India lost $123 billion in black money in a decade
Posted Date : 18-Dec-2012 , 01:58:38 pm | Posted By CASANSAAR
The Indian economy suffered USD 1.6 billion in illicit financial outflows in 2010, capping-off a decade in which it experienced black money losses of USD 123 billion, according to a new report.
India is ranked as the decade's 8th largest victim of illicit capital fligh...
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International Business |
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Highlights of RBI policy review
Posted Date : 18-Dec-2012 , 01:55:18 pm | Posted By CASANSAAR
The RBI left its key interest rates unchanged as expected on Tuesday but said policy focus was shifting towards growth, reiterating its October guidance of further easing in the first quarter of 2013 as inflation was seen cooling.
"In view of inflation pressures ebbing,&nbs...
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RBI |
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RBI keeps key rates unchanged in monetary policy review
Posted Date : 18-Dec-2012 , 11:24:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday kept key policy rates including the cash reserve ratio (CRR) unchanged. While the repo ratewas maintained at 8%, CRR was also maintained at status quo of 4.25%. D Subbarao maintained that risks to inflation ...
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Banking |
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0 | Hits : 759
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Parliament passes stringent law against money laundering
Posted Date : 18-Dec-2012 , 07:54:42 am | Posted By CASANSAAR
A bill, which seeks to enlarge the definition of money laundering offences and could help curb funding of terrorist operations, was approved by Parliament today.The Prevention of Money Laundering (Amendment) Bill was passed by the Rajya Sabha by voice vote afterFinance ...
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Finance |
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I-T Dept probing HSBC list of accounts: P Chidambaram
Posted Date : 17-Dec-2012 , 09:24:03 pm | Posted By CASANSAAR
The government today informed Parliament that the Income Tax Department and its other wings are probing the information received with regard to foreign bank accounts of individuals and entities with the HSBC bank. "HSBC list of accounts is being investigated by the Income Tax Dep...
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Income Tax |
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0 | Hits : 745
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RBI allows foreign funding for low-cost housing
Posted Date : 17-Dec-2012 , 09:23:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday allowed property developers to borrow money overseas through external commercial borrowing (ECB) for funding low-cost housing projects.
Housing finance companies can also avail of ECB for financing prospective owners of low-cost housing units, t...
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RBI |
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Compliance with the Requirements of Corporate Governance
Posted Date : 17-Dec-2012 , 09:22:44 pm | Posted By CASANSAAR
Compliance with the requirements of Corporate Governance as laid down in the Companies Act is looked into by the Registrars of Companies and suitable action is initiated wherever there is failure to comply with the law.
Giving this information in written reply to a question in the Rajya Sa...
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Corporate Law |
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0 | Hits : 723
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ICAI team probing land purchase in Nagpur on December 20
Posted Date : 17-Dec-2012 , 08:29:03 am | Posted By CASANSAAR
A fact finding team of Institute of Chartered Accountants of India (ICAI) will visit the 9 acre property at Luxora Township in Pipla on December 20 to probe its purchase for Rs99 crore. The final report is expected to be submitted on December 31.
Jaideep Shah, a Nagpur char...
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ICAI |
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0 | Hits : 999
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Sebi rejigs committee on disclosure, accounting standards
Posted Date : 16-Dec-2012 , 07:32:09 pm | Posted By CASANSAAR
Capital markets regulator Sebi has revamped its expert committee on disclosure and accounting standards, which is mandated to suggest ways for improving disclosure framework for listed companies and accounting practices of various market entities.
The Sebi Committee on Disclosur...
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SEBI |
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Naina Lal Kidwai becomes first woman President of FICCI
Posted Date : 16-Dec-2012 , 07:08:59 pm | Posted By CASANSAAR
Naina Lal Kidwai on Saturday took over as President of FICCI, becoming the first woman to head the leading industry body. FICCI said in a statement at the conclusion of its Annual General Meeting in New Delhi Kidwai, 55, is the first woman and professional manager to be elected as President of ...
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General |
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CA expected to be diligent & careful in his professional work
Posted Date : 15-Dec-2012 , 07:47:11 pm | Posted By CASANSAAR
A Chartered Accountant has an obligation, not only statutory but also moral and social, to be absolutely and completely diligent and cautious and careful while preparing, signing andcertifying Annual Accounts and/or Audit report. Several Government and private organizations and indivi...
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ICAI |
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0 | Hits : 1707
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Public sector bank employees to strike work on Dec 20
Posted Date : 15-Dec-2012 , 07:34:02 pm | Posted By CASANSAAR
Employees of public sector banks will observe one-day country-wide strike on December 20 in protest against the government's move to place the Banking Law Amendments bill in the current session of Parliament. Addressing a press conference here, RA Singh, president of Jharkhand Pradesh Bank Employees...
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Banking |
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More youths should take up chartered accountancy - Director ICAI
Posted Date : 15-Dec-2012 , 08:26:45 am | Posted By CASANSAAR
More young people should take up chartered accountancy for study as it is inexpensive and offers good job opportunities, Vijay Kapur, Director, Board of Studies, Institute of Chartered Accountants of India (ICAI), has said.
He was the chief guest at the State-level conference of s...
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Income Tax |
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0 | Hits : 1346
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RBI extends deadline for issuance of new std cheques by 3 months
Posted Date : 14-Dec-2012 , 09:18:37 pm | Posted By CASANSAAR
Bank account holders can continue to use their old format cheques for another three months as RBI has extended the deadline for banks to issue new cheques with uniform security features till March next year.
The Reserve Bank in a notification today said, "Taking into consideration represent...
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Banking |
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1,7000000 customers using mobile banking services : Fin Min
Posted Date : 14-Dec-2012 , 06:49:16 pm | Posted By CASANSAAR
Nearly one crore seventy lakh customers across the country are presently using banking services through mobile phones. Finance Minister P Chidambaram informed the Lok Sabha today in a written reply that the Banks are making efforts to introduce mobile-enabled banking services in Indian language...
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General |
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0 | Hits : 700
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Income Tax Refund
Posted Date : 14-Dec-2012 , 06:47:37 pm | Posted By CASANSAAR
Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto on...
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Income Tax |
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Change in Tariff Value of RBD Palmolein, brass Scrap (All Grades) Poppy seeds, Gold and Silver Notified
Posted Date : 14-Dec-2012 , 06:46:37 pm | Posted By CASANSAAR
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of Indi...
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Category :
Custom |
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In Punjab, online VAT refunds from April 1
Posted Date : 14-Dec-2012 , 08:08:09 am | Posted By CASANSAAR
The Punjab government has decided to introduce online payment of VAT refunds from April 1, 2013 to bring transparency and expedite the process of refunds. A dedicated corpus of Rs 150 crore will also be created in the excise and taxation department to ensure hassle-free refunds, which will...
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VAT |
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0 | Hits : 896
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Sebi steps in to prevent flash crashes at bourses
Posted Date : 14-Dec-2012 , 08:02:54 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) on Thursday announced a series of measures to prevent flash crash. It has asked exchanges to put an upper limit on a single order at Rs 10 crore and also decided to tighten the dynamic price band around a stock that will stretch only 10 per cent eith...
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SEBI |
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0 | Hits : 704
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CD of Indian Account Holders in France
Posted Date : 14-Dec-2012 , 07:59:00 am | Posted By CASANSAAR
On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France. Based on this information, inv...
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Income Tax |
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Govt to slap fine on entities not depositing TDS on time
Posted Date : 13-Dec-2012 , 09:34:17 am | Posted By CASANSAAR
The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source.
“The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the A...
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Category :
Income Tax |
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0 | Hits : 1121
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CAG of India briefs UN Secretary General on Conduct of UN Audit
Posted Date : 13-Dec-2012 , 09:28:29 am | Posted By CASANSAAR
The United Nations’ Panel of External Auditors which comprises Supreme Audit Institutions (SAIs) engaged in auditing United Nations, its specialised agencies and the International Atomic Energy Agency, held its 53rd meeting which concluded last night at the UN Headquarters in New York. Shri Vi...
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Income Tax |
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Firm failing to pay derivative liabilities can be branded
Posted Date : 12-Dec-2012 , 08:09:03 am | Posted By CASANSAAR
Strengthening the hands of the Reserve Bank in ushering in financial discipline with respect to “credit policy and credit system of the country,” the Supreme Court on Tuesday ruled that a company that fails to pay up its derivative liabilities can be branded as a...
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General |
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HC stsys ED order attaching Rs822 cr deposits of Mahindra Satyam
Posted Date : 11-Dec-2012 , 09:15:15 pm | Posted By CASANSAAR
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore deposits belonging to Mahindra Satyam in an allegedmoney laundering case involving former Satyam Chairman BRamalinga Raju and others.
Based on a petition filed by Msat, Justice...
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Income Tax |
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0 | Hits : 709
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CAG agrees to only financial audit of KG-D6 block: official
Posted Date : 11-Dec-2012 , 05:01:28 pm | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has agreed to restrict its audit of Reliance Industries' KG-D6 block to financial scrutiny of the spendings on the flagging gas fields and a performance audit, if any, would be done of the Oil Ministry, a senior government official said t...
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Category :
Auditing |
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0 | Hits : 729
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HSBC to pay record $1.9 bln U.S. fine in money laundering case
Posted Date : 11-Dec-2012 , 04:56:42 pm | Posted By CASANSAAR
HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.
HSBC Holdings Plc admitted to a breakdown of controls and apologised in...
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International Business |
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0 | Hits : 795
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Service tax dept impounds KFA flight for defaulting on dues
Posted Date : 11-Dec-2012 , 03:13:32 pm | Posted By CASANSAAR
Mumbai’s service tax department today impounded a grounded Kingfisher aircraft for defaulting on tax dues amounting to Rs 63 crore. While one aircraft has been seized , another is in the process of detention.
“We have seized one ATR aircraft of the Kingfisher as the ca...
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Service Tax |
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0 | Hits : 819
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427 Cos,104 Audit firms guilty of violating accounting norms
Posted Date : 11-Dec-2012 , 08:13:19 am | Posted By CASANSAAR
The Government today said 427 companies and 104 audit firms have been found guilty of violating accounting principles and otherfinancial irregularities during the last three years.
“As per the latest information available, 427 companies and 104 audit firms were found gu...
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Category :
Auditing |
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0 | Hits : 2355
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Reserve Bank of India simplifies account opening norms
Posted Date : 11-Dec-2012 , 08:08:00 am | Posted By CASANSAAR
The Reserve Bank of India has made it easier to open new bank accounts by doing away with the need to provide separate proofs for identity and address. It has also added Aadhar letters and cards as well as the NREGA job card to the list of eligible documents of proof fo...
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Category :
Banking |
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0 | Hits : 1338
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Net direct tax collection up 15 pc in in Apr-Nov
Posted Date : 10-Dec-2012 , 09:56:46 pm | Posted By CASANSAAR
Net direct tax collection grew by 15.04 per cent to Rs 2,70,731 crore during April-November period of the current fiscal, with nearly three-fifth coming from the corporate sector. The net corporate tax collection, according to aFinance Ministry official, stood at Rs 1,62,897 cror...
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Income Tax |
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0 | Hits : 642
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