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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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Category : Insolvent Professional | Comments : 0 | Hits : 254

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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Category : RBI | Comments : 0 | Hits : 137

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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Category : Budget | Comments : 0 | Hits : 178

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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Category : Income Tax | Comments : 0 | Hits : 202

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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Category : RBI | Comments : 0 | Hits : 94

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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Category : RBI | Comments : 0 | Hits : 299

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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Category : Auditing | Comments : 0 | Hits : 438

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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Category : Income Tax | Comments : 0 | Hits : 454

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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Category : MCA | Comments : 0 | Hits : 695

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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Category : CA Exams | Comments : 0 | Hits : 1591

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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Category : ICAI | Comments : 0 | Hits : 380

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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Category : MCA | Comments : 0 | Hits : 192

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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Category : Auditing | Comments : 0 | Hits : 507

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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Category : GST | Comments : 0 | Hits : 584

RBI scraps charges on NEFT, RTGS transfers
Posted Date : 07-Jun-2019 , 08:37:53 am | Posted By CASANSAAR

The Reserve Bank of India Thursday announced it was waiving off charges that are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). The central bank asked consumer banks to pass on this benefit to customers, essentia...

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Category : RBI | Comments : 0 | Hits : 834

Creditors can expect 100 per cent recoveries under IBC
Posted Date : 07-Jun-2019 , 08:16:57 am | Posted By CASANSAAR

Creditors can expect 100 per cent recoveries from their client companies going under the Insolvency and Bankruptcy Code (IBC) process for resolving cases of stressed assets and non-performing assets.  "This is because new NPA companies going through the IBC system are active businesses,...

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Category : Insolvent Professional | Comments : 0 | Hits : 181

RBI cuts repo rate by 25 bps to 5.75%
Posted Date : 06-Jun-2019 , 01:17:39 pm | Posted By CASANSAAR

The six-member monetary policy committee (MPC), headed by RBI Governor Shaktikanta Das, has decided to reduce key repo rate by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect.  The reverse repo rate under the LAF (liquidity adjustment facility) has been adjusted to 5...

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Category : RBI | Comments : 0 | Hits : 329

Govt reconstitutes eight Cabinet Committees
Posted Date : 06-Jun-2019 , 09:17:53 am | Posted By CASANSAAR

Under the Transaction of Business Rules, the Government has reconstituted Cabinet  Committees. These include - Appointments Committee of the Cabinet, Cabinet Committee on Accommodation, Cabinet Committee on Economic Affairs, Cabinet Committee on Parliamentary Affairs, Cabinet Committee on Polit...

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Category : General | Comments : 0 | Hits : 219

RBI to announce second bi-monthly monetary policy today
Posted Date : 06-Jun-2019 , 09:14:24 am | Posted By CASANSAAR

Reserve Bank of India will announce its second bi-monthly monetary policy for current fiscal year in Mumbai this morning.  The three day meeting of the monetary policy committee (MPC) began on Tuesday amid expectations of a third straight rate cut of 25 basis points.  The key lending...

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Category : RBI | Comments : 0 | Hits : 97

SC allows SFIO to reopen and recast IL&FS accounts for last five years
Posted Date : 05-Jun-2019 , 09:46:59 am | Posted By CASANSAAR

The Supreme Court on Tuesday allowed the Serious Fraud Investigation Office (SFIO) to reopen and recast the accounts of Infrastructure Leasing & Financial Services (IL&FS) and two of its key subsidiaries of five years starting 2012-13 (FY13). The order came on a plea moved by the Ministry of...

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Category : ITR | Comments : 0 | Hits : 456

Clarifications on filing of Annual Return (FORM GSTR-9)
Posted Date : 05-Jun-2019 , 09:37:28 am | Posted By CASANSAAR

The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows: Information contained in FORM GSTR-2A as on 01.05.20...

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Category : GST | Comments : 0 | Hits : 1505

RBI releases report on Benchmarking India's Payment Systems
Posted Date : 05-Jun-2019 , 09:35:16 am | Posted By CASANSAAR

The report on 'Benchmarking India's Payment Systems’ which was released on Tuesday mentions that the country is "strong" in areas like having necessary laws and cash in circulation per capita. The report provides a comparative position of the payment system ecosystem in In...

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Category : RBI | Comments : 0 | Hits : 262

CBDT extends deadline for employers to issue Form 16 till July 10
Posted Date : 05-Jun-2019 , 09:33:51 am | Posted By CASANSAAR

CBDT has extended the deadline for employers to issue Form 16 TDS (Tax Deducted at Source) certificate for the financial year 2018-19 to its employees by 25 days till 10 of next month. Earlier the last date was the 15th of June. The due date of filing of TDS statement by employers to the Income Tax ...

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Category : CBDT | Comments : 0 | Hits : 391

Requirement of Mentioning UDIN while Signing Audit Reports - ICAI
Posted Date : 05-Jun-2019 , 09:29:30 am | Posted By CASANSAAR

Announcement for Attention of the Members   Requirement of Mentioning UDIN while Signing Audit Reports    1.   The members may be aware that “Unique Document Identification Number (UDIN)” has been made mandatory as per the Council decision taken at it...

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Category : ICAI | Comments : 0 | Hits : 766

RBI bars EY member firm S.R.Batliboi from Auditing banks for a year
Posted Date : 04-Jun-2019 , 09:49:18 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday said it has barred audit firm S.R.Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year starting 1 April 2019, citing lapses in a statutory audit.  The central bank said the action was initiated on account of the laps...

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Category : RBI | Comments : 0 | Hits : 955

MCA examining pre-packaged insolvency solutions to cut delay under IBC
Posted Date : 04-Jun-2019 , 09:46:21 am | Posted By CASANSAAR

Prepackaged insolvency resolution, allowing creditors and shareholders with a pre-negotiated corporate reorganisation plan to approach NCLT, may be taken forward by the government as a key route in the time to come.  Sources said "this will aid the existing framework and cut costs and t...

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Category : Insolvent Professional | Comments : 0 | Hits : 322

Govt issues notices to tax evaders on ITR, GST mismatch
Posted Date : 04-Jun-2019 , 09:44:04 am | Posted By CASANSAAR

First time government is matching income tax and GST returns. The initial findings have reported the overstatement of GST claims and understatement of income in the ITRs, as per officials. The recent Supreme Court judgement has also made it tough for these entities by refusing to allow protection to...

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Category : GST | Comments : 0 | Hits : 1218

RBI modifies large exposures framework for bank
Posted Date : 04-Jun-2019 , 09:37:58 am | Posted By CASANSAAR

The Reserve Bank of India June 3 modified the guidelines on large exposures for banks with a view to reduce concentration of risk and align them with the global norms. The modified 'Large Exposures Framework' (LEF) provides exclusion of entities connected with the sovereign from definitio...

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Category : RBI | Comments : 0 | Hits : 107

MCA moves NCLT against Deloitte, BSR over fraud at IL&FS subsidiary
Posted Date : 03-Jun-2019 , 08:24:45 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has launched a prosecution against Deloitte Haskins and Sells as well as BSR and Associates LLP and their former auditors for their role in “perpetuating the fraud” at IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS...

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Category : MCA | Comments : 0 | Hits : 858

GST revenue collection crosses Rs one lakh cr in May
Posted Date : 03-Jun-2019 , 08:14:36 am | Posted By CASANSAAR

The GST revenue collection has crossed one lakh crore rupees in May this year, which is a growth of 6.67 per cent over the revenue collected in the same month last year. The GST collected during last month was one lakh 289 crore rupees as compared to over 94 thousand crore rupees in the same peri...

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Category : GST | Comments : 0 | Hits : 528

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