RBI asks SBI to appoint a Chartered Accountant as CFO
Posted Date : 11-Jun-2020 , 10:21:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked State Bank of India (SBI) to appoint chartered accountant (CA), with relevant experience, as its chief financial officer (CFO). At present, SBI does not have a CA in its top ranks — deputy managing director (DMD) or chief general manager.
A senior S...
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RBI |
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GST will not be levied on Directors Remuneration - CBIC
Posted Date : 11-Jun-2020 , 10:13:49 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday said GST will not be levied on salaries paid to directors who are employees of the company. The CBIC issued a clarification following a ruling by the Rajasthan Authority of Advance Ruling (AAR) in April that said companies will have...
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GST |
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FM asks PSU banks to focus on MSME outreach
Posted Date : 10-Jun-2020 , 10:03:15 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman on Tuesday asked public sector banks to make proactive outreach to the micro, small and medium enterprises (MSMEs) and ensure supply of credit to them.
Sitharaman asked banks to cut down on paperwork and keep the formalities simple for the sector, the Departmen...
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MSME |
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0 | Hits : 1007
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RBI proposes major changes in securitisation norms
Posted Date : 09-Jun-2020 , 08:57:44 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday proposed major changes in securitisation norms aimed at development of a strong and robust market for the same in the country.
Securitisation involves transactions where credit risk in assets are redistributed by repackaging them into tradeable securities...
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RBI |
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0 | Hits : 942
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Sovereign Gold Bond to open on Monday, issue price fixed at Rs 4,677/gm
Posted Date : 08-Jun-2020 , 09:00:51 am | Posted By CASANSAAR
The third instalment of the Sovereign Gold Bond (SGB) scheme, issued by the Reserve Bank of India (RBI) on behalf of the government, will open for subscription for five days from Monday, June 8.
The Sovereign Gold Bond Scheme 2020-21 Series III will be opened for subscription for June 8 to June 1...
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RBI |
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RBI to launch Rs 500 Cr payments infrastructure development fund
Posted Date : 06-Jun-2020 , 09:35:59 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday announced the creation of a Rs 500-crore payments infrastructure development fund (PIDF) to encourage acquirers to deploy points of sale (PoS) infrastructure — both physical and digital modes — in tier-3 to tier-6 centres as also in nor...
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RBI |
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Govts ask everyone to wear fabric face masks in public areas - WHO
Posted Date : 06-Jun-2020 , 09:22:05 am | Posted By CASANSAAR
World Health Organization has renewed its guidance to recommend that governments ask everyone to wear fabric face masks in public areas where there is a risk of transmission of COVID-19. In a press briefing yesterday, WHO Director General Tedros Adhanom Ghebreyesus also said, people over age 60 or t...
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General |
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Cabinet nod to suspend IBC proceedings initiation for 1 year
Posted Date : 05-Jun-2020 , 09:01:39 am | Posted By CASANSAAR
The union Cabinet has approved a proposal to suspend initiation of bankruptcy proceedings against companies under the Insolvency and Bankruptcy Code (IBC) for a period of six months, which could be extended to one year, sources aware of developments said.
“The proposal is to suspend section...
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Insolvent Professional |
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0 | Hits : 923
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Centre Releases Rs.36,400 Cr as GST Compensation to States
Posted Date : 05-Jun-2020 , 08:58:17 am | Posted By CASANSAAR
Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST Compensation of Rs.36,400 crore to the States/UTs with Legislature for the period from December, 2019 ...
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GST |
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0 | Hits : 1079
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SC seeks finance ministry's reply on waiver of interest on loans during moratorium period
Posted Date : 05-Jun-2020 , 08:55:07 am | Posted By CASANSAAR
The Supreme Court Thursday sought finance ministry's reply on waiver of interest on loans during the moratorium period after the RBI said it would not be prudent to go for a forced waiver of interest risking financial viability of the banks.
The top court said there are two aspects unde...
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Finance |
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Exports not to be counted in turnover for any enterprise of the new MSME definition
Posted Date : 04-Jun-2020 , 03:41:50 pm | Posted By CASANSAAR
Union Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has issued Gazette notification to pave way for implementation of the upward revision in the definition and criteria of MSMEs in the country. The new definition and criterion will come into effect from 1st July, 2020.
Aft...
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MSME |
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Rs 2 lakh cr will be lost if interest is waived off during loan moratorium - RBI
Posted Date : 04-Jun-2020 , 09:59:33 am | Posted By CASANSAAR
The Reserve Bank of India told the Supreme Court that it cannot waive interest on loans for the moratorium period, as it would affect the financial stability of the banking sector. In an affidavit filed in the top court, it estimated the interest payable on these loans to be Rs 2.01 lakh crore, or e...
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RBI |
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0 | Hits : 2008
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IBBI slaps Rs 34.22 lakh penalty on an Insolvency Professional
Posted Date : 04-Jun-2020 , 09:52:37 am | Posted By CASANSAAR
Insolvency regulator IBBI’s Disciplinary Committee(DC) has slapped a penalty of Rs 34.22 lakhs on an insolvency professional, for violations of certain provisions of the Insolvency and Bankruptcy Code (IBC).
The penalty imposed is equal to 25 per cent of the fee that he had received as reso...
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Insolvent Professional |
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0 | Hits : 1399
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MSMEs to be classified based on new revised criteria from 1st July 2020
Posted Date : 04-Jun-2020 , 09:45:37 am | Posted By CASANSAAR
From 1st July 2020, over six crore micro, small and medium enterprises across the country will be classified on the basis of the new criteria approved by the government.
As per the revised criteria, a unit with Rs 50 crore of investment and Rs 250 crore of turnover will fall under the 'medium...
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MSME |
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0 | Hits : 958
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State Bank of India gives Rs 3,000 crore to MSMEs in a day
Posted Date : 03-Jun-2020 , 09:02:48 am | Posted By CASANSAAR
The government's credit guarantee scheme for micro, small and medium enterprises (MSME) has taken off with the State Bank of India (SBI) beginning disbursements.
Rajnish Kumar, chairman of SBI, the country's largest lender, on Tuesday said the public sector bank in a single day disbursed ...
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MSME |
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0 | Hits : 1023
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Notification on MSME criterion leads to confusion
Posted Date : 03-Jun-2020 , 09:00:23 am | Posted By CASANSAAR
Even as the central government has further revised the criterion for defining micro, small and medium enterprises (MSMEs), a disparity in the cabinet note and the gazette notification has left industrialists confused.
Under the new definition, industries having an investment into plant and machin...
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MSME |
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0 | Hits : 1081
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Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting
Posted Date : 02-Jun-2020 , 09:16:30 am | Posted By CASANSAAR
In the recent past, tweets have been noticed by the Government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were required to be filed from the beginning of Goods & Services Tax (...
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GST |
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0 | Hits : 1529
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Be aware of imitated Emails in the name of Reserve Bank of India - RBI
Posted Date : 02-Jun-2020 , 09:14:58 am | Posted By CASANSAAR
It has come to the notice of Reserve Bank of India that some unscrupulous entities/scamsters are imitating RBI mails for fraudulent purposes. Most of such mails are sent using fake domains, which do not belong to the Reserve Bank of India, but these could be deceptively similar involving use of word...
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RBI |
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0 | Hits : 1540
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PM launches technology-based solution CHAMPIONS to provide one stop solutions to MSMEs
Posted Date : 02-Jun-2020 , 09:13:55 am | Posted By CASANSAAR
Prime Minister Narendra Modi launched technology-based solution named as CHAMPIONS for MSME sector, today in New Delhi.
The platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength is aimed to provide one stop solu...
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MSME |
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0 | Hits : 1054
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Banks Board Bureau recommends new appointments for SBI, IOB, Central Bank of India
Posted Date : 01-Jun-2020 , 10:28:01 am | Posted By CASANSAAR
The Banks Board Bureau (BBB) has recommended the elevation of Ashwani Bhatia as Managing Director of State Bank of India.
The Bureau also recommended the appointment of Matam Venkat Rao and PP Sengupta as MD & CEO of Central Bank of India and Indian Overseas Bank, respectively.
T...
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Banking |
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0 | Hits : 1895
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RBI imposes Rs 4 Cr penalty on Citibank
Posted Date : 30-May-2020 , 10:31:56 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 4 crore on Citibank for non-compliance with various regulatory norms and directions of the central bank.
In a release, RBI said the penalty has been imposed on Citibank N A for contravention of certain sections of the Banking Regulation Act and for non...
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RBI |
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0 | Hits : 865
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Madras High Court issues notices to Franklin Templeton MF, SEBI
Posted Date : 30-May-2020 , 10:29:08 am | Posted By CASANSAAR
Notices have been issued to crisis-hit Franklin Templeton Mutual Fund and Sebi by the Madras High Court after a petition was filed by an investors group to safeguard nearly Rs 28,000 crore of investors' money stuck in six schemes shut down by the fund house, according to a statement.
The inve...
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SEBI |
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0 | Hits : 800
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Reserve Bank of India imposes Rs 6.50 Cr penalty on 3 banks
Posted Date : 29-May-2020 , 10:47:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday imposed a penalty of Rs 6.50 crore on Karnataka Bank, Bank of India and Saraswat Co-operative Bank for non-compliance with central bank's Income Recognition and Asset Classification norms.
It fined Rs 5 crore on Bank of India, while it charged Rs 1....
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RBI |
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0 | Hits : 1246
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FM launches facility of Instant PAN through Aadhaar based e-KYC
Posted Date : 29-May-2020 , 10:44:20 am | Posted By CASANSAAR
In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess ...
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PAN |
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0 | Hits : 1642
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Govt notifies Rs 3 lakh crore MSME credit guarantee scheme
Posted Date : 28-May-2020 , 08:49:46 am | Posted By CASANSAAR
The government on May 26 notified the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme for Medium, Small and Micro Enterprises (MSMEs) under the Atma Nirbhar Bharat Abhiyan to help them tide over the economic distress being faced due to the COVID-19 pandemic.
Under this scheme, MSMEs borrow...
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General |
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0 | Hits : 1006
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MCA allows CSR Contributions towards PM CARES Fund
Posted Date : 28-May-2020 , 08:45:18 am | Posted By CASANSAAR
The government has made the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) eligible to receive contributions from corporate social responsibility (CSR) corpuses of corporates.
The Ministry of Corporate Affairs (MCA) has allowed the CSR contributi...
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MCA |
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0 | Hits : 754
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Principal Income Tax commissioner commits suicide in Delhi.
Posted Date : 28-May-2020 , 08:39:24 am | Posted By CASANSAAR
A principal tax commissioner posted at the income tax office has committed suicide at his residence in Bapu Dham, Chanakyapuri. He was found hanging in his bedroom using a bed sheet. A suicide note has been found from his room.
The man Keshav Saxena (57) was found hanging in his room by his wife ...
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Income Tax |
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Retailers, small businesses not registered as MSMEs eligible for emergency credit
Posted Date : 27-May-2020 , 10:52:50 am | Posted By CASANSAAR
The Rs 3 lakh crore emergency credit borrowing scheme for Micro, Small and Medium Enterprises (MSMEs) announced by the govt on May 12 will also cover retailers and other businesses.
Retail businesses devastated by the 62-day lockdown have been declared eligible for the scheme, although they are n...
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Income Tax |
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0 | Hits : 1403
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NCLAT sets aside NCLT order on making MCA party in all IBC cases
Posted Date : 26-May-2020 , 10:05:14 am | Posted By CASANSAAR
In a relief to the Ministry of Corporate Affairs (MCA), the National Company Law Appellate Tribunal (NCLAT) set aside an order of the Principal Bench of the National Company Law Tribunal (NCLT) which had directed that the MCA be made a party in all cases filed under the Section 7, 9, and 10 of the I...
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MCA |
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0 | Hits : 1284
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CBIC clears GST refund claims of Rs 11,052 Cr since April 8
Posted Date : 26-May-2020 , 10:03:27 am | Posted By CASANSAAR
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days.
In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown".
The tweet added that 29,230 ...
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GST |
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0 | Hits : 1754
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