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RBI extends NBFC securitization relaxations till 30 June
Posted Date : 01-Jan-2020 , 07:55:40 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has extended, for another six months, existing relaxations for securitization of assets by non-banking financial companies (NBFCs). The move is expected to provide NBFCs with some more breathing space to repair their broken balance-sheets by selling assets and improvi...

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Category : RBI | Comments : 0 | Hits : 281

GST collections touch Rs 1.03 lakh Cr in December 2019
Posted Date : 01-Jan-2020 , 07:36:50 pm | Posted By CASANSAAR

Indian economy began the new year on a positive note with the gross GST revenue collections for the December coming in at Rs 1,03,184 crore. This is the second straight month when GST collections surpassed the Rs 1 lakh crore mark, raising hopes that the economy may have bottomed out from the slowdo...

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Category : GST | Comments : 0 | Hits : 525

Cooperative banks will need RBI approval for CEO appointment
Posted Date : 01-Jan-2020 , 11:33:44 am | Posted By CASANSAAR

In an attempt to strengthen its supervisory control over the Urban co-operative banks (UCBs) the Reserve Bank on Friday said that UCBs with deposit base over Rs 100 crore will require prior approval of RBI for appointment of their CEOs. After capping lending to a single borrower and raising the p...

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Category : RBI | Comments : 0 | Hits : 685

DHFL creditors claim more than Rs.87,000 Cr under IBC process
Posted Date : 31-Dec-2019 , 08:57:50 am | Posted By CASANSAAR

Lenders, bondholders, employees and other creditors to Dewan Housing Finance Corp. Ltd (DHFL) have claimed dues of Rs.87,905.6 crore under the insolvency resolution process, showed data on the debt-laden shadow lender’s website. This does not include holders of fixed deposits (FD), to whom ...

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Category : Corporate Law | Comments : 0 | Hits : 336

Extension of Last Date for complying with the CPE hours requirement
Posted Date : 31-Dec-2019 , 08:50:21 am | Posted By CASANSAAR

Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2019 and for the block period 2017-2019” – from 31st December, 2019 to 31st January, 2020   We may inform you that it has been decided to extend the last date for compliance of CPE hou...

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Category : ICAI | Comments : 0 | Hits : 670

PAN-Aadhaar linking deadline extended to 31st March 2020 - CBDT
Posted Date : 30-Dec-2019 , 09:38:58 pm | Posted By CASANSAAR

The last date for the mandatory linking of the Permanent Account Number (PAN) with Aadhaar has been extended till March next year, the CBDT said on Monday. The earlier deadline was Tuesday, December 31. "The due date for linking of PAN with Aadhaar as specified under sub-section 2 of sect...

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Category : PAN | Comments : 0 | Hits : 162

Rs 1,12,000 crore paid as IGST refunds to exporters - CBIC
Posted Date : 30-Dec-2019 , 09:36:27 pm | Posted By CASANSAAR

Central Board of Indirect Taxes and Customs, CBIC has said that over 1,12,000 crore rupees have been paid as Integrated Goods and Services Tax-IGST refunds to exporters. In a statement, CBIC said, over 83,000 exporters have been benefited by these refunds. It said, this shows the government&rsquo...

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Category : GST | Comments : 0 | Hits : 119

SBI cuts external benchmark-based rate by 25 bps
Posted Date : 30-Dec-2019 , 06:00:32 pm | Posted By CASANSAAR

The country's largest lender, State Bank of India, today announced a reduction in its external benchmark-based rate by 25 basis points to 7.80 per cent from 8.05 per cent.The Reserve Bank of India has adopted the Repo rate to be the External Benchmark rate. And the Repo rate is the interest rate...

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Category : Banking | Comments : 0 | Hits : 123

RBI blasts credit rating agencies for allowing rating shopping to large borrowers
Posted Date : 30-Dec-2019 , 09:05:50 am | Posted By CASANSAAR

After getting it badly from markets watchdog Sebi, credit rating agencies (CRAs) whose role in the bad loan implosion has been under scrutiny for years now, the Reserve Bank has blasted them for allowing low-rated companies to do "rating shopping". It can be noted that rating agencies h...

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Category : RBI | Comments : 0 | Hits : 341

Close to half of claims under IBC were settled in FY19 - RBI
Posted Date : 30-Dec-2019 , 08:59:47 am | Posted By CASANSAAR

Around half of the claims under the Insolvency and Bankruptcy Code (IBC) were settled in 2018-19, the latest RBI report showed, helping banks recover stressed assets more quickly. As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year...

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Category : RBI | Comments : 0 | Hits : 145

SBI to launch OTP-based ATM cash withdrawal from Jan 1
Posted Date : 28-Dec-2019 , 10:39:41 am | Posted By CASANSAAR

From January, SBI customers will be able to make ATM withdrawal above Rs 10,000 only after an OTP verification during 8 PM to 8 AM. The OTP-validated ATM transaction has been introduced to minimise the number of unauthorised transactions, State Bank of India (SBI) said in a Facebook post on Thursday...

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Category : RBI | Comments : 0 | Hits : 250

Record immigration drives Nova Scotia’s population to all-time high
Posted Date : 28-Dec-2019 , 10:19:16 am | Posted By CASANSAAR

Nova Scotia is seeing record-breaking population growth thanks to immigrants and interprovincial migrants. Statistics Canada estimates show the Atlantic Province’s population grew by 12,339 residents between October 1, 2018 and October 1, 2019. This includes 7,165 immigrants who came to Nov...

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Category : International Business | Comments : 0 | Hits : 238

MCA plans to introduce frequent filing for large unlisted companies
Posted Date : 28-Dec-2019 , 09:43:12 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) is planning an amendment to the Companies Act that will mandate large unlisted companies to file as frequently as listed ones, The Times of India reported. The companies are, at present, required to file annual reports.Moneycontrol could not independently v...

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Category : MCA | Comments : 0 | Hits : 313

RBI directs large co-op banks to report exposures above Rs 5 Cr
Posted Date : 28-Dec-2019 , 09:39:47 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has directed large cooperative banks to report all exposures of 5 crore rupees and more to the Central Repository of Information on Large Credits (CRILC). The move is aimed at early detection of financial distress. The Reserve Bank has created a CRILC of commercial...

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Category : RBI | Comments : 0 | Hits : 328

GSTR-3B नहीं File किया तो होगी कड़ी कार्रवाई
Posted Date : 27-Dec-2019 , 08:58:01 am | Posted By CASANSAAR

GSTR-3B नहीं File किया तो होगी कड़ी कार्रवाई Discussion on Latest GST Circular No.129/49/2019 dated 24/12/2019 on SOP to be followed in case of non filer of return by CA. Pradeep Gupta. Watch This Video for Details. https://youtu.be/9Zsg3gU4Qaw ...

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Category : GST | Comments : 0 | Hits : 453

SEBI penalises CARE and ICRA on lapses in rating IL&FS
Posted Date : 26-Dec-2019 , 10:22:59 pm | Posted By CASANSAAR

Securities and Exchange Board of India (Sebi) in two orders passed on Thursday evening found credit ratings agencies or CRAs lapsing and lacking in conduct when they rated the Non Convertible Debentures or NCDs of Infrastructure Leasing and Financial Services Ltd (IL&FS). In a rare instance t...

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Category : SEBI | Comments : 0 | Hits : 162

Anti-Evasion wing of CGST Delhi detects GST fraud of Rs 241 Cr
Posted Date : 26-Dec-2019 , 09:23:48 pm | Posted By CASANSAAR

The Anti-Evasion wing of CGST Delhi South Commissionerate has discovered here today yet another case of fake invoicing and GST fraud alongside a new modus operandi of defrauding the exchequer by exploiting the facility of refunds given for inverted duty structure. Over 120 entities who are involved ...

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Category : GST | Comments : 0 | Hits : 1211

Bank frauds rise 74 per cent to Rs 71,543 Crore in 2018-19 - RBI
Posted Date : 26-Dec-2019 , 09:23:22 am | Posted By CASANSAAR

Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year, according to a report by the Reserve Bank of India. The number of fraud cases reported by lenders also jumped to 6,801 in 2018-19, compared to 5,916 cases in ...

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Category : Banking | Comments : 0 | Hits : 428

CBI court convicts CA and five others for TDS fraud
Posted Date : 26-Dec-2019 , 08:47:53 am | Posted By CASANSAAR

A special Central Bureau of Investigation (CBI) court recently convicted a chartered accountant, his assistant and four others in a TDS (tax deducted at source) fraud committed 20 years ago. The court, however, acquitted an officer of the tax department. According to CBI, key accused XXXXXXXXXXX ...

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Category : TDS | Comments : 0 | Hits : 1195

FinMin notifies GST grievance redress panel for tax payers
Posted Date : 25-Dec-2019 , 10:21:14 pm | Posted By CASANSAAR

The Finance Ministry on Wednesday notified setting up of a GST grievance redress committee at zonal/state level after it was approved in the last GST Council meeting this month. The Council in its 38th meeting held on December 18 decided that a structured mechanism be set up for the taxpayers und...

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Category : GST | Comments : 0 | Hits : 653

Saskatchewan issues 595 invitations in latest Expression of Interest draw
Posted Date : 25-Dec-2019 , 08:46:44 am | Posted By CASANSAAR

The Government of Saskatchewan invited 595 Express Entry and Occupations In-Demand candidates to apply for a provincial nomination for Canadian permanent residence (PR). The Saskatchewan Immigrant Nominee Program (SINP) held the draws on December 20. While no job offer was required to qualify, ca...

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Category : International Business | Comments : 0 | Hits : 371

RBI introduces new Prepaid Payment Instrument for your daily grocery payments
Posted Date : 25-Dec-2019 , 08:42:38 am | Posted By CASANSAAR

The Reserve Bank of India has given Indian consumers a new option to make their daily payments at local shops and retail outlets for the purchase of daily household goods and services. In a bid to give increased impetus to small ticket digital payments RBI on Tuesday has introduced a new Prepaid ...

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Category : RBI | Comments : 0 | Hits : 739

SEBI issues format for statement of deviation
Posted Date : 25-Dec-2019 , 08:40:49 am | Posted By CASANSAAR

Sebi on Tuesday issued a format for statement of deviation in funds raised to be submitted by the listed entities to stock exchanges on a quarterly basis. The format comes after Sebi noted that there is no uniformity in the formats of statement of deviation or variation in proceeds of public issu...

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Category : SEBI | Comments : 0 | Hits : 294

NBFC supervision to cover auditors, banks, rating companies
Posted Date : 25-Dec-2019 , 08:38:15 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has extended supervision to auditors, banks and rating companies to prevent defaults and ensure broader financial stability. “Apart from strengthening the existing four pillars of supervision — on-site examination, off-site surveillance, market intellig...

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Category : Auditing | Comments : 0 | Hits : 602

NFRA to rope in consultants for audit report review and other allied work
Posted Date : 25-Dec-2019 , 08:35:23 am | Posted By CASANSAAR

Audit regulator NFRA has decided to hire consultants to assist the regulator in identifying the audit reports that need to be taken up for review. Consultants — mainly chartered accountants -- are mainly proposed to be hired for a period of one year (on contract basis) to assist National Fi...

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Category : NFRA | Comments : 0 | Hits : 540

Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019
Posted Date : 25-Dec-2019 , 08:24:01 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of th...

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Category : Insolvent Professional | Comments : 0 | Hits : 99

Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
Posted Date : 24-Dec-2019 , 03:12:58 pm | Posted By CASANSAAR

Lok Sabha Speaker Om Birla has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to streamline the corporate insolvency resolution process, to the standing committee on Finance of which former prime minister Manmohan Singh is a member.The committee, chaired by BJP MP a...

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Category : Insolvent Professional | Comments : 0 | Hits : 111

GSTR 9C Utility available on GSTN Postal
Posted Date : 24-Dec-2019 , 10:49:43 am | Posted By CASANSAAR

Updated GSTR 9C Utility for F.Y.  2017-18 available on GSTN portal. Last date for GSTR -9 and GSTR-9C is 31st Jan 2020. ...

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Category : Income Tax | Comments : 0 | Hits : 636

GST on Notice Pay Recovery
Posted Date : 24-Dec-2019 , 08:18:39 am | Posted By CASANSAAR

GST on Notice Pay Recovery. Notice period serve नहीं किया तो देना होगा GST??? Myth busted by CA Vishal Jain.   Watch this video to know more.  https://youtu.be/TNr0CMGtACY ...

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Category : GST | Comments : 0 | Hits : 590

Technical limitations cannot be ground to deny input tax credit under GST - HC
Posted Date : 24-Dec-2019 , 08:14:52 am | Posted By CASANSAAR

The Delhi High Court has said that the rights of Goods & Services Tax (GST) assessees ‘cannot be subjugated’ to the poor and inefficient software systems adopted by the authorities. The ruling is likely to benefit assessees who suffer due to technical glitches. “The software...

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Category : GST | Comments : 0 | Hits : 917

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