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Banks lost Rs 41,167 crore to fraud in 2017-18 - RBI
Posted Date : 31-Dec-2018 , 01:16:50 pm | Posted By CASANSAAR

Fraudsters have looted Rs 41,167.7 crore from the banking system in 2017-18, a sharp jump of 72 per cent from Rs 23,933 crore the previous year, despite “stringent monitoring and vigilance”, according to data released by the Reserve Bank of India (RBI). There were 5,917 instances of b...

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Category : RBI | Comments : 0 | Hits : 206

Strengthen NCLT infrastructure to speed up resolutions: RBI
Posted Date : 29-Dec-2018 , 04:32:30 pm | Posted By CASANSAAR

The central bank has called for strengthening the infrastructure at the National Company Law Tribunals (NCLT) to ensure time-bound resolution of stressed-asset loans in the banking sector, where the problem of mounting bad debt has prompted curbs on the normal operations at several high-street lende...

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Category : RBI | Comments : 0 | Hits : 119

GST evasion worth Rs.38,896 crore detected during April-Oct
Posted Date : 29-Dec-2018 , 11:34:05 am | Posted By CASANSAAR

The government has detected GST evasion worth Rs.38,896 crore in 6,585 cases in the April-October period of 2018-19, Parliament was informed on Friday. Minister of State for Finance Shiv Pratap Shukla said while central excise evasion of ₹3,028.58 crore in 398 cases was unearthed during the sev...

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Category : GST | Comments : 0 | Hits : 312

PSBs approve loans worth over Rs 37,400 cr for MSME sector
Posted Date : 29-Dec-2018 , 09:47:57 am | Posted By CASANSAAR

Public sector banks have approved more than 1.12 lakh loan applications of MSMEs worth of 37,412 crore rupees under the '59 minutes' loan scheme launched by the government last month. GST-registered Micro, Small and Medium Enterprises (MSMEs) can take loan up to one crore in just 59 minutes...

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Category : Banking | Comments : 0 | Hits : 347

Over 1 lakh companies deregistered this fiscal - Govt
Posted Date : 28-Dec-2018 , 04:28:57 pm | Posted By CASANSAAR

Names of more than 1 lakh companies have been struck off the official records in the current fiscal for not carrying business activities for a long time, the government said Friday. As part of clamping down on illicit fund flows, the Corporate Affairs Ministry has been taking action against entit...

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Category : Companies Act | Comments : 0 | Hits : 614

Sebi refuses to stay audit of suspected shell firm Inter Globe Finance
Posted Date : 28-Dec-2018 , 10:14:46 am | Posted By CASANSAAR

IGFL is among the firms against whom Sebi initiated action in Aug 2017 by ordering trading restrictions after it received a list of 331 suspected shell companies. Markets regulator Sebi on Thursday refused to grant a stay on the forensic audit of Inter Globe Finance, which is suspected to be a sh...

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Category : SEBI | Comments : 0 | Hits : 655

ICAI Election effects - Disciplinary Proceedings against IL&FS Auditors postponed
Posted Date : 28-Dec-2018 , 10:00:52 am | Posted By CASANSAAR

The much-anticipated hearing in the CA Institute’s inquiry against certain statutory auditors of beleaguered IL&FS Group stands postponed. The first hearing, which was scheduled to take place in Kolkata on Friday, has been postponed, sources close to the developments said. There is no i...

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Category : ICAI | Comments : 0 | Hits : 979

ICAI defers Mandatory use of UDIN to Feb 2019
Posted Date : 27-Dec-2018 , 03:38:26 pm | Posted By CASANSAAR

ANNOUNCEMENT UDIN - A way to authenticate document As you are aware that to secure the certificates/documents attested/certified by practicing Chartered Accountants and for tracing forged/wrong documents prepared by any third person misrepresenting himself as a Chartered Accountant, ICAI had...

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Category : ICAI | Comments : 0 | Hits : 820

Appoint at least 2 more independent directors - SEBI to Govt
Posted Date : 27-Dec-2018 , 10:47:59 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has written to the finance ministry seeking the appointment of at least two independent members, said two people with direct knowledge of the matter. The aim is to resolve the problem of “lack of independent voices on its board”. The m...

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Category : SEBI | Comments : 0 | Hits : 629

Auditors fudged accounts; MCA seeks reopening of past 5 years financial records of ILFS
Posted Date : 27-Dec-2018 , 10:44:44 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI), in its interim report has said statutory auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) acted in a 'negligent and fraudulent manner' and prepared incorrect financial statements of the debt-laden group. Deloi...

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Category : Auditing | Comments : 0 | Hits : 1274

Government reviews guidelines for FDI in E- commerce
Posted Date : 27-Dec-2018 , 10:36:02 am | Posted By CASANSAAR

Government has reviewed guidelines for Foreign Direct Investment in E- commerce companies to protect the interests of domestic players. It has taken host of steps and barred e-commerce companies from selling products of the companies in which they have stake. In a statement, the Commerce and Industr...

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Category : Finance | Comments : 0 | Hits : 580

Bimal Jalan to head panel on RBI reserve; Rakesh Mohan to be vice chairman
Posted Date : 27-Dec-2018 , 10:34:31 am | Posted By CASANSAAR

Reserve Bank of India has named former Governor Bimal Jalan as the head of the expert panel that will decide on the appropriate size of reserves that the central bank should maintain and the dividend it should give to the government. RBI said in a statement yesterday that expert committee has bee...

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Category : RBI | Comments : 0 | Hits : 566

RBI launches survey to capture retail payment habits in 6 cities
Posted Date : 27-Dec-2018 , 10:24:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will capture payment habits of individuals in six cities, including four metropolitan towns. For the purpose, the central bank has launched a 'Survey on Retail Payment Habits of Individuals (SRPHi)'. According to RBI release, the survey will cover a sample ...

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Category : RBI | Comments : 0 | Hits : 547

Bidders may face jail term, Rs 1 crore penalty if they pull out of insolvency process
Posted Date : 26-Dec-2018 , 05:50:58 pm | Posted By CASANSAAR

The government and the Insolvency & Bankruptcy Board of India want to invoke certain sections against companies, which have decided to withdraw their offers to buy out stressed companies through the resolution process and derailing the complete process, says a Times of India report. The publi...

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Category : Insolvent Professional | Comments : 0 | Hits : 614

Resident, NRI taxpayers allowed manual filing for nil TDS certificate
Posted Date : 26-Dec-2018 , 12:07:17 pm | Posted By CASANSAAR

The income tax department on Monday allowed manual filing of form by resident and NRI taxpayers wanting to apply for deduction of taxes at a lower or nil rate on total income. The Income Tax Act, 1961, provides that if a taxpayer considers that her total income warrants deduction of income tax at...

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Category : TDS | Comments : 0 | Hits : 611

NCLT helps recover Rs.80,000 crore in 2018 from IBC cases
Posted Date : 26-Dec-2018 , 11:50:36 am | Posted By CASANSAAR

 Tasked with a key job of helping recover unpaid corporate loans, the NCLT has helped resolve insolvency and bankruptcy proceedings involving more than ₹80,000 crore in the year passing-by and the kitty is expected to swell beyond ₹1 trillion in 2019 with several big-ticket default cases pe...

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Category : Insolvent Professional | Comments : 0 | Hits : 560

Govt may continue GST compensation scheme till 2025
Posted Date : 24-Dec-2018 , 01:05:24 pm | Posted By CASANSAAR

The Union government plans to create a backstop facility for states to receive compensation for three additional years to implement the nationwide goods and services tax (GST) after the expiry of the first five years as mandated by the Constitution. This is aimed at ensuring that states grappling wi...

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Category : GST | Comments : 0 | Hits : 668

Recommendations made during 31st Meeting of the GST Council - Rate changes
Posted Date : 22-Dec-2018 , 06:08:43 pm | Posted By CASANSAAR

GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through...

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Category : GST | Comments : 0 | Hits : 643

Decisions taken by the GST Council in the 31st meeting held regarding GST rate on services
Posted Date : 22-Dec-2018 , 06:07:26 pm | Posted By CASANSAAR

GST Council in the 31stmeeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions andclarificationson connected issues.The decisions of the GST Council have been presented in this note in simple languagefor ea...

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Category : GST | Comments : 0 | Hits : 617

Recommendations made during 31st Meeting of the GST Council
Posted Date : 22-Dec-2018 , 06:06:14 pm | Posted By CASANSAAR

The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. A scheme of ...

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Category : GST | Comments : 0 | Hits : 533

Certain important issues referred by GST Council to various Committees / GoM
Posted Date : 22-Dec-2018 , 06:05:30 pm | Posted By CASANSAAR

  The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them:   Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed - Law Committee...

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Category : GST | Comments : 0 | Hits : 451

Auditors of 204 listed companies resigned during Jan-July period - Govt
Posted Date : 21-Dec-2018 , 11:05:25 am | Posted By CASANSAAR

Auditors of 204 listed companies put in their papers in little over seven months starting from January 1 this year, the government said Tuesday.  "Since January 1, 2018 to July 17, 2018, auditors of 204 listed companies have resigned as per filings in the MCA 21 registry," Minister...

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Category : Auditing | Comments : 0 | Hits : 544

Govt to set up panel to look into tax issues faced by startups
Posted Date : 21-Dec-2018 , 11:01:11 am | Posted By CASANSAAR

The government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors, the CBDT said Thursday.  It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be take...

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Category : Income Tax | Comments : 0 | Hits : 197

284 companies may face prosecution for CSR non-compliance
Posted Date : 20-Dec-2018 , 10:19:24 pm | Posted By CASANSAAR

The government has sanctioned prosecution proceedings against 284 companies and sent 5,382 notices to companies that have not fulfilled the mandatory corporate social responsibility (CSR) expenditure norms, minister of state for corporate affairs P P Chaudhary has said.  Companies with a net...

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Category : Corporate Law | Comments : 0 | Hits : 291

Govt moves NCLT to appoint more directors on IL&FS board
Posted Date : 20-Dec-2018 , 10:15:12 pm | Posted By CASANSAAR

The government moved the Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday seeking to appoint Vijay Kumar and N. Srinivasan to the board of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS). However, the tribunal directed the government— represented b...

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Category : Corporate Law | Comments : 0 | Hits : 172

Lok Sabha passes Consumer Protection Bill
Posted Date : 20-Dec-2018 , 10:09:59 pm | Posted By CASANSAAR

Lok Sabha on Thursday passed the Consumer Protection Bill, 2018 that seeks to replace the Consumer Protection Act, 1986.  The Bill enforces consumer rights and provides a mechanism for redressal of complaints regarding deficiencies in goods and services. It seeks to establish Consumer Disput...

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Category : General | Comments : 0 | Hits : 186

RBI guidelines for agencies to deposit money in ATMs
Posted Date : 18-Dec-2018 , 09:36:00 pm | Posted By CASANSAAR

Reserve Bank of India (RBI) vide its guidelines issued on 6.4.2018 on ‘Cash Management activities of the banks - Standards for engaging the Service Provider and its sub-contractor’, advised banks to put in place certain minimum standards  in their arrangements with the service provi...

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Category : RBI | Comments : 0 | Hits : 221

Development of new return filing system by GSTN
Posted Date : 18-Dec-2018 , 04:04:31 pm | Posted By CASANSAAR

GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components in which major changes are not expected. Improvement in User Interface on...

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Category : GST | Comments : 0 | Hits : 373

Supreme Court seeks role for operational creditors in IBC proceedings
Posted Date : 18-Dec-2018 , 10:11:30 am | Posted By CASANSAAR

The Supreme Court suggested that operational creditors of bankrupt companies be given a voice in the resolution proceedings in proportion to their debt, including voting rights.  In some cases, even the operational creditors’ debt is huge but at present they don’t have a say...

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Category : Insolvent Professional | Comments : 0 | Hits : 491

Govt plans to amend norms pertaining to incorporation of Companies
Posted Date : 18-Dec-2018 , 09:05:49 am | Posted By CASANSAAR

The Corporate Affairs Ministry plans to amend the rules for incorporation of companies as part of efforts to provide more clarity on norms related to availability of names.  The ministry, which is implementing the Companies Act, has sought comments from the public on the proposed changes to ...

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Category : Companies Act | Comments : 0 | Hits : 520

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