Reserve Bank of India imposes Monetary Penalty on two Payment System Operators
Posted Date : 24-Dec-2021 , 09:46:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act).
Sr. No.
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RBI |
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SEBI releases framework for advisory, portfolio management services
Posted Date : 22-Dec-2021 , 08:55:14 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Tuesday came up with a framework pertaining to fees for investment advisory services for accredited investors. Also, the capital markets regulator put in place guidelines on exit load charges applicable to the client of the portfolio manager.
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Income Tax |
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Companies spent Rs 1.09 lakh Cr towards CSR activities in 7 years
Posted Date : 22-Dec-2021 , 08:47:51 am | Posted By CASANSAAR
Companies shelled out Rs 1.09 lakh crore towards various CSR activities, including those related to health, education and poverty eradication, under the companies law in the last seven financial years, according to the corporate affairs ministry.
Under the Companies Act, 2013, certain class of ...
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Corporate Law |
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Govt recovers Rs. 13,109 Cr by selling assets of defaulters
Posted Date : 21-Dec-2021 , 08:33:01 am | Posted By CASANSAAR
The government has recovered over ₹13,109 crore by selling assets of defaulters such as Nirav Modi, Vijay Mallya, and Mehul Choksi as of July this year, finance minister Nirmala Sitharaman said Monday.
She added that another ₹792 crore was recovered from Vijay Mallya and others, as of July....
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Banking |
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Delhi High Court quashes Income Tax reassessment notices issued after March 31
Posted Date : 16-Dec-2021 , 08:40:58 am | Posted By CASANSAAR
The Delhi High Court on Wednesday quashed all the re-assessment notices issued by the I-T Department after March 31 this year under a provision of the Income Tax Act. The court, which passed a common judgement in a batch of 1,346 petitions, was dealing with a question as to whether the government or...
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Income Tax |
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Cabinet clears draft Bill for linking Aadhaar & voter ID
Posted Date : 16-Dec-2021 , 08:36:42 am | Posted By CASANSAAR
The Union Cabinet on Wednesday cleared proposed amendments to the electoral law seeking to bring in key electoral reforms such as linkage of voter ID with Aadhaar so as to weed out bogus and duplicate entries in the electoral roll. Sources indicated that another reform sought to be implemented is al...
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Income Tax |
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Bank deposit insurance cover upped to Rs 5 lakh, refund in 90 days
Posted Date : 13-Dec-2021 , 08:03:16 am | Posted By CASANSAAR
Union Minister of Commerce and Industry Piyush Goyal on Sunday said that the Central government has increased the bank deposit insurance cover, in case of problems occurring such as closure, from Rs 1 lakh to Rs 5 lakh. The amount has to be refunded to the depositor within 90 days.
Addressing &...
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Banking |
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SEBI may get to regulate private cryptocurrencies
Posted Date : 08-Dec-2021 , 07:47:10 am | Posted By CASANSAAR
The government may ask stock and commodity markets watchdog Sebi to oversee cryptocurrencies and regulate the affairs of exchanges dealing with them, as it considers a proposal to classify cryptos as financial assets, industry sources told FE.
Investors may get at least three months to declare ...
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SEBI |
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GST collections in November cross Rs 1.3 lakh Cr, second highest ever
Posted Date : 02-Dec-2021 , 08:25:21 am | Posted By CASANSAAR
GST revenues for November this year have been the second highest ever since introduction of GST. The gross GST revenue collected in November this year is 1 lakh 31 thousand 526 crore rupees. For the second straight month Gross GST collection has crossed 1 lakh 30 thousand crore rupees. The revenues ...
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GST |
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Rs 26,697 cr lying in dormant accounts of banks - FM Sitharaman
Posted Date : 01-Dec-2021 , 08:32:53 am | Posted By CASANSAAR
As much as Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday.
This money is lying in nearly 9 crore accounts which have not been operated for 10 years.
As per...
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Banking |
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CBIC detects bogus tax credit claims worth ₹38,000 cr since last November
Posted Date : 01-Dec-2021 , 08:28:35 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has since last November detected ₹38,000 crore of bogus claims from businesses for input tax credit in a technology and data analytics enabled drive against tax evasion, said a person familiar with the development.
The result of the CBIC&...
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Income Tax |
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Employees liable to pay GST on salaries received during notice period - AAR
Posted Date : 01-Dec-2021 , 08:26:32 am | Posted By CASANSAAR
Amid a talent war among companies, the issue of high attrition rate has taken centre stage in the corporate world. However, another crucial point of debate among tax officials and companies is the tax treatment on salaries of employees serving the customary notice period.
A recent ruling in the...
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GST |
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0 | Hits : 2178
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RBI imposes penalty of Rs 1 Cr on Union Bank of India
Posted Date : 30-Nov-2021 , 08:26:38 am | Posted By CASANSAAR
The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The penalty was imposed by an order dated November 25 for non-compliance with the certain provisions of directions issued by the RBI contained in...
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RBI |
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Profile, Vision & Mission of CA. Vivek Khurana - Ballot No. 14 of Central Council Election.
Posted Date : 27-Nov-2021 , 09:22:37 am | Posted By CASANSAAR
Elections to the Central & Regional Councils of The Institute of Chartered Accountants of India are round the corner. With the God’s grace, blessings of my Late Parents & Elders, Support of my Friends and well Wishers I have filed the Nomination Papers for my candidature for the ...
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Income Tax |
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SEBI mulls overhauling preferential allotment rules
Posted Date : 27-Nov-2021 , 09:20:25 am | Posted By CASANSAAR
Sebi on Friday proposed relaxing pricing norms and lock-in requirements to make it easier for companies to raise funds through preferential allotment of shares.
In addition, the regulator has proposed allowing pledging of shares allotted to promoter or promoter group under preferential issue duri...
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Income Tax |
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RBI Imposes Rs. 1 Crore Penalty On State Bank Of India For Violating Norms
Posted Date : 27-Nov-2021 , 09:19:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today imposed a monetary penalty of ₹ 1 crore on the country's largest lender State Bank of India (SBI) For holding shares in the borrower companies of an amount exceeding 30 per cent of the paid-up share capital of those companies. The RBI imposed the penalty f...
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RBI |
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SEBI announces rights and responsibilities of investing in Securities Market
Posted Date : 18-Nov-2021 , 10:32:08 am | Posted By CASANSAAR
Securities Exchange Board of India (SEBI) on Wednesday released an investor charter outlining the rights and responsibilities of investors investing in the securities market.
The market regulator said it aims to protect the interest of investors by enabling them to understand the risks in...
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SEBI |
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SEBI revises guidelines for processing of draft schemes
Posted Date : 17-Nov-2021 , 08:31:46 am | Posted By CASANSAAR
Markets regulator on Tuesday revised guidelines for processing of draft schemes filed with the stock exchanges. "These amendments are aimed at ensuring that the recognised stock exchanges refer draft schemes to Sebi only upon being fully convinced that the listed entity is in compliance with Se...
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SEBI |
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PNB Senior Manager, 2 others sentenced to 5 years in jail in Rs 40 lakh fraud case
Posted Date : 16-Nov-2021 , 08:35:55 am | Posted By CASANSAAR
Special CBI court in Gujarat’s Ahmedabad has sentenced a senior manager of Punjab National Bank (PNB) and two businessmen to five years of imprisonment for defrauding the bank of Rs 40 lakh, officials said.
The court also imposed a fine of Rs 7.5 lakh on Sanjiv Kamalkar Inamdar, the then ...
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Banking |
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Income Tax Department conducts searches in Gurugram
Posted Date : 16-Nov-2021 , 08:28:26 am | Posted By CASANSAAR
The Income Tax Department carried out search and seizure operations on 10.11.2021 on two groups, one engaged in real estate and hospitality and the other, a tools and equipment manufacturing group at Gurugram.
Various incriminating documents and electronic data relating to unaccounted investment ...
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Income Tax |
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Taxpayers can now access new I-T annual info statement on e-filing portal
Posted Date : 15-Nov-2021 , 08:20:27 am | Posted By CASANSAAR
The Income Tax (IT) department today said taxpayers can now access the new Annual Information Statement (AIS), which includes additional categories of information like interest, dividends, securities and MF transactions, and remittances from abroad, on the e-filing portal.
The I-T department ha...
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Income Tax |
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SEBI, RBI plan to bring digital gold under regulatory ambit
Posted Date : 15-Nov-2021 , 08:15:51 am | Posted By CASANSAAR
The finance ministry, the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are working to bring digital gold, along with crypto assets, under some regulatory oversight, as concerns mount over the unchecked growth in such investments without investor protections that ...
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SEBI |
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CGST Officials unearth input tax credit fraud of around Rs 34 crore involving 7 firms
Posted Date : 15-Nov-2021 , 08:08:25 am | Posted By CASANSAAR
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through bogus GST invoices without actual movement of g...
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GST |
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0 | Hits : 1080
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RBI clarifies norms for upgrading of accounts classified as NPAs
Posted Date : 13-Nov-2021 , 09:22:18 am | Posted By CASANSAAR
The Reserve Bank of India on Friday clarified that lenders should reclassify a non-performing asset to “standard” asset only when the entire arrears of interest and principal are paid by the borrower.
The regulator has noted that some lending institutions were upgrading accounts cla...
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Income Tax |
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0 | Hits : 2018
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GST Notices to firms after mismatch in GST tax credits
Posted Date : 13-Nov-2021 , 09:19:29 am | Posted By CASANSAAR
Goods and services tax authorities have started issuing notices to several companies, after uncovering a mismatch in tax credits using deep analytics tools embedded in the GSTN software.
The tax department's analytics department has found these discrepancies in returns filed by companies,...
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GST |
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NFRA extends public consultation on small companies’ audit till Nov End
Posted Date : 11-Nov-2021 , 07:54:50 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has extended its public consultation to decide on relaxing the statutory audit obligation of small companies till end of November, showed an official order. The earlier due date for receiving comments and suggestions was 10 November.
The audit r...
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Income Tax |
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0 | Hits : 997
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CBIC for strict enforcement to check fake invoicing
Posted Date : 11-Nov-2021 , 07:52:34 am | Posted By CASANSAAR
Regulatory checks on fake invoicing, including those of services, need to be strengthened for better tax compliance, according to an update on indirect tax administration from the Central Board of Indirect Taxes and Customs (CBIC) to field officers.
Senior officials of the Directorate General o...
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GST |
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RBI launches its First Global Hackathon - HARBINGER 2021
Posted Date : 11-Nov-2021 , 07:40:06 am | Posted By CASANSAAR
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital pa...
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RBI |
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SEBI allows FPIs to write off debt securities
Posted Date : 09-Nov-2021 , 08:18:52 am | Posted By CASANSAAR
Markets regulator Sebi on Monday allowed foreign portfolio investors (FPIs) to write off all debt securities that they are unable to sell. This will be applicable only to such FPIs who wish to surrender their registration, the Securities and Exchange Board of India (Sebi) said in a circular.
&q...
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SEBI |
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Stock exchanges to roll out T+1 settlement in phases from 25th Feb
Posted Date : 09-Nov-2021 , 08:17:15 am | Posted By CASANSAAR
Top stock exchanges on Monday said they will introduce the T+1 settlement cycle for trading equity shares and other instruments in a phased manner, starting 25 February.
A joint statement issued by the National Stock Exchange of India Ltd and BSE Ltd confirmed a 3 November Mint report that said...
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Shares & Stock |
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