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  • Rs.1.53 lakh crore bad loan write-off gives a facelift to banks’ NPA profile
    Posted Date : 14-Jun-2021 , 10:51:24 am | Posted By CASANSAAR

    Indian banks have written off loans worth Rs 1.53 lakh crore in 2020-21 to show reduced non-performing assets (NPAs) on their books, calculations based on numbers released by individual banks showed. This is the second-highest amount of loans being written off in a financial year over the last decad...

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  • RBI extends risk based internal audit rules to big housing finance companies
    Posted Date : 12-Jun-2021 , 08:54:57 am | Posted By CASANSAAR

      The Reserve Bank of India (RBI) on Friday extended the Risk-Based Internal Audit (RBIA) rules to all deposit taking HFCs and non-deposit taking HFCs with assets over Rs 5,000 crore with effect from June 30, 2022. Earlier, on February 3, the central bank had made these rules applicable to o...

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  • RBI may give Banks / NBFCs more time to appoint auditors
    Posted Date : 11-Jun-2021 , 09:46:43 am | Posted By CASANSAAR

    The Reserve Bank of India may give more time to regulated entities, including banks, to implement the new guidelines on the appointment of statutory auditors. Regulated entities are of the view that a year’s time should have been given for implementing the guidelines as some of them have al...

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  • Delhi Police Arrests 11 (2 CAs) In Rs.150 Cr Mobile App Fraud Case
    Posted Date : 10-Jun-2021 , 09:05:58 am | Posted By CASANSAAR

    The Delhi Police's Cyber Cell has arrested 11 men, including two charted accountants (CAs), for allegedly cheating more than five lakh people of over ₹ 150 crore in two months on the pretext of providing lucrative returns on two mobile applications, police said on Wednesday. A total of ...

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  • NFRA may soon settle disciplinary cases of Auditors
    Posted Date : 09-Jun-2021 , 09:36:49 am | Posted By CASANSAAR

    The National Financial Reporting Authority (NFRA) has said that it will propose to the government that it be allowed to settle disciplinary cases of auditors that do not require determination of professional misconduct. NFRA’s plan follows a technical advisory panel set up by the audit watc...

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  • RBI asks banks not to destroy CCTV recordings of demonetisation period
    Posted Date : 09-Jun-2021 , 09:34:57 am | Posted By CASANSAAR

    The RBI on Tuesday asked banks to preserve the CCTV recordings of their branches and currency chests from November 8, 2016, to December 30, 2016, till further orders with a view to assisting the enforcement agencies to take actions against persons involved in illegal activities during the demonetisa...

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  • RBI imposes Rs 6 Cr Penalty on BoI, PNB
    Posted Date : 08-Jun-2021 , 09:48:35 am | Posted By CASANSAAR

     The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds – Classification and Reporting". A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Pun...

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  • World Bank approves 500 million dollar program to help boost India's MSME sector
    Posted Date : 08-Jun-2021 , 09:41:33 am | Posted By CASANSAAR

    The World Bank has approved a USD 500 million program to help boost India's MSME sector. The programme targets improvements in the performance of five lakh 50 thousand MSMEs. Out of some 58 million MSMEs in the country, more than 40 per cent lack access to formal sources of finance. The MSME sec...

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  • DSC to be re-registered afresh 7th June onwards on the new portal - Income Tax Dept
    Posted Date : 05-Jun-2021 , 09:36:29 am | Posted By CASANSAAR

    Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards. The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons. This is a system generated e-mail and plea...

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  • Liaison office has to pay GST - AAR
    Posted Date : 05-Jun-2021 , 09:24:42 am | Posted By CASANSAAR

    The GST Authority for Advance Rulings (AAR - Maharashtra bench) has held a liaison office, in Mumbai, of the Dubai Chamber of Commerce and Industry (DCCI) to be an ‘intermediary’, which is providing services. The AAR concluded that the liaison office is liable to register under the Goods...

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  • RBI slams foreign banks on data rule
    Posted Date : 02-Jun-2021 , 09:44:43 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has pulled up several multinational banks operating in the country for not providing a board-approved system audit report certifying compliance with its data-localisation norms. In a recent communication, the RBI said that a majority of banks are yet to submit syst...

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  • RBI asks banks for customer due diligence for transactions in virtual currencies
    Posted Date : 01-Jun-2021 , 10:22:52 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has advised banks and other regulated entities to continue to undertake due diligence of customers dealing with virtual currencies popularly known as crypto currencies. This came in the form a clarification issued by the RBI the wake of media reports concerning Vir...

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  • SEBI asks listed firms to disclose loans given to promotes in Compliance Report
    Posted Date : 01-Jun-2021 , 10:20:33 am | Posted By CASANSAAR

    Markets regulator Sebi on Monday asked listed companies to make disclosure about loans and guarantees provided by them to promoter or any other entity controlled by them on a half-yearly basis in the compliance report on corporate governance. The move is aimed at bringing transparency and strengt...

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  • Number of Frauds in Private Banks up 21% in FY21 - RBI Annual Report
    Posted Date : 29-May-2021 , 09:17:09 am | Posted By CASANSAAR

    Even as number of fraud cases have declined in the banking system during 2020-21 (FY21), instances of frauds have increased in the private banks, RBI said in its annual report on Thursday. While private banks reported a rise of 21% year-on-year (y-o-y) in the number of frauds during FY21, public sec...

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  • RBI imposes Rs. 10 crore penalty on HDFC Bank
    Posted Date : 29-May-2021 , 09:08:37 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹10 crore on HDFC Bank Limited for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act), an order dated 27 May stated. This penalty has been imposed in exercise of powers ves...

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  • Recommendations of 43rd GST Council meeting
    Posted Date : 29-May-2021 , 09:00:43 am | Posted By CASANSAAR

    The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Minist...

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  • Centre appoints three new members on CBDT board
    Posted Date : 28-May-2021 , 09:09:31 am | Posted By CASANSAAR

    Three new members were on Thursday appointed to the Central Board of Direct Taxes (CBDT), the administrative and policy-making body for the Income Tax Department. An order issued by the Appointments Committee of the Cabinet (ACC) named 1985 batch officers of the Indian Revenue Service Anu J Singh, J...

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  • RBI flags risk of bubble in Indian equity markets
    Posted Date : 28-May-2021 , 09:04:54 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Thursday said the sharp rally in the domestic equity markets despite an estimated 8 per cent contraction in GDP in 2020-21 poses the “risk of a bubble”. In its annual report for 2020-21, RBI noted that India’s equity prices have surged to recor...

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  • Cabinet approves MoUs entered into by ICoAl & ICSI with Foreign Countries/Organisations
    Posted Date : 26-May-2021 , 08:47:09 am | Posted By CASANSAAR

    The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has granted ex-post facto approval to the Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with various Foreign Countries/Organis...

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  • MCA revamps IT interface with businesses
    Posted Date : 25-May-2021 , 09:39:30 am | Posted By CASANSAAR

    The ministry of corporate affairs on Monday revamped its IT interface with businesses to offer virtual public consultation facility and from October onwards, allow e-adjudication of Companies Act violations. The e-consultation platform under the interface called ‘MCA 21 version 3’ all...

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  • Govt Integrates E-way Bill with FasTag, RFID; GST Officers to Have Real-time Data of CVs
    Posted Date : 24-May-2021 , 11:23:06 am | Posted By CASANSAAR

    GST officers have been armed with real-time data of commercial vehicle movement on highways with the integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion. Additional features have been added to the e-way bill...

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  • RBI to review circular on appointment of bank, NBFC Auditors - CII
    Posted Date : 24-May-2021 , 09:49:14 am | Posted By CASANSAAR

    Industry chamber CII has asked the Reserve Bank to review its circular on appointment of auditors for banks and NBFCs saying it was inconsistent with the provisions of the Companies Act. The Reserve Bank in its circular on April 27, 2021 imposed various restrictions on appointment of auditors by ...

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  • Banks with assets of more than Rs 15,000 crore must hire two auditors
    Posted Date : 22-May-2021 , 12:17:29 pm | Posted By CASANSAAR

    Commercial banks and urban commercial banks (UCBs) will have to rope in at least two auditors unaffiliated with each other and have to take prior approval of the Reserve Bank of India (RBI) for appointment or reappointment of statutory auditors on an annual basis, the central bank said on Tuesday. ...

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  • Personal guarantors accountable in IBC - Supreme Court
    Posted Date : 22-May-2021 , 09:31:48 am | Posted By CASANSAAR

    Lenders can initiate insolvency proceedings against promoters, managing directors and chairpersons who have signed personal guarantees on corporate loans in case the borrowers default, the Supreme Court ruled. The apex court on Friday upheld the central government’s November 2019 notificati...

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  • Sovereign Gold Bond Scheme 2021-22 (Series II) – Issue Price
    Posted Date : 22-May-2021 , 09:25:54 am | Posted By CASANSAAR

    In terms of the Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series II) will be opened for the period May 24-28, 2021 with Settlement date June 01, 2021. The issue price of the Bond during the subscription period shall be Rs 4,842 (Rupees...

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  • Govt extends certain timelines in light of severe pandemic
    Posted Date : 21-May-2021 , 09:49:59 am | Posted By CASANSAAR

    The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided  to  extend timelines for compliances under ...

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  • Govt relaxes GST refund claim norms
    Posted Date : 21-May-2021 , 09:42:23 am | Posted By CASANSAAR

    The Central Board of Indirect Taxes and Customs (CBIC) has eased the norms for claiming Goods and Services Tax (GST) refunds making it easier for businesses to rectify their applications. The tax authority said in the CGST (Fourth Amendment) Rules issued on Tuesday that the period between filing ...

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  • Govt extends FCRA registration date for NGOs till Sept 30
    Posted Date : 20-May-2021 , 10:29:29 am | Posted By CASANSAAR

    The order issued by the MHA is being seen as a relief to the NGOs for switching to the new FCRA regime. "Keeping in view the exigencies arising out of the COVID-19 situation and to ensure a smooth transition to the amended FCRA regime, the central government, in exercise of the powers confer...

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  • Govt extends deadline for NGOs opening new FCRA accounts with SBI till June 30
    Posted Date : 20-May-2021 , 09:40:36 am | Posted By CASANSAAR

    Following multiple petitions by NGOs in various courts stating that the poor implementation of the recently amended Foreign Contribution Regulation Act (FCRA) had tied their hands in the middle of the Covid-19 pandemic, the government has extended the deadline for conforming to the new rules to June...

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  • RBI under pressure from BFSI industry to defer new Auditors' norms for a year
    Posted Date : 19-May-2021 , 08:40:35 am | Posted By CASANSAAR

    The BFSI industry faced with restructuring and asset quality issues is insisting that they need time as they are preoccupied with other business issues due to COVID-19 outbreak. Pressure is building upon the Reserve Bank of India (RBI) from the banking and financial services industry (BFSI) to de...

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