NFRA finds EY arm SRBC's appointment as Auditor of IL&FS illegal
Posted Date : 23-Jun-2022 , 08:41:42 am | Posted By CASANSAAR
India’s accounting watchdog, the National Financial Reporting Authority, has found the appointment of EY’s audit affiliate, SRBC and Co, as auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) “illegal”, and said that the audit fir...
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NFRA |
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400 Chartered Accountants, Company Secretaries under scanner for helping Chinese firms
Posted Date : 19-Jun-2022 , 08:38:12 am | Posted By CASANSAAR
The Central government has recommended disciplinary action against 400 Chartered Accountants (CAs) and Company Secretaries (CSs) for their alleged role in incorporating Chinese shell companies in metropolitan cities by flouting norms and rules, The Hindu has learnt.
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Chartered Accountant |
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RBI lifts business restrictions imposed on Mastercard
Posted Date : 17-Jun-2022 , 08:53:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on June 16 lifted the restrictions imposed on Mastercard citing improvement compliance.
"In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) c...
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RBI |
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47th Meeting of the GST Council on June 28-29 in Srinagar
Posted Date : 17-Jun-2022 , 08:46:13 am | Posted By CASANSAAR
The 47th Meeting of the GST Council will be held on 28th and 29th of this month in Srinagar.
GST Council’s last meeting which was held in New Delhi had recommended to defer the decision to change the rates on textiles.
The GST Council had decided to reta...
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GST |
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0 | Hits : 941
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CBIC issues guidelines for post audit and refund claims under GST
Posted Date : 16-Jun-2022 , 08:59:15 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) has put out a procedure relating to sanction, post-audit and review of refund claims for taxpayers.
This is following several reports CBIC received about different practices being followed by the fi...
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GST |
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CBDT issues fresh guidance on cross-border disputes for taxpayers
Posted Date : 14-Jun-2022 , 08:15:20 am | Posted By CASANSAAR
Authorities will allow the country’s taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes.
This is even if they had settled the case under the direct tax dispute resolution scheme — Vivad se Vishwas — withou...
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Income Tax |
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RBI approves appointment of R Subramaniakumar as MD and CEO of RBL Bank
Posted Date : 12-Jun-2022 , 08:32:55 am | Posted By CASANSAAR
RBL Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of R Subramaniakumar as Managing Director and CEO of the Bank for three years tenure.
Subramaniakumar's tenure will begin from the date of his taking charge, under ...
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Income Tax |
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0 | Hits : 1189
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ED attaches assets worth Rs 2.14 Cr of entry operators in PMLA Case
Posted Date : 10-Jun-2022 , 10:56:17 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Thursday said it has provisionally attached various immovable and movable properties worth Rs 2.14 crore of entry operators working for Shakti Bhog Foods Limited and their Chartered Accountants, in connection with a money laundering case pert...
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Finance |
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RBI allows credit cards to be linked with UPI platform
Posted Date : 10-Jun-2022 , 10:40:04 am | Posted By CASANSAAR
The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.
At present, UPI facilitates transactions by linking savings or current ac...
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RBI |
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0 | Hits : 1034
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RBI increases repo rate by 50 basis points
Posted Date : 08-Jun-2022 , 10:31:24 am | Posted By CASANSAAR
Reserve Bank of India (RBI) once again increased its key interest rate by 50 bps on June 8, 2022, in a bid to target rising inflation.
The repo rate — the rate at which RBI lends to commercial banks — stands at 4.90%. Last month the central ba...
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RBI |
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Infosys directed to fix glitches on income tax e-filing portal
Posted Date : 08-Jun-2022 , 07:18:10 am | Posted By CASANSAAR
The income tax department on Tuesday directed vendor Infosys to address fresh technical glitches on the tax department’s e-filing portal.
“Issue relating to the search functionality of the e-filing website has come to our notice. The income ta...
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Income Tax |
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0 | Hits : 1115
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RBI comes out with provisioning norms for large NBFCs
Posted Date : 07-Jun-2022 , 08:50:37 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Monday came out with a set of norms for provisioning for standard assets by large Non-Banking Financial Companies (NBFCs) in view of the increasing role played by such entities in the financial system.
In October last year, ...
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RBI |
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RBI penalises two co-operative banks for rule violations
Posted Date : 07-Jun-2022 , 08:15:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on June 6 imposed a monetary penalty on Bassein Catholic Co-operative Bank and Jila Sahakari Kendriya Bank Maryadit for non-compliance with certain directives issued by it.
The central bank imposed a monetary penalty of Rs ...
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RBI |
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0 | Hits : 1030
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Govt clearance must for Chinese nationals' appointment as directors in Indian companies
Posted Date : 04-Jun-2022 , 09:03:51 am | Posted By CASANSAAR
In a bid to prevent Chinese companies from circumventing Indian laws to do business in the country, the government has come up with a notification that requires land border-sharing nations' citizens who are appointed as directors on boards of companies to obtain a security ...
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Companies Act |
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RBI imposes monetary penalty on Punjab and Sind Bank for Non Compliance
Posted Date : 04-Jun-2022 , 08:58:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹27.50 lakh on a public sector bank, Punjab & Sind Bank for non-compliance with certain directions of the central bank.
The penalty was for non-compliance with RBI directions on...
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RBI |
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0 | Hits : 1549
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GST revenue collections touch Rs 1,40,885 crore for May 2022
Posted Date : 02-Jun-2022 , 08:28:00 am | Posted By CASANSAAR
The Gross Goods and Services Tax, GST revenue collections in the month of May 2022 remained at one lakh 40 thousand and 885 crore rupees. This is the fourth time when the GST collection crossed 1.40 lakh crore mark since its inception and third month at a stre...
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GST |
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Two private banks to be sold in the country, centre to speed up law change process
Posted Date : 28-May-2022 , 08:39:52 am | Posted By CASANSAAR
The Centre speed up the process of privatising two State-owned banks. News agency PTI quoted a source from the Centre as saying on Wednesday. The Modi government at the Centre had earlier amended the 'Banking Regulation Act' to pave the way for private investment in Sta...
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Banking |
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GST officials can’t force recovery during searches
Posted Date : 27-May-2022 , 11:05:03 am | Posted By CASANSAAR
Tax authorities will now face action if a taxpayer makes voluntary payment of tax during a search. In a move aimed at curbing instances of use of force or coercion, the Central Board of Indirect Taxes and Customs (CBIC) has directed its field formations that recovery of tax due...
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GST |
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0 | Hits : 1255
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RBI cancels registration of 5 NBFCs due to irregular lending practices
Posted Date : 26-May-2022 , 08:47:21 am | Posted By CASANSAAR
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs):
Sr. N...
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Income Tax |
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0 | Hits : 1404
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RBI-constituted panel to review customer service standards in banks, NBFCs
Posted Date : 24-May-2022 , 04:12:40 pm | Posted By CASANSAAR
The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it.
The six-member committee headed by former RBI deputy governor B P Kanungo has been ask...
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RBI |
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Finance Minister discusses Fraud GST Refunds with Chartered Accountants delegation
Posted Date : 24-May-2022 , 09:00:13 am | Posted By CASANSAAR
Amid some chartered accountants coming under the scanner for alleged fraudulent GST refunds, Finance Minister Nirmala Sitharaman held discussions with a delegation of chartered accountants' apex body Institute of Chartered Accountants of India (ICAI) on "various issues...
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ICAI |
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0 | Hits : 1457
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600 branches closed down, Central Bank of India employees to go on two-day strike on May 30-31
Posted Date : 24-May-2022 , 08:47:48 am | Posted By CASANSAAR
To oppose blatant privatisation of public sector banks, lakhs of employees associated with the two public sector banks – Bank of Baroda and Central Bank of India – have announced two-day nationwide strike on May 30-31.
Bank of Baroda is the th...
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Banking |
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RBI Constitutes Committee for Review of Customer Service Standards in RBI Regulated Entities
Posted Date : 24-May-2022 , 08:40:07 am | Posted By CASANSAAR
As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 08, 2022, the Reserve Bank of India had announced setting up of a Committee for Review of Customer Service S...
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RBI |
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ICAI members lock central GST office in Gurugram over arrest of 2 CAs
Posted Date : 21-May-2022 , 09:08:57 am | Posted By CASANSAAR
The Central GST office here was locked for several hours by chartered accountants on Thursday night as a protest against the arrest of two fellow CAs over an alleged Rs 15-crore GST refund scam. On Friday, the police said the protest by the CAs is still continuing but the GST o...
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ICAI |
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0 | Hits : 1289
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GST Council's Recommendation Not Binding On Union, States - Supreme Court
Posted Date : 20-May-2022 , 08:26:16 am | Posted By CASANSAAR
In a significant verdict, the Supreme Court Thursday ruled that the recommendations of Goods and Services Tax (GST) Council are not binding on the Union and the states and only have a persuasive value.
The Supreme Court said that Parliament and state legi...
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Finance |
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0 | Hits : 1283
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CBIC extends April 2022 GST payment deadline under QRMP scheme
Posted Date : 18-May-2022 , 07:37:38 am | Posted By CASANSAAR
The due date of payment of tax for the month of April, 2022 by taxpayers under QRMP scheme in FORM GST PMT-06 has been extended till 27th May, 2022 (refer notification No. 06/2022-Central Tax dated 17.05.2022
...
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GST |
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CBIC extends due date for filing of Form GSTR-3B
Posted Date : 18-May-2022 , 07:31:38 am | Posted By CASANSAAR
The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (refer notification No. 05/2022-Central Tax dated 17.05.2022)
...
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GST |
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Information System Audit - Assessment Test (ISA - AT), July 2022
Posted Date : 18-May-2022 , 07:24:32 am | Posted By CASANSAAR
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test (Old as well as New Syllabus) which is open to the members of the Institute will be held on 9th July 2022 (Saturday) from 9 AM to 1 PM (IST) at the following cities provided that sufficient number of can...
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ICAI |
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0 | Hits : 1213
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States can't regulate NBFCs registered with RBI - SC
Posted Date : 13-May-2022 , 09:17:42 am | Posted By CASANSAAR
In an important judgment, the Supreme Court on Wednesday ruled that state laws cannot apply to over 9,500 non-banking financial companies (NBFCs) registered with the Reserve Bank of India (RBI).
Sawing off attempts by the Kerala and Gujarat governments to bring the NBFCs under the purview of th...
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RBI |
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0 | Hits : 1491
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SEBI notifies rules to strengthen regulatory framework for CIS
Posted Date : 12-May-2022 , 08:55:19 am | Posted By CASANSAAR
To strengthen the regulatory framework for collective investment schemes, markets regulator Sebi has enhanced the net worth criteria and track record requirements for entities managing such schemes.
Also, the regulator has mandated a minimum of 20 investors and a subscription amount of at least...
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SEBI |
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