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  • Ernst & Young Wins ICAEW’s Accountancy and Finance Award for ‘Excellence in Client Service’
    Posted Date : 28-Dec-2011 , 09:04:15 am | Posted By CASANSAAR

    Ernst & Young has won the award for ‘Excellence in Client Service’ at the first ever Middle East Accountancy and Finance Excellence Awards event to be organized by the Institute of Chartered Accountants in England and Wales (ICAEW). Noor Abid, Managing Partner, Assurance, Ernst &a...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 423

  • RBI to buy Rs 12,000 cr worth govt securities
    Posted Date : 28-Dec-2011 , 09:00:47 am | Posted By CASANSAAR

    To tide over the current liquidity crisis, the Reserve Bank today announced it will purchase government securities worth Rs 12,000 crore on Thursday through open market operations. "Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquid...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 249

  • Sebi proposes regulation for investment advisors
    Posted Date : 28-Dec-2011 , 08:59:39 am | Posted By CASANSAAR

    Market regulator Sebi has proposed new rules for investment advisors that will require them to be registered with a self-regulatory organisation (SRO) before undertaking such a role. The proposed framework intends to regulate investment advisory services in various forms including independent fin...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 224

  • PSU banks'credit panel can now approve loans up to 400 crore
    Posted Date : 28-Dec-2011 , 08:57:28 am | Posted By CASANSAAR

    The government has quadrupled the limits on loans that a bank's internal committee can approve, a move that could quicken credit clearance at 26 state-run banks, including the Bank of Baroda and Punjab National Bank. The government has directed banks to set up a credit approval committee - comp...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 291

  • Short on revenue, government may go for larger market borrowings
    Posted Date : 28-Dec-2011 , 08:55:18 am | Posted By CASANSAAR

    The government is finding it difficult to meet direct tax target due to industrial slowdown and may go in for larger market borrowings than the revised target of Rs 4.7 lakh crore in the current fiscal, a top Finance Ministry official said today. "Growth slowdown is a big challenge. We may miss t...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 165

  • CMC Ltd. named among top firms for corporate governance
    Posted Date : 28-Dec-2011 , 08:53:04 am | Posted By CASANSAAR

    CMC Ltd., a Tata group firm and subsidiary of the country's top software company TCS, has been recognised as one of the top seven companies in India for for adopting good corporate governance practices. In a press release, CMC said today that it has also been conferred by the the Institute of C...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 241

  • Lokpal bill passed in Lok Sabha
    Posted Date : 27-Dec-2011 , 11:10:25 pm | Posted By CASANSAAR

    Lok Sabha on Tuesday passed the Lokpal and Lokayukta Bill, 2011 by voice vote even as the Left, BSP and SP staged a walkout. SP and BSP staged a walk out from the Lok Sabha shortly before the voting on the lokpal bill in protest against the government bringing a "weak" legislation. "We ...

    Continue Reading... Category : General | Comments : 2 | Hits : 767

  • EC writes to parties over Black money in polls
    Posted Date : 27-Dec-2011 , 11:04:22 pm | Posted By CASANSAAR

    In order to curb the use of black money during assembly polls in five states, the Election Commission has written to all political parties asking them to avoid cash transactions and instruct their cadres not to carry huge cash during elections. The Commission, in this context, has written a let...

    Continue Reading... Category : General | Comments : 0 | Hits : 214

  • Govt introduces Money Laundering Bill in LS
    Posted Date : 27-Dec-2011 , 03:51:45 pm | Posted By CASANSAAR

    The Government today presented three Bills in the Lok Sabha. The Prevention of Money Laundering (Amendment) Bill, 2011, presented by Finance Minister Pranab Mukherjee, seeks to strengthen the relevant Act of 2002 by amending some of its provisions.The Electronic Delivery of Services Bill, 2011, was ...

    Continue Reading... Category : General | Comments : 0 | Hits : 281

  • SEBI to launch toll-free helpline for investors
    Posted Date : 27-Dec-2011 , 08:20:10 am | Posted By CASANSAAR

    Market regulator SEBI would launch a toll-free helpline as part of educating investors on the securities market, Chairman U K Sinha said today. With the launch of helpline, an investor can ask any question regarding the securities market which will be answered. "The reason why we are launching i...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 333

  • Reforms commission looking at uniform legislation for banks
    Posted Date : 27-Dec-2011 , 08:18:40 am | Posted By CASANSAAR

    The Financial Sector Legislative Reforms Commission (FSLRC) is considering a single, harmonised and uniform legislation applicable to all banks and giving the central bank the power to sanction takeover of a co-operative bank by commercial banks, said Mr Anand Sinha, Deputy Governor, Reserve Bank of...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 248

  • Sebi bans incentive payment in debt issues
    Posted Date : 27-Dec-2011 , 08:17:01 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi) on Monday banned payment of incentives to investors to bid in public sale of bonds as it considers the practice leads to an 'unfair advantage' to a select few and raises the cost to issuer. "In order to curb such practices, it is advised that in ...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 266

  • Income-Tax authorities serve notice to Jet Airways' Naresh Goyal on Tailwinds' foreign account
    Posted Date : 27-Dec-2011 , 08:14:41 am | Posted By CASANSAAR

    Naresh Goyal, founder-promoter of Jet Airways, has received two notices from Income Tax authorities over a Swiss bank account in the name of Tailwinds, three people familiar with the development told ET Now. Tailwinds is the Isle of Man-based parent of Jet Airways and owns 79.99% of the airline....

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 271

  • Anna Hazare to fast in Mumbai from tomorrow, govt asks him to 'wait'
    Posted Date : 26-Dec-2011 , 06:14:25 pm | Posted By CASANSAAR

    Showing no signs of relenting, Anna Hazare on Monday said he will go ahead with his three-day fast in Mumbai from tomorrow against a "weak" Lokpal Billwith his team raising the pitch for an independent probe agency for the ombudsman saying it was "non-negotiable" even as government as...

    Continue Reading... Category : General | Comments : 0 | Hits : 294

  • Co Bill for refund of benefits in case of Satyam type frauds
    Posted Date : 26-Dec-2011 , 10:46:46 am | Posted By CASANSAAR

    In order to deter chief executives and other senior functionaries from indulging in Satyam type accounting fraud, the Companies Bill 2011 stipulates that such officials will have to refund the remuneration received in case the accounts are re-stated. According to the Companies Bill, which is awai...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 318

  • I-T dept to reopen returns of 'suspects'
    Posted Date : 26-Dec-2011 , 10:45:24 am | Posted By CASANSAAR

    Faced with a number of cases of denial of secret foreign bank account holdings, the Income Tax department has decided to re-open past tax returns of such individuals in Mumbai and Delhi among others, in order to unearth black money stashed abroad.The Central Board of Direct Taxes (CBD...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 391

  • ICAI for branch-level audit of private sector banks
    Posted Date : 25-Dec-2011 , 08:54:09 am | Posted By CASANSAAR

    Banking and accounting regulators don’t see eye to eye, as RBI wants the practice relaxed even for public sector banks.   Private sector banks may have their branches statutorily audited by an RBI-approved panel, on the pattern of public sector bank audits, if the central bank accepts a...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 518

  • Bank not responsible if ATM misused: Consumer forum
    Posted Date : 24-Dec-2011 , 01:44:49 pm | Posted By CASANSAAR

    A person cannot claim damages from bank if he fails to immediately block his lost ATM and money is unauthorisedly withdrawn by using the card, a district consumer forum has said.It said the bank would have been liable if the transaction of withdrawal of money took place after blockage of the card.A ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 553

  • Cos to gain from ICAI's proposed norms on forex derivatives
    Posted Date : 24-Dec-2011 , 10:03:30 am | Posted By CASANSAAR

     In what could be a major relief to India Inc, the accounting regulator ICAI has recommended that companies be allowed to account for losses arising from foreign exchange derivative trade over several years.     The measure, according to sources, would prevent the companies ...

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  • Press Note by CBDT
    Posted Date : 24-Dec-2011 , 10:02:32 am | Posted By CASANSAAR

    It has been reported in a section of the press that several captains of industry have complained to the government that taxmen are harassing industry by resorting to indiscriminate and increased ‘raids’. It is informed that under the Income Tax Act, search and seizure is conducted o...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 409

  • Supreme Court ruling on Vodafone tax case to have global implications
    Posted Date : 24-Dec-2011 , 10:01:07 am | Posted By CASANSAAR

    The Supreme Court ruling on the Vodafone tax case, which involves a tax demand of $2 billion, will have a major impact on tax regimes of various countries seeking to introduce rules covering cross-border acquisitions involving entities in their respective jurisdictions, according to senior tax o...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 427

  • Action against ex-CFO in Satyam case within a week: ICAI
    Posted Date : 24-Dec-2011 , 09:59:58 am | Posted By CASANSAAR

    Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week. "The disciplinary committee of ICAI will take a decision based on the available documents against ex-Satyam CFO. The report will be finalis...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 286

  • HC dismisses Hindalco plea against I-T order on transfer pricing issue
    Posted Date : 24-Dec-2011 , 09:57:18 am | Posted By CASANSAAR

    The Bombay High Court on Friday dismissed the plea of the Aditya Birla Group flagship Hindalco Industries which had challenged the income-tax (I-T) department's contention that tax should be levied on corporate guaranatees issued by the company. A division bench comprising justices DY Chandrach...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 225

  • I-T searches unearthed Rs 18700 crore in last 2 years
    Posted Date : 24-Dec-2011 , 09:55:06 am | Posted By CASANSAAR

    More than Rs 18,700 crore of unaccounted wealth has been unearthed across the country after searches were conducted by the income tax officials in the last two years, the Central Board of Direct Taxes said on Friday. The body has, however, denied any harassment has been caus...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 193

  • Delhi Court orders Facebook, Google, Youtube and other websites.
    Posted Date : 23-Dec-2011 , 08:28:20 pm | Posted By CASANSAAR

    Over the voices rose to keep a check on the content which has been published on the social networking sites, a Delhi trial court today asked several sites including, Facebook, Youtube and Google to delete the 'anti religious' or 'anti social' content which promotes hatred or communal harmony.The cou...

    Continue Reading... Category : General | Comments : 0 | Hits : 516

  • No tax relief for Infy’s payment to police: HC
    Posted Date : 23-Dec-2011 , 08:33:37 am | Posted By CASANSAAR

    Can an establishment seek a deduction under the Income-Tax Act with regard to a donation/ contribution made to police for regulating traffic? No way, says the Karnataka High Court. The division bench comprising late Justice V G Sabhahit and Justice Ravi Malimath in a recent judgment h...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 355

  • Spike in bad loans worries RBI
    Posted Date : 23-Dec-2011 , 08:30:46 am | Posted By CASANSAAR

    Bad loan growth in Indian banks this year has been over thrice the average growth in the preceding five years. While most bad loans are in retail, priority sector and infrastructure, RBI is worried about the power sector which is going through a high level of stress.&nb...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 294

  • Cabinet clears 4.5 per cent sub-quota for minorities in Govt. jobs and edu. Instt.
    Posted Date : 23-Dec-2011 , 08:27:32 am | Posted By CASANSAAR

    Union Cabinet has approved 4.5 per cent sub-quota for minorities within the 27 per cent reservation for other Backward Classes, (OBC). Top government sources said that the decision to this effect was taken at a cabinet meeting last evening. This decision will pave the way for reservation i...

    Continue Reading... Category : General | Comments : 0 | Hits : 324

  • Cabinet approves Electronic Delivery of Services Bill 2011
    Posted Date : 22-Dec-2011 , 06:17:19 pm | Posted By CASANSAAR

    The government is believed to have approved a Bill to bring in transparency and prevent corruption in delivery of public services, like driving licence and permit, through use of electronic medium, particularly Internet. The Union Cabinet, chaired by Prime Minister Manmohan Singh, today cleared...

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  • US Bill on outsourcing cause of concern: India
    Posted Date : 22-Dec-2011 , 04:44:03 pm | Posted By CASANSAAR

    India today expressed concern over the proposed US Call Centre Bill but said that it is premature to assess the impact of the decision on the domestic IT industry. A bipartisan bill has been tabled in the US House of Representatives to make companies, that move call centres overseas, ineligible f...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 387

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