RBI fines HDFC Bank Rs 1 crore for violation of KYC norms
Posted Date : 19-Jun-2019 , 09:48:12 am | Posted By CASANSAAR
Reserve Bank Tuesday fined country's largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions.
The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currenc...
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RBI |
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New Income Tax guidelines tightens screw on tax evaders
Posted Date : 19-Jun-2019 , 09:45:32 am | Posted By CASANSAAR
Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person’s chances of getting relief in an income tax evasion offence beginning Monday, a latest directive issued by the CB...
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Income Tax |
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Govt of India compulsorily retires 15 Senior Officers of the IRS (C &CE) with immediate effect
Posted Date : 19-Jun-2019 , 09:39:12 am | Posted By CASANSAAR
In exercise of the powers conferred by Clause (j) of Rule 56 of the Fundamental Rules, the President of India has retired 15 officers of Indian Revenue Service (IRS)(C&CE) in public interest with immediate effect on completing 50 years of age. These Officers are of the rank of Principal Co...
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Custom |
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SEBI permits stock exchanges to introduce futures on commodity indices
Posted Date : 19-Jun-2019 , 09:36:55 am | Posted By CASANSAAR
Capital markets regulator SEBI today permitted stock exchanges with commodity derivative segment to introduce futures on indices. SEBI in a circular said, the stock exchanges, willing to start trading in futures on commodity indices, are required to take prior approval for launching such contracts.
...
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SEBI |
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Independent Directors, Rating agencies, Auditors under SEBI lens in IL&FS case
Posted Date : 18-Jun-2019 , 07:10:39 am | Posted By CASANSAAR
A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator SEBI for their role in the alleged fraud at the group.
SEBI has been c...
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Auditing |
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GST Council meet on 21 June to focus on checking tax evasion
Posted Date : 17-Jun-2019 , 02:23:08 pm | Posted By CASANSAAR
Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June.
The government plans to increase scrutiny on businesses amid lower-than-expected GST collec...
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GST |
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New income tax rules from today, no escape just by paying penalty
Posted Date : 17-Jun-2019 , 02:18:30 pm | Posted By CASANSAAR
Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws "generally" non-compoundable.
This means that a person or entity would not be able to settle a case of tax evasion by just p...
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Income Tax |
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NFRA seeks documents from auditors in IL&FS probe
Posted Date : 15-Jun-2019 , 07:48:31 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the newly created regulator for auditors, has begun full-fledged investigations into the audit failure at Infrastructure Leasing and Financial Services (IL&FS) after taking over the job from the Institute of Chartered Accountants of India (ICAI)...
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NFRA |
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Govt alleges 22 audit violations by Deloitte, KPMG arm in IL&FS fraud case
Posted Date : 14-Jun-2019 , 09:00:04 am | Posted By CASANSAAR
India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters.
The failures were detecte...
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Auditing |
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FM holds Pre-Budget Consultation with representatives of Financial Sector and Capital Markets
Posted Date : 14-Jun-2019 , 08:56:49 am | Posted By CASANSAAR
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her third Pre- Budget Consultation Meeting with the stakeholders from Financial Sector and Capital Markets here today.
The main areas of discussion during the Meeting included issues relating to the Ca...
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Budget |
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Govt reduces ESI contribution rate from 6.5 to 4 per cent
Posted Date : 14-Jun-2019 , 08:54:14 am | Posted By CASANSAAR
The government has reduced the rate of the contribution made by employees and employers under the Employees' State Insurance (ESI) Act from 6.5 per cent to 4 per cent. In a release, the Ministry of Labour and Employment said, the government has taken a historic decision to reduce the rate of con...
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General |
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SEBI moves SC against NCLT order on IBC overriding SEBI Act
Posted Date : 13-Jun-2019 , 12:13:52 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has approached the Supreme Court challenging the order of the National Company Law Tribunal (NCLT) which had ruled that the Insolvency and Bankruptcy Code (IBC) would override the SEBI Act.
A Bench of Justices Indira Banerjee and Ajay Rastogi issu...
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SEBI |
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Reliance Capital calls PWC's observations baseless, unjustified
Posted Date : 13-Jun-2019 , 12:11:42 pm | Posted By CASANSAAR
Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' observations about its accounts were "completely baseless and unjustified".
On Wednesday, Reliance Capital and Reliance Home Finance said that Price Waterh...
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Auditing |
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Cabinet approves Aadhaar and Other Laws (Amendment) Bill 2019
Posted Date : 13-Jun-2019 , 12:10:34 pm | Posted By CASANSAAR
Union Cabinet has approved the Aadhaar and Other Laws (Amendment) Bill 2019 to replace Aadhaar and Other Laws (Amendment) Ordinance 2019.
This will enable UIDAI to have a more robust mechanism to serve the public interest and restrain the misuse of Aadhar. After the amendment, no individual will ...
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General |
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New GST return mechanism will be implemented in phases
Posted Date : 12-Jun-2019 , 09:29:37 am | Posted By CASANSAAR
The Finance Ministry on Tuesday unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism.
The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the...
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GST |
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CBDT demotes four Income Tax officers over pending vigilance issues
Posted Date : 12-Jun-2019 , 09:02:39 am | Posted By CASANSAAR
A day after the government forcibly retired a dozen senior Income-Tax Department officials over charges of corruption, the CBDT on Tuesday demoted four officials on the basis of "pending" vigilance cases against them. The four officials have been demoted from the rank of Joint Commissioner...
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Income Tax |
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NCLT shouldn’t be influenced by other order except that of appellate tribunal, SC - NCLAT
Posted Date : 12-Jun-2019 , 08:59:17 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) said that the National Company Law Tribunal (NCLT) has the power to resolve matters relating to insolvency on merit and it should not be influenced by any other order except the decision of the appellate tribunal or the Supreme Court.
However, a...
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Insolvent Professional |
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RBI's norms to give more headroom to lenders to resolve big ticket NPAs
Posted Date : 12-Jun-2019 , 08:53:13 am | Posted By CASANSAAR
Reserve Bank's new guidelines to deal with bad loans will provide lenders the headroom and flexibility for resolution of large ticket stressed asset cases under the Insolvency and Bankruptcy Code (IBC), according to a report.
The RBI came out with a revised prudential framework for resolution...
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RBI |
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FM holds Second Pre-Budget Consultation with the Representatives of Industry, Services and Trade Groups
Posted Date : 12-Jun-2019 , 08:51:48 am | Posted By CASANSAAR
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20 here today. Her second Meeting was with the stakeholder Groups from Industry, Trade and Ser...
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Budget |
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CBIC releases Transition plan to the new GST Return
Posted Date : 12-Jun-2019 , 08:49:51 am | Posted By CASANSAAR
The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: -
In May, 2019 a prototyp...
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Income Tax |
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RBI constitutes committee to review ATM pricing
Posted Date : 12-Jun-2019 , 08:46:46 am | Posted By CASANSAAR
The Reserve Bank of India has constituted a six-member committee to review the entire gamut of ATM charges and fees. In a press release, the RBI said, Chief Executive of Indian Banks’ Association VG Kannan will chair the committee consisting of senior officers from National Payments Corporatio...
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RBI |
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RBI relaxes norms for no-frills accounts
Posted Date : 11-Jun-2019 , 08:57:22 am | Posted By CASANSAAR
Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on June 10. However, the banks cannot ask the account holders to maintain any minimum balance in lieu of such facilities.
Earlier, additional facilities made these ...
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RBI |
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Govt moves NCLT to seek 5-year ban on Deloitte, BSR
Posted Date : 11-Jun-2019 , 08:42:50 am | Posted By CASANSAAR
The central government on Monday took the unprecedented step of seeking a ban on auditors Deloitte Haskins & Sells and BSR & Co for their alleged role in helping hide bad loans at the bankrupt IL&FS Financial Services.
The government sought a five-year ban under Section 140 of t...
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Auditing |
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Govt orders compulsory retirement of 12 senior Income Tax officers for corruption, misconduct
Posted Date : 11-Jun-2019 , 08:35:31 am | Posted By CASANSAAR
Twelve senior officers of Income Tax Department including one of the ranks of the joint commissioner were compulsorily retired by the government on charges of corruption and professional misconduct.
Sources said the list is topped by a Joint Commissioner rank officer against whom there are ...
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Income Tax |
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CAs are facing more heat today as norms are strong - MCA Secretary
Posted Date : 10-Jun-2019 , 08:37:35 am | Posted By CASANSAAR
Amid instances of frauds at companies, chartered accountants are facing the “most heat today” as strong auditing and accounting standards are in place, said a senior government official.
The remarks of Corporate Affairs Secretary Injeti Srinivas also come at a time when the role of au...
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MCA |
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Namo, Raga merger in CA exam paper sparks controversy
Posted Date : 10-Jun-2019 , 08:35:18 am | Posted By CASANSAAR
The ongoing examination for Chartered Accountants (CA), conducted by the Institute of Chartered Accountants of India (ICAI), has sparked a debate with the use of abbreviated names “Namo” and “Raga” of two of the country’s most recognisable political figures in a questio...
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CA Exams |
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Govt may setup National Institute for valuers on the lines of ICAI
Posted Date : 10-Jun-2019 , 08:25:33 am | Posted By CASANSAAR
The government will look at setting up a national institute for valuers on the lines of chartered accountants' apex body ICAI, a senior official said Saturday.
The Companies Act, 2013 provides a comprehensive framework for development and regulation of the profession of valuers.
Corporate ...
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ICAI |
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MCA, SEBI sign MoU to start automatic data exchange
Posted Date : 10-Jun-2019 , 08:22:55 am | Posted By CASANSAAR
Bolstering efforts to curb white collar frauds, the corporate affairs ministry and markets watchdog SEBI will start automatic sharing of data between them.
The move also comes against the backdrop of concerns over corporate governance practices amid instances of misdoings and financial irregulari...
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MCA |
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HDFC Bank appoints new auditor after RBI's action against S.R. Batliboi & Co.
Posted Date : 10-Jun-2019 , 08:17:53 am | Posted By CASANSAAR
After the Reserve Bank of India (RBI) restricted audit firm S.R. Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year for "lapses" in a statutory audit, HDFC Bank today cancelled the appointment of the auditor.
In a regulatory filing, HDFC Bank said its...
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Auditing |
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GST Council may fix Rs 50 crore turnover threshold for e-invoice under GST
Posted Date : 10-Jun-2019 , 08:15:03 am | Posted By CASANSAAR
The finance ministry is likely to propose Rs 50 crore as the turnover threshold for entities to generate e-invoice on a centralised government portal for business-to-business (B2B) sales as it looks to curb GST evasion, an official said.
The GST Council, which will meet on June 20, will take a fi...
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GST |
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