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SEBI forms panel to review rules for proxy advisory companies
Posted Date : 22-Nov-2018 , 08:02:57 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) will carry out a comprehensive review of rules for proxy advisory firms — companies that provide recommendations to institutional investors on whether to vote for a corporate action or not, said two people familiar with the development.  ...

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Category : SEBI | Comments : 0 | Hits : 279

Rs 29,088 cr indirect tax evasion detected during April-Oct
Posted Date : 22-Nov-2018 , 07:56:45 am | Posted By CASANSAAR

The investigation arm of the Finance Ministry has detected tax evasion worth Rs 29,088 crore in 1,835 cases during April-October period of the current financial year, a senior official said Wednesday.  Of this, the Directorate General of GST Intelligence (DGGI), which is enforcement agency f...

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Category : GST | Comments : 0 | Hits : 451

MCA Invites public comments to amend Competition Act
Posted Date : 20-Nov-2018 , 09:49:12 am | Posted By CASANSAAR

Ministry of Corporate Affairs  (Competition & NFRA Section)  Invitation for public comments on the Competition Act, 2002.  The Ministry of Corporate Affairs (MCA) constituted a Competition Law Review Committee to review the competition Act/Rules/Regulations in view of cha...

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Category : MCA | Comments : 0 | Hits : 309

Companies to disclose reasons for delay in financial results within a day - SEBI
Posted Date : 20-Nov-2018 , 09:15:11 am | Posted By CASANSAAR

SEBI on Monday asked listed companies to disclose detailed reasons for delay in submission of financial results to the stock exchanges within one working day of the stipulated deadline. In case a company decides to delay announcement of results prior to the due date, reasons have to be disclosed ...

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Category : SEBI | Comments : 0 | Hits : 329

Revenue Dept plans to link e-way bill with FAStag to prevent GST evasion
Posted Date : 20-Nov-2018 , 08:35:34 am | Posted By CASANSAAR

The revenue department is planning to integrate e-way bill with NHAI's FASTag mechanism and DMICDC's Logistics Data Bank (LDB) services, to facilitate faster movement of goods and check GST evasion. The proposal, according to officials, will improve operational efficiencies across the cou...

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Category : GST | Comments : 0 | Hits : 456

SC dismisses Dalmia Bharat challenge to NCLAT UltraTech order
Posted Date : 20-Nov-2018 , 08:21:25 am | Posted By CASANSAAR

The Supreme Court dismissed the plea of a Dalmia Bharat Group firm challenging the National Company Law Appellate Tribunal (NCLAT) order allowing rival UltraTech Cement to acquire debt-ridden Binani Cement. A bench of justices R F Nariman and Navin Sinha upheld the NCLAT's last week order whi...

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Category : Insolvent Professional | Comments : 0 | Hits : 259

Bitcoin price falls below $5,000 for first time in 13 months
Posted Date : 20-Nov-2018 , 08:19:23 am | Posted By CASANSAAR

The slide in cryptocurrencies accelerated, with Bitcoin prices piercing the $5,000 mark for the first time since October 2017, amid speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings to liquidate holdings. Bitcoin declined as much as 9.1% to $4,958, falling ...

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Category : International Business | Comments : 0 | Hits : 378

Examination for confirmation of enrollment of GST Practitioners postponed to 17.12.2018
Posted Date : 20-Nov-2018 , 08:15:26 am | Posted By CASANSAAR

Reference is invited to Press Release dated 1.11.2018 regarding exam for GST Practitioners scheduled on 7.12.2018. On account of Assembly Elections in some of the states on 7.12.2018, the date of the examination stands revised to 17.12.2018 (17th December 2018). #casansaar (Source - PIB) ...

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Category : GST | Comments : 0 | Hits : 403

NFRA to replace ICAI as regulator over Auditors
Posted Date : 19-Nov-2018 , 11:04:50 am | Posted By CASANSAAR

The Centre has notified the National Financial Reporting Authority (NFRA) rules, depriving the CA Institute of its regulatory and disciplinary powers over auditors of listed entities and large unlisted companies besides banks and insurance companies. The Ministry of Corporate Affairs has made NFR...

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Category : NFRA | Comments : 0 | Hits : 1004

CIC asks RBI to divulge list of wilful defaulters in 45 days
Posted Date : 19-Nov-2018 , 11:02:33 am | Posted By CASANSAAR

The Central Information Commission has pulled up the Reserve Bank of India (RBI) for its “anti-RTI (Right to Information) policy” and asked the banking regulator to divulge the list of wilful defaulters of loans within 45 days as ordered by the Supreme Court in its 2015 judgement.  ...

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Category : RBI | Comments : 0 | Hits : 281

CAG GST audit report likely to be tabled in Winter Session
Posted Date : 19-Nov-2018 , 09:13:14 am | Posted By CASANSAAR

The Comptroller and Auditor General (CAG) of India is conducting performance audit of goods and services tax (GST) and is likely to finalise its report soon. The performance audit report on GST implementation could be tabled in Parliament as early as in the forthcoming Winter Session beginning 11 De...

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Category : GST | Comments : 0 | Hits : 317

Finance Secretary Hasmukh Adhia to retire on november 30
Posted Date : 17-Nov-2018 , 10:44:29 pm | Posted By CASANSAAR

Finance Secretary Hasmukh Adhia will retire on November 30, Finance Minister Arun Jaitley said on Saturday. "Hasmukh Adhia, the Finance Secretary, retires at the end of this month. He has been in the Finance Ministry for four years and held the specific responsibility of the Revenue Secretary ...

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Category : Finance | Comments : 0 | Hits : 306

HC allows adjustment of wrong payment in GST
Posted Date : 17-Nov-2018 , 08:51:59 am | Posted By CASANSAAR

In what is seen as a major relief for GST assessees, especially dealers, the Kerala High Court has ruled that any GST mistakenly paid under one head can be adjusted under the correct head. While noting that it sees no difficulty for the tax authorities to allow the petitioner’s request and ...

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Category : GST | Comments : 0 | Hits : 534

New RBI window may not increase credit to NBFCs
Posted Date : 17-Nov-2018 , 08:41:32 am | Posted By CASANSAAR

The partial credit enhancement (PCE)facility by the Reserve Bank of India's (RBI) for non-bank lenders is unlikely to have the desired impact of increasing credit flow to the troubled sector, a report said Friday. On November 2, RBI had allowed banks to provide PCE for debt raised by non-depo...

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Category : RBI | Comments : 0 | Hits : 232

Open House Discussion on Issues related to GST Audit & Annual Returns in Delhi
Posted Date : 16-Nov-2018 , 02:09:08 am | Posted By CASANSAAR

CASANSAAR Cordinally Invites you to Join us for    Open House Discussion on Issues related to GST Audit & Annual Returns.   Key Speakers :-   CA Nagesh Bajaj. CA Puneet Agrawal CA Gaurav Gupta CA Shaifaly Girdharwal CA Nitin Gupta Venue ...

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Category : GST | Comments : 0 | Hits : 459

RBI cancels registration of 65 NBFCs
Posted Date : 16-Nov-2018 , 07:35:35 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) today cancelled certificate of registration of 65 NBFCs through two separate notifications for unspecified reasons. Most of these NBFCs are in Delhi, while a few of them are in Uttar Pradesh and Haryana. While only one each are from Ahmedabad and Coimbatore. The...

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Category : RBI | Comments : 0 | Hits : 484

Goods can be impounded for lapses under GST - Kerala HC
Posted Date : 16-Nov-2018 , 07:29:45 am | Posted By CASANSAAR

Authorities impounded a car being sent by a dealer from Puducherry to Thiruvananthapuram for personal use of his customer without an e-way bill. It has to be generated if goods worth more than Rs 50,000 are transported, but is not applicable on goods for personal consumption. The matter went to the ...

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Category : GST | Comments : 0 | Hits : 236

RBI imposes fine of Rs 3 crore each on Deutsche Bank, J&K Bank
Posted Date : 15-Nov-2018 , 01:09:30 pm | Posted By CASANSAAR

The Reserve Bank said Wednesday it has imposed a penalty of over Rs 3 crore on Deutsche Bank for non-compliance of various norms, including asset classification and KYC. The RBI also slapped a fine of Rs 3 crore on state-owned Jammu and Kashmir Bank Ltd for violating similar norms.  The R...

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Category : RBI | Comments : 0 | Hits : 281

NFRA Rules Notified - NFRA to Scrutinise Listed and Large Unlisted Companies
Posted Date : 15-Nov-2018 , 01:07:19 pm | Posted By CASANSAAR

  Five years after the Companies Act, 2013 provided for the creation of a National Financial Reporting Authority, an audit super regulator of sorts, the government has taken a step towards its creation. The Ministry of Corporate Affairs has notified rules determining the jurisdiction,...

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Category : NFRA | Comments : 0 | Hits : 721

Bengaluru I-T dept busts Rs 1,200 crore fake GST invoice scam
Posted Date : 15-Nov-2018 , 01:03:00 pm | Posted By CASANSAAR

Three men have been arrested for generating fake bills worth Rs 1,200 crore under the new Goods and Services Tax (GST) regime by the income tax department in Bengaluru after a two-month long investigation, officials said on Thursday. The three men identified as Suhail, Basha and Hafeezur were arr...

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Category : GST | Comments : 0 | Hits : 407

SC move to split pleas challenging constitutional validity of IBC
Posted Date : 15-Nov-2018 , 12:53:55 pm | Posted By CASANSAAR

Banks have got more time to resolve stressed assets as the Supreme Court has asked the parties to segregate all petitions related to the Reserve Bank of India’s (RBI) February 12 circular in to two buckets — those challenging the constitutional validity of insolvency proceedings and thos...

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Category : Insolvent Professional | Comments : 0 | Hits : 271

Income Tax Returns not filed in 80,000 cases Post-Notes Ban
Posted Date : 15-Nov-2018 , 12:48:47 pm | Posted By CASANSAAR

The Income Tax Department is "chasing" 80,000 cases where people have not filed their returns post-demonetisation, despite the taxman sending them notices to do so, a senior official said on Wednesday. After inaugurating a stall of the Income Tax Department at the India International Trade...

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Category : Income Tax | Comments : 0 | Hits : 398

RBI refuses to give info on NPAs, loan defaulters to SEBI
Posted Date : 15-Nov-2018 , 12:45:47 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has declined to pass on information about non-performing assets (NPAs) and loan defaulters that the Securities and Exchange Board of India (Sebi) has asked for in the past year, according to two people with knowledge of the development.  The banking regulator&...

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Category : RBI | Comments : 0 | Hits : 205

Govt orders Telcos’ Audit, suspects under-reporting of revenues
Posted Date : 14-Nov-2018 , 09:24:35 am | Posted By CASANSAAR

At a time when the telecom industry is facing a severe financial distress, the government is understood to have ordered a comprehensive audit of their financial filings on suspicion of under-reporting of revenues. The government, which gains revenues from the sector as a percentage of their adjus...

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Category : Auditing | Comments : 0 | Hits : 580

Union Bank to raise up to Rs 600 cr by issuing shares under ESPS
Posted Date : 14-Nov-2018 , 09:12:39 am | Posted By CASANSAAR

The board of Union Bank of India has cleared a proposal to raise up to Rs 600 crore by issuing shares to its staff under the employee share purchase scheme. The proposal was approved in a board meeting on Monday, the bank said in a regulatory filing. The bank proposes to raise capital through iss...

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Category : Banking | Comments : 0 | Hits : 194

VAT Act can't be used against Chartered Accountants, lawyers -Gujarat HC
Posted Date : 14-Nov-2018 , 09:04:12 am | Posted By CASANSAAR

A division bench of Justices AS Dave and Biren Vaishnav of Gujarat High Court has ruled that misconduct proceedings cannot be initiated against advocates, chartered accountants, and cost accountants under the Gujarat VAT Act. The bench also ruled that the respective professional bodies — Bar C...

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Category : VAT | Comments : 0 | Hits : 411

RBI needs to align capital adequacy norms with Basel III norms
Posted Date : 14-Nov-2018 , 09:01:15 am | Posted By CASANSAAR

The government is of the view that the Reserve Bank should resort to Basel III norms for capital adequacy in banks rather than the present stricter guidelines which restrict the lending capacity of lenders, sources said.  Currently, the RBI applies stricter norms and not those specified unde...

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Category : RBI | Comments : 0 | Hits : 178

SEBI issues norms for enhanced disclosures by rating agencies
Posted Date : 14-Nov-2018 , 08:43:21 am | Posted By CASANSAAR

Markets regulator SEBI asked credit rating agencies (CRAs) to analyse the deterioration in the liquidity conditions of the issuer and take into account any asset-liability mismatch while reviewing ratings. Besides, SEBI has introduced a specific section on liquidity among key rating drivers that ...

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Category : SEBI | Comments : 0 | Hits : 178

Only 4 PSBs disclose defaulters list
Posted Date : 13-Nov-2018 , 09:43:47 am | Posted By CASANSAAR

Even as the government and the central bank remain reluctant to make the names of wilful defaulters public, four state owned banks have already made this information available on their websites. On November 2, the Central Information Commission sent a notice to the RBI and PM’s office askin...

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Category : Banking | Comments : 0 | Hits : 367

Polling Booth Details for ICAI Election - Northern Region
Posted Date : 12-Nov-2018 , 07:00:23 am | Posted By CASANSAAR

Check your Polling Booth Detail for ICAI Election - Northern Region. Click on the link & Enter your Membership No. (MRN) without useing zero before that. i.e. if your  Membership no. is 2134 then dont use 002134, only enter 2134  or if your  Membership no. is 98765 the...

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Category : ICAI Election | Comments : 0 | Hits : 3354

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