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Cabinet approves merger of Dena, Vijaya Bank with Bank of Baroda
Posted Date : 02-Jan-2019 , 06:21:13 pm | Posted By CASANSAAR

The Union Cabinet approved the first-ever three-way merger in the history of Indian banking with the amalgamation of state-owned Vijaya Bank, Dena Bank and Bank of Baroda (BoB). "There will be no impact on the service conditions of the employees and there will be no retrenchment followi...

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Category : Banking | Comments : 0 | Hits : 156

Branch Managing Committees Election Dates announced by ICAI
Posted Date : 02-Jan-2019 , 06:24:44 am | Posted By CASANSAAR

ICAI have announced the Election Dates for Managing Committees Member of Branches. Each Branch having upto 500 Members shall be governed by a Managing Committee composed of 5 Members instead of 6 Members, as at present.      Each Branch having more than 500 Members shall be go...

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Category : ICAI Election | Comments : 0 | Hits : 2810

NCLT allows reopening of IL&FS’s Past accounts
Posted Date : 02-Jan-2019 , 10:30:05 am | Posted By CASANSAAR

The Mumbai bench of the National Company Law Tribunal (NCLT) on allowed the Govt to reopen and recast the accounts of Infrastructure Leasing and Financial Services Ltd (IL&FS) and its subsidiaries, IL&FS Transportation Network Ltd and IL&FS Financial Services, for the past five years. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 151

Govt waives late fee for non-filers of GST returns between July 17-Sept 18
Posted Date : 02-Jan-2019 , 10:20:56 am | Posted By CASANSAAR

The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the goods and services tax (GST). However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the ...

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Category : GST | Comments : 0 | Hits : 594

SEBI notifies physical delivery of derivatives in phased manner
Posted Date : 02-Jan-2019 , 10:18:43 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) on Monday said that all derivatives will be settled physically to curb volatility and promote borrowing and lending. In a physical settlement, traders have to take delivery of shares on the settlement day against the derivatives positions. All the...

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Category : SEBI | Comments : 0 | Hits : 55

RBI offers relief to MSMEs; allows restructuring of debt up to Rs 25 crore
Posted Date : 02-Jan-2019 , 09:46:00 am | Posted By CASANSAAR

Reserve Bank has allowed a one-time restructuring of existing debt of up to 25 crore rupees for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets. The decision will help the micro, small and medium enterprises (MSMEs) which a...

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Category : RBI | Comments : 0 | Hits : 149

IBBI publishes revised syllabus and other details of valuation examinations
Posted Date : 01-Jan-2019 , 07:38:42 pm | Posted By CASANSAAR

The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017. 2. The Central Government, vide a notification...

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Category : Insolvent Professional | Comments : 0 | Hits : 371

GST Revenue collection for December 2018
Posted Date : 01-Jan-2019 , 05:13:28 pm | Posted By CASANSAAR

The total gross GST revenue collected in the month of December, 2018 is Rs. 94,726 crore of which CGST is Rs. 16,442 crore, SGST is Rs. 22,459 crore, IGST is Rs. 47,936 crore (including Rs. 23,635 crore collected on imports) and Cess is Rs. 7,888 crore (including Rs. 838 crore collected on imports)....

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Category : GST | Comments : 0 | Hits : 123

Wishing You & Your Family a Very Happy New Year.
Posted Date : 01-Jan-2019 , 07:01:40 am | Posted By CASANSAAR

New Year is not about changing the Dates but Direction; It's not about changing the Calendar but Commitment; It's not about changing the Actions but Attitude; It's not about changing the Fruit but Faith, Force and Focus!! May you Commit and Create the best New Year Ever!!! Happy N...

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Category : General | Comments : 0 | Hits : 109

23 goods and services become cheaper from today
Posted Date : 01-Jan-2019 , 12:25:52 pm | Posted By CASANSAAR

23 goods and services, including movie tickets, TV and monitor screens and power banks become cheaper from today as the reduced  Goods and Services Tax (GST) on them came in to effect from today. The GST Council on December 22 had decided to cut tax rates on 23 goods and services and exempte...

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Category : GST | Comments : 0 | Hits : 233

Banks lost Rs 41,167 crore to fraud in 2017-18 - RBI
Posted Date : 31-Dec-2018 , 01:16:50 pm | Posted By CASANSAAR

Fraudsters have looted Rs 41,167.7 crore from the banking system in 2017-18, a sharp jump of 72 per cent from Rs 23,933 crore the previous year, despite “stringent monitoring and vigilance”, according to data released by the Reserve Bank of India (RBI). There were 5,917 instances of b...

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Category : RBI | Comments : 0 | Hits : 220

Strengthen NCLT infrastructure to speed up resolutions: RBI
Posted Date : 29-Dec-2018 , 04:32:30 pm | Posted By CASANSAAR

The central bank has called for strengthening the infrastructure at the National Company Law Tribunals (NCLT) to ensure time-bound resolution of stressed-asset loans in the banking sector, where the problem of mounting bad debt has prompted curbs on the normal operations at several high-street lende...

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Category : RBI | Comments : 0 | Hits : 124

GST evasion worth Rs.38,896 crore detected during April-Oct
Posted Date : 29-Dec-2018 , 11:34:05 am | Posted By CASANSAAR

The government has detected GST evasion worth Rs.38,896 crore in 6,585 cases in the April-October period of 2018-19, Parliament was informed on Friday. Minister of State for Finance Shiv Pratap Shukla said while central excise evasion of ₹3,028.58 crore in 398 cases was unearthed during the sev...

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Category : GST | Comments : 0 | Hits : 317

PSBs approve loans worth over Rs 37,400 cr for MSME sector
Posted Date : 29-Dec-2018 , 09:47:57 am | Posted By CASANSAAR

Public sector banks have approved more than 1.12 lakh loan applications of MSMEs worth of 37,412 crore rupees under the '59 minutes' loan scheme launched by the government last month. GST-registered Micro, Small and Medium Enterprises (MSMEs) can take loan up to one crore in just 59 minutes...

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Category : Banking | Comments : 0 | Hits : 348

Over 1 lakh companies deregistered this fiscal - Govt
Posted Date : 28-Dec-2018 , 04:28:57 pm | Posted By CASANSAAR

Names of more than 1 lakh companies have been struck off the official records in the current fiscal for not carrying business activities for a long time, the government said Friday. As part of clamping down on illicit fund flows, the Corporate Affairs Ministry has been taking action against entit...

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Category : Companies Act | Comments : 0 | Hits : 617

Sebi refuses to stay audit of suspected shell firm Inter Globe Finance
Posted Date : 28-Dec-2018 , 10:14:46 am | Posted By CASANSAAR

IGFL is among the firms against whom Sebi initiated action in Aug 2017 by ordering trading restrictions after it received a list of 331 suspected shell companies. Markets regulator Sebi on Thursday refused to grant a stay on the forensic audit of Inter Globe Finance, which is suspected to be a sh...

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Category : SEBI | Comments : 0 | Hits : 660

ICAI Election effects - Disciplinary Proceedings against IL&FS Auditors postponed
Posted Date : 28-Dec-2018 , 10:00:52 am | Posted By CASANSAAR

The much-anticipated hearing in the CA Institute’s inquiry against certain statutory auditors of beleaguered IL&FS Group stands postponed. The first hearing, which was scheduled to take place in Kolkata on Friday, has been postponed, sources close to the developments said. There is no i...

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Category : ICAI | Comments : 0 | Hits : 1012

ICAI defers Mandatory use of UDIN to Feb 2019
Posted Date : 27-Dec-2018 , 03:38:26 pm | Posted By CASANSAAR

ANNOUNCEMENT UDIN - A way to authenticate document As you are aware that to secure the certificates/documents attested/certified by practicing Chartered Accountants and for tracing forged/wrong documents prepared by any third person misrepresenting himself as a Chartered Accountant, ICAI had...

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Category : ICAI | Comments : 0 | Hits : 857

Appoint at least 2 more independent directors - SEBI to Govt
Posted Date : 27-Dec-2018 , 10:47:59 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has written to the finance ministry seeking the appointment of at least two independent members, said two people with direct knowledge of the matter. The aim is to resolve the problem of “lack of independent voices on its board”. The m...

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Category : SEBI | Comments : 0 | Hits : 637

Auditors fudged accounts; MCA seeks reopening of past 5 years financial records of ILFS
Posted Date : 27-Dec-2018 , 10:44:44 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI), in its interim report has said statutory auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) acted in a 'negligent and fraudulent manner' and prepared incorrect financial statements of the debt-laden group. Deloi...

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Category : Auditing | Comments : 0 | Hits : 1345

Government reviews guidelines for FDI in E- commerce
Posted Date : 27-Dec-2018 , 10:36:02 am | Posted By CASANSAAR

Government has reviewed guidelines for Foreign Direct Investment in E- commerce companies to protect the interests of domestic players. It has taken host of steps and barred e-commerce companies from selling products of the companies in which they have stake. In a statement, the Commerce and Industr...

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Category : Finance | Comments : 0 | Hits : 584

Bimal Jalan to head panel on RBI reserve; Rakesh Mohan to be vice chairman
Posted Date : 27-Dec-2018 , 10:34:31 am | Posted By CASANSAAR

Reserve Bank of India has named former Governor Bimal Jalan as the head of the expert panel that will decide on the appropriate size of reserves that the central bank should maintain and the dividend it should give to the government. RBI said in a statement yesterday that expert committee has bee...

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Category : RBI | Comments : 0 | Hits : 568

RBI launches survey to capture retail payment habits in 6 cities
Posted Date : 27-Dec-2018 , 10:24:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will capture payment habits of individuals in six cities, including four metropolitan towns. For the purpose, the central bank has launched a 'Survey on Retail Payment Habits of Individuals (SRPHi)'. According to RBI release, the survey will cover a sample ...

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Category : RBI | Comments : 0 | Hits : 549

Bidders may face jail term, Rs 1 crore penalty if they pull out of insolvency process
Posted Date : 26-Dec-2018 , 05:50:58 pm | Posted By CASANSAAR

The government and the Insolvency & Bankruptcy Board of India want to invoke certain sections against companies, which have decided to withdraw their offers to buy out stressed companies through the resolution process and derailing the complete process, says a Times of India report. The publi...

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Category : Insolvent Professional | Comments : 0 | Hits : 616

Resident, NRI taxpayers allowed manual filing for nil TDS certificate
Posted Date : 26-Dec-2018 , 12:07:17 pm | Posted By CASANSAAR

The income tax department on Monday allowed manual filing of form by resident and NRI taxpayers wanting to apply for deduction of taxes at a lower or nil rate on total income. The Income Tax Act, 1961, provides that if a taxpayer considers that her total income warrants deduction of income tax at...

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Category : TDS | Comments : 0 | Hits : 615

NCLT helps recover Rs.80,000 crore in 2018 from IBC cases
Posted Date : 26-Dec-2018 , 11:50:36 am | Posted By CASANSAAR

 Tasked with a key job of helping recover unpaid corporate loans, the NCLT has helped resolve insolvency and bankruptcy proceedings involving more than ₹80,000 crore in the year passing-by and the kitty is expected to swell beyond ₹1 trillion in 2019 with several big-ticket default cases pe...

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Category : Insolvent Professional | Comments : 0 | Hits : 564

Govt may continue GST compensation scheme till 2025
Posted Date : 24-Dec-2018 , 01:05:24 pm | Posted By CASANSAAR

The Union government plans to create a backstop facility for states to receive compensation for three additional years to implement the nationwide goods and services tax (GST) after the expiry of the first five years as mandated by the Constitution. This is aimed at ensuring that states grappling wi...

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Category : GST | Comments : 0 | Hits : 669

Recommendations made during 31st Meeting of the GST Council - Rate changes
Posted Date : 22-Dec-2018 , 06:08:43 pm | Posted By CASANSAAR

GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through...

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Category : GST | Comments : 0 | Hits : 646

Decisions taken by the GST Council in the 31st meeting held regarding GST rate on services
Posted Date : 22-Dec-2018 , 06:07:26 pm | Posted By CASANSAAR

GST Council in the 31stmeeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions andclarificationson connected issues.The decisions of the GST Council have been presented in this note in simple languagefor ea...

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Category : GST | Comments : 0 | Hits : 617

Recommendations made during 31st Meeting of the GST Council
Posted Date : 22-Dec-2018 , 06:06:14 pm | Posted By CASANSAAR

The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. A scheme of ...

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Category : GST | Comments : 0 | Hits : 541

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