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In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets. The guidelines, released yesterday, elaborate on requirements for achieving inter-operability for m...

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Category : RBI | Comments : 0 | Hits : 387

Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years. After the resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer...

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Category : Banking | Comments : 0 | Hits : 357

The corporate affairs ministry Monday said the focus of further reforms will be on designing of competition law to remove high entry barriers and provide easy access for those suffering from anti-competitive conduct.  While addressing a 'roadshow on competition law', jointly organise...

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Category : MCA | Comments : 0 | Hits : 358

Free or complementary tickets given by franchise owners for IPL matches will attract Goods and Services Tax (GST), the Authority for Advance Ruling (AAR) said. In response to an application filed by K P H Dream Cricket Pvt Ltd, which owns and operates IPL cricket team Kings XI Punjab, the Punjab ...

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Category : GST | Comments : 0 | Hits : 483

Witnessing a large number of defaulters under the Goods and Services (GST) act, the Delhi Department of trade and taxes on Friday issued show cause notices to a total of 51,500 tax defaulters. Also, to keep an eye on the suspicious and un-lawful trading activities of the dealers such as bogus bil...

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Category : GST | Comments : 0 | Hits : 801

Insolvency regulator IBBI has allowed a multilateral financial institution to acquire and hold up to 15 per cent equity stake in an Insolvency Professional Agency (IPA). A similar regulatory dispensation has also been allowed for other regulated entities, such as stock exchange, banking company, ...

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Category : Insolvent Professional | Comments : 0 | Hits : 466

In a likely blow to the government and the newly constituted board of Infrastructure Leasing & Financial Services (IL&FS), the Mumbai NCLT Bench rejected the plea of a three-month moratorium against any legal proceedings by any party against the stressed infrastructure financier and its 348 ...

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Category : Bitcoins | Comments : 0 | Hits : 360

The finance ministry on Friday dismissed as “exaggerated” and “inaccurate” exporters’ contention that about Rs 23,000 crore of goods and services tax-related refund claims are stuck with the government. “A large number of exporters have been granted refunds so ...

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Category : GST | Comments : 0 | Hits : 373

The State Bank of India (SBI) has asked its users to register their mobile numbers, if not already done, with the lender if they want to continue internet banking services. The country's largest lender has, in a notification, said that if the registration of mobile numbers with the respective br...

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Category : Banking | Comments : 0 | Hits : 485

  The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) is conducting an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) enrolled on the GST Network under sub-rule (2) of Rule 83 and covered by clause (b) of sub-rule (1) of...

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Category : GST | Comments : 0 | Hits : 1316

SEBI has decided to bring in the concept of appointing an administrator for sale of assets to recover investor money. According to the new norms, a registered insolvency professional will be appointed as administrator to undertake sale of assets, SEBI said in a notification. SEBI revised the proc...

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Category : SEBI | Comments : 0 | Hits : 815

With an aim to deepen the commodity derivatives market, regulator Sebi Tuesday allowed trading in the segment by foreign entities with exposure to the Indian physical commodity market.  Currently, foreign entities are not permitted to directly participate in the Indian commodity derivatives ...

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Category : SEBI | Comments : 0 | Hits : 710

The amendments to the Insolvency and Bankruptcy Code that accords priority in payment to unsecured operational creditors above financial creditors, will help improve recovery rate of banks’ bad loans as banks will vie with suppliers and other operational creditors for recovery of dues.  ...

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Category : Insolvent Professional | Comments : 0 | Hits : 772

The GST Council had in January 2017 decided that both the central and state tax administration would have the power to take intelligence-based enforcement action. The CBIC has asked tax officials of the Centre as well as state governments to initiate enforcement actions against GST evaders irrespec...

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Category : GST | Comments : 0 | Hits : 1169

The Ministry of Corporate Affairs (MCA) has requested the National Company Law Tribunal (NCLT) to relax rules for speedier resolution of the Infrastructure Leasing & Financial Services (IL&FS) debt crisis. However, the NCLT judge observed that the Companies Act does not permit an exemptio...

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Category : MCA | Comments : 0 | Hits : 878

The Supreme Court today sent three directors of the Amrapali group to police custody, directing them to hand over all the documents of the 46 group companies to forensic auditors.  A bench of Justices Arun Mishra and U U Lalit took exception to the Amprapali group not handing over all the do...

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Category : Corporate Law | Comments : 0 | Hits : 440

The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Central Board of Direct Taxes(CBDT) had earlier extended the date for filing of Income Tax Returns and various reports of Audit to 15th October, 20...

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Category : Tax Audit | Comments : 0 | Hits : 1684

The Supreme Court has set out how the corporate insolvency resolution process would work from inception while hearing the Essar Steel case, primarily with the objective of timely completion as cases are getting piled up at the tribunals. Most of the big-ticket cases — Essar Steel, Bhushan P...

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Category : Insolvent Professional | Comments : 0 | Hits : 718

Leading credit rating agencies are likely to face regulatory action over the IL&FC fiasco. According to sources, the market regulator may soon issue show-cause notices to three top rating agencies — Icra, India Ratings & Research (IndRa) and CARE Ratings — over their failure to p...

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Category : SEBI | Comments : 0 | Hits : 592

In recent cases of the law catching up with companies involved in tax defaults and delay in depositing the tax deducted at source (TDS) of employees with the government, directors of two companies - a construction firm and a hospitality entity - face six months' and one year's jail respectiv...

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Category : TDS | Comments : 0 | Hits : 1193

Initial public offerings, bonus, rights issues and ESoPs will be eligible for concessional rate of 10 per cent long-term capital gains (LTCG) tax even if the Securities Transaction Tax has not been paid earlier.  In the 2018-19 budget, the government had after a gap of 14 years reintroduced ...

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Category : Income Tax | Comments : 0 | Hits : 612

Ruling out possibility of inorganic expansion, Punjab National Bank Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy. With Rs 14,000 crore Nirav Modi episode getting out of scene, the bank is focussing on growth and recover...

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Category : Banking | Comments : 0 | Hits : 583

When the Congress party had mocked Prime Minister Narendra Modi over his remark that selling ‘pakodas’ too was a form of self-employment, little did it know that a ‘pakora’ seller in Ludhiana would not only prove the PM right but far exceed his expectations. On Friday morn...

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Category : Income Tax | Comments : 0 | Hits : 2009

In a complete contrast to market and expert expectations, Reserve Bank has maintained status quo on all key policy rates in the fourth bi-monthly monetary policy review announced this afternoon. The six member monetary policy committee, MPC headed by Governor Urjit Patel decided to keep the policy r...

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Category : RBI | Comments : 0 | Hits : 574

Market regulator Sebi has empanelled nine entities including KPMG, Grant Thornton and Ernst & Young Associates LLP for conducting forensic audits of financial statements of listed companies to check frauds. The other firms that have been selected are Deloitte Touche Tohmatsu India LLP, Chokshi &...

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Category : SEBI | Comments : 0 | Hits : 1216

The government may extend the term of the National Anti-profiteering Authority (NAA) beyond its original two-year mandate, with policymakers arguing that the watchdog needs to function for a longer period in light of the frequent rate changes in the goods and services tax (GST) and the unfinished ta...

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Category : GST | Comments : 0 | Hits : 823

In the course of its order on Essar Steel, which is undergoing the insolvency proceedings, the Supreme Court on Thursday forbade litigations from any stakeholder over a resolution plan before it is approved by the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT). Moreover...

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Category : Insolvent Professional | Comments : 0 | Hits : 513

The CBI has arrested an Income Tax inspector in Lucknow for allegedly receiving Rs 10 lakh in bribe to settle a tax case against a businessman, officials said Thursday. It was alleged that the Income Tax Inspector had demanded an illegal gratification of Rs 25 lakh for releasing Fixed Deposit Receip...

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Category : Income Tax | Comments : 0 | Hits : 761

Private lender ICICI Bank on Thursday said that it has accepted Chanda Kochhar's request for early retirement, the bank informed the stock exchanges. "The board of directors of ICICI Bank Limited, accepted the request of Ms Chanda Kochhar to seek early retirement from the bank at the ear...

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Category : Banking | Comments : 0 | Hits : 462

The National Financial Reporting Authority (NFRA), the newly-constituted independent regulator for the auditing profession, will look into the role of auditors for the serious lapses at IL&FS and whether they colluded with the Board to hide information. On Wednesday, Rangachari Sridharan took...

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Category : NFRA | Comments : 0 | Hits : 1460