RBI issues revised norms for hiring of bank lockers
Posted Date : 19-Aug-2021 , 09:01:38 am | Posted By CASANSAAR
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees.
As per the revised guidelines, which shall come into effe...
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RBI |
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Accounting standards and special courts to be created for LLPs - MCA
Posted Date : 19-Aug-2021 , 08:53:41 am | Posted By CASANSAAR
The regulatory framework for limited liability partnerships (LLPs) is set to get more refined with a new set of accounting standards, a special regime for startups using the LLP form, and special courts for trial of offences.
The ministry of corporate affairs (MCA) has said amendments to the LLP ...
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Income Tax |
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49,000 Cr Foreign Funds Received By Indian NGOs In 3 Years - Govt
Posted Date : 12-Aug-2021 , 09:25:25 am | Posted By CASANSAAR
Over ₹ 49,000 crore in foreign funds were received by more than 18,000 NGOs in the country in the last three years, Rajya Sabha was informed on Wednesday.
Union Minister of State for Home Nityanand Rai said ₹ 16,940.58 crore were received by the NGOs in 2017-18, ₹ 16,525.73 crore were recei...
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Income Tax |
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MCA amends Schedule III of Companies Act on disclosure norms in financial statements
Posted Date : 11-Aug-2021 , 10:26:10 am | Posted By CASANSAAR
In order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their fina...
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MCA |
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Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme
Posted Date : 10-Aug-2021 , 08:24:19 am | Posted By CASANSAAR
The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to...
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Income Tax |
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RBI issues draft proposals to liberalise overseas investments norms
Posted Date : 10-Aug-2021 , 08:15:39 am | Posted By CASANSAAR
The Reserve Bank on Monday issued draft guidelines to further liberalise regulatory framework governing overseas investments with a view to promote ease of doing business.
The RBI has placed on its website two documents -- draft Foreign Exchange Management (Non-debt Instruments - Overseas Investm...
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RBI |
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SEBI amends rules to empower independent directors
Posted Date : 09-Aug-2021 , 07:28:45 am | Posted By CASANSAAR
Capital markets regulator Sebi has overhauled the rules pertaining to the appointment, removal and remuneration of independent directors to ensure their independence and effectiveness.
The development assumes significance in the backdrop of the role of independent directors coming under scrutiny ...
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SEBI |
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Know all about e-RUPI, the new digital payment instrument
Posted Date : 07-Aug-2021 , 08:44:49 am | Posted By CASANSAAR
Prime Minister Shri Narendra Modi on August 2nd launched digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. Prime Minister said that the eRUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital tr...
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Banking |
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RBI keeps repo rate unchanged at 4%, maintains accommodative stance
Posted Date : 07-Aug-2021 , 08:41:59 am | Posted By CASANSAAR
The Monetary Policy Committee of RBI kept the Repo rate unchanged at 4 per cent. The repo rate is kept unchanged for the 7th consecutive time. Other major rates like Reverse Repo Rate, Bank Rate, MSF, CRR, SLR have also been kept unchanged. In a statement, Governor Shaktikanta Das said, The MPC has ...
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RBI |
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Govt introduces bill in Lok Sabha to scrap retrospective tax law
Posted Date : 06-Aug-2021 , 09:21:36 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman yesterday introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.
The bill seeks to amend the Income Tax Act of 1961...
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Income Tax |
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Cabinet approves continuation of Fast Track Special Courts
Posted Date : 05-Aug-2021 , 08:23:36 am | Posted By CASANSAAR
The Cabinet on Wednesday approved continuation of Centrally Sponsored Scheme for Fast Track Special Courts for further two years till 31st March 2023. Briefing media Information and Broadcasting Minister Anurag Singh Thakur said, 1,023 Fast Track Special Courts have been given get two-year extension...
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Finance |
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SEBI allows payments banks to act as investment bankers
Posted Date : 04-Aug-2021 , 07:14:09 am | Posted By CASANSAAR
To provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator Sebi on Tuesday allowed payments banks to carry out the activities of investment bankers.
Non-scheduled payments banks, which have prior approval from the Reserve Ban...
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SEBI |
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12,889 shell companies struck off in FY 2020-21 - MCA
Posted Date : 04-Aug-2021 , 07:08:28 am | Posted By CASANSAAR
There is no definition of the term “Shell Company” in the Companies Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties...
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MCA |
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CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961
Posted Date : 04-Aug-2021 , 07:05:41 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electr...
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CBDT |
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PM Modi launches new digital payment system e-RUPI
Posted Date : 03-Aug-2021 , 10:17:06 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Monday launched digital payment solution e-RUPI, a person and purpose specific cashless digital payment solution, via videoconference. Speaking on the occasion, he said the eRUPI voucher was a symbol of how India was progressing by connecting people’s lives with...
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Banking |
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SEBI revises minimum application value, trading lot for REITs, InvITs
Posted Date : 03-Aug-2021 , 10:06:02 am | Posted By CASANSAAR
Markets regulator Sebi has reduced the minimum application value of REITs and InvITs, and revised trading lot to one unit for these emerging investment instruments to make them attractive for retail investors.
The minimum application value has been cut down to the range of Rs 10,000-15,000 for bo...
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SEBI |
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Ernst & Young, Auditors to pay over $10 M to settle SEC charges
Posted Date : 03-Aug-2021 , 09:55:47 am | Posted By CASANSAAR
Accounting firm Ernst & Young LLP, a partner and two former employees agreed to pay more than $10 million to settle U.S. Securities and Exchange Commission charges they violated auditor independence rules, the agency said on Monday.
Ernst & Young, partner James Herring and former partners...
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Auditing |
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Delhi HC recalls CBI probe order after Income Tax department says email was sent due to systems error
Posted Date : 03-Aug-2021 , 09:17:27 am | Posted By CASANSAAR
The Delhi High Court has recalled an order directing CBI to probe whether an email that was sent to a private company by the Income tax department was genuine or not, after the authorities submitted that the communication was “triggered due to a systems error” and withdrew its allegation...
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Income Tax |
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Treated and purified sewage water for industrial use to attract 18 pc GST - AAR
Posted Date : 02-Aug-2021 , 08:37:42 am | Posted By CASANSAAR
Treated and purified sewage water is classified as 'water' under the GST Act and its supply for industrial use would attract an 18 per cent tax, the Authority for Advance Ruling (AAR) has said.
Nagpur Waste Water Management Pvt Ltd had approached the Maharashtra bench of AAR seeking a rul...
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GST |
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Gross GST collection in July crosses 1 lakh 16 thousand Cr rupees
Posted Date : 02-Aug-2021 , 08:33:01 am | Posted By CASANSAAR
The gross GST revenue collected in July crossed 1,16,000 crore rupees indicating that the economy is recovering at a fastpace and the robust GST revenues are likely to continue in the coming months too, the Finance Ministry Said. The revenues for the month of July 2021 are 33 per cent higher t...
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GST |
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Gujarat govt transfers 36 officials for ‘fair probe’ into Rs 1,000 cr fake GST bill case
Posted Date : 31-Jul-2021 , 08:43:13 am | Posted By CASANSAAR
In connection with a case involving more than Rs 1,000 crore of fake GST (Goods and Services Tax) bills in Bhavnagar, the Gujarat government on Friday transferred 36 officials from Bhavnagar ranging from the deputy state tax commissioner to employees as junior as a clerk. The move is to ensure fair ...
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GST |
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Supreme Court bench sets time limit for lawyers, says time to change old habits
Posted Date : 30-Jul-2021 , 09:25:09 am | Posted By CASANSAAR
A two-judge bench of the Supreme Court replicated the practice adopted by the Supreme Court of the United States by directing lawyers appearing in a case to confine their oral arguments to 30 minutes and submissions on law to three pages.
Wondering which country in the world would allow lawyers t...
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General |
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SEBI to ease rules for startups to go public
Posted Date : 30-Jul-2021 , 09:20:35 am | Posted By CASANSAAR
Sebi, the capital markets regulator, is considering rule changes to hold controlling stakeholders accountable from the current structure that focuses on regulating the so-called promoters or founders, as more companies with diversified shareholdings line up for initial public offerings.
...
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SEBI |
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Govt clears amendments to LLP Act; to decriminalise 12 offences
Posted Date : 29-Jul-2021 , 09:14:53 am | Posted By CASANSAAR
Continuing efforts to foster ease of doing business as well as encourage startups ecosystem, the government on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law.
Besides, a new definition for small LLPs will be intr...
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Corporate Law |
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0 | Hits : 1505
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RBI imposes Rs.5 Cr monetary penalty on Axis Bank
Posted Date : 29-Jul-2021 , 09:05:22 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of ₹5 crore on private sector lender Axis Bank. The penalty is for contravention of and non-compliance with certain provisions of directions by RBI
The penalty is for contravention of and non-compliance with certain provisions of directio...
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RBI |
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0 | Hits : 995
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Lok Sabha passes IBC amendment bill without debate
Posted Date : 29-Jul-2021 , 09:00:13 am | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the IBC amendment bill without debate, which among other things provide for a pre-packaged resolution process for stressed MSMEs.
Minister of State for Corporate Affairs Rao Inderjit Singh moved the bill for consideration and passage amid the din. The bill was ap...
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Insolvent Professional |
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0 | Hits : 894
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Insolvency and Bankruptcy Code (Amendment) Bill to be taken up for consideration and passing in Lok Sabha
Posted Date : 28-Jul-2021 , 09:33:16 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 is likely to be taken up for consideration and passing in Lok Sabha today. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, was promulgated by President Ram Nath Kovind on 4th of April to offer an alternate bankruptcy resolutio...
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Insolvent Professional |
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Govt identified more than 2.38 lakh companies as shell companies - MoS Corporate Affairs
Posted Date : 28-Jul-2021 , 09:32:10 am | Posted By CASANSAAR
Government has identified more than 2.38 lakh companies as shell companies in the last three years.
This information was given by the Minister of State for Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Rajya Sabha today.
He said the Government has und...
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Corporate Law |
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Govt makes it mandatory to clear all dues of MSMEs within 45 days - Fin Min
Posted Date : 27-Jul-2021 , 09:35:16 am | Posted By CASANSAAR
Finance Minister said in view of Covid pandemic it has made it mandatory to clear all the dues of MSMEs within a stipulated time of 45 days to provide relief to such entities.
In reply to a question in the Lok Sabha, Finance Minister Nirmala Sitharaman said all the dues of MSMEs pending at ...
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MSME |
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CBIC abolishes licence renewal requirement for customs brokers, authorised carriers
Posted Date : 26-Jul-2021 , 08:49:46 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move which would reduce compliance burden for trade.
The CBIC has amended the Customs Brokers Licensing Re...
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Custom |
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