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Reserve Bank has imposed a penalty of five crore rupees on Federal Bank for non-compliance of certain RBI directions among other deficiencies. In a press release issued yesterday, RBI said Federal Bank had failed to report large borrower exposure for assessment under risk-based supervision.  ...

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Category : RBI | Comments : 0 | Hits : 401

The government on Monday said an Serious Fraud Investigation Office (SFIO) investigation has been ordered into the affairs of IL&FS and its subsidiaries. The debt-laden infrastructure financing giant was paying dividends and huge managerial pay-outs regardless of looming liquidity crisis. In ...

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Category : Corporate Law | Comments : 0 | Hits : 317

The Reserve Bank of India (RBI) has decided to infuse Rs. 36,000 through open market purchase of bonds in October as liquidity has tightened due to an uptick in loan demand in the festive season. “Based on an assessment of the durable liquidity needs going forward and the seasonal growth in...

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Category : RBI | Comments : 0 | Hits : 206

The revenue department is planning to come out with a 'GST informant reward scheme' to check tax evasion by unscrupulous traders and businesses, an official said. It will be on the lines of similar schemes for excise and service tax, which has been subsumed under the Goods and Services Ta...

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Category : GST | Comments : 0 | Hits : 550

  The total gross GST revenue collected in the month of September, 2018 is Rs. 94,442 crore of which CGST is Rs. 15,318 crore, SGST is Rs. 21,061 crore, IGST is Rs. 50,070 crore (including Rs. 25,308 crore collected on imports)...

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Category : GST | Comments : 0 | Hits : 555

The Central Government, based on a report received from the Regional Director, Mumbai, Ministry of Corporate Affairs, concluded that the affairs of IL&FS holding Company  and its group companies are being conducted in a manner prejudicial to public interest.  With a view to preventing ...

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Category : Corporate Law | Comments : 0 | Hits : 246

The government is looking to tighten the noose around auditors and directors, who quit the company when it lands into trouble — often citing “personal reasons”. The move follows several exits by audit firms from troubled companies, ranging from Nirav Modi’s outfits —...

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Category : Auditing | Comments : 0 | Hits : 1228

Companies that availed of more than Rs 25 lakh credit under the goods and services tax (GST) regime in lieu of levies paid under the previous system will soon have to give details of their purchase ledgers for six months before the new tax regime was rolled out.  The government will soon bri...

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Category : GST | Comments : 0 | Hits : 681

The country’s largest lender, State Bank of India (SBI), has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000. The lower limit will be effective from October 31.  “In view of the increase in the number of complaints received by banks around fraudulent tran...

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Category : Banking | Comments : 0 | Hits : 296

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra chaired a meeting of Chief Commissioners of Income Tax Department (CCITs) posted in various states through video conferencing and asked them to mop up tax collection. Chandra, while speaking to ANI, said that net collection was below ex...

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Category : CBDT | Comments : 0 | Hits : 326

The government plans to put in place a stricter disclosure framework for independent directors, including providing details about their resignation from companies, as part of continuing efforts to bolster corporate governance standards. Corporate Affairs Secretary Injeti Srinivas said the disclosure...

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Category : Companies Act | Comments : 0 | Hits : 201

  In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act. The Competition Act was passed in the year 2002 and the Competition Comm...

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Category : Corporate Law | Comments : 0 | Hits : 207

A High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) has been constituted under the Chairmanship of Shri. Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) to review the existing framework and guide and formulate the roadmap for a coherent policy on Corpora...

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Category : Corporate Law | Comments : 0 | Hits : 669

Former IAS officer Rangachari Sridharan appointed as the first chief of National Financial Reporting Authority (NFRA), according to an official order. Sridharan, a 1983 batch (retired) IAS officer of Karnataka cadre, will hold the post of chairperson, NFRA, for three years or till the incumb...

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Category : NFRA | Comments : 0 | Hits : 978

The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives.  According to a RBI statement on Friday, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, r...

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Category : Banking | Comments : 0 | Hits : 688

We have received enquiries from the members at large and other stakeholders as to whether an internal auditor of an entity can also undertake GST Audit of the same entity as required under the Central Goods and Service Act, 2017. The Council of the Institute, while considering the issue at its 37...

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Category : GST | Comments : 0 | Hits : 1233

The Central Board of Direct taxes have revised the Income Tax Return preparation utilities (Excel as well as Java based) for ITR Forms 3,5,6 & 7  wef 27th September 2018. The validation rules for ITR 7 are also revised. Users are advised to download the new utilities and those who use so...

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Category : CBDT | Comments : 0 | Hits : 875

The government plans to set up eight special courts under the National Company Law Tribunal to handle rising number of cases under the insolvency law, according to a senior official. In recent times, there have been a substantial increase in the number of cases under the Insolvency and Bankruptcy...

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Category : Insolvent Professional | Comments : 0 | Hits : 641

The Reserve Bank of India Thursday allowed banks to dip further into statutory cash reserves in a bid to ease a liquidity squeeze afflicting the nation's money markets. RBI in a statement said banks could 'carve out' up to 15 per cent of holdings under the statutory liquidity reserves...

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Category : RBI | Comments : 0 | Hits : 238

The Government has set up an eight-member Lokpal Search Committee under the Chairmanship of former Supreme Court Judge, Justice  Ranjana Prakash Desai.  Prasar Bharati Chairman A Surya Prakash, former SBI Chief Arundhati Bhattacharya and Justice Sukha Ram Singh Yadav among others will b...

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Category : General | Comments : 0 | Hits : 231

Ministry of Corporate Affairs has extended the last date for rendering the Valuation services without a Certificate of Registration under the Companies Act 2013 till 31st January, 2019. After 31st January 2019 only registered valuers under IBBI will do the Valuation. Prior to amendment the las...

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Category : Corporate Law | Comments : 0 | Hits : 360

The Commercial Taxes department has busted a racket involved in issuing fake GST invoices to help some dealers claim input tax credit (ITC) from the government.  Three Bengaluru-based businessmen, who have been arrested, had issued fake GST invoices worth Rs 203 crore to facilitate bogus cla...

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Category : GST | Comments : 0 | Hits : 442

The Supreme Court today upheld the linking of Aadhaar with PAN for filing income tax returns, thus upholding the Section 139AA of the Income-tax Act, 1961. The government in 2017 has introduced the aforesaid  section in the income tax act making it mandatory for assesses to quote Aadhaar/Enrolm...

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Category : PAN | Comments : 0 | Hits : 285

  The Union Cabinet chaired by Prime Minister Shri Narendra Modi has  given its approval for signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants of Kenya (ICPAK).  It will he...

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Category : ICAI | Comments : 0 | Hits : 401

In a bid to boost credit availability to Micro, Small and Medium Enterprises (MSMEs), Finance Minister Arun Jaitley has launched a web portal through which one can avail loans up to Rs 1 crore in just 59 minutes. The portal will enable principal approval of loans up to Rs 1 crore for MSMEs...

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Category : Banking | Comments : 0 | Hits : 406

The Union Cabinet Wednesday cleared a proposal to convert GST Network (GSTN), which provides IT infrastructure for the new indirect tax regime, into a 100 per cent government-owned company, Finance Minister Arun Jaitley said.  Briefing reporters about the decisions taken in the Cabinet meeti...

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Category : GST | Comments : 0 | Hits : 303

It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and stakeholder. ICAI is also receiving number of complaints of forged signatures. To curb the malpractices, the Professional Development Commit...

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Category : ICAI | Comments : 0 | Hits : 384

Resolution professional of debt-laden firm Videocon Telecommunications invited bids from prospective buyers for its assets as part of corporate insolvency resolution process. The corporate insolvency resolution process (CIRP) of Videocon Telecommunications (VTL) was commenced under the Insolvency...

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Category : Insolvent Professional | Comments : 0 | Hits : 398

Finance Minister Arun Jaitley Tuesday asked public sector banks to take "effective action" in cases of fraud and wilful loan defaults. Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of ...

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Category : Banking | Comments : 0 | Hits : 345

The government, which reportedly asked the RBI last month to make a list of candidates for mergers and set a time-frame for bank consolidation, is going full steam ahead on its plan to clean up the banking system and create fewer, better-capitalised lenders. After announcing the merger of Bank of...

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Category : Banking | Comments : 0 | Hits : 842