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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RBI |
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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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RBI |
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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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RBI |
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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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GST |
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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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Income Tax |
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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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Income Tax |
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0 | Hits : 898
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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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General |
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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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General |
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0 | Hits : 971
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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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GST |
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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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CAG |
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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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Finance |
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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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CAG |
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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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RBI |
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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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General |
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0 | Hits : 975
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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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General |
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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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Income Tax |
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0 | Hits : 1222
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IBC Bill won't encroach on SC domain - Finance Minister
Posted Date : 30-Jul-2019 , 10:20:00 am | Posted By CASANSAAR
The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday.
She was replying to a debate on the amendments to the code in the ...
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Insolvent Professional |
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0 | Hits : 995
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Rajya Sabha passes The Insolvency and Bankruptcy Code
Posted Date : 30-Jul-2019 , 10:01:56 am | Posted By CASANSAAR
The Rajya Sabha on Monday approved amending the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors and giving lenders explicit authority over distribution of proceeds of auction of loan defaulting companies.
Replyi...
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Insolvent Professional |
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0 | Hits : 1207
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RBI slaps Rs 26 lakh fine on Mobikwik and Hip Bar
Posted Date : 30-Jul-2019 , 09:54:52 am | Posted By CASANSAAR
The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines.
The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine ...
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RBI |
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0 | Hits : 1052
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IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 29-Jul-2019 , 07:55:17 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment.
The new regulations also say that a compromise between the stakeholders must happen within 90 d...
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Insolvent Professional |
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0 | Hits : 1006
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JW Marriott Hotel fined Rs 25,000 for levying GST on bananas
Posted Date : 28-Jul-2019 , 07:37:40 am | Posted By CASANSAAR
JW Marriott Saturday was fined Rs 25,000 by the Chandigarh Excise and Taxation department for illegally levying 18 percent GST on fresh bananas served to actor Rahul Bose.
Fresh fruits are tax-free under the GST regime.
Bose, last Sunday had posted a video on micro-blogging website...
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GST |
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0 | Hits : 1214
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GST Council slashes tax rates on electric vehicles, chargers
Posted Date : 28-Jul-2019 , 07:33:49 am | Posted By CASANSAAR
Federal indirect tax body, the Goods and Services Tax (GST) Council, on Saturday decided to reduce tax rates on electric vehicles and chargers from 1 August.
The tax rate is reduced from 12% to 5% on vehicles and from 18% to 5% on electric vehicle chargers.
The Council also made hiring of elec...
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GST |
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0 | Hits : 883
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500 CA Exam Answer Sheets Found With Unauthorised Person in Kolkata
Posted Date : 27-Jul-2019 , 08:21:33 am | Posted By CASANSAAR
Kolkata Police found 500 Chartered Accountancy exam answer sheets at the residence of an unauthorised individual named. The answer sheets are of a CA exam conducted in June 2019.
Ray, an accountant who works at a CA firm, is not an authorised examiner of the Chartered Accountancy exam. Police say...
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CA Exams |
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0 | Hits : 2075
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IBBI amends norms for insolvency resolution process for Corporate Persons
Posted Date : 27-Jul-2019 , 08:10:28 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for corporate persons and liquidation process.
The amendments specify the process for withdrawal of applications before constitution of Committee of Creditors (CoC) and other scenario...
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Insolvent Professional |
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0 | Hits : 837
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SEBI fixes minimum staggered delivery period of 5 days for commodity futures
Posted Date : 27-Jul-2019 , 08:02:05 am | Posted By CASANSAAR
Capital markets regulator Sebi on Friday fixed the minimum duration of the staggered delivery period at five working days for all commodity futures in order to bring uniformity in the timeline across exchanges.
Staggered delivery period is the duration during which sellers or buyers having ...
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SEBI |
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0 | Hits : 874
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IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 27-Jul-2019 , 07:58:01 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment.
The new regulations also say that a compromise between the stakeholders must happen within 90 d...
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Insolvent Professional |
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0 | Hits : 887
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CBDT gives 2 months extension to I-T Dept to finalise assessment in demonetisation cases
Posted Date : 27-Jul-2019 , 07:39:11 am | Posted By CASANSAAR
The CBDT on July 26 said that it has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation.
The CBDT said the extension of time is being granted after co...
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Income Tax |
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0 | Hits : 1824
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Lok Sabha passes Companies (Amendment) Bill, 2019
Posted Date : 27-Jul-2019 , 07:34:08 am | Posted By CASANSAAR
The Lok Sabha has passed The Companies (Amendment) Bill, 2019. The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility compliance, transfer certain responsibilities to National Company Law Tribunal and recatgorise certain offences as civil offences.&...
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Corporate Law |
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0 | Hits : 866
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Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019
Posted Date : 26-Jul-2019 , 07:45:31 am | Posted By CASANSAAR
Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019.
As per the said notification:
i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the fi...
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MCA |
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0 | Hits : 1377
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GST Council meet postponed
Posted Date : 25-Jul-2019 , 10:51:02 pm | Posted By CASANSAAR
The 36th meeting of the GST Council which was scheduled to be held in New Delhi today has been postponed.
The meeting will be rescheduled for a later date. #casansaar (Source - NewsonAir)
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GST |
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