Govt to infuse Rs 2 lakh cr into banks by 2020
Posted Date : 02-Oct-2011 , 04:36:46 pm | Posted By CASANSAAR
The government plans a whopping Rs 2 lakh crore capital infusion into the state-owned banks spread over 10 years, to help them meet fund requirement and comply with the Basel-III capital adequacy norms.
"[Capital infusion is] estimated at Rs 2 lakh crore by 2020 in public sector banks," D...
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Banking |
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Hindus'' marriage no religious function for tax purposes: HC
Posted Date : 01-Oct-2011 , 08:51:24 am | Posted By CASANSAAR
The Hindus' marriage ceremony is not a religious but a social function and various kinds of service providers, including those erecting tents for it, are not exempted from paying service tax, the Delhi High Court ruled today.
A bench of Chief Justice Dipak Misra an...
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Service Tax |
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Sebi revises bidding norms for FIIs in infra bonds
Posted Date : 01-Oct-2011 , 08:25:34 am | Posted By CASANSAAR
Revising its norms for foreign institutional investors (FII) in the infrastructure debt bonds, the capital market regulator Sebi today lowered the minimum bidding and allocation amounts for such investors. As per the revised guidelines, no single FII shall be allocated more than Rs 2,000 cror...
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SEBI |
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CAG appointed as external auditor of IAEA, WIPO
Posted Date : 30-Sep-2011 , 07:46:26 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) will soon be breathing down the necks of two major UN organisations — the International Atomic Energy Agency (IAEA), Vienna and World Intellectual Property Organisation (WIPO), Geneva.
The CAG, which won nationwide praise for its reports on...
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Auditing |
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Cabinet approves new Mines and Minerals Bill
Posted Date : 30-Sep-2011 , 05:23:27 pm | Posted By CASANSAAR
The Union Cabinet has approved the Mines and Mineral Development and Regulation (MMDR) Bill, 2011 aimed at curbing illegal mining and bringing more transparency in the allocation of licenses for mining.Briefing the News persons in New Delhi, Information and Broadcasting Minister Ms. Ambika Soni said...
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General |
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Proposed Amendment of the Articles of Agreement of the International Monetary Fund on Reform of the Executive Board approved
Posted Date : 30-Sep-2011 , 05:20:50 pm | Posted By CASANSAAR
The Union Cabinet today gave its approval to certain amendments to the IMF`s Articles of Agreement on Reform of the Executive Board of the IMF.The amendments are part of a package of reforms on quotas and governance in the IMF. Along with the recent quota reforms in IMF (i.e., Fourteenth General Rev...
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Finance |
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Private firms may rotate auditors
Posted Date : 30-Sep-2011 , 08:04:36 am | Posted By CASANSAAR
n a major move towards increasing the level of corporate governance and transparency in India, firms will be mandated to rotate their auditors after every four year under the new Companies Bill.At present, private firms are not required to rotate auditors. The system is followed only by government...
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Auditing |
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Chartered Accountant arrested in SpeakAsia scam
Posted Date : 30-Sep-2011 , 08:03:26 am | Posted By CASANSAAR
A chartered accountant was arrested in Mumbai on Thursday in connection with his alleged role in the Singapore-based online survey company SpeakAsia's multi-level marketing scam taking the total number of arrests in the case to six, police said. "Acting on a tip off, the accu...
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General |
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Turmoil in ICAI Pune; Council Member under scan
Posted Date : 30-Sep-2011 , 07:59:35 am | Posted By CASANSAAR
The Pune chapter of Institute of Chartered Accountants of India (ICAI) has suspended a training contract outsourced to a popular chartered accountancy training academy, Zaware's Professional Academy Pvt Ltd, following allegations related to conflict of interest.
The matter assumes significance co...
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ICAI |
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SEBI mandates creation of credit rating agency
Posted Date : 30-Sep-2011 , 07:48:47 am | Posted By CASANSAAR
Stock market regulator sSEBI has made it mandatory to appoint a SEBI approved credit rating agency for valuing structured products and market linked debentures.
SEBI has said that the valuation of structured products would be put up once a week on the websites of the issuer and the rating agency....
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SEBI |
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Dip in direct tax collection indicative of slowdown: R S Gujral
Posted Date : 30-Sep-2011 , 07:44:38 am | Posted By CASANSAAR
Union Finance and Revenue Secretary R S Gujral on Thursday flagged concerns over the dip in direct tax collection growth, saying it was indicative of a "slowdown in the economy". Pointing out to disappointing advance tax collection for the second quarter, Gujral said, "There has been a decli...
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Income Tax |
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Finance Minister
Posted Date : 30-Sep-2011 , 07:42:09 am | Posted By CASANSAAR
The following is the text of the Finance Minister, Shri Pranab Mukherjee’s statement, made here today: “A number of stories on 2G Spectrum had appeared in the media in January 2011. A view was taken that a harmonized note based on facts should be produced for use by various represen...
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Finance |
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Shareholders reject Unitech dividend
Posted Date : 30-Sep-2011 , 07:39:11 am | Posted By CASANSAAR
In an unusual development , the shareholders of realty major Unitech on Thursday rejected management's decision for dividend payment at 5% of share's face value, totalling about Rs 30 crore for the fiscal 2010-11 . The company had earned a net profit of Rs 567 crore in the last financ...
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Shares & Stock |
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Kingfisher Airlines got Vijay Mallya's guarantee for Rs 6,176 cr in 2010-11
Posted Date : 29-Sep-2011 , 05:13:08 pm | Posted By CASANSAAR
Working hard to lower its debt and interest costs, Kingfisher Airlines got guarantees worth over Rs 6,100 crore from Chairman and key promoter Vijay Mallya last fiscal toward loan and other liabilities. For providing the additional level of collateral for its funding needs, the company paid a li...
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Accounts |
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BSE gets SEBI approval for SME Exchange
Posted Date : 29-Sep-2011 , 08:31:21 am | Posted By CASANSAAR
The markets regulator SEBI today granted permission to the country's premier bourse BSE to launch its much-touted SME Exchange that will offer a platform to small and medium companies to raise funds from the primary as well as debt markets. Commenting on the development, BSE Managing Director...
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Shares & Stock |
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RBI's PTC ruling to impact NBFCs' capital adequacy
Posted Date : 29-Sep-2011 , 08:29:17 am | Posted By CASANSAAR
The capital adequacy and net interest margins (NIMs) of non-banking finance companies (NBFCs) could be under pressure following the Reserve Bank of India issuing fresh guidelines on securitisation, according to the latest report of Standard Chartered Bank. The RBI on Tuesday disallowed credit...
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RBI |
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Multinational audit cos flouting rules: ICAI
Posted Date : 29-Sep-2011 , 08:25:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has accused multinational audit firms operating in India of violating the Chartered Accountants Act, and has asked the Reserve Bank and the Ministry of Corporate Affairs to investigate their accounts.
A 168-page report prepared by the...
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ICAI |
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Sebi sets Rs 100-cr net worth floor for debentures
Posted Date : 29-Sep-2011 , 08:19:33 am | Posted By CASANSAAR
Companies issuing structured products or market-linked debentures should have a minimum net worth of at least Rs 100 crore, if they want them to be listed on the stock exchanges, the Securities and Exchange Board of India said on Wednesday.
The capital markets regulator also stipulated th...
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SEBI |
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Rich must be taxed more: Chidambaram
Posted Date : 28-Sep-2011 , 08:29:04 pm | Posted By CASANSAAR
Home Minister P. Chidambaram, who as Finance Minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though “many people” would not like the idea.
“We must raise the tax revenue to defend (the expected aggregate decline of resources). I kno...
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Income Tax |
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ED to send team abroad to collect info on Hasan Khan's assets
Posted Date : 28-Sep-2011 , 08:25:55 pm | Posted By CASANSAAR
The Enforcement Directorate has decided to send a team of its investigators to Switzerland, Singapore, UAE and the UK to gather data on investments and assets of stud farm owner Hasan Ali Khan who is being probed for allegedly evading income tax of over Rs.50,000 crore.
The move h...
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Income Tax |
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PSUs may be asked to buy back govt equity: Finmin
Posted Date : 28-Sep-2011 , 08:23:29 pm | Posted By CASANSAAR
Amid volatility in the stock market, the Finance Ministry today said it is exploring other options, like asking PSUs to buy back equity, to help the government achieve the Rs 40,000-crore disinvestment target in the current fiscal."There are other options. There can be equity shrinkage.Many, many po...
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Finance |
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Multinational audit firms on ICAI's clean-up radar
Posted Date : 28-Sep-2011 , 08:34:36 am | Posted By CASANSAAR
The Institute of Chartered Accountants in India (ICAI) has come down heavily on multinational audit firms in India. ICAI says audit firms are violating the law by using foreign brand names and the accounting regulator has asked for an MCA and RBI inquiry into their accounts, reports CNBC-TV18's Pa...
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ICAI |
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RBI issues revised draft norms for securitisation of loans
Posted Date : 28-Sep-2011 , 08:33:07 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday issued revised draft norms to regulate the growth in securitisation of bank loans. This may increase the securitisation of retail assets like home and consumer durables.
The banking regulator has, for the first time, framed norms for bilateral sa...
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RBI |
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Sebi to revisit interest rate futures rules
Posted Date : 28-Sep-2011 , 08:31:12 am | Posted By CASANSAAR
Market regulator Sebi plans to liven up trading in interest rate futures (IRF) which was introduced a few years ago as a hedging tool to cover risks arising from rate fluctuations. Sources familiar with the development say that Sebi is considering several measures, like cash settlement in 10-ye...
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SEBI |
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CBI arrests Agra IT commissioner for duping NAFED
Posted Date : 28-Sep-2011 , 08:28:30 am | Posted By CASANSAAR
The CBI has arrested the income tax commissioner of Agra, Homi Rajvanshi, for allegedly cheating the National Agricultural Cooperative Marketing Federation of India (NAFED) of over Rs 167 crore when he was posted there as additional managing director of finance. Five others who c...
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Income Tax |
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Anil's big plan: from stake sale to Reliance Bank
Posted Date : 28-Sep-2011 , 08:25:48 am | Posted By CASANSAAR
Anil Ambani is a dedicated marathon runner. That skill was in full display on Tuesday as he moved from one annual general meeting to another— four in all — from early morning to the evening.
In the process, the chairman of R-ADAG, now known as Reliance Group, spelled out his det...
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Shares & Stock |
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TRAI clears confusion over SMS limit, exempts certain services
Posted Date : 27-Sep-2011 , 12:40:01 pm | Posted By CASANSAAR
Regulator Trai today exempted various service providers, including the dealers of telecom operators, e-ticketing agencies and social networking sites, from the new limit of one hundred SMSes per day per SIM, which was imposed to block pesky calls and messages. On September 5, after much dela...
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Income Tax |
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Securities Appellate Tribunal upholds Sebi order against Axis Bank
Posted Date : 27-Sep-2011 , 08:24:02 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Monday upheld a Sebi order imposing a Rs 2-lakh fine on private lender Axis Bank, saying the same individual cannot be on the board of both the debenture trustee and the issuer. In 2009, the market regulator had found certain deficiencies in Axis Ba...
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SEBI |
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Talks with 16 nations concluded to check flow of black money
Posted Date : 27-Sep-2011 , 08:21:41 am | Posted By CASANSAAR
India has initiated a process to negotiate with 74 countries to broaden the scope of the Article concerning exchange of information to specifically include banking information and information which has no domestic interest. "Negotiations/renegotiations of Double Tax Avoidance Agreements (DTAA) wit...
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Income Tax |
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FinMin move to slim duty on stock trade
Posted Date : 27-Sep-2011 , 08:15:45 am | Posted By CASANSAAR
Aiming to provide relief to stock market investors facing negative cues of late, the finance ministry is planning to reduce duties on transactions in equities and currency derivatives. It is considering a cut in the securities transaction tax (STT) as well as a reduction in stamp duty on ‘fu...
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Shares & Stock |
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