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Posted Date : 03-Mar-2018 , 08:52:51 am | Posted By CASANSAAR
The CBI suspects that the annual audit reports of Punjab National Bank's internal auditors were either suppressed or ignored by the top brass, resulting in non-detection of the Rs 12,636-crore loan fraud by diamantaires Nirav Modi and Mehul Choksi. CBI sources expressed surprise that the scam...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 1747
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Posted Date : 01-Mar-2018 , 10:55:14 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA. The decision aims at ...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 586
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Posted Date : 02-Mar-2018 , 10:19:40 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has said that highest level of integrity and efficiency is required on the part of officers and staff of Civil Accounts Service as great sanctity is attached to the accounting system. Addressing the 42nd Civil Accounts Day function in New Delhi this morning, Mr...
Continue Reading... Category : Accounts | Comments : 0 | Hits : 773
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Posted Date : 01-Mar-2018 , 09:49:39 am | Posted By CASANSAAR
Instant messaging platform WhatsApp has declined to share user-specific data with the Securities and Exchange Board of India (Sebi), citing its privacy policy. The market regulator had written to WhatsApp, seeking information on the origin of messages that allegedly contained unpublished price-se...
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Posted Date : 01-Mar-2018 , 09:45:47 am | Posted By CASANSAAR
Punjab National Bank (PNB) has appointed Belgium-based consultancy firm BDO as forensic auditor for five of Nirav Modi Group companies that lead to the biggest ever banking fraud of USD 2 billion in the country. Besides, more than two dozen banks have decided to seek a forensic audit to establish...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 1201
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Posted Date : 01-Mar-2018 , 09:39:45 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens. CBI, however, has yet to track ...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 2908
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Posted Date : 01-Mar-2018 , 09:36:17 am | Posted By CASANSAAR
While the blame game begins in the Rs 12,636 crore PNB fraud, so lax were auditing controls that the last audit done by the Reserve Bank of India was nine years ago on March 31, 2009. For a mid corporate bank, like PNB's Brady House branch, that deals with high networth individuals, the audit is...
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Posted Date : 01-Mar-2018 , 09:26:06 am | Posted By CASANSAAR
Perturbed over the spate of banking frauds, the Union Cabinet is likely to consider measures to strengthen the regulatory regime for auditors to prevent such incidents in the future. The Cabinet headed by Prime Minister Narendra Modi will be meeting again tomorrow and is reported to have only one...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 990
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Posted Date : 01-Mar-2018 , 09:23:25 am | Posted By CASANSAAR
CGST Mumbai Central Commissionerate arrested the directors of two companies for allegedly availing of tax credit in a fraudulent manner. Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, both were arrested for availing of inelig...
Continue Reading... Category : GST | Comments : 0 | Hits : 1246
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Posted Date : 28-Feb-2018 , 10:40:37 am | Posted By CASANSAAR
The scam at state-run Punjab National Bank has prompted the government to move on setting up a new agency to regulate and discipline auditors, almost five years after the law provided for it. Setting up of the National Financial Reporting Authority, a new agency provided for in the Companies Act,...
Continue Reading... Category : CA | Comments : 0 | Hits : 2183
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Posted Date : 28-Feb-2018 , 10:30:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has increased the exposure limits for residents and FPIs in the exchange traded currency derivatives (ETCD) market. “It has now been decided to permit persons resident in India and FPIs (foreign portfolio investors) to take positions (long or short), without ...
Continue Reading... Category : RBI | Comments : 0 | Hits : 397
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Posted Date : 28-Feb-2018 , 10:21:00 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee. The scheme stipulat...
Continue Reading... Category : Banking | Comments : 0 | Hits : 1552
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Posted Date : 28-Feb-2018 , 10:14:55 am | Posted By CASANSAAR
Press Release issued by ICAI ICAI, robust regulator of accounting and auditing profession in India, committed to conclude the disciplinary process against those found involved in the PNB scam ICAI is an autonomous regulator of accounting profession created by Chartered Accountants Act, 1949....
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Posted Date : 28-Feb-2018 , 09:06:11 am | Posted By CASANSAAR
The government on Tuesday asked state-run banks to fix operational gaps within 15 days and said lenders must check all bad loan accounts over Rs 50 crore for possible fraud. The latest directive has been sent by Rajeev Kumar, the secretary - department of financial services, after the over Rs 12,600...
Continue Reading... Category : Banking | Comments : 0 | Hits : 650
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Posted Date : 26-Feb-2018 , 01:17:43 am | Posted By CASANSAAR
The first sale of Electoral Bonds will commence from the 1st of next month for a period of ten days. The Ministry of Finance said, State Bank of India has been authorized to issue and encash Electoral Bonds initially at its four authorised branches. Electoral Bond will be valid for...
Continue Reading... Category : General | Comments : 0 | Hits : 609
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Posted Date : 26-Feb-2018 , 12:33:43 pm | Posted By CASANSAAR
Financial Intelligence Unit (FIU) has released a list of around 9500 Non-Banking Financial Companies (NBFCs), which have been categorised as high-risk financial institutions. The FIU under the Finance Ministry has released the list on its website showing the names of these NBFCs which have ...
Continue Reading... Category : Finance | Comments : 0 | Hits : 880
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Posted Date : 26-Feb-2018 , 12:26:14 pm | Posted By CASANSAAR
The Central Bureau of Investigation has filed a case against Bombay Stock Exchange listed–Simbhaoli Sugars Limited, one of the largest sugar refining companies–for allegedly cheating Oriental Bank of Commerce (OBC) of Rs 109 crore in 2011 on the pretext of financing sugarcane farmers. ...
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Posted Date : 23-Feb-2018 , 10:24:50 pm | Posted By CASANSAAR
The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian Chartered Accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in. "The Union of India may constitute a three-me...
Continue Reading... Category : Auditing | Comments : 1 | Hits : 1186
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Posted Date : 24-Feb-2018 , 09:45:00 am | Posted By CASANSAAR
The RBI launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them. "The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme,&...
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Posted Date : 23-Feb-2018 , 10:03:53 pm | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday evening allowed the government to attach 64 properties belonging to individuals as well as companies that are part of groups headed by Nirav Modi and Mehul Choksi and find mention in the complaint lodged by state-run Punjab Natio...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 427
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Posted Date : 24-Feb-2018 , 09:21:39 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) is inviting public comments on contents of Request for Proposal (RFP). An RFP is an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate Insolvency Resolut...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 525
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Posted Date : 23-Feb-2018 , 10:31:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) on Thursday said that it has written to Reserve Bank of India seeking a list of corporate borrowers of public sector banks with over Rs 2,000 crore loan outstanding so that their accounts can be examined by Financial Reporting Review Board for a...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1725
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Posted Date : 23-Feb-2018 , 10:29:01 am | Posted By CASANSAAR
Markets regulator Securities and Exchange Board of India (SEBI) on Thursday provided two additional measures to listed companies to ensure such entities comply with 25 percent minimum public shareholding norms. These additional methods are — qualified institutions placement (QIP) and sale o...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 556
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Posted Date : 23-Feb-2018 , 10:26:46 am | Posted By CASANSAAR
In the aftermath of the Rs 11,400-crore Punjab National Bank (PNB) fraud, the finance ministry is planning to create a National Financial Reporting Authority, which will work as a regulatory body for accountants (CAs) and audit firms with a power to penalise them for their misconduct. “The ...
Continue Reading... Category : CA | Comments : 0 | Hits : 3337
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Posted Date : 23-Feb-2018 , 10:22:48 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI said it has issued show-cause notices to the auditors of Punjab National Bank and Gitanjali Gems in connection with the Rs 11,400 crore fraud at the public sector lender. Besides, the institute has summoned a deputy general manager of the bank ...
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Posted Date : 23-Feb-2018 , 10:21:06 am | Posted By CASANSAAR
The Double Taxation Avoidance Agreement (DTAA) between India and Kenya was signed and notified in 1985. Subsequently, the DTAA was renegotiated and a revised DTAA was signed between both countries on 11th July, 2016. The revised DTAA has been notified in the Official Gazette on 19th Febr...
Continue Reading... Category : International Business | Comments : 0 | Hits : 627
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Posted Date : 21-Feb-2018 , 11:15:30 pm | Posted By CASANSAAR
Auditors may not be able to get away by citing “red flags” raised by them in fraud-hit companies as the government is set to crack down on errant entities, including those associated with Nirav Modi, Mehul Choksi and Punjab National Bank (PNB), which are at the centre of the over Rs 11,3...
Continue Reading... Category : CA | Comments : 1 | Hits : 2190
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Posted Date : 22-Feb-2018 , 10:36:53 am | Posted By CASANSAAR
In a move to make filing of returns taxpayer friendly and error-free, the Goods and Service Tax Network (GSTN), the firm that processes tax returns in the indirect tax regime, has simplified the monthly return of sales summary that businesses and traders have to file. GSTN said in a statement on ...
Continue Reading... Category : GST | Comments : 0 | Hits : 1649
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Posted Date : 22-Feb-2018 , 10:30:59 am | Posted By CASANSAAR
Retirement fund body EPFO today lowered the rate of interest on employees provident fund to 8.55% for its over 6-crore subscribers for 2017-18, from 8.65% in the previous fiscal. "It is difficult to evaluate about future in view of present economic scenario. We paid 8.65% last fiscal, which ...
Continue Reading... Category : General | Comments : 0 | Hits : 379
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Posted Date : 22-Feb-2018 , 10:24:49 am | Posted By CASANSAAR
Import finance, crucial for ensuring critical supplies for India’s industrial and consumer needs, faces serious restrictions as banks clamp down on issue of letters of undertaking (LoUs) after a bunch of employees at Punjab National Bank were caught issuing fake LoUs in the country’s big...
Continue Reading... Category : Banking | Comments : 0 | Hits : 606
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