Summary of Economic Survey-2020-21
Posted Date : 29-Jan-2021 , 06:24:12 pm | Posted By CASANSAAR
India’s real GDP to record a growth of 11 per cent in 2021-22 and nominal GDP by 15.4 per cent-the highest since independence. The V-shaped economic recovery is supported by the initiation of a mega vaccination drive with hopes of a robust recovery in the services sector and prospects for robu...
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Budget |
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RBI says it will charge banks if they do not improve customer grievance
Posted Date : 29-Jan-2021 , 09:54:39 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) asked banks to step up disclosures on customer complaints and cost of redressal, cautioning lenders that fail to improve their redress mechanism quickly will be charged.
At the end of March 2020, the total number of complaints across various offices of RBI stood at...
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RBI |
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Budget session of Parliament begins today with President's Address
Posted Date : 29-Jan-2021 , 09:29:07 am | Posted By CASANSAAR
The Budget Session of Parliament will begin today. The session will begin with the address of President Ram Nath Kovind to the members of both the Houses seated in three different locations for the first time.
144 members of Parliament will be seated in the Central Hall including the Council of M...
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Budget |
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RBI unveils stricter norms for banks to bolster grievance redress mechanism
Posted Date : 28-Jan-2021 , 09:39:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday announced a comprehensive framework aimed at strengthening the grievance redress mechanism in banks and nudge lenders address the customer complaints in a time bound manner. The central bank’s action follows an increase in customer complaints in the...
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RBI |
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RBI open to digital currency, examining the need to introduce CBDC
Posted Date : 27-Jan-2021 , 08:15:54 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on January 25 said it is examining if there is a need to introduce central bank digital currency (CBDC) in the country and, if yes, how to operationalise it.
The RBI's statement comes against the backdrop of private digital currencies, virtual currencies, and c...
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RBI |
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Customary Halwa Ceremony kickstarts process of compilation Budget documents
Posted Date : 24-Jan-2021 , 08:48:12 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the finance ministry on Saturday participated in the symbolic 'Halwa Ceremony' that marks the beginning of compilation of budget documents.
Unlike the past, the voluminous budget docum...
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Budget |
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RBI proposes 4-tier structure for tighter regulation of NBFCs
Posted Date : 23-Jan-2021 , 11:03:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed a tighter regulatory framework for non-banking financial companies (NBFCs) by creating a four-tier structure with a progressive increase in intensity of regulation.
In its discussion paper on revised regulatory framework for NBFCs, the RBI has said the...
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RBI |
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Trusts and societies have till April 1 to register with MCA under CSR rules
Posted Date : 23-Jan-2021 , 10:59:34 am | Posted By CASANSAAR
The corporate social responsibility rules that came into effect from Friday have given time till April 1, 2021 to implementing agencies such as trusts and societies to register with the ministry of corporate affairs while also setting a three year time-limit for any CSR project, among a series of ot...
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Corporate Law |
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Government set to amend LLP Act; seeks comments on panel's report
Posted Date : 20-Jan-2021 , 08:11:57 pm | Posted By CASANSAAR
Decriminalising various offences, introducing a new concept of small LLPs and permitting LLPs to issue non-convertible debentures are among the changes being proposed under the Limited Liability Partnership (LLP) Act.
As part of efforts to further improve the ease of doing business, the corporate...
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Corporate Law |
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SEBI extends relaxations for compliance with rights issues
Posted Date : 20-Jan-2021 , 10:43:56 am | Posted By CASANSAAR
Markets regulator Sebi on Tuesday extended relaxations for companies with regards to compliance with procedural norms pertaining to rights issues opening till March 31 amid the ongoing coronavirus pandemic.
Earlier, this relaxation was given for rights issues opening till July 31, 2020, which was...
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SEBI |
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SC upholds IBC amendments mandating minimum threshold for insolvency process against developers
Posted Date : 20-Jan-2021 , 10:39:15 am | Posted By CASANSAAR
The Supreme Court on Tuesday upheld amendments to the Insolvency and Bankruptcy Code (IBC) that introduced a minimum threshold of 100 home buyers or 10% of the total allottees of a project, whichever was lower, for initiating the insolvency process against a defaulting developer.
The homebuyers h...
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Income Tax |
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One held by CGST Delhi East officials for availing fake input tax credit of Rs 82.23 Cr
Posted Date : 19-Jan-2021 , 09:15:02 am | Posted By CASANSAAR
In the ongoing drive against availment of inadmissible ITC, officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East unearthed a multi-layered network of fictitious firms being used to generate and pass on fake ITC.
Through the use of extensive data analytics, officers identi...
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GST |
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Disclosure of interest under RTI necessary to establish applicant’s bonafide - HC
Posted Date : 18-Jan-2021 , 09:39:55 am | Posted By CASANSAAR
The Delhi High Court, in a ruling, has observed that the disclosure of interest regarding the information being sought by an applicant under the Right to Information (RTI) Law would be necessary to establish their bonafides.
“This Court is of the opinion that whenever information is sought ...
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General |
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CBI Arrests Senior Railway Official, 2 Others In Rs.1 Crore Bribery Case
Posted Date : 18-Jan-2021 , 09:32:32 am | Posted By CASANSAAR
In its biggest bribe-trap case, the CBI arrested the chief administrative officer (construction) of the Northeast Frontier Railways on Sunday for allegedly receiving Rs. one crore for granting favours in awarding lucrative contracts to a private company, officials said.
Mahender Singh Chauhan, a ...
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Income Tax |
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CA arrested for issuing fake bills of Rs 79.5 Cr Delhi CGST officials
Posted Date : 16-Jan-2021 , 08:46:20 am | Posted By CASANSAAR
The officers of Central Goods and Service Tax (CGST) commissionerate, Delhi (east) have detected a case of issue of fake bills of Rs 79.5 crore to wrongfully avail input tax credit (ITC) and arrested a Chartered Accountant (CA), according to an official statement issued on Friday.
CA through thes...
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GST |
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Mumbai businessman arrested for GST fraud worth Rs 31 Cr
Posted Date : 16-Jan-2021 , 08:38:02 am | Posted By CASANSAAR
The Maharashtra Goods and Services Tax (GST) department on Friday arrested a Vile Parle-based businessman for allegedly causing revenue loss of Rs. 31 crore to the state government by fraudulently claiming input tax credit.
The joint commissioner of Maharashtra GST, Sampada Mehta, confirmed the d...
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GST |
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Gujarat HC rejects plea to extend deadline for filing tax audit reports
Posted Date : 15-Jan-2021 , 09:22:47 am | Posted By CASANSAAR
The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports.
The Income Tax Department had on Monday rejected demand for further extension of the deadline for fili...
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Income Tax |
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18% GST on recovered pay for employees while leaving job without serving notice period
Posted Date : 14-Jan-2021 , 09:10:33 am | Posted By CASANSAAR
Leaving your job without serving the stipulated notice period will now cost employees 18 percent goods and services (GST) tax on the pay recovered for the notice period duration.
The Gujarat Authority of Advance Ruling has held that an employee exiting a company without completing their notice pe...
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GST |
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Income-Tax department brings out Faceless Penalty Scheme
Posted Date : 14-Jan-2021 , 09:07:02 am | Posted By CASANSAAR
The Income Tax Department has brought out a "faceless penalty scheme" to handle recommendations for penalty issued under its faceless assessment programme.
The scheme notified on Tuesday seeks to ensure that any order arising from faceless assessment of taxable income is fool proof and ...
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Income Tax |
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5% more income tax returns filed this year - Income Tax Department
Posted Date : 13-Jan-2021 , 08:38:56 am | Posted By CASANSAAR
Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed annual income statements.
Over 5.95 crore income tax returns (ITRs) for the fiscal year ended March 31, 2020 (2019-20) were filed by January 10, the Income Tax Department said...
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ITR |
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CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets
Posted Date : 13-Jan-2021 , 07:58:24 am | Posted By CASANSAAR
Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign...
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CBDT |
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Reserve Bank of India imposes monetary penalty on Deutsche Bank AG
Posted Date : 13-Jan-2021 , 07:56:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has, by an order dated January 12, 2021, imposed a monetary penalty of Rs.2 crore (Rupees Two Crore only) on Deutsche Bank AG (the bank) for non-compliance with certain provisions of directions issued by RBI contained in the “Reserve Bank of India (Interest Rate...
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RBI |
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Bank NPA may rise to 25-year high under severe stress - RBI
Posted Date : 12-Jan-2021 , 08:18:42 am | Posted By CASANSAAR
The bad loan ratio of banks in India could rise 600 basis points (bps) to 13.5% under the baseline stress scenario or nearly double to 14.8% by September this year, under a severe stress scenario, taking it to a 25-year-high, the Reserve Bank of India (RBI) said on Monday.
Under the baseline scen...
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RBI |
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Delhi HC upholds arrest provision in CGST Act for tax evasion
Posted Date : 11-Jan-2021 , 09:28:11 am | Posted By CASANSAAR
The Delhi High Court has upheld the controversial provisions in the Central Goods and Service Tax (CGST) Act that gives power to authorities to arrest any person if there is “reason to believe” that he has committed tax evasion.
A Bench of Justice Manmohan and Justice Sanjeev Narula g...
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GST |
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Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets
Posted Date : 11-Jan-2021 , 09:22:49 am | Posted By CASANSAAR
A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs...
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Income Tax |
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Rs 700 crore recovered, 215 arrested in crackdown on fake GST bills scam
Posted Date : 11-Jan-2021 , 09:20:28 am | Posted By CASANSAAR
Government's crackdown on GST fake invoice scam has resulted in recovery of Rs 700 crore, arrests of 215 persons, and unearthing of 6,600 fake GST Identification Numbers (GSTIN). About 2,200 cases have been filed over the past two months.
Sources said that those arrested not only include fake...
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GST |
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Sovereign Gold Bond Scheme 2020-21 (Series X) – Issue Price
Posted Date : 09-Jan-2021 , 09:46:47 am | Posted By CASANSAAR
In terms of Government of India Notification No.4(4)-B(W&M)/2020 dated October 09, 2020, Sovereign Gold Bonds 2020-21 (Series X) will be opened for the period January 11-15, 2021 with Settlement date January 19, 2021. The issue price of the Bond during the subscription period shall be Rs5,...
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General |
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DGGI Gurugram arrests one for fraudulently availing ITC of Rs 8 crore
Posted Date : 09-Jan-2021 , 09:46:09 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shri Sanjay Goel, resident of New Delhi on charges of illegally availing and passing on input tax credit (ITC) on goods-less invoices.
On the basis of the investigation conducted till date...
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GST |
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RBI ask banks to align internal audit function with global best practices
Posted Date : 08-Jan-2021 , 08:14:15 am | Posted By CASANSAAR
The RBI on Thursday asked banks to align their internal audit function with international best practices, like those issued by the Basel Committee on Banking Supervision (BCBS).
As per a 2002 guidance note, banks are required to put in place a risk based internal audit (RBIA) system as part of th...
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RBI |
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CBIC introduces liberalised Authorised Economic Operator package for MSMEs
Posted Date : 08-Jan-2021 , 08:06:41 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) on January 7 said it has introduced liberalised Authorised Economic Operator package for micro, small and medium enterprises (MSMEs) for swift customs clearances. In order to attract MSMEs to become Authorised Economic Operators (AEOs) and ava...
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MSME |
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