Banks sanction Rs 1.38 lakh Cr loans to MSMEs under ECLGS
Posted Date : 05-Aug-2020 , 08:52:09 am | Posted By CASANSAAR
The Finance Ministry on Tuesday said banks have sanctioned loans of about Rs 1,37,586 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, hit hard by the economic slowdown due to COVID-19 pandemic.
However, disbursements against this stood at Rs 92,090....
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MSME |
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Sashidhar Jagdishan appointed new HDFC Bank CEO
Posted Date : 05-Aug-2020 , 08:42:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has approved Sashidhar Jagdishan as the next chief executive officer of HDFC Bank, sources said.
The private sector lender received the RBI’s approval letter last night. Jagdishan is currently additional director and head of finance, human resources, at the b...
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Banking |
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Govt appoints 3 members of Central Board of Indirect Taxes and Customs
Posted Date : 04-Aug-2020 , 10:40:02 am | Posted By CASANSAAR
Bureaucrats Ajay Jain, Vivek Johri and Sungita Sharma have been appointed as members of the Central Board of Indirect Taxes and Customs (CBIC), according to a Personnel Ministry order.
Jain and Johri are Indian revenue service (customs and central excise) officers of 1985 batch. S...
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Custom |
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Bandhan Bank holding firm sells 20.95% stake to meet RBI norms
Posted Date : 04-Aug-2020 , 10:38:11 am | Posted By CASANSAAR
Bandhan Bank Ltd on Monday said it has met the promoter holding norms of the Reserve Bank of India (RBI) after its holding company Bandhan Financial Holdings Ltd (BFHL) sold 20.95% stake in the bank to at least seven investors.
The buyers included Singapore’s state investors GIC and Temasek...
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Banking |
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GST collections stand at Rs 87,422 crore in July 2020
Posted Date : 03-Aug-2020 , 09:10:24 am | Posted By CASANSAAR
The gross GST revenue collected in the month of July this year is 87 thousand 422 crore rupees of which CGST is 16 thousand 147 crore, SGST is 21 thousand 418 crore and IGST is 42 thousand 592 crore rupees. It also includes 20 thousand 324 crore collected on import of goods and Cess is seven thousan...
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GST |
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CBDT allows income tax authorities to share information with CCI
Posted Date : 01-Aug-2020 , 10:12:38 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has authorised income tax authorities to share information or details in its possession with the Competition Commission of India (CCI), in a notification issued on Friday.
The Board has clarified that only relevant and precise information will be shared by...
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CBDT |
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Govt extends ban on international flights till August 31
Posted Date : 01-Aug-2020 , 09:33:08 am | Posted By CASANSAAR
The Government has extended the ban on international flights till 31st of August amid the coronavirus pandemic. However, this restriction will not be applicable for international all-cargo operations and flights specifically approved by the DGCA.
India had first suspended international flights on...
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International Business |
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SEBI relaxes margin trading regulations
Posted Date : 31-Jul-2020 , 10:09:35 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) on Wednesday said new rules designed to reduce risks in margin trading will roll out on August 1 as planned, but the old system will run in parallel till August-end, in a partial relief for brokers who had protested against them.
Brokers had made ...
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SEBI |
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NFRA bars another Auditor for 5-years, slaps Rs 15 lakh fine in IL&FS case
Posted Date : 30-Jul-2020 , 09:42:41 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has barred another auditor for five years for alleged professional misconduct in the statutory audit of IL&FS Financial Services Ltd (IFIN) for 2017-18.
The watchdog has also slapped a fine of Rs 15 lakh on Shrenik Baid, who was a partner in t...
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NFRA |
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SEBI relaxes time till Sep 15 for filing June qtr results
Posted Date : 30-Jul-2020 , 09:08:55 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday gave relaxation of one month till September 15 to listed companies for submitting their June quarter results amid coronavirus pandemic.
The move comes after Sebi received requests for extension of time for submission of financial results for the quarter or half...
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SEBI |
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PM Modi to discuss vision, roadmap for Banks, NBFCs with all stakeholders this evening
Posted Date : 29-Jul-2020 , 10:16:36 am | Posted By CASANSAAR
Prime Minister Narendra Modi will today join stakeholders from Banks and NBFCs to discuss and deliberate on vision and roadmap for the future. The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability ...
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Banking |
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Centre Released Rs. 1,65,302 Crore as GST Compensation to States/UTs
Posted Date : 28-Jul-2020 , 10:02:26 am | Posted By CASANSAAR
Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore ...
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GST |
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0 | Hits : 923
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Directorate General of GST Intelligence books 3 firms for tax evasion of over Rs 600 Cr
Posted Date : 28-Jul-2020 , 09:45:43 am | Posted By CASANSAAR
Directorate General of GST Intelligence, DGGI has booked three firms for tax evasion of over 600 crore rupees. An official statement said, a case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Private Limited and M/s. Ganpati Enterprises, who were found involved in issuance of...
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GST |
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0 | Hits : 1331
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CBIC invites suggestions on reviewing customs exemptions, laws
Posted Date : 27-Jul-2020 , 09:49:52 am | Posted By CASANSAAR
Kickstarting the process to review existing exemptions and laws of Customs, the Central Board of Indirect Taxes (CBIC) has invited suggestions from stakeholders on aligning the rules with the needs of changing times and ease of doing business. The CBIC has invited comments on the same by August 21. ...
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Custom |
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Finance Ministry proposes stern action against untraceable exporters claiming IGST Refund
Posted Date : 27-Jul-2020 , 09:32:33 am | Posted By CASANSAAR
Stern action is proposed against the risky exporters who have been claiming IGST Refund worth Rs 2,020 crore and were found untraceable.
Finance Ministry sources said, the number of such untraceable risky exporters has gone up to 1,474 as on date. The IGST refund is suspended in all such ca...
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GST |
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Income Tax Department to share PAN, TDS and bank account details with 10 agencies under NATGRID
Posted Date : 25-Jul-2020 , 10:43:01 am | Posted By CASANSAAR
The Income Tax Department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and the NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
The Central Board of Direct Taxes, which frames ...
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Income Tax |
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Govt's endeavour has been to further simplify Direct Tax laws - FM
Posted Date : 25-Jul-2020 , 10:25:00 am | Posted By CASANSAAR
The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday.
In her message on the 160th Income Tax Day, the minister also la...
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Income Tax |
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0 | Hits : 910
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Govt notifies new rules & regulations for e-commerce companies
Posted Date : 25-Jul-2020 , 10:22:17 am | Posted By CASANSAAR
The government has notified new rules and regulations for e-commerce companies under the Consumer Protection Act 2019. It made it mandatory to display the 'country of origin' on their products stating that any non-compliance will attract penal action.
The 'Consumer Protection (E-Comme...
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General |
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GST e-invoicing for businesses with Rs 500 Cr turnover from October 1
Posted Date : 24-Jul-2020 , 08:34:07 am | Posted By CASANSAAR
The government will notify a new GST e-invoice scheme under which businesses with turnover of Rs 500 crore and above will generate all invoices on a centralised government portal starting October 1, an official said on Thursday.
Earlier, the turnover threshold for businesses was set at Rs 100 cro...
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GST |
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SC orders Rs. 833 Cr Income Tax refund to Vodafone Idea
Posted Date : 24-Jul-2020 , 08:25:36 am | Posted By CASANSAAR
In a major relief to Vodafone Idea Ltd (VIL), the Supreme Court dismissed a plea filed by the Income Tax Department and directed it to refund Rs. 833 Cr to the telecom company. This was the tax for the assessment year (AY) 2014-15.
“We do not see any reason to interfere in the matter. The s...
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Income Tax |
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0 | Hits : 966
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RBI may extend relief on repayment of loans
Posted Date : 23-Jul-2020 , 10:03:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) may allow lenders to offer companies in stressed sectors such as aviation, automobiles and hospitality the option to pause loan repayments even after the six-month moratorium ends on August 31, two people directly aware of the discussions said.
The banking regulato...
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RBI |
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SEBI forms committee for financial and regulatory technology
Posted Date : 23-Jul-2020 , 09:47:21 am | Posted By CASANSAAR
The market regulator has formed a high level committee to look at financial and regulatory technology, said G Mahalingam, whole time member, Securities and Exchange Board of India (Sebi) at Global Fintech Summit on Wednesday.
This committee is examining the aspects of technology and unstructured ...
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SEBI |
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NFRA bars former Deloitte head from audit for 7 years over lapses at IL&FS
Posted Date : 23-Jul-2020 , 09:36:33 am | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has barred former Deloitte Haskins and Sells LLP chief Udayan Sen from auditing for seven years and imposed a monetary penalty of Rs.25 lakh for auditing lapses at Infrastructure Leasing & Financial Services Ltd (IL&FS). The watchdog has fou...
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NFRA |
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SEBI postpones new margin rules to December 1
Posted Date : 22-Jul-2020 , 10:06:10 am | Posted By CASANSAAR
Following representations from the broking community, markets regulator Sebi on Monday postponed the implementation of the enhanced margin requirements for trading in the stock market, aimed at making the market safer for investors, by three months to December 1.
Among several rules brought in by...
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SEBI |
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Govt relaxes work from home norms for IT Companies till the end of the year
Posted Date : 22-Jul-2020 , 10:00:51 am | Posted By CASANSAAR
The Department of Telecommunications (DoT)on Tuesday extended the relaxation in terms and conditions to facilitate work from home till December 31, 2020, in a move that was welcomed by leaders of the Indian IT industry.
This means companies can ask their employees to continue to wor...
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General |
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Govt plans to reduce number of PSU banks to just Five
Posted Date : 21-Jul-2020 , 08:50:09 am | Posted By CASANSAAR
India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry, government and banking sources said.
The first part of the plan would be to sell majority stakes in Bank of India, Ce...
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Banking |
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0 | Hits : 1362
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SEBI comes out with guideline to verify upfront collection of margins
Posted Date : 21-Jul-2020 , 08:40:18 am | Posted By CASANSAAR
Markets regulator Sebi on Monday released framework to enable verification of upfront collection of margins from clients in cash and derivatives segments.
The new framework will come into effect from December 1, 2020, the Securities and Exchange Board of India (Sebi) said in a circular.
The re...
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SEBI |
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Time limit for availing transitional credit under GST is mandatory - Madras HC
Posted Date : 20-Jul-2020 , 10:39:46 am | Posted By CASANSAAR
The Madras High Court has ruled that the time limit for availing transitional credit is mandatory and not directory. This is just opposite to the Delhi High Court’s order of May 5 which has been stayed by the Supreme Court.
Transitional credit refers to use of tax credit accumulated up to J...
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GST |
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Over 7,000 income tax cases disposed under faceless assessment system
Posted Date : 20-Jul-2020 , 10:32:13 am | Posted By CASANSAAR
The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment scheme, an official source said.
Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mo...
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Income Tax |
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0 | Hits : 941
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New Form 26AS is the Faceless hand-holding of the Taxpayers
Posted Date : 19-Jul-2020 , 09:09:21 am | Posted By CASANSAAR
The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the State...
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Income Tax |
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