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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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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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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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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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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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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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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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 : 1069
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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 : 1906
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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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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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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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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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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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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 : 771
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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 : 1438
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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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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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Extend loan automatically to all eligible borrowers without fear of 3Cs - FM
Posted Date : 24-May-2020 , 08:23:34 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs -- CBI, CVC and CAG.
She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on F...
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Finance |
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French BPO firm Teleperformance terminates 3,000 employees in India
Posted Date : 23-May-2020 , 09:58:43 am | Posted By CASANSAAR
French business process outsourcing firm Teleperformance has laid off hundreds of employees in India as its business took a hit at the back of COVID-19.
Harpreet Saluja, Founder & General Secretary - National Information Technology Employees Senate (NITES), has said that Teleperformance emplo...
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General |
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Income Tax dept issues refunds of Rs 26,242 crore since April
Posted Date : 23-May-2020 , 09:49:26 am | Posted By CASANSAAR
The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis.
The Central Board of Direct Taxes (CBDT) said 16,84,298...
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Income Tax |
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Supreme Court seeks Centre’s response in plea to ban use of Zoom app
Posted Date : 23-May-2020 , 09:41:26 am | Posted By CASANSAAR
The Supreme Court (SC) on Friday sought the response of the central government in a plea seeking a ban on the use of Zoom software application, citing privacy and security concerns.
Zoom app, which is owned by the US-headquartered company, Zoom Video Communications, enables video conferences and ...
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General |
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0 | Hits : 1282
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RBI cuts repo rate, extends moratorium on term loans by 3 months
Posted Date : 22-May-2020 , 10:46:38 am | Posted By CASANSAAR
RBI announced that it has decided to cut the repo rate cut by 40 basis points from 4.4 per cent to 4 per cent, adding that the reverse repo rate has been reduced to 3.35 per cent.
Addressing his third press conference in less than two months, RBI Governor Shaktikanta Das said that the GDP g...
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RBI |
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0 | Hits : 1613
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US Senate passes bill to delist Chinese companies from exchanges
Posted Date : 22-May-2020 , 09:44:09 am | Posted By CASANSAAR
The Senate overwhelmingly approved legislation on Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd and Baidu Inc being barred from listing on US stock exchanges amid increasingly tense relations between the world’s two largest economies.
The bill, introduced ...
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International Business |
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0 | Hits : 787
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MCA extends expiration of names reserved for company incorporation
Posted Date : 22-May-2020 , 09:38:15 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) further extended the expiration of names reserved for company incorporation by 20 days from May 31 for those reserved names that were expiring between May 15-31.
Similarly, the expiration of names reserved for change of name by existing companies was extend...
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MCA |
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Cabinet approves additional funding of up to Rs. 3 Lakh Cr through introduction of ECLGS
Posted Date : 21-May-2020 , 10:18:46 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given the following approvals:
To enable additional funding of up to Rs. three lakh crore to eligible MSMEs and interested MUDRA borrowers by way of "Emergency Credit Line Guarantee Scheme."
Under the Sch...
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Finance |
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0 | Hits : 1610
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57% investors say Big-4 Auditors have no credibility - IiAS survey
Posted Date : 21-May-2020 , 10:14:42 am | Posted By CASANSAAR
In more troubles for the auditing fraternity, an investor survey has found that 57 percent large investors and sell-side analysts do not have any faith in the Big-4 audit firms as they have lost credibility.
According to a survey by Institutional Investor Advisory Services of 63 large investors a...
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Auditing |
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0 | Hits : 2620
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Cabinet approves Special Liquidity Scheme for NBFCs/HFCs to address their Liquidity Stress
Posted Date : 21-May-2020 , 09:30:55 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity po...
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Finance |
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0 | Hits : 656
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Centre reduces EPFO contributions from 12 per cent to 10 per cent from May to July this year
Posted Date : 20-May-2020 , 09:28:51 am | Posted By CASANSAAR
The Centre has notified the reduction in statutory rate of contributions from 12 per cent to 10 per cent for wage months period from May to July, 2020 for all class of establishments covered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 .
Earlier,the govern...
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General |
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