New banking bill gives RBI powers to restructure co-operative banks
Posted Date : 16-Sep-2020 , 09:10:45 am | Posted By CASANSAAR
The new Banking Regulation (Amendment) Bill, 2020, introduced by the government on the first day of the Parliament's Monsoon Session, provides the Reserve Bank of India (RBI) powers to restructure cooperative banks.
The Bill was introduced by Finance Minister Nirmala Sitharaman who earlier wi...
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RBI |
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Violation of provisions of Company Law by the Companies
Posted Date : 16-Sep-2020 , 08:52:50 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has information of the companies which have violated the provisions of Company Law. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha today.
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Companies Act |
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RBI mandates automated recognition of NPAs, provisioning by June 2021
Posted Date : 15-Sep-2020 , 10:18:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly.
In its circular, th...
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RBI |
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0 | Hits : 1087
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CBDT dedicates two-thirds of workforce to faceless assessment scheme
Posted Date : 15-Sep-2020 , 10:12:25 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has dedicated two-thirds of its workforce towards the faceless assessment scheme, launched by Prime Minister Narendra Modi on August 13 this year.
The National e-Assessment Centre (NeAC), headed by principal chief commissioner of Income Tax (I-T) has const...
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CBDT |
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Govt urges Pvt sector to clear MSME dues on priority
Posted Date : 15-Sep-2020 , 10:04:51 am | Posted By CASANSAAR
Micro, Small and Medium Enterprises, MSME, Ministry has asked the private sector enterprises of the country to take measures for release of payment of MSME dues on priority.
During the announcement of AatmaNirbhar Package, it was desired that the MSME receivables and dues should be paid in 45 day...
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MSME |
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CBIC suspends licences of 56 customs brokers linked with fraudulent exporters
Posted Date : 14-Sep-2020 , 09:01:11 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Sunday said it has suspended licences of 56 customs brokers linked with fraudulent exporters. The Directorate General of Analytics and Risk Management (DGARM) had carried out data analytics of customs brokers linked with fraudulent/unscrupulo...
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Custom |
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RBI issues guidelines for appointment of CCO in banks
Posted Date : 12-Sep-2020 , 10:38:12 am | Posted By CASANSAAR
Reserve Bank of India has issued guidelines for appointment of Chief Compliance Officer (CCO) in banks to ensure uniform approach with regard to compliance and risk management culture across the banking industry.
Accordingly, RBI has said that the CCO must be appointed for a minimum fixed p...
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RBI |
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Manitoba PNP invites 212 candidates to apply for nomination
Posted Date : 12-Sep-2020 , 10:33:37 am | Posted By CASANSAAR
“Friendly Manitoba” has held another invitation round, inviting 212 immigration candidates to apply for a provincial nomination for permanent residence on September 10.
The Manitoba Provincial Nominee Program (MPNP) invited skilled workers and international student graduates through t...
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International Business |
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ED imposes Rs 100 Cr fine on Standard Chartered for FEMA breach
Posted Date : 12-Sep-2020 , 10:30:21 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has imposed penalties of Rs 100 crore on Standard Chartered Bank, Rs 17 crore on Tamil Nadu Mercantile Bank Limited (TMBL) and Rs 35 crore on MGM Maran, then chairman and director of TMBL after finding them in contravention of provisions of Foreign Exchange Managemen...
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FEMA |
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Government aiming to create 5 Cr additional jobs in MSME sector
Posted Date : 11-Sep-2020 , 10:32:55 am | Posted By CASANSAAR
Union Minister for Road Transport & Highways and MSME, Nitin Gadkari has said that he aims to enhance MSME contribution to GDP from about 30% to 50%; and in exports from 49% to 60%. Gadkari said that his Government is aiming to create 5 crore additional jobs in the MSME sector which presently em...
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MSME |
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FM Nirmala Sitharaman unveils Doorstep Banking Services
Posted Date : 10-Sep-2020 , 09:29:11 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Wednesday launched doorstep banking services for public sector banks in order to facilitate hassle-free and convenient banking.
"At this stage, the catalysts for economic revival, the catalysts who have the pulse of every one of their customers, are ban...
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Banking |
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State Bank of India planning VRS scheme for over 30,000 employees
Posted Date : 08-Sep-2020 , 10:33:02 am | Posted By CASANSAAR
The State Bank of India (SBI) is planning a voluntary retirement scheme (VRS) for which over 30,000 employees will be eligible.
According to a report in news agency PTI, the state-lender is planning the VRS scheme to optimise its costs. Out of the 2.49 lakh employees of the bank, at least 30,190 ...
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Banking |
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Banks sanction loans of Rs.1.61 lakh Cr to MSMEs under credit guarantee scheme
Posted Date : 08-Sep-2020 , 10:26:28 am | Posted By CASANSAAR
The Finance Ministry on Monday said banks have sanctioned loans of about Rs.1,61,017 crore under the Rs.3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under the slowdown caused by the coronavirus pandemic.
However, disbursements against this stood at Rs.1,...
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MSME |
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RBI revises LFAR norms for banks to improve Audit efficacy, risk management
Posted Date : 07-Sep-2020 , 09:44:59 am | Posted By CASANSAAR
The Reserve Bank on Saturday came up with revised long format audit report (LFAR) norms with a view to improving efficacy of internal audit and risk management systems.
The LFAR, which applies to statutory central auditors (SCA) and branch auditors of banks, has been updated keepingin view the la...
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RBI |
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Customs to roll out pan-India faceless assessment for all imports by Oct 31
Posted Date : 07-Sep-2020 , 09:39:23 am | Posted By CASANSAAR
The Customs Department will roll out pan-India faceless assessment for all imported goods by October 31, the Central Board of Indirect Taxes and Customs (CBIC) has said. While faceless assessment for import of certain goods was already rolled out in Bengaluru and Chennai ports on June 8, it was exte...
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Custom |
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RBI revises PSL guidelines; Bank loans to start-ups to get priority sector tag
Posted Date : 05-Sep-2020 , 10:04:07 am | Posted By CASANSAAR
Reserve Bank of India has revised Priority Sector Lending guidelines. RBI said the move is aimed at addressing regional disparities in the flow of priority sector credit. In the revised guidelines, higher weightage have been assigned to incremental priority sector credit in identified districts wher...
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RBI |
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Canada invites 4,200 immigration candidates for PR
Posted Date : 05-Sep-2020 , 09:44:30 am | Posted By CASANSAAR
The Government of Canada issued 4,200 invitations to apply for Canadian permanent residence to Express Entry candidates in a draw held September 2.
Federal Skilled Worker Program candidates were among today’s successful candidates. The latest Express Entry draw was the third all-program dra...
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International Business |
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SEBI penalises 12 individuals for fraudulent trading
Posted Date : 04-Sep-2020 , 09:55:17 am | Posted By CASANSAAR
Capital markets regulator Sebi on Thursday imposed a total penalty of Rs 20 lakh on 12 individuals for indulging in fraudulent trading in the scrip of Finalysis Credit & Guarantee Company.
The regulator levied a penalty of Rs 18 lakh on 12 individuals, which needs to be paid jointly and sever...
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SEBI |
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SC protect accounts, which were not declared NPA till Aug 31
Posted Date : 04-Sep-2020 , 09:43:59 am | Posted By CASANSAAR
The Supreme Court Thursday directed that accounts, which were not declared as non-performing asset till August 31 this year, shall not be declared NPA till further orders.
A bench headed by Justice Ashok Bhushan said this while hearing a batch of pleas which have raised the issue of interest bein...
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NPA |
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SEBI eases disclosure requirements on shares encumbered for margin obligations
Posted Date : 03-Sep-2020 , 10:27:06 am | Posted By CASANSAAR
SEBI said entities will not be required to make disclosures about shares encumbered with trading and clearing members by way of pledge or re-pledge in the depository system as part of improving the ease of doing business.
The decision has been taken after receiving representations from market par...
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SEBI |
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Income tax department authorities can share info with scheduled commercial banks - CBDT
Posted Date : 02-Sep-2020 , 09:41:12 am | Posted By CASANSAAR
The CBDT has said the income tax authorities can share information with scheduled commercial banks, a move that would ease the lenders' hassle of deciding TDS deductibility on various payments to their customers.
In a notification dated August 31, the Central Board of Direct Taxes (CBDT) incl...
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CBDT |
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CBI arrests former CBIC deputy commissioner, two others in alleged bribery case
Posted Date : 02-Sep-2020 , 09:14:09 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has arrested a former Deputy Commissioner of Central Board of Indirect Taxes & Customs along with a Customs House Agent and a Businessman (an importer of toys) in an alleged bribery case of Rs 1 lakh.
A case was reportedly registered against the accus...
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Category :
General |
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Gross GST revenue collection in August stands at Rs 86,449 Cr
Posted Date : 02-Sep-2020 , 09:09:57 am | Posted By CASANSAAR
The gross GST revenue collected in August is Rs 86,449 crore. Out of this, CGST is Rs 15,906 crore, SGST is Rs 21,064 crore, and IGST is Rs 42,264 crore.
The government has settled Rs 18,216 crores to CGST and Rs 14,650 crores to SGST from IGST as regular settlement. The total revenue earned by C...
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GST |
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CBDT asks banks to refund charges on electronic transactions
Posted Date : 31-Aug-2020 , 10:41:01 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on August 30 asked banks to refund any charges they collected after January 1 on transactions made through electronic means.
According to a circular, this comes after the CBDT received several representations that said banks are charging an additional fee ...
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CBDT |
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Import data in GSTR-2A
Posted Date : 30-Aug-2020 , 11:21:48 am | Posted By CASANSAAR
Two new tables have been inserted in GSTR-2A for displaying details of import of goods from overseas and inward supplies made from SEZ units / SEZ developers. Taxpayers can now view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs). The pre...
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GST |
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0 | Hits : 433
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Launch of GSTR-2B for the month of July 2020
Posted Date : 30-Aug-2020 , 11:20:43 am | Posted By CASANSAAR
The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and...
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GST |
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0 | Hits : 2058
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Ministry of Home Affairs issues new Guidelines
Posted Date : 30-Aug-2020 , 11:18:43 am | Posted By CASANSAAR
The Ministry of Home Affairs (MHA) has issued new guidelines today for opening up of more activities in areas outside the Containment Zones. In Unlock 4, which will come into effect from September 1, 2020, the process of phased re-opening of activities has been extended further. The new gu...
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General |
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0 | Hits : 245
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SEBI extends timeline to Jan 1 for implementing circular on greivances against proxy advisors
Posted Date : 28-Aug-2020 , 10:08:35 am | Posted By CASANSAAR
Sebi on Thursday extended the timeline to January 1, 2021, for implementation of its circular which said that listed companies may approach the markets regulator to resolve grievances against proxy advisors, the Securities and Exchange Board of India (Sebi) said on Tuesday.
The circular issued on...
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SEBI |
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GST compensation gap of over Rs two lakh crore can be met by states in consultation with RBI
Posted Date : 28-Aug-2020 , 10:05:33 am | Posted By CASANSAAR
States have been given two borrowing options to meet shortfall of GST compensation. After chairing the 41st GST Council meet yesterday, Finance Minister Nirmala Sitaraman said, the two options were placed before states so that each state does not have to struggle for loans.
Ms Sitharaman said, th...
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GST |
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0 | Hits : 1375
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Interest on delayed payment of GST - CBIC
Posted Date : 27-Aug-2020 , 10:39:26 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, it has assured that no recoveries ...
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GST |
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