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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RBI |
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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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RBI |
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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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Auditing |
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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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Income Tax |
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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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MCA |
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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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CA Exams |
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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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ICAI |
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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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MCA |
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0 | Hits : 741
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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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Auditing |
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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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GST |
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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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RBI |
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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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Insolvent Professional |
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0 | Hits : 746
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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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RBI |
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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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General |
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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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RBI |
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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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ITR |
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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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GST |
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0 | Hits : 2144
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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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RBI |
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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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CBDT |
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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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ICAI |
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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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RBI |
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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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Insolvent Professional |
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0 | Hits : 861
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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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GST |
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0 | Hits : 1927
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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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RBI |
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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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MCA |
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0 | Hits : 1609
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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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GST |
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FM Nirmala Sitharaman to present her first Union Budget on 5 July
Posted Date : 01-Jun-2019 , 07:55:14 am | Posted By CASANSAAR
The new Finance Minister Nirmala Sitharaman will present her first Union Budget (for FY20) on 5 July, the government decided on Friday.
A day before the Union Budget, Sitharaman will table in Parliament the Economic Survey 2018-19 authored by chief economic adviser Krishnamurthy Subramaniam and h...
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Budget |
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Parliament Session to be held from June 17 to July 26
Posted Date : 01-Jun-2019 , 07:53:33 am | Posted By CASANSAAR
While the newly elected 17th Lok Sabha will meet on 17th June, the Rajya Sabha will have its sitting on 20th June onwards.
Briefing reporters after the cabinet meeting, Information and Broadcasting Minister Prakash Javdekar said, the session will continue till 26th of July.
T...
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General |
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MCA begins work to bar 9 Auditors, Audit Partners
Posted Date : 01-Jun-2019 , 07:50:28 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has authorised its regional unit to initiate proceedings against nine auditors and audit partners including BSR Co. and Deloitte Haskins & Sells (DHS) and bar them after they were charged with colluding with the management of IL&FS Financial Services and fra...
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MCA |
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Smt. Nirmala Sitharaman takes charge as the Union Minister of Finance & Corporate Affairs
Posted Date : 01-Jun-2019 , 07:38:00 am | Posted By CASANSAAR
Smt. Nirmala Sitharaman assumed charge as the Union Minister of Finance & Corporate Affairs here today. She was greeted at the office in North Block by Minister of State for Finance & Corporate Affairs designate, Shri Anurag Singh Thakur, Finance Secretary Shri Subhash Chandra Garg and...
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Finance |
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