Shri Anurag Thakur takes charge as Minister of State for Finance & Corporate Affairs
Posted Date : 01-Jun-2019 , 07:36:13 am | Posted By CASANSAAR
Shri Anurag Singh Thakur assumed charge of office as the Union Minister of State (MoS) for Finance & Corporate Affairs here today. Shri Thakur took the charge in the august presence of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman.
Shri Thakur was greeted in...
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Finance |
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Nirmala Sitharaman India's first woman FM
Posted Date : 01-Jun-2019 , 07:33:55 am | Posted By CASANSAAR
Nirmala Sitharaman Friday broke the glass ceiling again as she became the first full-time woman Finance Minister, who will present Modi 2.0 government's maiden Budget that should look to take out the country from slowing growth, create jobs, attract investments and tackle banking sector wo...
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Finance |
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Portfolios announced for new council of ministers
Posted Date : 31-May-2019 , 01:36:53 pm | Posted By CASANSAAR
BJP President Amit Shah will be the new Home Minister while Rajnath Singh has been given the charge of Defence Ministry.
Nirmala Sitharaman will look after Finance and Corporate Affairs. S Jaishankar will be External Affairs Minister.
Ramesh Pokhriyal Nishank is the new Human Resources Develop...
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General |
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RBI releases calendar for issuance of gold bonds for first half of FY 19
Posted Date : 31-May-2019 , 10:16:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) May 30 announced calendar for issuance of Sovereign Gold Bonds for the first half of the current fiscal. The Sovereign Gold Bonds (SGB) will be issued every month from June 2019 to September 2019, RBI said in a statement.
"The Bonds will be sold through Schedu...
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RBI |
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GST defaulters may get arrested without FIR, anticipatory bail unlikely - SC
Posted Date : 31-May-2019 , 10:15:16 am | Posted By CASANSAAR
The Supreme Court suggested to the high courts on Wednesday not to grant anticipatory bail to those who default on the goods and services tax (GST), and reminded them that the SC has upheld the Telangana HC’s decision not to grant bail to such defaulters, the Times of India said in a report.
...
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GST |
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SFIO files first chargesheet in IL&FS Case
Posted Date : 31-May-2019 , 10:11:10 am | Posted By CASANSAAR
The Serious Fraud Investigation Office filed its first chargesheet in the IL&FS case against 30 individuals and entities, including businessman C Sivasankaran and nine former directors of unit IL&FS Financial Services (IFIN) on Thursday.
It accused auditors BSR & Co LLP and Delo...
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Category :
Auditing |
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New GST return forms to help authorities check tax evasion
Posted Date : 31-May-2019 , 10:00:31 am | Posted By CASANSAAR
Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place.
The new forms, set to roll out shortly starting with large businesses, will prevent companies from...
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GST |
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Govt likely to adopt Bank of Baroda-like model of merger for Banks
Posted Date : 31-May-2019 , 09:58:01 am | Posted By CASANSAAR
The National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, in its second stint may not go for a mega merger of public sector banks (PSBs) — a plan which was mooted during recent deliberations on consolidation.
Instead, the government may likely adopt the Bank of...
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Banking |
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NCLT approves Tata Steel takeover of Bhushan Energy
Posted Date : 31-May-2019 , 12:14:03 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on May 30 approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy Ltd for around Rs 800 crore.
The principal bench of NCLT Delhi also rejected objections from Bhushan Energy's former promoter Neeraj Singal opposing Tata Steels&...
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Category :
Insolvent Professional |
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Last Date for availing FREE Unstructured CPE Hours is 31st May 2019
Posted Date : 30-May-2019 , 10:00:47 am | Posted By CASANSAAR
To avail CPE Hours under Unstructured Learning Activities (ULAs), the requirement of submitting Self-declaration in online mode once a year has been withdrawn.
Now members may submit their Self-declaration online even on daily basis as per their convenience.
The members are required to s...
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ICAI |
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RBI extends relaxed norms for NBFC loan securitisation till December 31
Posted Date : 30-May-2019 , 09:45:08 am | Posted By CASANSAAR
The RBI extended minimum holding period requirement for NBFCs to raise funds via loan securitisation to help the sector overcome liquidity shortage.
Non-banking financial companies (NBFCs) have been permitted to securitise loans of over five-year maturity after holding them for six months on thei...
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RBI |
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Auditors may be debarred from non-audit work
Posted Date : 30-May-2019 , 09:42:46 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is looking at tightening the rules for audit firms in the country. It is soon likely to bring an amendment to the Companies Act, 2013, to debar these firms from offering non-audit services to their clients.
Recently, the role of auditors came under scrutiny...
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Auditing |
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Banks can use Aadhaar for KYC with customer's consent - RBI
Posted Date : 30-May-2019 , 09:41:06 am | Posted By CASANSAAR
Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated b...
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RBI |
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GST Network offers free accounting and billing software to MSMEs
Posted Date : 29-May-2019 , 09:25:30 am | Posted By CASANSAAR
GST Network (GSTN) Tuesday said it has started offering free accounting and billing software to MSMEs with annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses.
This software would help businesses create invoices and account statements, manage inventory and pr...
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Category :
GST |
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SEBI proposes framework for Regulatory Sandbox for financial institutions
Posted Date : 29-May-2019 , 09:21:12 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Tuesday proposed a framework for ‘regulatory sandbox’. The term is used to define live testing of new products and services on a small set of customers for a limited period of time.
Typically, the regulatory provisions are relaxed d...
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SEBI |
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Govt likely to introduce electronic invoice system under GST
Posted Date : 29-May-2019 , 09:13:28 am | Posted By CASANSAAR
Top companies in the country may soon have to rely on a common goods and services tax portal to issue invoices to their customers.
The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase, said a governme...
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GST |
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Income Tax Dept trains officers to detect tax evasion in shell companies
Posted Date : 29-May-2019 , 09:08:39 am | Posted By CASANSAAR
The Income Tax Department continues to focus and enhance the skills of Assessing Officers (AO) to detect black money laundered through shell companies.
At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current lia...
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Income Tax |
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RBI extends timings for RTGS transactions from 4:30 pm to 6 pm
Posted Date : 28-May-2019 , 09:07:58 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6 pm from 4:30 pm. The new time window for RTGS will come into effect from June 1.
The RTGS is an online fund transfer system, supported by the RBI, which enables tran...
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RBI |
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SC dismisses plea challenging HC verdict on power to arrest in GST evasion cases
Posted Date : 28-May-2019 , 09:52:06 am | Posted By CASANSAAR
The Supreme Court has dismissed a plea challenging the Telangana High Court verdict that a person can be arrested by the concerned authority in cases of Goods and Service Tax, GST evasion.
The plea came up for hearing yesterday before a vacation bench of Chief Justice Ranjan Gogoi and Justice Ani...
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GST |
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HC issues notice to PayTM, RBI on company's postpaid wallet service
Posted Date : 28-May-2019 , 09:46:25 am | Posted By CASANSAAR
The Delhi High Court on Monday notices to the Reserve Bank of India (RBI) and PayTM, seeking their response to a Public Interest Litigation (PIL) which claims that the digital payment company is violating the banking rules by operating a post-paid wallet. A division bench led by Chief Justice Rajend...
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RBI |
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SEBI tightens disclosure norms for listed debt securities
Posted Date : 28-May-2019 , 09:43:45 am | Posted By CASANSAAR
To further safeguard the interest of investors in listed debt securities, the Securities and Exchange Board of India (SEBI) has tightened the disclosure norms for entities that have issued such securities.
In a circular issued on Monday, the capital market watchdog made it mandatory for such comp...
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SEBI |
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MCA issues look out circular against 20 persons
Posted Date : 28-May-2019 , 09:41:34 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has sent out a look-out circular with the names of over 20 people suspected of economic offence, sources said on Monday. Sources said the circular includes the name of Naresh Goyal, the Chairman of the now-grounded Jet Airways.
Look out circulars are issued...
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MCA |
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Manpasand Beverages' MD, CFO arrested in GST fraud case
Posted Date : 28-May-2019 , 09:37:37 am | Posted By CASANSAAR
Following a raid by the Commissioner of Central GST and Customs, Gujarat-based Manpasand Beverages' managing director (MD) Abhishek Singh and chief financial officer (CFO) Paresh Thakkar have been arrested on allegations of GST fraud.
The beverage company which manufactures fruit juices under...
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GST |
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MCA prepares a list of offenders to prevent them from fleeing country
Posted Date : 28-May-2019 , 09:32:03 am | Posted By CASANSAAR
Widening its probe against economic offenders, the Ministry of Corporate Affairs has prepared a list of 20 individuals and requested the Intelligence Bureau (IB) to not allow them to flee the country.
The move comes in the wake of several such instances where offenders had fled the country soon a...
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MCA |
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RBI tweaks norms on VRR investment by FPIs
Posted Date : 25-May-2019 , 09:46:19 am | Posted By CASANSAAR
The Reserve Bank of India Friday fixed the investment limit at Rs 54,606.55 crore for foreign portfolio investors (FPIs) under the voluntary retention route (VRR), which allows to park funds in both government securities as well as corporate debt. VRR for investments by FPIs was introduced on March ...
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RBI |
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Task Force on Direct Tax Laws to Submit Report by July 31
Posted Date : 25-May-2019 , 09:26:51 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) Task Force has been granted a two-month extension till 31 July, by the Finance Ministry, to draft new direct tax code, news agency ANI reported on Friday, 24 May, citing Finance Ministry sources.
Earlier during the day, Finance Minister Arun Jaitley met al...
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CBDT |
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Public sector banks recover Rs 1.2 lakh Cr from bad loans in 2018-19
Posted Date : 25-May-2019 , 09:11:58 am | Posted By CASANSAAR
Public sector banks (PSBs) have recovered close to Rs 1.2 lakh crore from stressed assets during the financial ended March, primarily helped by resolution under the Insolvency and Bankruptcy Code (IBC), an official said.
During the first half of the previous fiscal, banks recovered Rs 60,713 cror...
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NPA |
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RBI plans specialized structure for regulation, supervision of banks
Posted Date : 24-May-2019 , 10:01:34 am | Posted By CASANSAAR
The central board of Reserve Bank of India (RBI) approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs).
The decision is based on the recommendations of an internal committee under the cu...
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RBI |
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GSTN unveils draft of new GST return form
Posted Date : 24-May-2019 , 09:57:35 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Authority has come out with a draft new simplified return form, which it plans to formally rolled out in July.
The authority on Wednesday made the new format for filing GST return public with a view to obtain feedback on the user interface and its functionalities....
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GST |
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PNB may lead next round of PSU bank merger in September
Posted Date : 24-May-2019 , 09:51:59 am | Posted By CASANSAAR
Punjab National Bank (PNB) may be centre of the next round of PSU bank merger in September where the Delhi-based lender could take some smaller PSU banks under its ambit.
The names of Syndicate Bank, Oriental Bank of Commerce, Andhra Bank and Allahabad Bank are being considered for the merger. So...
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Category :
Merger & Acquisitions |
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