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RBI slashes repo rate by 35 basis points
Posted Date : 07-Aug-2019 , 10:43:52 pm | Posted By CASANSAAR

The Reserve Bank has cut repo rate by 35 basis points to 5.40 per cent to give a fillip to the economy. Repo rate is the rate at which RBI lends to banks. This is the fourth consecutive time that the RBI's Monetary Policy Committee reduced the rate. On earlier three occasions, RBI had reduced...

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Category : RBI | Comments : 0 | Hits : 272

RBI announces NEFT facility will be available round-the-clock for customers
Posted Date : 07-Aug-2019 , 10:20:06 pm | Posted By CASANSAAR

The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers.  Speaking at a press conference after the release of the third bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will...

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Category : RBI | Comments : 0 | Hits : 831

SEBI plans Rs.1 Cr reward, hotline access for informers of insider trading
Posted Date : 07-Aug-2019 , 08:31:52 am | Posted By CASANSAAR

Any inside information on insider trading in the stock market can get the informant a reward of up to ₹1 crore from Sebi, a hotline for sharing details to ensure confidentiality and a possible amnesty or settlement for minor wrongdoings in return for cooperation in the probe. Capital market reg...

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Category : SEBI | Comments : 0 | Hits : 204

CBDT lays out revised region-wise direct tax collection target
Posted Date : 07-Aug-2019 , 08:17:24 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on August 5 laid out the target for achieving the government's revised direct tax collection of Rs 13.35 lakh crore. In a letter to all principal commissioners, the CBDT laid out targets for each of its regions, with the Mumbai region expected to contr...

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Category : CBDT | Comments : 0 | Hits : 203

Govt wants to freeze accounts of IL&FS Auditors, 21 others
Posted Date : 06-Aug-2019 , 09:32:37 pm | Posted By CASANSAAR

In more troubles for the auditors of the crippled IL&FS--Deloitte and BSR, the corporate affairs ministry Tuesday moved the NCLT seeking to freeze their bank accounts along with those of 21 others who are impleaded in the main petition in the one of the largest fraud cases. This comes even as...

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Category : Auditing | Comments : 0 | Hits : 829

Parliament passes Consumer Protection Bill
Posted Date : 06-Aug-2019 , 09:27:31 pm | Posted By CASANSAAR

Parliament has passed the  Consumer Protection Bill, 2019, with the Rajya Sabah approving it today.  The Lok Sabha has already passed it. The bill aims at protecting the interests of consumers by establishing authorities for timely and effective administration and settlement of consumer...

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Category : General | Comments : 0 | Hits : 114

Parliament passes Jammu & Kashmir reorganisation Bill
Posted Date : 06-Aug-2019 , 09:26:08 pm | Posted By CASANSAAR

Parliament has adopted the resolution revoking the special status given to Jammu and Kashmir under Article 370 of the Constitution, with Lok Sabha approving it today.  The Lower House adopted the resolution with 351 members supporting it while 72 voted against it. The Rajya Sabha had adopted...

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Category : General | Comments : 0 | Hits : 68

RBI slaps Rs 8.5 crore fine on 11 banks for not complying with fraud reporting
Posted Date : 06-Aug-2019 , 07:57:19 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday said it has imposed a collective penalty of Rs 8.5 crore on eleven commercial banks for violating norms on fraud classification and reporting by commercial banks and selected financial institutions (FIs). While the RBI imposed a fine of Rs 1.5 crore on Or...

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Category : RBI | Comments : 0 | Hits : 521

Deloitte quits as auditor of DHFL
Posted Date : 06-Aug-2019 , 07:51:19 am | Posted By CASANSAAR

Deloitte has quit as the auditor of cash-strapped DHFL, sources said on Sunday. Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of Corporate Affairs, one of the sources said. Another source confirmed that Deloitte has quit, but without citing any r...

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Category : Auditing | Comments : 0 | Hits : 410

Govt moves SC to make NCLT judges stick to deadline for resolving cases
Posted Date : 06-Aug-2019 , 07:46:36 am | Posted By CASANSAAR

The government has sought the Supreme Court’s (SC’s) approval to frame rules for making judges of the National Company Law Tribunal (NCLT) accountable in ensuring corporate insolvency cases are disposed of in time. In the latest amendments to the Insolvency and Bankruptcy Code (IBC), ...

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Category : Insolvent Professional | Comments : 0 | Hits : 207

Finance Minister meets Bankers, reviews the performance of banks
Posted Date : 06-Aug-2019 , 07:38:56 am | Posted By CASANSAAR

Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs reviewed the performance of banks, here, today in a meeting with the top management of Public Sector Banks, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Citi Bank. RBI Deputy Governor N. S. Vishwanathan also...

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Category : Finance | Comments : 0 | Hits : 171

RBI tightens fit-and-proper criteria for directors on PSB boards
Posted Date : 03-Aug-2019 , 07:19:25 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has tightened the fit-and-proper criteria for directors on the boards of state-run banks, and said the Centre’s nominee director shall not be part of the nomination and remuneration committee (NRC). The revised criteria also, for the first time, laid down an exh...

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Category : RBI | Comments : 0 | Hits : 491

RBI bans NBFCs from charging loan foreclosure penalties
Posted Date : 03-Aug-2019 , 07:18:15 am | Posted By CASANSAAR

The Reserve Bank on Friday barred non-banking finance companies from charging pre-payment penalties or foreclosure charges from individual borrowers.  "NBFCs shall not charge foreclosure charges/pre- payment penalties on any floating rate term loans sanctioned for purposes other than bu...

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Category : RBI | Comments : 0 | Hits : 729

Parliament passes Wage Code Bill to ensure minimum wage for workers
Posted Date : 03-Aug-2019 , 07:10:55 am | Posted By CASANSAAR

The Rajya Sabha, on Friday, passed the Code on Wages Bill, 2019, which allows the Centre to set a minimum statutory wage, a move expected to benefit 500 million workers across the country. The bill has been passed in the Lok Sabha last week and will now go for President's assent following which ...

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Category : General | Comments : 1 | Hits : 788

RBI slaps fine on eight public sector banks for violating norms
Posted Date : 02-Aug-2019 , 09:13:11 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) imposed monetary penalty ranging between Rs 1-2 crore on eight public sector banks for violating norms on fraud classification, bill discounting and monitoring of end use of funds. Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India were fin...

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Category : RBI | Comments : 0 | Hits : 315

RBI imposes penalty of Rs 1.5 cr on Bank of India
Posted Date : 02-Aug-2019 , 12:34:09 pm | Posted By CASANSAAR

  The Reserve Bank of India has imposed a penalty of Rs 1.5 crore on Bank of India on account of 'Non-compliance with RBI's direction on Frauds' in Rotomac Group companies. The aforesaid penalty is required to be paid within 14 days of receipt of their order. #casansaar (Soruc...

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Category : RBI | Comments : 0 | Hits : 359

RBI allows Bank of China to offer regular banking services in India
Posted Date : 02-Aug-2019 , 12:28:04 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Thursday allowed Bank of China to offer regular banking services in the country. All commercial banks, like SBI, HDFC Bank, Punjab National Bank and ICICI Bank, are in the Second Schedule. Banks falling under this schedule have to adhere to the norms of the RBI. ...

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Category : RBI | Comments : 0 | Hits : 642

GST Collections At Rs. 1.02 Lakh Crore In July
Posted Date : 02-Aug-2019 , 12:24:39 pm | Posted By CASANSAAR

The Goods and Services Tax (GST) collections rose by 5.80 per cent to Rs. 1,02,083 crore in July from a year ago, the Ministry of Finance said in a statement on Thursday.  In July last year, the GST revenue was Rs 96,483 crore. The Central GST collections stood at Rs 17,912 crore, State GST ...

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Category : GST | Comments : 0 | Hits : 235

Income Tax department launches e-filing Lite for taxpayers
Posted Date : 02-Aug-2019 , 12:20:55 pm | Posted By CASANSAAR

A 'lite' e-filing facility was launched by the Income Tax department on Thursday to facilitate the easy and quick filing of returns by taxpayers. The facility was operationalised on the official portal of the department --https://www.incometaxindiaefiling.gov.in. "The Income Tax d...

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Category : Income Tax | Comments : 0 | Hits : 434

FIU slaps over Rs 15 cr fine on PNB for violating money laundering rules
Posted Date : 02-Aug-2019 , 12:12:35 pm | Posted By CASANSAAR

The Financial Intelligence Unit (FIU-Ind) has imposed a penalty of Rs 15.62 crore on state-owned Punjab National Bank (PNB) for breaching anti-money laundering rules. The FIU move against PNB is significant because it is based on inspection and review of the Bank during April 2016-November 2017, whi...

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Category : Income Tax | Comments : 0 | Hits : 283

President Kovind gives assent to Triple Talaq Bill
Posted Date : 01-Aug-2019 , 08:33:51 am | Posted By CASANSAAR

President Ram Nath Kovind has given his nod to the Muslim Women (Protection of Rights on Marriage) Bill, 2019 that abolishes the practice of instant Triple Talaq.  The law comes into force retrospectively from 19th September 2018. A Gazette Notification to this effect was issued yesterday. T...

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Category : General | Comments : 0 | Hits : 327

Rajya Sabha passes Motor Vehicles (Amendment) Bill to improve road safety
Posted Date : 01-Aug-2019 , 08:32:43 am | Posted By CASANSAAR

The Rajya Sabha passed the Motor Vehicles (Amendment), Bill, 2019 with some amendments. The bill was passed yesterday with 108 members voting in favour of the bill and 13 against. It will be again sent to the Lok Sabha for approval as it was passed with Amendments. The bill seeks to amend the ...

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Category : General | Comments : 0 | Hits : 388

GSTN releases offline tool of new GST return for trial run
Posted Date : 31-Jul-2019 , 09:54:32 am | Posted By CASANSAAR

Goods and Services Tax Network (GSTN) on July 30 released trial version of offline tools of GST forms related to supply of goods and services. The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2), GSTN, which is the IT backbone of the ...

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Category : GST | Comments : 0 | Hits : 720

CAG flays tax authorities over error in assessment of income, taxes
Posted Date : 31-Jul-2019 , 09:51:53 am | Posted By CASANSAAR

The Comptroller and Auditor General of India (CAG) has rapped direct tax authorities for irregularities in assessments of personal income and corporation taxes over the years. In a report on direct taxes for 2018-19 tabled in Parliament on Tuesday, the auditor suggested that the government consid...

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Category : CAG | Comments : 0 | Hits : 580

Senior IAS officer Rajiv Kumar appointed as new Finance Secretary
Posted Date : 31-Jul-2019 , 09:46:28 am | Posted By CASANSAAR

Senior IAS officer Rajiv Kumar, currently serving as Financial Services Secretary, was on Tuesday appointed as the new Finance Secretary, reported ANI. The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi approved the designation of Kumar as the new Finance Secretary, ...

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Category : Finance | Comments : 0 | Hits : 311

GST system prone to input tax credit frauds - CAG
Posted Date : 31-Jul-2019 , 09:40:31 am | Posted By CASANSAAR

The roll-out of GST has unified the multiple central and state taxes on goods and services to a great extent and made credit for input taxes available through the value chain, but hasn’t simplified the tax compliance regime while the experience so far has also been that of slowdown in tax reve...

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Category : CAG | Comments : 0 | Hits : 449

RBI relaxes External Commercial Borrowing norms for corporates , non-banking lenders
Posted Date : 31-Jul-2019 , 09:26:38 am | Posted By CASANSAAR

In more liquidity easing measures, the Reserve Bank has liberalised the end-use stipulations for the External Commercial Borrowings both for corporates as well as liquidity starved non-banking lenders. The central bank in a statement yesterday said that liberalisation will be applicable to ECBs t...

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Category : RBI | Comments : 0 | Hits : 391

Parliament passes Companies (Amendment) Bill
Posted Date : 30-Jul-2019 , 09:57:43 pm | Posted By CASANSAAR

Parliament has passed the Companies (Amendment) Bill, 2019, with the Rajya Sabha approving it today. The Lok Sabha has already passed the bill.  The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility-CSR compliance, transfer certain responsibiliti...

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Category : General | Comments : 0 | Hits : 342

Lok Sabha Passes the Code on Wages Bill, 2019
Posted Date : 30-Jul-2019 , 09:55:13 pm | Posted By CASANSAAR

The Lok Sabha today passed The Code on Wages Bill, 2019. While opening the discussion for consideration and passing of the Bill,  Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar said that it is a historic Bill which aims to transform the old and obsolete labour laws...

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Category : General | Comments : 0 | Hits : 320

Income Tax dept to use data analysis, risk profiling to increase tax mop up
Posted Date : 30-Jul-2019 , 10:48:03 am | Posted By CASANSAAR

The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding confidence of achieving the direct tax mop-up target for the current fiscal.  In the 2019-20 Budget, the g...

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Category : Income Tax | Comments : 0 | Hits : 618

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