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Posted Date : 22-Mar-2018 , 10:52:26 am | Posted By CASANSAAR
In reply to another question, Minister of State for Finance Shiv Pratap Shukla said that as per PNB, the total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377. He further sai...
Continue Reading... Category : Banking | Comments : 0 | Hits : 385
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Posted Date : 22-Mar-2018 , 07:30:33 am | Posted By CASANSAAR
Parliament gave its seal of approval to the Payment of Gratuity (Amendment) Bill, 2018 with the Rajya Sabha adopting it today. The bill was passed by voice vote during Zero Hour without discussion. The Lok Sabha had already passed the bill last week. Moving the Bill, Labour Minister Santosh Kumar...
Continue Reading... Category : General | Comments : 0 | Hits : 613
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Posted Date : 22-Mar-2018 , 12:10:10 am | Posted By CASANSAAR
Bank Branch Audit 2018 - Update on allotment of Branches As per information received, Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval. Plz check your email on regular basis. If you have any update regard...
Continue Reading... Category : Bank Branch Audit | Comments : 2 | Hits : 14031
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Posted Date : 21-Mar-2018 , 09:22:58 pm | Posted By CASANSAAR
Battling with frauds and dodgy borrowers, the Reserve Bank of India (RBI) has asked auditors of state-owned banks to watch out for unrealistic cash-flow projections that corporates often make to obtain new loans or rejig old loans to buy time. The regulator, at a meeting last week, also told them to...
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Posted Date : 21-Mar-2018 , 09:16:33 pm | Posted By CASANSAAR
Chief minister Amarinder Singh on Wednesday announced waiver of the state government’s 50% share in the Goods and Services Tax (GST) on community kitchen (langar) at Golden Temple, Durgiana Temple, Bhagwan Valmiki Tirath and key shrines of the other communities. The Punjab assembly also una...
Continue Reading... Category : GST | Comments : 1 | Hits : 378
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Posted Date : 21-Mar-2018 , 09:02:57 pm | Posted By CASANSAAR
Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country. Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 524
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Posted Date : 21-Mar-2018 , 07:51:57 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the four key pillars of the insolvency regime, other three being the Adjudicating Authority, the Insolvency and Bankruptcy Board of ...
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Posted Date : 21-Mar-2018 , 02:06:59 am | Posted By CASANSAAR
The Delhi High Court today issued a notice to former Telecom Minister A Raja, DMK MP Kanimozhi and others on the Enforcement Directorate, ED's plea challenging their acquittal in a money laundering case arising out of the 2G spectrum allocation scam. Justice SP Garg issued another notice to t...
Continue Reading... Category : General | Comments : 0 | Hits : 339
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Posted Date : 19-Mar-2018 , 10:55:13 pm | Posted By CASANSAAR
The law that regulates and supervises banking companies in India does not wholly apply to State Bank of India (SBI), other government-owned lenders and regional rural banks (RRBs), a senior Reserve Bank of India (RBI) official told ET. This follows RBI governor Urjit Patel’s March 14 ...
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Posted Date : 19-Mar-2018 , 09:25:05 pm | Posted By CASANSAAR
Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI). "We are demanding a detailed JPC probe into the rec...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 480
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Posted Date : 19-Mar-2018 , 08:42:33 pm | Posted By CASANSAAR
In order to check "frivolous and fraudulent" tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh. The verification of "unreasonable&...
Continue Reading... Category : GST | Comments : 0 | Hits : 348
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Posted Date : 19-Mar-2018 , 10:02:58 am | Posted By CASANSAAR
Bank Branch Statutory Audit Updates Panel of Statutory Bank auditors received by various banks. As Per reliable sources, Some Banks are using Software for allotment proess. Following Banks has start sending mails for Bank Branch Audit:- Corporation Bank Canara Bank Syndicate Bank Indian ...
Continue Reading... Category : Bank Branch Audit | Comments : 30 | Hits : 56964
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Posted Date : 18-Mar-2018 , 09:13:01 pm | Posted By CASANSAAR
The Delhi High Court has sought response of the Centre and the Goods and Services Tax (GST) Council on a Bajaj Auto dealer's plea challenging constitutionality of a GST rule which provides a time line for filing the form to claim input tax credit. A bench of justices S Ravindra Bhat and...
Continue Reading... Category : GST | Comments : 0 | Hits : 619
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Posted Date : 18-Mar-2018 , 10:53:53 am | Posted By CASANSAAR
With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion. According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between ...
Continue Reading... Category : GST | Comments : 0 | Hits : 973
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Posted Date : 18-Mar-2018 , 10:50:34 am | Posted By CASANSAAR
As much as Rs 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks, data from the Reserve Bank of India has revealed. The largest amount — Rs 1,262 crore — is lying with the State Bank of India, Rs 1,250 crore with PNB, while all other nationalis...
Continue Reading... Category : RBI | Comments : 0 | Hits : 604
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Posted Date : 16-Mar-2018 , 08:47:10 pm | Posted By CASANSAAR
The corporate affairs ministry said an inspection was conducted on functioning of Delhi and District Cricket Association (DDCA) and prosecutions were filed against the auditor. In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had receive...
Continue Reading... Category : Auditing | Comments : 2 | Hits : 1863
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Posted Date : 16-Mar-2018 , 08:38:43 pm | Posted By CASANSAAR
The Indian Goods and Services Tax (GST) system is among the most complex in the world with not only one of the highest tax rates but also one of the largest number of tax slabs, the World Bank has said. It added that India has the highest standard GST rate in Asia, and second highest in the world...
Continue Reading... Category : GST | Comments : 0 | Hits : 706
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Posted Date : 16-Mar-2018 , 08:30:47 pm | Posted By CASANSAAR
The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008 on 17.02.2018 belonging to Mr Nirav Modi (Firestar Diamond group) and Mr Mehul...
Continue Reading... Category : Banking | Comments : 0 | Hits : 681
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Posted Date : 16-Mar-2018 , 08:29:15 pm | Posted By CASANSAAR
Over 1,700 cases of fraud related to credit/debit card and Internet banking with the extent of losses touching Rs 71.48 crore were reported in 2017, Parliament was informed today. A total of 1,785 cases related to credit/debit card and Internet banking for amounts involving Rs 1 lakh and more wer...
Continue Reading... Category : Banking | Comments : 0 | Hits : 584
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Posted Date : 16-Mar-2018 , 08:26:56 pm | Posted By CASANSAAR
RBI has issued a Prompt Corrective Action (PCA) framework to maintain sound financial health of banks. In a written reply to a question in the Lok Sabha today, Minister of State for Finance Shiv Pratap Shukla said, it facilitates banks in breach of risk thresholds for identified areas of mo...
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Posted Date : 16-Mar-2018 , 12:16:13 am | Posted By CASANSAAR
The Lok Sabha passed the Finance Bill 2018 and the Appropriation Bill on Wednesday and it is scheduled to become law by April 1 once President Ram Nath Kovind signs off on it. The finance minister, Arun Jaitley, moved 21 amendments to the Bill, which contains taxation proposals for 2018-19. Once thi...
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Posted Date : 15-Mar-2018 , 09:46:31 pm | Posted By CASANSAAR
Cases of adoption/attempt to adopt unfair means are reported in respect of the examinations held every time. In respect of the Examinations held in November 2017, over 90 cases of infringement/ violation of Instructions to Examinees, which tantamounts to adoption of unfair means, were reported. The ...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 544
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Posted Date : 14-Mar-2018 , 11:31:29 pm | Posted By CASANSAAR
RBI Governor Urjit Patel has sought more powers to deal with frauds at public sector banks (PSBs) such as PNB scam. Speaking at Gujarat National Law University Gandhinagar yesterday, he said RBI's power over public sector banks are weaker than the private sector banks. Referring to the ...
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Posted Date : 14-Mar-2018 , 04:21:37 am | Posted By CASANSAAR
The Lok Sabha on Wednesday passed Finance Bill approving the budget for the fiscal year beginning April 1. Applying the guillotine process, the Bill was passed without any discussion as the opposition continued to disrupt the proceedings for the eighth day. The guillotine process allows for a vot...
Continue Reading... Category : Finance | Comments : 0 | Hits : 534
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Posted Date : 13-Mar-2018 , 08:50:51 pm | Posted By CASANSAAR
Foreign lawyers cannot carry out any litigation or non-litigation work in India on a permanent basis, the Supreme Court held in a ruling, which also gives the Bar Council of India (BCI) regulatory control over overseas legal professionals even if they are in the country on temporary assignments.&nbs...
Continue Reading... Category : General | Comments : 0 | Hits : 469
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Posted Date : 13-Mar-2018 , 08:38:30 pm | Posted By CASANSAAR
The division of assesses between Centre and State is decided by the Centre and State Governments. GSTN got an application developed using which Central and State tax authorities have uploaded the data on allocation of migrated taxpayers in the GST System database. As on 8th March, 2018 data on divis...
Continue Reading... Category : GST | Comments : 0 | Hits : 651
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Posted Date : 13-Mar-2018 , 08:35:36 pm | Posted By CASANSAAR
Ministry vide its circular no. IBC/01/2017 dated 25.10.2017 clarified that Section 30 and 31 of the Code provide a detailed procedure from the time of receipt of resolution plan by the resolution professional to its approval by the Adjudicating Authority and there is no requirement for obtaining app...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 450
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Posted Date : 13-Mar-2018 , 08:33:09 pm | Posted By CASANSAAR
The Reserve Bank of India today discontinued Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits. The RBI, in a circular, said it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category -I banks...
Continue Reading... Category : RBI | Comments : 0 | Hits : 537
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Posted Date : 13-Mar-2018 , 08:31:13 pm | Posted By CASANSAAR
Tightening the noose around wilful defaulters, the government has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers. According to PTI, the finance ministry has written a letter to all state-run banks directing them to take board...
Continue Reading... Category : Banking | Comments : 0 | Hits : 914
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Posted Date : 13-Mar-2018 , 06:24:17 am | Posted By CASANSAAR
The Supreme Court has ruled that for now, citizens do not have to link their Aadhaar numbers to a range of services including bank accounts and mobile phones. The top court said that a biometric ID is mandatory for accessing social welfare schemes and subsidies, but till it decides on whether the go...
Continue Reading... Category : General | Comments : 0 | Hits : 1541
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