Companies Act, 2013, was made in undue haste and exposes Parliament’s lack of expertise in law making, said Supreme Court Judge A K Sikri on Thursday.
He wasn’t the only eminent person who criticised the new law, at a book release function. M Damodara...
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Corporate Law |
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Bank of America in record $US16.65b settlement with US Government
Posted Date : 22-Aug-2014 , 08:31:12 am | Posted By CASANSAAR
Bank of America reached a record $US16.65 billion ($17.9 billion) settlement with the US government to settle charges that it and companies it bought misled investors into buying troubled mortgage-backed securities, helping the bank close a major chapter tied to the financial crisis.
The se...
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International Business |
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Govt taking steps to Professionalise PSU bank management: FM
Posted Date : 21-Aug-2014 , 04:28:15 pm | Posted By CASANSAAR
Concerned over instances of corruption in the PSU banks, Finance Minister Arun Jaitley today said that government is taking steps to professionalise the management and help them strengthen their risk management system.
"Professionalising the management of the banks, we have taken so...
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Banking |
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RBI tightens rules for lending against shares by NBFCs
Posted Date : 21-Aug-2014 , 04:24:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has tightened the norms for giving loans against shares by non-banking finance companies (NBFCs).
NBFCs lending against collateral of shares have been told to maintain an LTV (loan-to-valve). They can accept only specified Group 1 securities as collateral for...
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RBI |
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Pass Percentage & Toppers of of CA IPCC May / June 2014 Exams
Posted Date : 21-Aug-2014 , 03:54:49 pm | Posted By CASANSAAR
Pass Percentage & Toppers of of CA IPCC May / June 2014 Exams.
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Students Zone |
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