RBI relaxes foreign borrowing norms for banks
Posted Date : 11-Oct-2013 , 04:28:07 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has further relaxed foreign borrowing norms for banks under the recently opened swap window, allowing them to raise funds through their head offices and correspondents.
Until now, the window was limited to the banks' overseas branches.
"Authorised dealer category...
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RBI |
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First Leasing auditors resign after red flag on accounts, company to go for forensic audit
Posted Date : 11-Oct-2013 , 08:50:49 am | Posted By CASANSAAR
M/s Sarathy and Balu has resigned as the statutory auditor of the troubled First Leasing Company of India Ltd, days after red-flagging the accounts of the joint venture between Farouk Irani and Spic Group's AC Muthiah. The company, disclosing this in a late Thursday eve...
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Auditing |
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About Rs 600 cr service tax evasion detected by Finance Ministry
Posted Date : 11-Oct-2013 , 08:48:18 am | Posted By CASANSAAR
In its effort to check any leakage of indirect tax revenue, the Finance Ministry has detected service tax evasion of about Rs 600 crore between January and July this year. As many as 569 cases were detected by various central excise and service taxformations across the ...
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Service Tax |
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Sebi plans regulation to make sure companies implement disclosures
Posted Date : 11-Oct-2013 , 08:39:32 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) plans to make companies making disclosures in stock exchanges stick to them. Sebi has found that companies sometimes make announcements that send the stock prices soaring but the actual implementation of those remains unfinished for years.
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SEBI |
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Zone-Shifting of Candidates for November - 2013 CA Exams
Posted Date : 10-Oct-2013 , 12:48:05 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
September 30th, 2013
Subject: Zone-shifting of candidates for November - 2013 CA Exams
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Bangalore, Chennai, Delhi, Indore and Mumbai, some of the candidates have bee...
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Students Zone |
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Service tax applicable on food, beverages served at pool side
Posted Date : 10-Oct-2013 , 08:43:50 am | Posted By CASANSAAR
Food and beverages served at swimming pool side in a hotel will attract service tax, the Finance Ministry has said. "Services provided by specified restaurant in other areas of the hotel are liable for service tax," said the Central Board of Excise and Customs (CBEC) while clarifying ...
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Service Tax |
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Another 10 lakh Income Tax defaulters identified
Posted Date : 10-Oct-2013 , 08:38:29 am | Posted By CASANSAAR
The Income Tax (I-T) department has identified 10 lakh more high-risk individuals, who have made significant cash transactions through their credit cards orinvestments but the same had not been reflecting in their I-T returns. High-risk individuals also include those who hav...
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Income Tax |
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0% EMI Schemes: No issues if done transparently, says RBI
Posted Date : 10-Oct-2013 , 08:36:52 am | Posted By CASANSAAR
The Reserve Bank today said it did not have any problem with banks offering loans to credit cardholders while purchasing goods or services but there needs to be transparency with the process. "There is no ban on giving loans on credit cards. Don't charge 12 per cent actually and claim...
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RBI |
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Total Number of Companies in the Official Registry
Posted Date : 09-Oct-2013 , 07:10:49 pm | Posted By CASANSAAR
As per the records of the Ministry of Corporate Affairs there were a total of 13.45 lakh companies in the official Registry as on 31st August 2013. However, out of these as many as 2.57 lakh companies have been closed and there are 30,127 companies that are in the process of being closed. Also, as m...
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Corporate Law |
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Notification - Special Examination, due to the Legislative Assembly Elections of Chhattisgarh State
Posted Date : 09-Oct-2013 , 02:11:38 pm | Posted By CASANSAAR
No.13-CA(Exam)/N/2013/II: In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2013 dated 5th July, 2013, it is hereby notified for general information that in view of theElection to the Legislative Assembly of Chhattisgarh State, the Chartered Accountants Final (Group II)...
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Students Zone |
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Penal provisions for the members of the Institute who had not complied with their CPE Hours requirements for the block period of 3 years
Posted Date : 09-Oct-2013 , 02:08:15 pm | Posted By CASANSAAR
For kind information of the membersSub : Penal provisions for the members of the Institute who had not complied with their CPE Hours requirements for the block period of 3 years(1-1-2011 to 31-12-2013)
In order to function the system of mandatory CPE effective, the Council of the Instit...
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ICAI |
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NSEL scam : Investors seek ICAI action against Auditors
Posted Date : 09-Oct-2013 , 08:25:22 am | Posted By CASANSAAR
In a separate development, the NSEL Investors' Forum, whose members have petitioned the Bombay HC against NSEL and its promoter FT, on Tuesday urged the Institute of Chartered Accountants of India (ICAI) to take disciplinary action against Rajesh Hiranandani, partner,Deloitte Has...
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Income Tax |
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SEBI to accept UIDAI electronic KYC as address, identity proof
Posted Date : 09-Oct-2013 , 08:20:30 am | Posted By CASANSAAR
Market regulator Sebi today said it will accept e-KYC (Know Your Client) service of UIDAI as a valid proof of identity and address for opening accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities. 'Aadhaar...
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SEBI |
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Direct tax collection up 10.66% in Apr-Sept at Rs 3 lakh crore
Posted Date : 09-Oct-2013 , 08:18:33 am | Posted By CASANSAAR
Amid a slowing economy, the gross direct tax collections rose only 10.66 per cent to Rs 3.01 lakh crore during the April-September period of 2013-14 fiscal. The collections totalled Rs 2.72 lakh crore in the same period of 2012-13 fiscal. The government has fixed direct tax colle...
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Income Tax |
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Companies Act draft rules feedback deadline extended
Posted Date : 08-Oct-2013 , 08:41:04 pm | Posted By CASANSAAR
The government has extended the deadline till Thursday for providing feedback on the first set of draft norms for the new Companies Act.
The Corporate Affairs Ministry is in the process of framing norms for new legislation that replaces the nearly six-decade old law governi...
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Corporate Law |
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Government Approves three Proposals of Foreign Direct Investment (FDI) Amounting to about Rs. 38.09 Crore
Posted Date : 08-Oct-2013 , 08:31:28 pm | Posted By CASANSAAR
Further to para 9 of the Press Release dated August 6, 2013, wherein it was stated that decision on the six (6) proposals will be communicated separately, the Central Government has approved three (3) proposals of Foreign Direct Investment (FDI) amounting to Rs.&n...
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International Business |
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Tax relief on goods sold at maximum retail price basis by air-conditioned restaurant
Posted Date : 08-Oct-2013 , 12:40:38 pm | Posted By CASANSAAR
The government on Monday clarified that any goods sold by an air-conditioned restaurant on maximum retail price (MRP) basis will not attract any service tax. This means that a bottle of water or cold drink purchased while dining in an air-conditioned restaurant will not be includ...
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Service Tax |
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Arundhati Bhattacharya becomes first woman to head SBI
Posted Date : 08-Oct-2013 , 08:34:33 am | Posted By CASANSAAR
The government on Monday cleared the elevation of Arundhati Bhattacharya as the chairperson of the State Bank of India - the first woman chief of the country's largest lender - succeeding Pratip Chaudhuri who retired on September 30.Bhattacharya, 57, is the bank's 24th ...
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Banking |
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RBI cuts MSF by 50 basis points to 9% to fight liquidity crunch
Posted Date : 07-Oct-2013 , 07:20:04 pm | Posted By CASANSAAR
In a bid to improve liquidity in the banking system, Reserve Bank of India (RBI) on Monday cut the Marginal Standing Facility (MSF) rate by 50 basis points to 9%. Starting with the Mid-Quarter Review of September 2013, RBI began a calibrated withdrawal of exceptional measures un...
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RBI |
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Finance Ministry may raise wage cap for provident fund to Rs 15,000 per month
Posted Date : 07-Oct-2013 , 03:01:49 pm | Posted By CASANSAAR
The finance ministry is considering a proposal that can sharply reduce the government's borrowing costs, bring longterm savings into the cashstrapped infrastructure sectors, deepen the corporate bond market and, possibly, even make Indian stocks less vulnerable to the w...
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Income Tax |
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Some NSEL brokers may face criminal charges, says Economic Offence Wing
Posted Date : 07-Oct-2013 , 08:37:13 am | Posted By CASANSAAR
The arm of the Mumbai police that is investigating the NSEL fraud has kept the option of framing criminal charges against brokers open after ascertaining whether they have connived with entities which have defaulted in settling investor dues worth Rs 5,500 crore."We have included...
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Shares & Stock |
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Punjab traders
Posted Date : 07-Oct-2013 , 08:36:14 am | Posted By CASANSAAR
A traders’ body here has said that the Punjab government’s decision to replace ‘entry tax’ leviable on certain commodities with ‘advance tax’ is “unviable” as it would make the state “in-conducive” for doing business and result into revenue...
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VAT |
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RBI to speed up working of asset reconstruction companies to improve efficiency of debt recovery system
Posted Date : 07-Oct-2013 , 08:35:17 am | Posted By CASANSAAR
India's first asset reconstruction companies (ARCs) were set up a decade or so ago, but it's only now that they may actually get to play the role they were supposed to in the country's economic system.Reserve Bank of India governor Raghuram Rajan is seemingly determined to push b...
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RBI |
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7 new bank licences coming, says FM
Posted Date : 06-Oct-2013 , 07:09:34 pm | Posted By CASANSAAR
The suspense over the number of new banking licences to be issued by the Reserve Bank of India (RBI) has ended. Finance Minister P Chidambaram said in Bangalore on Saturday that the RBI would shortly issue seven licences.
The announcement comes a day after RBI Governor Raghuram Raj...
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Banking |
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Sebi approves new regulations for overseas investors
Posted Date : 05-Oct-2013 , 09:20:20 pm | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (Sebi) today cleared the decks to move to a new and simpler investment regime for foreign portfolio investment in the country.
Sebi's board, which met today here, approved the draft Sebi Foreign Portfolio Investors (FPI) Regulations, 2013, to ...
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SEBI |
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RBI nominates three members to bank licence panel
Posted Date : 05-Oct-2013 , 08:52:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) nominated three members to the high level advisory committee formed to recommend granting new licenses to the private banks.
The committee is headed by the former RBI Governor Bimal Jalan. The RBI today finalised the names of the other members in the exte...
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RBI |
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Sebi to amend norms in line with new companies law
Posted Date : 04-Oct-2013 , 06:11:23 pm | Posted By CASANSAAR
The board of capital market watchdog Sebi is expected to discuss changes in certain norms for listed firms to make them in line with the rules in the new Companies Act, during its meeting tomorrow.
Securities and Exchange Board of India (Sebi) would seek board approval for revision in illu...
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Income Tax |
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Income tax department to slap fresh Rs 1000 crore tax notices on Nokia
Posted Date : 04-Oct-2013 , 06:06:48 pm | Posted By CASANSAAR
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore.The department, according to sources, has also "pri...
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Income Tax |
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Appeal to all Members to Support the Writ filed in the Delhi High Court regarding TAR / ITR
Posted Date : 04-Oct-2013 , 09:10:30 am | Posted By CASANSAAR
In a very favourable development, Hon’ble Delhi High Court has accepted the Writ petitions filled against the CBDT in the matter if extension of tax audit report for A Y 2013-14. Allthough everybody is getting mails and SMS from separate individuals who are claiming it that this is their ...
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Income Tax |
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15 | Hits : 3067
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RBI tightens criteria for co-operative bank expansion
Posted Date : 04-Oct-2013 , 08:42:15 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has tightened the criteria under which it processes applications from urban co-operative banks for branch authorizations and opening of automated teller machines.
Co-operative banks will need to have net non-performing assets (NPAs) of not more than 3%, which is ...
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RBI |
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