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  • No buyers for Indian bonds means more pain for Modi's debt plan
    Posted Date : 21-Feb-2018 , 03:26:05 pm | Posted By CASANSAAR

    The biggest holders of India's sovereign debt are dumping them.  State lenders have been selling 4.7 billion rupees ($73 million) of government bonds on average every day this year, hurt by deep portfolio losses, data from the Clearing Corp. of India show. Last year, their net daily infl...

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  • Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018
    Posted Date : 21-Feb-2018 , 08:40:46 am | Posted By CASANSAAR

    In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-  (a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament & (...

    Continue Reading... Category : General | Comments : 0 | Hits : 737

  • SEBI may give fresh push to loan default disclosure by listed firms
    Posted Date : 20-Feb-2018 , 09:01:44 am | Posted By CASANSAAR

    Concerned over a massive Rs 11,000 crore fraud at PNB remaining undetected for years, markets regulator Sebi may give a fresh push to its "on-hold" proposal to mandate listed firms to disclose all loan defaults within a day.  While billionaire jewellery designer Nirav Modi, the all...

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  • Govt may review norms for statutory auditor appointment in PSBs
    Posted Date : 20-Feb-2018 , 08:52:43 am | Posted By CASANSAAR

    Hit hard by the country's biggest bank fraud at PNB, the government is looking at tightening the norms for appointment of statutory auditors at public sector banks (PSBs) to help detect any irregularities early and take corrective actions, according to a government official.  At present,...

    Continue Reading... Category : Auditing | Comments : 1 | Hits : 2398

  • ED seeks statutory audit reports of banks from RBI
    Posted Date : 20-Feb-2018 , 08:47:43 am | Posted By CASANSAAR

    The Enforcement Directorate (ED) has sought statutory audit reports of banks from the Reserve Bank of India (RBI) in connection with the Rs 11,400 crore bank fraud reported by Punjab National Bank last week, according to an ED official who spoke off the record. The official said that at the momen...

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  • Govt mulls dissolving Banks Board Bureau headed by Vinod Rai
    Posted Date : 20-Feb-2018 , 08:42:09 am | Posted By CASANSAAR

    As the plot behind the PNB scam thickens, the government is considering dissolving the Banks Board Bureau (BBB) headed by Vinod Rai who is set to retire in March, a highly placed source in the finance ministry told Express. “The government is considering dissolving it. The chairman is retiring...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 712

  • Govt asks RBI to check efficiency of systems to detect frauds
    Posted Date : 20-Feb-2018 , 08:36:11 am | Posted By CASANSAAR

    The CBI has arrested three officials of Punjab National Bank's Brady House branch in Mumbai in connection with Nirav Modi fraud case.  These officials are Chief Manager Bechu B Tewari, Forex Department Manager Yashwant Joshi and Praful Sawant, a Scale I officer in Export section. They we...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 557

  • PNB Fraud - Officials of other banks under scanner
    Posted Date : 18-Feb-2018 , 09:29:38 pm | Posted By CASANSAAR

    As investigations into the Rs 11,400 crore scam at PNB gather momentum, officials at overseas branches of other banks, where the fraudulently issued Letter of Undertakings (LoUs) were encashed, are under scanner, sources said. Officials of Hong Kong branches of Indian lenders including Allahabad ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 951

  • ICAI to look at Auditors' role, sets up panel to study systemic issues
    Posted Date : 17-Feb-2018 , 07:42:45 am | Posted By CASANSAAR

    Chartered accountants' apex body ICAI on Friday said it has taken suo motu cognisance of the $1.77 billion fraud at PNB and has sought information from investigation agencies besides setting up a group to study the system issues arising out of the incident. The Institute of Chartered Accounta...

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  • Govt asks fraud-hit PNB to conduct Forensic Audits
    Posted Date : 16-Feb-2018 , 09:55:00 am | Posted By CASANSAAR

    The government has asked fraud-hit Punjab National Bank (PNB) to conduct a forensic audit and give a detailed report on why the loans given to jeweller Nirav Modi and his associates, based on fraudulent letters of undertaking (LoUs), were not unearthed from 2011 till now. This comes after PNB Chi...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 1377

  • Price Waterhouse can audit clients till March 2019 - SAT
    Posted Date : 16-Feb-2018 , 09:51:15 am | Posted By CASANSAAR

    The Securities Appellate Tribunal (SAT) granted partial relief to Price Waterhouse (PW), allowing it to audit existing clients till March 31, 2019, or until a new bench is formed.  PW had been barred by the Securities and Exchange Board of India (Sebi) from auditing listed companies in India...

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  • RBI asks banks to accept notes & coins of small denominations tendered at their counters
    Posted Date : 16-Feb-2018 , 09:43:36 am | Posted By CASANSAAR

    RBI has directed all banks to accept small denomination notes and coins tendered at their counters. The apex bank issued a notification in Mumbai yesterday, saying such denial of service causes inconvenience to the public at large as shopkeepers and traders refuse to accept coins for payment of good...

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  • PNB cautions other banks about modus operandi of fraud
    Posted Date : 15-Feb-2018 , 10:02:45 am | Posted By CASANSAAR

    Hit by a Rs 11,400 crore fraud, state-owned Punjab National Bank (PNB) has cautioned other banks about the modus operandi of the scam. "It has been reported through a preliminary investigation that the suspected fraud has been carried out by the perpetrators in collusion with the staff of on...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 994

  • PNB fraud turns up heat on India's banking reforms
    Posted Date : 15-Feb-2018 , 09:35:55 am | Posted By CASANSAAR

    India’s financial institutions keep finding fresh ways to screw up. Punjab National Bank (PNB), the country’s second biggest public sector bank, has uncovered $1.8 billion (about Rs11,363 crore) of “fraudulent and unauthorized” transactions from a single branch in Mumbai. It ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 1600

  • CA Students called for a protest on Thursday at ICAI
    Posted Date : 15-Feb-2018 , 09:21:35 am | Posted By CASANSAAR

    Many final year students of the Institute of Chartered Accountants of India (ICAI) are up in arms against the institute for withdrawing declared results and redeclaring them with numerous names ‘missing’ from the list.  Students have called for a protest on Thursday at ICAI Bhawa...

    Continue Reading... Category : CA Results | Comments : 0 | Hits : 4025

  • GST e-way bill software set to be overhauled
    Posted Date : 15-Feb-2018 , 09:10:48 am | Posted By CASANSAAR

    The government is looking at complete overhaul of the electronic-way-bill (e-way-bill) system under the goods and services tax (GST) regime instead of tinkering with its structure or scrapping it altogether, sources in the know told DNA Money. According to him, the e-way invoice could be relaunch...

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  • ICAI to come out with concept paper on virtual currencies
    Posted Date : 14-Feb-2018 , 09:40:33 pm | Posted By CASANSAAR

    Chartered accountants' apex body ICAI is looking into various aspects of virtual currencies and will come out with a concept paper on the same, according to its president Naveen N D Gupta.  There are rising concerns about investments in virtual currencies such as bitcoins, which have see...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 617

  • Punjab National Bank detects RS.11400 Cr fraud
    Posted Date : 14-Feb-2018 , 09:28:18 pm | Posted By CASANSAAR

    State-owned Punjab National Bank today said it has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders. PNB has suspended 10 ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 598

  • RBI's new norms on bad loans wake up call for defaulters - Govt
    Posted Date : 14-Feb-2018 , 09:32:51 am | Posted By CASANSAAR

    In a bid to hasten the resolution of bad loans, RBI has tightened rules to make banks identify and tackle any non-payment of loan rapidly, a move the government said should act as a "wake up call" for defaulters. The Reserve Bank of India abolished half a dozen existing loan-restructuri...

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  • ICAI seeks one more disciplinary committee Bench
    Posted Date : 14-Feb-2018 , 09:29:11 am | Posted By CASANSAAR

    ICAI has requested the government to give its nod for one more Bench of disciplinary committee to strengthen the disciplinary mechanism around the CA profession, said its newly elected President Naveen N.D. Gupta. This proposed new Bench of disciplinary committee will be dedicated for “publ...

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  • IT raid cases will not be processed under e-assessment - CBDT
    Posted Date : 14-Feb-2018 , 09:19:04 am | Posted By CASANSAAR

    The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the Central Board of Direct Taxes has said. The CBDT added that the current system of ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 574

  • Government of India makes Amendments in Small Savings Act
    Posted Date : 14-Feb-2018 , 09:13:35 am | Posted By CASANSAAR

    The Government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our country’s savings architecture. In order to remove existing ambiguities due to multiple Acts and rule...

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  • Big relief for individuals! I-T scrutiny turns faceless with e-proceeding facility
    Posted Date : 13-Feb-2018 , 04:22:20 pm | Posted By CASANSAAR

    In a big relief for individuals facing income-tax (IT) scrutiny, the I-T department has said all further interaction would happen only through 'Eproceeding' facility, making the entire process faceless.  In a direction issued to the field officers Monday, the Central Board of Direct ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 845

  • RBI issues revised guidelines for expeditious resolution of bad loans
    Posted Date : 13-Feb-2018 , 09:40:43 am | Posted By CASANSAAR

    Reserve Bank of India has issued a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC).  The new guidelines have specified framework for early identification and reporting of stres...

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  • Newly Elected President & Vice-President of ICAI for the year 2018-19
    Posted Date : 13-Feb-2018 , 09:32:52 am | Posted By CASANSAAR

    CA. Naveen N. D. Gupta elected as President, ICAI & CA. Prafulla Chhajed as Vice-President, ICAI for the year 2018-19. Many Congrats from CASANSAAR CA.Vivek Khurana (Founder - CASANSAAR) with newly elected President, ICAI & Vice President, ICAI....

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  • Govt mulls making PAN an Aadhaar-like unique ID for businesses
    Posted Date : 12-Feb-2018 , 08:42:34 am | Posted By CASANSAAR

    The Centre is in talks to make the Permanent Account Number (PAN) an Aadhaar-like unique ID for businesses. The plan to introduce a unique identity for businesses was earlier announced by Finance Minister Arun Jaitley in his budget speech. An official told the Economic Times, this would help redu...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 893

  • 15 months after note ban, RBI still processing returned notes
    Posted Date : 11-Feb-2018 , 08:18:26 pm | Posted By CASANSAAR

    The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness". This is being done in an "expedited manner", the central bank said...

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  • GST regime not user-friendly - Bombay High Court
    Posted Date : 11-Feb-2018 , 08:12:39 am | Posted By CASANSAAR

    The Bombay High Court said the goods and services tax (GST) regime wasn't easy to use, questioning the celebratory midnight session of Parliament that was held to mark its launch. It called on those responsible for GST implementation to resolve glitches in the system that have led to frustration...

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  • Government mops up Rs 26,500 crore from those who didn't file tax returns
    Posted Date : 10-Feb-2018 , 10:36:42 am | Posted By CASANSAAR

    The government's drive, through a non-filer monitoring system, to target those who indulge in high value transactions but don't pay enough taxes has forced the filing of at least Rs 1.7 crore extra returns and helped the Centre mop up close to Rs 26,500 crore till December. In a written r...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1024

  • Direct tax collection grows Rs 6.95 lakh crore during April-January period
    Posted Date : 09-Feb-2018 , 09:15:45 pm | Posted By CASANSAAR

    The government's direct tax collection has grown 6(point)95 lakh crore rupees during the April-January period of the current fiscal, a growth of 19.3 per cent over the year-ago period. The net collections for Corporate Income Tax, CIT, showed a growth of 19.2 per cent and for Personal Income ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 274

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