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Posted Date : 24-Aug-2013 , 08:07:31 am | Posted By CASANSAAR
In the wake of an over three-hour technical glitch at the US bourse Nasdaq, the Securities and Exchange Board of India (Sebi) is reviewing trading and risk management systems at stock exchanges in India to reassure their robustness. While the systems in place at leading Indian bourses a...
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Posted Date : 23-Aug-2013 , 07:32:29 pm | Posted By CASANSAAR
The Reserve Bank of India penalised six public sector banks of Rs 6.5 crore for violating Know Your Customer (KYC)/Anti Money Laundering (AML) guidelines of the central bank. The six banks fined were Dena Bank (Rs 2 crore), Corporation Bank (Rs 1.5 crore), IDBI Bank and Indian Bank (Rs 1 cr...
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Posted Date : 23-Aug-2013 , 12:19:48 pm | Posted By CASANSAAR
National Spot Exchange Limited's (NSEL) books could face yet another round of audit as the disciplinary committee of Institute of Chartered Accountants of India (ICAI), which regulates close to 90,000 CA professionals, is open to initiating suo moto action to find out lapses on part of aud...
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Posted Date : 23-Aug-2013 , 07:49:12 am | Posted By CASANSAAR
The new legislation Bill, which will replace the nearly six-decade old Companies Act, is likely to get the Presidential assent in the next few days, a senior government official said today. The much-awaited Companies Bill was approved by the Rajya Sabha on August 8. The legislation ha...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 434
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Posted Date : 22-Aug-2013 , 09:14:08 pm | Posted By CASANSAAR
The Income Tax department is conducting searches on the business premises of two dozen members of the National Spot Exchange Limited (NSEL) which is facing alleged irregularity charges in settling Rs 5,600 crore dues to investors. Multiple teams of I-T sleuths visited the offi...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 349
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Posted Date : 22-Aug-2013 , 08:54:42 pm | Posted By CASANSAAR
1. The Guidance Note on Audit of Banks, brought out by the Auditing & Assurance Standards Board (AASB) of the ICAI is an important publication providing comprehensive guidance to the members carrying out audits of banks and bank branches. Improving the quality of audit of banks is on...
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Posted Date : 22-Aug-2013 , 11:42:02 am | Posted By CASANSAAR
he rupee on Thursday plunged further by 142 paise to hit a fresh record low of 65.50 against the US dollar in mid-session trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers. The rupee had ended at 64.11 after hitting a fresh low of 64.5...
Continue Reading... Category : International Business | Comments : 0 | Hits : 299
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Posted Date : 22-Aug-2013 , 08:47:37 am | Posted By CASANSAAR
An association of brokers led by Motilal Oswal and Anand Rathi is planning to take the auditors of National Spot Exchange Ltd (NSEL) to court for providing an incorrect picture of the exchange’s stocks. It would also lodge a complaint with The Institute of Chartered Accountants of In...
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Posted Date : 22-Aug-2013 , 08:45:59 am | Posted By CASANSAAR
The super rich may have to pay more as the government strives to raise revenues to meet its commitment to rating agencies and markets to bring down fiscal deficit.The government is proposing a 35% tax rate for those earning more than Rs 10 crore in the Direct Taxes Code (DTC) that is likely to be ta...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 543
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Posted Date : 22-Aug-2013 , 08:44:44 am | Posted By CASANSAAR
To tighten the noose around tax evaders and expand the tax net, the finance ministry is rolling out seven-eight big-ticket technology projects that would significantly bolster its capabilities. The projects, at various stages of implementation, would enable the income taxdepartment to...
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Posted Date : 21-Aug-2013 , 08:40:07 pm | Posted By CASANSAAR
As crisis at National Spot Exchange continues to deepen, the Corporate Affairs Ministry has also begun looking into the matter to ascertain whether there have been any violations of the Companies Act. "We have received a reference on NSEL issue from the Consumer Affairs Ministry. We a...
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Posted Date : 21-Aug-2013 , 04:35:16 pm | Posted By CASANSAAR
The rupee could touch 70 against the U.S. dollar in a month or so, although some revival is expected in the currency by the end of the year, Deutsche Bank said in a report on Wednesday. "We continue to believe that fundamentally the rupee is undervalued and has overshot its equilibrium level substa...
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Posted Date : 21-Aug-2013 , 07:58:15 am | Posted By CASANSAAR
The government has been enhancing quantitative limits for FIIinvestments in debt segment, includinggovernment securities (G-Secs) to help develop rupee debt markets, Parliament was informed today. To augment foreign portfolio investment inflows by improving investment a...
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Posted Date : 21-Aug-2013 , 07:50:47 am | Posted By CASANSAAR
Sebi has proposed making it mandatory for listed companies with significant half- yearly variation in profit, revenue and assets to prepare consolidated accounts instead of standalone results. All companies irrespective of the extent of change will also be asked to publish cash flow state...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 432
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Posted Date : 20-Aug-2013 , 09:26:39 pm | Posted By CASANSAAR
The Forward Markets Commission (FMC) on Tuesday directed crisis-ridden National Spot Exchange Ltd (NSEL) to withhold payment due to defaulter members of its related entity Indian Bullion Market Association (IBMA) and other connected firms of the exchange. The directive comes a few hours before the ...
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Posted Date : 20-Aug-2013 , 07:08:23 pm | Posted By CASANSAAR
As per provisional data received from the Reserve Bank of India (RBI), the Gross Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) as on 30th June 2013 was Rs. 1,76,009 crore. The Gross NPAs of PSBs were Rs. 1, 12,489crore in March 2012 and Rs. 1, 55,890 crore...
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Posted Date : 20-Aug-2013 , 08:40:51 am | Posted By CASANSAAR
In a case without parallel, the Central Board of Direct Taxes (CBDT), the agency that collects income tax and sets policies in this space has launched a scathing attack on the Income Tax Settlement Commission (ITSC), a quasi-judicial body that is empowered to grant immunity from prosecution and pena...
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Posted Date : 20-Aug-2013 , 12:23:02 am | Posted By CASANSAAR
The government today banned duty— free import of flat screen television by air travellers in a bid to prop up rupee, which declined below the 63 level against US dollar. The government, according to a notification, has decided to “disallow import of flat panel (LCD/LED/Plasma) t...
Continue Reading... Category : Custom | Comments : 1 | Hits : 597
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Posted Date : 19-Aug-2013 , 08:30:14 pm | Posted By CASANSAAR
The government is mulling conducting audit of NSEL's physical stocks lying in warehouses by own agencies as it fears defaults in payment by buyers, a top Consumer Affairs Ministry official said. Consumer Affairs Secretary Pankaj Agarwal also asked the National Spot Exchange Limited (NSEL) to be a r...
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Posted Date : 19-Aug-2013 , 07:33:22 pm | Posted By CASANSAAR
Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 19th October, 2013 Last Date for Online Form Submission 7th October, 2013 till 5:30 PM 1. The next Eligibility Test for ISA PQC is scheduled to b...
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Posted Date : 19-Aug-2013 , 08:24:10 am | Posted By CASANSAAR
A high-level government panel is likely this week to take a final call on the new accounting norms, that would converge with international standards.Taking into consideration the interests of the domestic industry, the proposed Indian Accounting Standards (Ind AS) would only converge with the global...
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Posted Date : 19-Aug-2013 , 08:22:46 am | Posted By CASANSAAR
Retirement fund body is all set to launch online transfer of PF accounts on changing jobs by the end of this month, benefiting over 13 lakh subscribers every year who go through a time-consuming process. Employees' Provident Fund Organisation (EPFO) has got very encouraging ...
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Posted Date : 19-Aug-2013 , 08:21:45 am | Posted By CASANSAAR
The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance. Cheraman Financial Services Limited(CFSL) will be floated by Kerala State Industrial Development Corporation to function as ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 317
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Posted Date : 18-Aug-2013 , 09:00:25 am | Posted By CASANSAAR
Prime Minister Manmohan Singh on Saturday called for evolving a fresh thinking on Reserve Bank of India (RBI)’s monetary policy in a globalised economy and dealing with the constraints of its macro economic policies. “The time has come to look at the possibilities and limitation...
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Posted Date : 17-Aug-2013 , 10:26:58 am | Posted By CASANSAAR
The Intermediate and Final Results for June 2013 Term Examination results are likely to be declared on August 23, 2013 Afternoon. For convenience of the students the online results would be available on the following servers: 1. http://examicai.in (Intermediate...
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Posted Date : 17-Aug-2013 , 10:26:48 am | Posted By CASANSAAR
Those defaulting in filing income tax returns are liable to prosecution, the I-T department has said. If the tax evaded exceeds Rs 25 lakh, the defaulter can be sentenced to a minimum imprisonment of six months and maximum of seven years, besides being asked to pay a fine. If the tax evasionam...
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Posted Date : 17-Aug-2013 , 10:26:37 am | Posted By CASANSAAR
Commodity market regulator Forward Markets Commission (FMC) has ordered a forensic audit of National Spot Exchange Ltd (NSEL), raising serious questions about the credibility of books of account and record maintenance at the crisis-ridden bourse.The exchange will have to appoint ...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 295
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Posted Date : 16-Aug-2013 , 08:59:05 pm | Posted By CASANSAAR
In order to reduce the increasing number of transfer pricing audits and prolonged disputes, the Finance (No.2) Act, 2009 w.r.e.f 1.4.2009 inserted a new section 92CB to provide that determination of arm’s length price under section 92C or Section 92CA shall be subject to safe ha...
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Posted Date : 16-Aug-2013 , 05:14:11 pm | Posted By CASANSAAR
The S&P BSE Sensex fell over 800 points in intraday trade on Friday, while 50-share Nifty index suffered its biggest percentage drop since July 2009. The fall was led by sharp selling in frontlinestocks on fears of U.S. stimulus tapering which could start as soon a...
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Posted Date : 16-Aug-2013 , 10:45:05 am | Posted By CASANSAAR
The rupee on Friday hit an all-time low of 62 versus the US dollar. The India currency fell after appreciating in the early morning trade. The fall comes despite, RBIannouncing stern measures to curb forexoutflow amid weakening of the US currency overseas. The...
Continue Reading... Category : International Business | Comments : 0 | Hits : 332
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