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RBI asks banks for customer due diligence for transactions in virtual currencies
Posted Date : 01-Jun-2021 , 10:22:52 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has advised banks and other regulated entities to continue to undertake due diligence of customers dealing with virtual currencies popularly known as crypto currencies. This came in the form a clarification issued by the RBI the wake of media reports concerning Vir...

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Category : RBI | Comments : 0 | Hits : 2044

SEBI asks listed firms to disclose loans given to promotes in Compliance Report
Posted Date : 01-Jun-2021 , 10:20:33 am | Posted By CASANSAAR

Markets regulator Sebi on Monday asked listed companies to make disclosure about loans and guarantees provided by them to promoter or any other entity controlled by them on a half-yearly basis in the compliance report on corporate governance. The move is aimed at bringing transparency and strengt...

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Category : SEBI | Comments : 0 | Hits : 1183

Number of Frauds in Private Banks up 21% in FY21 - RBI Annual Report
Posted Date : 29-May-2021 , 09:17:09 am | Posted By CASANSAAR

Even as number of fraud cases have declined in the banking system during 2020-21 (FY21), instances of frauds have increased in the private banks, RBI said in its annual report on Thursday. While private banks reported a rise of 21% year-on-year (y-o-y) in the number of frauds during FY21, public sec...

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Category : Banking | Comments : 0 | Hits : 1884

RBI imposes Rs. 10 crore penalty on HDFC Bank
Posted Date : 29-May-2021 , 09:08:37 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹10 crore on HDFC Bank Limited for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act), an order dated 27 May stated. This penalty has been imposed in exercise of powers vested ...

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Category : RBI | Comments : 0 | Hits : 1263

Recommendations of 43rd GST Council meeting
Posted Date : 29-May-2021 , 09:00:43 am | Posted By CASANSAAR

The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Minist...

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Category : GST | Comments : 0 | Hits : 27325

Centre appoints three new members on CBDT board
Posted Date : 28-May-2021 , 09:09:31 am | Posted By CASANSAAR

Three new members were on Thursday appointed to the Central Board of Direct Taxes (CBDT), the administrative and policy-making body for the Income Tax Department. An order issued by the Appointments Committee of the Cabinet (ACC) named 1985 batch officers of the Indian Revenue Service Anu J Singh, J...

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Category : CBDT | Comments : 0 | Hits : 1409

RBI flags risk of bubble in Indian equity markets
Posted Date : 28-May-2021 , 09:04:54 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Thursday said the sharp rally in the domestic equity markets despite an estimated 8 per cent contraction in GDP in 2020-21 poses the “risk of a bubble”. In its annual report for 2020-21, RBI noted that India’s equity prices have surged to recor...

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Category : RBI | Comments : 0 | Hits : 2200

Cabinet approves MoUs entered into by ICoAl & ICSI with Foreign Countries/Organisations
Posted Date : 26-May-2021 , 08:47:09 am | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has granted ex-post facto approval to the Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with various Foreign Countries/Organis...

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Category : ICSI | Comments : 0 | Hits : 1821

MCA revamps IT interface with businesses
Posted Date : 25-May-2021 , 09:39:30 am | Posted By CASANSAAR

The ministry of corporate affairs on Monday revamped its IT interface with businesses to offer virtual public consultation facility and from October onwards, allow e-adjudication of Companies Act violations. The e-consultation platform under the interface called ‘MCA 21 version 3’ all...

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Category : MCA | Comments : 0 | Hits : 1062

Govt Integrates E-way Bill with FasTag, RFID; GST Officers to Have Real-time Data of CVs
Posted Date : 24-May-2021 , 11:23:06 am | Posted By CASANSAAR

GST officers have been armed with real-time data of commercial vehicle movement on highways with the integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion. Additional features have been added to the e-way bill...

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Category : GST | Comments : 0 | Hits : 1244

RBI to review circular on appointment of bank, NBFC Auditors - CII
Posted Date : 24-May-2021 , 09:49:14 am | Posted By CASANSAAR

Industry chamber CII has asked the Reserve Bank to review its circular on appointment of auditors for banks and NBFCs saying it was inconsistent with the provisions of the Companies Act. The Reserve Bank in its circular on April 27, 2021 imposed various restrictions on appointment of auditors by ...

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Category : RBI | Comments : 1 | Hits : 12957

Banks with assets of more than Rs 15,000 crore must hire two auditors
Posted Date : 22-May-2021 , 12:17:29 pm | Posted By CASANSAAR

Commercial banks and urban commercial banks (UCBs) will have to rope in at least two auditors unaffiliated with each other and have to take prior approval of the Reserve Bank of India (RBI) for appointment or reappointment of statutory auditors on an annual basis, the central bank said on Tuesday. ...

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Category : Banking | Comments : 0 | Hits : 1817

Personal guarantors accountable in IBC - Supreme Court
Posted Date : 22-May-2021 , 09:31:48 am | Posted By CASANSAAR

Lenders can initiate insolvency proceedings against promoters, managing directors and chairpersons who have signed personal guarantees on corporate loans in case the borrowers default, the Supreme Court ruled. The apex court on Friday upheld the central government’s November 2019 notificati...

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Category : Insolvent Professional | Comments : 0 | Hits : 1200

Sovereign Gold Bond Scheme 2021-22 (Series II) – Issue Price
Posted Date : 22-May-2021 , 09:25:54 am | Posted By CASANSAAR

In terms of the Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series II) will be opened for the period May 24-28, 2021 with Settlement date June 01, 2021. The issue price of the Bond during the subscription period shall be Rs 4,842 (Rupees...

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Category : Income Tax | Comments : 0 | Hits : 1024

Govt extends certain timelines in light of severe pandemic
Posted Date : 21-May-2021 , 09:49:59 am | Posted By CASANSAAR

The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided  to  extend timelines for compliances under ...

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Category : Income Tax | Comments : 0 | Hits : 888

Govt relaxes GST refund claim norms
Posted Date : 21-May-2021 , 09:42:23 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has eased the norms for claiming Goods and Services Tax (GST) refunds making it easier for businesses to rectify their applications. The tax authority said in the CGST (Fourth Amendment) Rules issued on Tuesday that the period between filing ...

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Category : GST | Comments : 0 | Hits : 876

Govt extends FCRA registration date for NGOs till Sept 30
Posted Date : 20-May-2021 , 10:29:29 am | Posted By CASANSAAR

The order issued by the MHA is being seen as a relief to the NGOs for switching to the new FCRA regime. "Keeping in view the exigencies arising out of the COVID-19 situation and to ensure a smooth transition to the amended FCRA regime, the central government, in exercise of the powers confer...

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Category : NGO | Comments : 0 | Hits : 1432

Govt extends deadline for NGOs opening new FCRA accounts with SBI till June 30
Posted Date : 20-May-2021 , 09:40:36 am | Posted By CASANSAAR

Following multiple petitions by NGOs in various courts stating that the poor implementation of the recently amended Foreign Contribution Regulation Act (FCRA) had tied their hands in the middle of the Covid-19 pandemic, the government has extended the deadline for conforming to the new rules to June...

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Category : NGO | Comments : 0 | Hits : 1055

RBI under pressure from BFSI industry to defer new Auditors' norms for a year
Posted Date : 19-May-2021 , 08:40:35 am | Posted By CASANSAAR

The BFSI industry faced with restructuring and asset quality issues is insisting that they need time as they are preoccupied with other business issues due to COVID-19 outbreak. Pressure is building upon the Reserve Bank of India (RBI) from the banking and financial services industry (BFSI) to de...

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Category : RBI | Comments : 0 | Hits : 2245

Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules, 2017
Posted Date : 19-May-2021 , 08:30:33 am | Posted By CASANSAAR

The Finance Minister had in her Budget Speech this year announced that the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017) would be amended to boost trade facilitation. Accordingly, the Central Board of Customs and Indirect Taxes( CBIC) had immediately enhanced the sc...

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Category : GST | Comments : 0 | Hits : 818

High Court levies cost of Rs. 20,000 on ICAI for withholding result of a CA Student
Posted Date : 19-May-2021 , 08:29:36 am | Posted By CASANSAAR

ICAI lost case against the student & the court awarded legal costs to be paid to the petitioner. ICAI faces humiliation in Court for withholding result of a CA student sighting Derogatory remarks in social media. Fine of Rs 20k on ICAI for withholding result of a CA Student & adv...

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Category : ICAI | Comments : 0 | Hits : 1476

Finance Minister to chair 43rd GST Council meeting via video conferencing
Posted Date : 15-May-2021 , 06:18:13 pm | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman will chair the 43rd GST Council meeting via video conferencing at 11 A.M. in New Delhi on 28th of this month. The meeting will be attended by Minister of State for Finance, Anurag Thakur besides Finance Ministers of States & UTs and senior officers from Uni...

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Category : GST | Comments : 0 | Hits : 1123

RBI cancels the licence of United Co-operative Bank Ltd., Bagnan, West Bengal
Posted Date : 14-May-2021 , 08:52:09 am | Posted By CASANSAAR

Reserve Bank of India (RBI) has, vide order dated May 10, 2021 cancelled the licence of United Co-operative Bank Ltd., Bagnan, West Bengal. Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 13, 2021. The Registrar of Cooperative Societies, West...

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Category : RBI | Comments : 0 | Hits : 1235

Cabinet approves MoU between ICAI and CA-ANZ
Posted Date : 20-Apr-2021 , 06:46:39 pm | Posted By CASANSAAR

The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ). Impact: The MRA intends to develop mutually beneficial ...

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Category : ICAI | Comments : 0 | Hits : 3091

Cabinet approves Amendments to the Finance Bill, 2021
Posted Date : 20-Apr-2021 , 06:41:33 pm | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021).  The amendments were essential to clarify and rationalise the proposals furthe...

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Category : Finance | Comments : 0 | Hits : 2057

GST officers to be soon armed with real-time data on vehicles moving without e-way
Posted Date : 19-Apr-2021 , 09:11:31 am | Posted By CASANSAAR

The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e...

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Category : GST | Comments : 0 | Hits : 1947

RBI replies on RTI for signing of Non Audited Financials by CAs
Posted Date : 19-Apr-2021 , 09:03:14 am | Posted By CASANSAAR

In reply to RTI by Nitin Pandurang Hargude on requirement of signing of project report, un-audited financials and certificate for utilisation of loan funds  vide Order No. DOR0021/04.03.001/2020-21 dated April 03 2021 RBI has replied ...

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Category : CA | Comments : 0 | Hits : 4317

SC issues guidelines for cheque bounce cases, asks govt to amend laws
Posted Date : 17-Apr-2021 , 09:58:23 am | Posted By CASANSAAR

To ensure speedy disposal of more than 35 lakh cheque bounce cases pending in various courts, the Supreme Court on Friday gave a number of directions, including asking the government to amend the laws to allow clubbing of multiple trials in cases filed for a same transaction against anyone. To av...

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Category : General | Comments : 0 | Hits : 2525

NLIU becomes first IBBI approved university to offer Graduate Insolvency Program
Posted Date : 15-Apr-2021 , 07:39:13 am | Posted By CASANSAAR

The National Law Institute University (NLIU) had submitted the Expression of Interest to the Insolvency and Bankruptcy Board of India (IBBI) for the conduct of the Graduate Insolvency Program (GIP) on 15 January, 2021. A month later, the IBBI formally approved NLIU for conducting the Graduate Ins...

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Category : Insolvent Professional | Comments : 0 | Hits : 2220

RTGS money transfer facility won't be available for 14 hours on Sunday - RBI
Posted Date : 13-Apr-2021 , 08:16:18 am | Posted By CASANSAAR

Reserve Bank of India (RBI) on Monday said that Real-Time Gross Settlement (RTGS) facility will not be be available for at least 14 hours on 18 April. "A technical upgrade of RTGS, targetted to enhance resilience & to further improve disaster recovery time of RTGS system, is scheduled af...

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Category : RBI | Comments : 0 | Hits : 1299

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