Expert Panel for Addressing Queries arising during Bank Branch Audits for year ending 31st March 2012
Posted Date : 26-Mar-2012 , 06:13:10 pm | Posted By CASANSAAR
Dear Members,
The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing...
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Category :
Auditing |
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0 | Hits : 1792
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I was offered Rs 14 crore bribe: Army Chief General VK Singh
Posted Date : 26-Mar-2012 , 09:39:44 am | Posted By CASANSAAR
Startling revelations came from the Indian Army Chief. General VK Singh said that he was offered a bribe worth Rs 14 crore by an equipment lobbyist in order to have a tranche of 600 sub-standard vehicles of a particular made cleared for purchase.
General Singh also said that 7,000 of those of whi...
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Category :
General |
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0 | Hits : 864
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ICICI Bank to pay customer for causing loss
Posted Date : 26-Mar-2012 , 07:30:31 am | Posted By CASANSAAR
ICICI Bank has been ordered by a consumer forum here to pay over Rs 2.14 lakh to one of its account holders for causing him financial loss by selling his shares pledged with it at lower price without his consent.
The District Consumer Disputes Redressal Forum gave the order on the plea by Janakpuri...
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Shares & Stock |
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0 | Hits : 815
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Tax department won't act like policeman, Pranab Mukherjee assures industry
Posted Date : 25-Mar-2012 , 09:53:31 pm | Posted By CASANSAAR
The government on Sunday said it has no vindictive intention in retrospectively amending tax laws and has no plans to re-open a large number of old cases, while assuring India Inc that the I-T department will not act like a "policeman". Interacting with industry leaders here...
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Category :
Income Tax |
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0 | Hits : 712
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Direct tax code to be made operational by 2013: Pranab Mukherjee
Posted Date : 25-Mar-2012 , 11:06:08 am | Posted By CASANSAAR
Union Finance Minister PranabMukherjee on Saturday said the Direct Tax Code (DTC) would be made operational by next year.
Speaking at the post-budget interactive session organised by Federation of Indian Chambers of Commerce and Industries (FICCI),Mukherjee said, “To mop up a...
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Category :
Income Tax |
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0 | Hits : 872
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Govt not listening to people
Posted Date : 25-Mar-2012 , 11:05:00 am | Posted By CASANSAAR
With anti-corruption activist Anna Hazare all set to observe a day-long fast at Jantar Mantar on Sunday to press for strong Lokpal and whistle-blower protection bills, all eyes are on Delhiites as to whether they will come forward in huge numbers to support the fight for Lokpal Bill. Before lea...
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Category :
General |
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0 | Hits : 707
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Cheques, drafts to be valid only for 3 months from April 01
Posted Date : 24-Mar-2012 , 08:10:52 am | Posted By CASANSAAR
Cheques and bank drafts will be valid only for 3 months with effect from 1st April. The step taken by Reserve Bank of India, RBI, will help mitigate frauds related to such instruments. The RBI has directed that with effect from April 1, 2012, banks should not make payments against cheques, draf...
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Category :
Banking |
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0 | Hits : 1458
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RBI to monitor banks' global books; SBI, ICICI, BoB among banks to face scrutiny
Posted Date : 24-Mar-2012 , 07:37:16 am | Posted By CASANSAAR
The Reserve Bank of India will send its officials to thoroughly inspect the fast growing overseas operations of Indian banks as they do for the local business to ensure that events outside the nation do not rock the domestic business. State Bank of India, ICICI Bank and Bank of Baroda are amon...
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Category :
Banking |
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0 | Hits : 925
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Bill seeking to give woman share in husband's property approved
Posted Date : 24-Mar-2012 , 07:30:35 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Dr. Manmohan Singh on Friday approved a Bill seeking to give a woman a share in her husband's property . Apart from giving women the right to their husband's property, the Marriage Laws (Amendment) Bill, 2010, also aims at giving rights to adopted chil...
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Category :
General |
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0 | Hits : 1070
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Cabinet clears 7% DA hike for central govt employees
Posted Date : 23-Mar-2012 , 09:45:40 pm | Posted By CASANSAAR
Giving relief to its employees and pensioners from inflation, the central government on Friday announced a seven percentage point increase in dearness allowance (DA) which will cost the exchequer an additional Rs 7,500 crore.The new DA rate of 65 per cent of basic pay against 58 per cent earlier wil...
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Category :
General |
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0 | Hits : 947
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Change in Tariff Value of Gold Notified
Posted Date : 23-Mar-2012 , 09:44:29 pm | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No.24/2012-Customs (N.T.) dated March 22, 2012 and thereby notifying change in tariff value of Gold as shown in the tables below:
&nb...
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Category :
Custom |
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0 | Hits : 1014
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IDBI Bank collects Rs 1 lakh crore of central tax
Posted Date : 23-Mar-2012 , 04:32:40 pm | Posted By CASANSAAR
Public sector lender IDBI Bank today said it has collected Rs 1 lakh crore of central tax through its network in the current fiscal. The bank has also collected more than 16 percent of the government's revised target of direct taxes during the period. "IDBI Bank has achieved the landmark of Rs 1...
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Category :
Income Tax |
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0 | Hits : 717
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Capital requirements for co-ops to go up: RBI
Posted Date : 23-Mar-2012 , 04:16:05 pm | Posted By CASANSAAR
The Reserve Bank said that the minimum capital requirements for cooperative banks will soon go up to as much as 3 crore rupees from the present 15 lakh rupees. RBI Executive Director S Karuppasamy gave this information in Mumbai on Thursday. He said that depending on the location and area RBI is com...
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Category :
Banking |
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0 | Hits : 752
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Bank branch Advance limit for Statutory Audit fixed at 6 crores
Posted Date : 23-Mar-2012 , 08:33:14 am | Posted By CASANSAAR
Dear Member, It has been learnt that RBI has received communication regarding Bank Branch Audit allotment.
All Bank Branches having advances of Rupees six crores and above and one third of the branches below six crores of advances will be audited. CA. Jaydeep N. Shah Pres...
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Category :
Income Tax |
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0 | Hits : 2262
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60-yr-old CA in EOW net for selling TDR worth Rs 5 cr
Posted Date : 23-Mar-2012 , 08:16:00 am | Posted By CASANSAAR
The economic offences wing (EOW) has arrested two persons-a 60-year-old chartered accountant and the accountant of an infrastructure firm-for selling transfer of development rights (TDR) valued at Rs 4.61 crore to four companies.The FIR was lodged by Dhiren Mehta, director of Bharat Insulation ...
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Category :
ICAI |
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0 | Hits : 1029
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Govt sets up 12-member advisory group on international taxation
Posted Date : 23-Mar-2012 , 08:12:02 am | Posted By CASANSAAR
The Finance Ministry has constituted a 12-member advisory group headed by the Revenue Secretary on the controversial amendments in the Income Tax Act that seek to tax overseas deals with retrospective effect.The group, which will also have representatives from the industry chambers, will suggest to ...
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Category :
Income Tax |
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0 | Hits : 680
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Govt approved 6 Proposals of Foreign Direct Investment Amounting to Rs. 232.67 crore
Posted Date : 23-Mar-2012 , 08:10:07 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 2, 2012, the CentralGovernment has approved sixteen (16) proposals of Foreign Direct Investment amounting to Rs.&nb...
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Category :
Finance |
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0 | Hits : 1053
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Number of companies, which have not submitted their Annual Returns and Balance Sheets during the last three years
Posted Date : 23-Mar-2012 , 08:08:52 am | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the LokSabha that it is mandatory, under the Companies Act, 1956 for all companies to submit Annual Returns, Balance Sheet etc to the Government.
&n...
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Category :
Corporate Law |
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0 | Hits : 926
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CAG says media reports on coal block auction are misleading
Posted Date : 23-Mar-2012 , 08:06:56 am | Posted By CASANSAAR
The CAG has told the Prime Minister that the media reports on alleged coal scam published in a newspaper is exceedingly misleading. Quoting CAG, the daily claimed that the government has lost 10.7 lakh crore rupees by not auctioning coal blocks.Rejecting the claim, the CAG in a letter to Dr Manmohan...
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Category :
CAG |
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0 | Hits : 1140
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Railway minister Mukul Roy announces rollback in railway fare hike
Posted Date : 22-Mar-2012 , 02:23:02 pm | Posted By CASANSAAR
Newly appointed railway minister Mukul Roy announced a rollback in some of the rail fares that were announced last week in the Rail Budget. Mukul Roy told Parliament that fares for first and second class passengers in air-conditioned carriages would still go up, but there would be no increase for...
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Category :
Income Tax |
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0 | Hits : 883
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Government lost Rs 10.7 lakh crore by not auctioning coal blocks: CAG
Posted Date : 22-Mar-2012 , 10:52:33 am | Posted By CASANSAAR
The CAG is at it again. About 16 months after it rocked the UPA government with its explosive report on allocation of 2G spectrum and licences, the Comptroller & Auditor General's draft report titled 'Performance Audit Of Coal Block Allocations' says the government has extended "undue benefi...
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Category :
CAG |
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0 | Hits : 1299
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Divorce to get easier, faster
Posted Date : 22-Mar-2012 , 08:30:00 am | Posted By CASANSAAR
The government is working to make laws friendlier to help unhappy couples get divorce faster. The government wants changes in the Hindu Marriage Act of 1955 and Special Marriage Act of 1954 to provide ‘irretrievable breakdown of marriage’ as a new ground for parting ways. As a now a mini...
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Category :
General |
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0 | Hits : 1188
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SEBI plans no-frills demat accounts to attract retail investors
Posted Date : 22-Mar-2012 , 08:25:55 am | Posted By CASANSAAR
Market regulator Sebi is exploring the option of low-cost, no-frills demat accounts, hoping it will encourage more investors to take a plunge into equities. Annual depository account maintenance charges can be as high as Rs 1,000, discouraging retail investors who may want to invest small sums ...
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SEBI |
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0 | Hits : 791
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Vodafone have to pay tax once I-T Act is amended: FinMin
Posted Date : 21-Mar-2012 , 10:28:05 pm | Posted By CASANSAAR
British telecom major Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today.
"They (Vodafone) will have to automatically pay the tax after approval of the amendments to the Finance Bill...
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Category :
Income Tax |
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0 | Hits : 1052
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RBI offices to remain open on Mar 31 for special clearings
Posted Date : 21-Mar-2012 , 05:05:14 pm | Posted By CASANSAAR
All the regional offices of the Reserve Bank of India and the branches of agency banks will remain open on March 31, Saturday, for special clearings of government transactions for 2011-12. "With a view to facilitating accounting of all government transactions of the current ...
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Category :
Income Tax |
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0 | Hits : 829
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Tech Mahindra, Mahindra Satyam boards approve merger at swap ratio of 2:17
Posted Date : 21-Mar-2012 , 04:54:04 pm | Posted By CASANSAAR
The boards of Satyam Computer Services Ltd and Tech Mahindra Ltd, IT services providers of the Mahindra group, approved the merger of two companies, according to TV reports. The exchange ratio for the merger was pegged at 2:17 ratio i.e. 2 shares of Tech Mahindra will be given for 17 shares of ...
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Category :
Corporate Law |
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0 | Hits : 1035
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Move to hike advance limit for bank branch audit flayed
Posted Date : 21-Mar-2012 , 08:26:51 am | Posted By CASANSAAR
A debate is on over the move to up the minimum advance limit for making statutory audit compulsory in a public sector bank branch.
All PSU bank branches having advances of over Rs.5 crore are now subject to statutory audit. The minimum advance limit is now sought to be increased to Rs.20 cr...
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Category :
Auditing |
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0 | Hits : 2444
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Sebi short-lists 19 companies in 2011 IPO fraud case
Posted Date : 21-Mar-2012 , 07:51:55 am | Posted By CASANSAAR
Capital market regulator Sebi has widened the scope of its investigation to probe misuse of fund or price manipulation by some of the companies that came out with IPOs last year. Sebi's integrated surveillance department and investigation department have short-listed 19 companies that were lis...
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Category :
SEBI |
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0 | Hits : 1061
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NRIs with unexplained wealth may land in income tax trouble
Posted Date : 21-Mar-2012 , 07:49:40 am | Posted By CASANSAAR
The government today said the Income Tax Department will "bother" only those non-resident Indians who have unexplained funds."If any money is found to be of some person and then it comes to our knowledge, then if it is legitimately explained he doesn't have to bother, but if it is unexplained ...
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Category :
Income Tax |
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0 | Hits : 714
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Kingfisher Airlines to suspend all international flights: Mallya
Posted Date : 20-Mar-2012 , 09:09:39 pm | Posted By CASANSAAR
Kingfisher Airlines will suspend all international flights, and has submitted a new flight plan to the country's aviation regulator. The airline will operate up to 125 daily local flights with 20 planes.The promoter of the carrier, Vijay Mallya, with other top Kingfisher officials, met ...
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Category :
International Business |
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0 | Hits : 786
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