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Bank Branch Audit 2019 - Update on allotment of Branches
Posted Date : 26-Mar-2019 , 11:37:15 am | Posted By CASANSAAR

Bank Branch Audit 2019 - Update on allotment of Branches   As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches. Following Banks has started sending emails for allotment of branches as informed by Mem...

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Category : Bank Branch Audit | Comments : 0 | Hits : 6051

IDBI Bank Officers’ Association to go on hunger strike on March 30
Posted Date : 26-Mar-2019 , 07:46:49 pm | Posted By CASANSAAR

IDBI Bank on Tuesday said its all-India Officers’ Association will observe a one-day nationwide hunger strike on March 30, over various demands. “The Bank is in receipt of notice of one-day nationwide hunger strike on March 30, 2019 from All India IDBI Officers’ Association (AII...

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Category : Banking | Comments : 0 | Hits : 58

RBI slaps Rs 2 crore penalty on PNB
Posted Date : 26-Mar-2019 , 07:07:09 pm | Posted By CASANSAAR

The Reserve Bank of India has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations.  SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities.  In ...

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Category : RBI | Comments : 0 | Hits : 63

Over 12,000 cases filed after implementation of IBC
Posted Date : 26-Mar-2019 , 10:26:18 am | Posted By CASANSAAR

As many as 12,000 cases have been filed since the implementation of the Insolvency and Bankruptcy Code (IBC) and setting up of the National Company Law Tribunal (NCLT), a senior government official said on Monday. Asserting that the code should be the last resort, Corporate Affairs Secretary Inje...

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Category : Insolvent Professional | Comments : 0 | Hits : 134

Karnataka Bank reports Rs 13 Cr fraud to RBI
Posted Date : 25-Mar-2019 , 08:52:33 am | Posted By CASANSAAR

Karnataka Bank on Saturday said it has reported to regulator RBI about a fraud amounting to Rs 13.26 crore in the fund-based working capital facility extended to SRS Finance Ltd.  The fraud was on account of "diversion of funds", the lender said in a BSE filing.  The bank e...

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Category : Banking | Comments : 0 | Hits : 1147

Foreign investors to pay higher taxes starting from April 1
Posted Date : 25-Mar-2019 , 08:38:56 am | Posted By CASANSAAR

Changes in the Sebi listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1. The changes in DTAAs give India the right to tax capital gains arising on Indian equity s...

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Category : Income Tax | Comments : 0 | Hits : 345

RBI again defers Indian Accounting Standards implementation by banks
Posted Date : 23-Mar-2019 , 10:22:46 am | Posted By CASANSAAR

The Reserve Bank on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration. Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind...

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Category : RBI | Comments : 0 | Hits : 717

I-T department, other tax agencies can initiate insolvency resolution process - NCLAT
Posted Date : 22-Mar-2019 , 05:48:14 pm | Posted By CASANSAAR

The Income Tax department of the central government, the sales tax department of the state government and other local authorities “who are entitled for dues arising out of the existing law” can now initiate corporate insolvency resolution process against such companies who owe them the d...

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Category : Insolvent Professional | Comments : 0 | Hits : 329

Govt extends IGST, compensation cess exemption under various export promotion plans
Posted Date : 22-Mar-2019 , 05:41:26 pm | Posted By CASANSAAR

Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020.  These exemptions have been extended for exporters buying inputs domestically or impo...

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Category : GST | Comments : 0 | Hits : 295

Decisions taken by the GST Council in the 34thmeeting held on 19th March, 2019
Posted Date : 20-Mar-2019 , 07:25:45 am | Posted By CASANSAAR

GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than afford...

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Category : GST | Comments : 0 | Hits : 374

IBBI signs Memorandum of Understanding with SEBI
Posted Date : 19-Mar-2019 , 12:04:10 pm | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (SEBI). The MoU was signed by Mr. Anand Baiwar, Executive Director of the SEBI and Mr. Ritesh Kavdia, Executive Director of the IBBI at Mumbai. 2. T...

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Category : Insolvent Professional | Comments : 0 | Hits : 106

GST council approves transition plan for new GST rates on residential properties
Posted Date : 19-Mar-2019 , 05:29:28 pm | Posted By CASANSAAR

GST council today approved a transition plan for new goods and services tax rates on residential properties under which developers of under-construction buildings may either opt to shift to the revised lower rates without input tax credit or stick to the previous rates. Revenue Secretary Ajay Bhu...

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Category : GST | Comments : 0 | Hits : 331

GST rates for new projects to be mandatory from April 1 - Revenue Secretary
Posted Date : 19-Mar-2019 , 03:41:34 pm | Posted By CASANSAAR

The GST Council on March 19 approved the transition plan for new GST tax structure for residential plots. "The new rate is 5% without tax credit or 1% without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates," said Revenue Secretary Aja...

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Category : GST | Comments : 0 | Hits : 462

Nine members appointed in Appellate Authority to handle cases against CA, CS
Posted Date : 19-Mar-2019 , 04:05:13 am | Posted By CASANSAAR

Even as an increasing number of complaints flood in concerning professional misconduct by chartered accountants (CA), company secretaries (CS) and cost accountants, the government has appointed a nine-member Appellate Authority to hear such cases. The new members include Anand Mohan Bajaj, Joint Sec...

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Category : NFRA | Comments : 0 | Hits : 1090

RBI urges banks to closely watch end use of funds via surveillance
Posted Date : 19-Mar-2019 , 09:15:46 am | Posted By CASANSAAR

The RBI is pushing banks to tighten the process of monitoring the end use of funds through enhanced surveillance as it seeks to arrest evergreening and prevent divergence of funds by corporate borrowers.  Senior bank executives said the urgency from the RBI has been heightened after the annu...

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Category : RBI | Comments : 0 | Hits : 420

Justice PC Ghose set to be named India's 1st Lokpal
Posted Date : 18-Mar-2019 , 08:14:58 am | Posted By CASANSAAR

Almost 50 years after the Lok Sabha first passed a Lokpal bill and more than five years after a popular anti-corruption movement led to the passage of the legislation in its latest form, retired Supreme Court judge Justice Pinaki Chandra Ghose is set to be India's first anti-corruption ombudsman...

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Category : Finance | Comments : 0 | Hits : 379

Govt to soon start selection process for new PFRDA Chairman
Posted Date : 18-Mar-2019 , 08:11:20 am | Posted By CASANSAAR

The government will soon start selection process for a new chairman of pension fund regulator PFRDA to succeed the present chief, Hemant G Contractor, whose term is slated to end in April. "The Finance Ministry will soon come out with an advertisement to find a successor to head the Pension Fun...

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Category : Finance | Comments : 0 | Hits : 342

RBI issues guidelines to prevent market abuse
Posted Date : 16-Mar-2019 , 08:59:03 am | Posted By CASANSAAR

The Reserve Bank of India has come out with guidelines to prevent misuse of price-sensitive information by participants in markets for financial instruments. The RBI said market participants, either acting independently or in collusion, shall not undertake any action with the intention to manipul...

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Category : RBI | Comments : 0 | Hits : 477

Companies may pass on GST benefits to consumers by increasing grammage
Posted Date : 16-Mar-2019 , 08:52:15 am | Posted By CASANSAAR

The National Anti-Profiteering Authority (NAA) Friday said companies are free to offer volume benefit or price reduction to consumers, in the wake of rationalisation of GST rates. To evaluate cases of GST benefits, the NAA has decided to look into three yardsticks - proportionate grammage increas...

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Category : GST | Comments : 0 | Hits : 707

RBI categorises IDBI Bank as private sector lender
Posted Date : 15-Mar-2019 , 08:27:24 am | Posted By CASANSAAR

IDBI Bank has been categorised as a private sector lender following acquisition of majority stake by Life Insurance Corporation, RBI said. In January, LIC completed the process of picking up a controlling 51 per cent stake in the nearly crippled IDBI Bank. "IDBI Bank has been categorised ...

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Category : Income Tax | Comments : 1 | Hits : 1122

UDIN Being Made Mandatory in 2nd Phase for GST & Tax Audit Reports - ICAI
Posted Date : 14-Mar-2019 , 05:43:22 pm | Posted By CASANSAAR

UDIN BEING MADE MANDATORY IN 2nd PHASE FOR GST & TAX AUDIT REPORTS You may be aware that Unique Document Identification Number (UDIN) has been made mandatory as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018 in the following phases: All Certifi...

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Category : ICAI | Comments : 0 | Hits : 2701

EC gives a nod to GST Council meeting scheduled on March 19
Posted Date : 14-Mar-2019 , 06:43:21 am | Posted By CASANSAAR

The Election Commission has given approval for holding the upcoming GST Council meeting on March 19 to consider various issues including the implementation of lower GST rates for the real estate sector.  The next meeting will be held through videoconferencing, sources said.   Foll...

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Category : GST | Comments : 0 | Hits : 410

Taxpayers can compare tax liability declared in final, summary GST returns forms - GSTN
Posted Date : 13-Mar-2019 , 09:57:28 am | Posted By CASANSAAR

The GST Network on Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the t...

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Category : GST | Comments : 0 | Hits : 817

GST Council to meet on 19 March to finalise real estate tax structure
Posted Date : 12-Mar-2019 , 09:35:22 am | Posted By CASANSAAR

In a first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for underconstruction houses. This would be the on...

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Category : GST | Comments : 0 | Hits : 423

Re-Constitution of Insolvency Law Committee for review of implementation of IBC 2016
Posted Date : 12-Mar-2019 , 09:20:13 am | Posted By CASANSAAR

he provisions relating to insolvency resolution for corporate persons (Part II of the Insolvency and Bankruptcy Code, 2016), regulation of insolvency professionals, agencies, information utilities and establishment of the Insolvency and Bankruptcy Board of India (the Board) (Part IV of the Code) and...

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Category : Insolvent Professional | Comments : 0 | Hits : 170

CA Exams Rescheduled due to General Elections - ICAI
Posted Date : 11-Mar-2019 , 03:24:31 pm | Posted By CASANSAAR

It is hereby notified for general information that in view of Elections to the 17th Lok Sabha Parliamentary Constituencies across the country, the Chartered Accountant Examinations initially scheduled from 2nd May 2019 to 17th May 2019 stand rescheduled and the said examinations shall now be held fr...

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Category : CA Exams | Comments : 0 | Hits : 1562

Bank Branch Statutory Audit Updates 2019
Posted Date : 11-Mar-2019 , 10:19:08 am | Posted By CASANSAAR

Bank Branch Statutory Audit Updates Panel of Statutory Bank auditors received by various banks.  Mails received from following banks as confirmed by Members :- Allahabad Bank Andhra Bank Bank of Baroda Bank of Maharashtra Bank of India (www.casansaar.com) Canara Bank Centr...

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Category : Bank Branch Audit | Comments : 22 | Hits : 50035

Operational creditors benefits equally from IBC - IBBI
Posted Date : 11-Mar-2019 , 09:25:33 am | Posted By CASANSAAR

The Insolvency and bankruptcy Board of India (IBBI) on Saturday said both operational and financial creditors have benefited alike from resolutions under the IBC. IBBI chairman M S Sahoo said that it would be unfair to say that resolutions under the Insolvency and Bankruptcy Code (IBC) were tilte...

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Category : Insolvent Professional | Comments : 0 | Hits : 112

No GST on tax collected at source levied on goods - FinMin
Posted Date : 09-Mar-2019 , 10:08:04 am | Posted By CASANSAAR

The finance ministry on Friday provided relief to traders by withdrawing a rule that required them to charge goods and services tax (GST) on the compulsory income tax to be collected at source (TCS) from consumers who make high value purchases such as premium cars. A circular issued in December had ...

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Category : GST | Comments : 0 | Hits : 791

Govt approves renewl of the MoU between ICAI and ICAEW
Posted Date : 08-Mar-2019 , 08:21:03 am | Posted By CASANSAAR

The government Thursday gave approval to the pact between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW). The Union Cabinet, chaired by Prime Minister Narendra Modi, gave ex-post facto approval of the memorandum of ...

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Category : ICAI | Comments : 0 | Hits : 1067

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