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Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight.  "You are hereby advised to inform the status of ensuring compliance...Th...

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Category : RBI | Comments : 0 | Hits : 209

The country's largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore. The e-auction of these accounts will take place on June 25, according to an SBI notice. The NPA accounts that have been put under the hammer i...

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Category : Banking | Comments : 0 | Hits : 218

The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants  Recognising the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use in...

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Category : ICAI | Comments : 0 | Hits : 391

The Ministry of Corporate Affairs (MCA) is looking into companies involved in the ICICI Bank controversy of alleged conflict of interest in bank chief Chanda Kochhar's dealings with certain borrowers, according to a senior official. The official also said the affairs of ICICI Bank are not bei...

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Category : MCA | Comments : 0 | Hits : 364

The Task Force on Shell Companies has met 8 times since its constitution and has taken pro-active and coordinated steps to check the menace of shell companies. The ‘Task Force’ was set up in February, 2017 by the Prime Minister’s Office under the joint Chairmanship of the Revenue S...

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Category : Income Tax | Comments : 0 | Hits : 244

The Reserve Bank of India (RBI) has made changes in the Gold Monetisation Scheme (GMS) of 2015 to enable people to open a hassle-free gold deposit account. In a notification issued yesterday, RBI said that the short-term deposits should be treated as bank's on-balance sheet liability.  I...

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Category : RBI | Comments : 0 | Hits : 464

The unclaimed money lying in bank saving accounts is going to earn less interest than before.  The rate of interest payable by banks to the depositors or claimants on the unclaimed amount transferred to the Depositor Education and Awareness Fund shall be 3.5 percent simple interest per annum...

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Category : Banking | Comments : 0 | Hits : 273

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification of the Central Board of Indirect Taxes and Customs(CBIC) No.43/2018-CUSTOMS (N.T.), dated 17thMay, 2018 except as respects things done or omitted to be done before such ...

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Category : Finance | Comments : 0 | Hits : 375

The CBIC has allowed clearance of GST refunds based on PAN of exporters if such refunds are held up due to mismatch in GSTIN mentioned in shipping bill and return forms. As much as Rs 14,000 crore worth of refunds due to exporters are stuck because of various reasons and the Central Board of Indi...

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Category : GST | Comments : 0 | Hits : 310

The Central Board of Direct Taxes (CBDT) has dedicated a fortnight beginning June 1 for expeditious disposal of pending appeals and rectification matters.  The direct tax body in a statement said the assessing officers have been directed to accord top priority to such matters and to give spe...

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Category : CBDT | Comments : 0 | Hits : 248

A rush of exit of auditors in the last few months has prompted the ministry of corporate affairs to seek reasons for their departure from the companies with close to 15 cases coming under the scanner. Since January, close to three dozen auditors have opted out of their assignments in listed compa...

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Category : Auditing | Comments : 0 | Hits : 817

The Reserve Bank of India (RBI) has informed the Comptroller and Auditor General of India that henceforth the central bank alone will audit the Jammu and Kashmir Bank. “We have been asked by the RBI to stop auditing the J&K Bank account books,” a CAG official told BusinessLine. ...

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Category : RBI | Comments : 0 | Hits : 777

The Reserve Bank of India has given its approval for Capital First Ltd.’s merger with IDFC Bank. The central bank conveyed its ‘no objection’ to the deal in a letter dated June 4, the Mumbai-based non-banking financial company said in a statement to the exchanges. The merger, an...

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Category : RBI | Comments : 0 | Hits : 244

Providing major relief to the MSME sector, RBI eased NPA classification norms for such units facing input credit linkages and associated issues. "In continuation of support and relief to MSMEs, NPA recognition for GST and non GST MSMEs now at 180 days for dues up to December 31, 2018. T...

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Category : RBI | Comments : 0 | Hits : 459

The President today gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors.  This would give them due representation in the Committee of Creditors an...

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Category : Insolvent Professional | Comments : 0 | Hits : 295

The Reserve Bank of India (RBI) raised the repo rate to 25 basis points to 6.25 percent from the earlier 6 percent in the June bi-monthly policy meet on Wednesday. The reverese repo rate has been raised to 6 percent from the earlier 5.75 percent, raising the key rate by 25 basis points. "The...

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Category : RBI | Comments : 0 | Hits : 460

The Institute of Chartered Accountants of India (ICAI) has signed a pact with its South African counterpart to establish a framework for making recognition of their members easier and promote mobility of professionals between the countries. The mutual recognition agreement (MRA) signed between th...

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Category : ICAI | Comments : 0 | Hits : 506

Markets regulator Sebi has imposed 10 per cent cap on cross-shareholding in credit rating agencies, raised their net worth requirement to Rs 25 crore from Rs 5 crore and disallowed having a seat on the rival's board.  The new norms are likely to have an impact on global rating agencies l...

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Category : SEBI | Comments : 0 | Hits : 267

The Institute of Chartered Accountants of India is always committed to bring technological advancements in various processes of the Institute to better serve the members, students and other stakeholders. In this regard, ICAI has recently launched two online services for the benefit and ease of use o...

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Category : ICAI | Comments : 0 | Hits : 1116

The Reserve Bank of India (RBI) will announce its second bi-monthly Monetary Policy of 2018-19 this afternoon. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, began its meeting in Mumbai on Monday, and it will meet today as well before the policy will be announced. This is the fir...

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Category : RBI | Comments : 0 | Hits : 217

This is for kind information of the members that the last date for submitting Self Declaration form for claiming CPE Hours under Unstructured Learning Activities for the Calendar Year 2017 – has been extended from 31st May, 2018 to 30th June, 2018. The members who could not submit their sel...

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Category : CPE Hours | Comments : 0 | Hits : 522

Second successful NPA resolution: Vedanta has finally forayed into the steel industry by offering a cheque of Rs 5,300 crore to buy out bankrupt Electrosteel Steels under the newly-adopted Insolvency and Bankruptcy Code. this is the second successful resolution under the IBC law from the very first ...

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Category : Insolvent Professional | Comments : 0 | Hits : 839

The Supreme Court on Monday directed the Committee of Creditors (CoC) of Binani Cement Ltd to proceed with its debt resolution process but said the same would be subject to the final outcome of the case. “All we want is that no final order should be passed till 2nd July, the next date of he...

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Category : Insolvent Professional | Comments : 0 | Hits : 269

Market regulator SEBI has relaxed requirements to comply with delisting norms for companies facing insolvency proceedings provided the resolution plan lays down the procedure for delisting that particular entity from the exchanges. The move is expected to provide succour to various listed compani...

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Category : Insolvent Professional | Comments : 0 | Hits : 220

In the past one month, fifteen auditors have resigned prematurely, besides increasing audit qualifications. The total number of exits, so far, in this calendar year stands at a staggering 32. According to data from Prime Database, a primary market tracker, between January and May, 32 auditors hav...

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Category : Auditing | Comments : 0 | Hits : 2557

India is looking at creating a centralised Authority for Advance Rulings (AAR) for the goods and services tax (GST) after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax. A recent case in point being the divergent rulings by Karnataka and Maharashtra AA...

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Category : GST | Comments : 0 | Hits : 433

The Reserve Bank of India, RBI, is organizing Financial Literacy Week from today till 8th of this month, across the nation. This year the theme is Customer Protection. The aim is to create financial awareness among bank customers about financial products and services, good financial practices and di...

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Category : RBI | Comments : 0 | Hits : 236

Goods and services tax applies to exit loads charged by mutual funds, additional interest charged for default in payment of loan instalments and late payment charges levied by credit card companies, the government has said.  Securitisation, future contracts, derivatives and forward contracts...

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Category : GST | Comments : 0 | Hits : 977

The government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India, two people aware of the matter said. If the plan goes through, the merged entity will become the second-largest bank in the country after...

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Category : Banking | Comments : 0 | Hits : 1163

International passengers buying goods at airport 'duty-free' shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said. Following an order passed in March by the New Delhi bench of the Authority for Advance Ruling (AAR) stating that ...

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Category : GST | Comments : 0 | Hits : 385