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  • NCLT allows Government to ban Deloitte, BSR for five years
    Posted Date : 09-Aug-2019 , 08:40:56 pm | Posted By CASANSAAR

    In a major setback to the auditors, the National Company Law Tribunal Friday rejected Deloitte's and BSR's applications challenging the tribunal's jurisdiction to ban them from business for five years for their omissions and commissions in the ILFS Group scam. This is the second setba...

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  • Ayushmann KHURANA, Vicky Kaushal bag National Film Award for best Actor
    Posted Date : 09-Aug-2019 , 08:29:31 pm | Posted By CASANSAAR

    Bollywood stars Ayushmann Khurrana and Vicky Kaushal have jointly bagged the National Film Award for best actor for their roles in Andhadhun and Uri. Gujarati movie Hellaro has been awarded the best feature film. Aditya Dhar won the Best Director award for his debut Uri: The Surgical Strike while...

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  • Only about 15% of taxpayers have filed GST Returns - CBIC
    Posted Date : 09-Aug-2019 , 01:49:47 pm | Posted By CASANSAAR

    With the last date to file GST Annual Return and GST Audit report fast approaching, a complex filing process and numerous data requirement has meant very few taxpayers have been able to comply with the filing process  In a letter to all Principal Chief Commissioners and Chief Commissioners o...

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  • SC upholds homebuyers' rights as financial creditors under IBC
    Posted Date : 09-Aug-2019 , 01:22:55 pm | Posted By CASANSAAR

    In a major win for homebuyers, the Supreme Court on August 9 upheld the amendment in the Insolvency and Bankruptcy Code that confers them the status of financial creditors. Dismissing the plea of over 200 real estate companies that had pleaded that the IBC amendment was illegal and unconstitution...

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  • Reliance Capital joint auditors reject PWC allegations
    Posted Date : 09-Aug-2019 , 08:23:17 am | Posted By CASANSAAR

    Reliance Capitalon Thursday said its joint auditors have confirmed that there are "no violations" as alleged by the firm's previous auditor Price Waterhouse & Co Chartered Accountants LLP (PWC).  The board of directors of Reliance Capital on August 8 held special meeting to...

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  • Income Tax department launches new way of making ITR e-verification
    Posted Date : 09-Aug-2019 , 08:16:32 am | Posted By CASANSAAR

    To ease e-verification process of income tax returns (ITR), the Income Tax department has now launched a new facility on its e-filing portal. Taxpayers can e-verify their ITR without even logging in to the e-filing website. On the Income Tax e-filing website, you can see a new 'e-verify retur...

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  • Income Tax Dept issues FAQs on filing tax returns to help taxpayers
    Posted Date : 09-Aug-2019 , 08:09:35 am | Posted By CASANSAAR

    The revenue department on Thursday released FAQs on filling income tax returns (ITR) with regard to reporting of directorship in a foreign company and equity shares held outside India. Through frequently asked questions (FAQs), the Central Board of Direct Taxes (CBDT) has also clarified that repo...

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  • Income Tax dept relaxes assessment and scrutiny norms for start-ups
    Posted Date : 09-Aug-2019 , 08:05:13 am | Posted By CASANSAAR

    The income tax (I-T) department has relaxed its assessment and scrutiny norms for start-ups. In a circular it directed its officers not to raise additional tax demands for start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). This will be done in cases wh...

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  • MCA names 4 domestic Auditors to restate IL&FS books
    Posted Date : 09-Aug-2019 , 07:52:46 am | Posted By CASANSAAR

    The corporate affairs ministry Thursday proposed to NCLT four auditing firms to restate the accounts of the crippled Infrastructure Leasing & Financial Services (IL&FS) and some of its subsidiaries to verify fraudulent transactions. The move comes even as the ministry awaits the NCLT view...

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  • SEBI tightens disclosure norms on encumbered shares
    Posted Date : 08-Aug-2019 , 08:57:55 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi), on Wednesday evening, tightened the norms for pledging of shares by promoters of listed companies. In its circular, Sebi directed every listed firm to disclose detailed reasons for pledging of shares by its promoters along with the amount of stak...

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  • IBBI prescribes CPE requirement for Insolvency Professionals
    Posted Date : 08-Aug-2019 , 08:36:49 am | Posted By CASANSAAR

    CPE Requirements. (a) An IP shall undertake a minimum of 10 credit hours of CPE each calendar year and a minimum of 60 credit hours of CPE in each rolling block of three calendar years: Provided that an IP is not required to undertake any CPE in the calendar year in which he is regis...

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  • RBI slashes repo rate by 35 basis points
    Posted Date : 07-Aug-2019 , 10:43:52 pm | Posted By CASANSAAR

    The Reserve Bank has cut repo rate by 35 basis points to 5.40 per cent to give a fillip to the economy. Repo rate is the rate at which RBI lends to banks. This is the fourth consecutive time that the RBI's Monetary Policy Committee reduced the rate. On earlier three occasions, RBI had reduced...

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  • RBI announces NEFT facility will be available round-the-clock for customers
    Posted Date : 07-Aug-2019 , 10:20:06 pm | Posted By CASANSAAR

    The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers.  Speaking at a press conference after the release of the third bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will...

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  • SEBI plans Rs.1 Cr reward, hotline access for informers of insider trading
    Posted Date : 07-Aug-2019 , 08:31:52 am | Posted By CASANSAAR

    Any inside information on insider trading in the stock market can get the informant a reward of up to ₹1 crore from Sebi, a hotline for sharing details to ensure confidentiality and a possible amnesty or settlement for minor wrongdoings in return for cooperation in the probe. Capital market...

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  • CBDT lays out revised region-wise direct tax collection target
    Posted Date : 07-Aug-2019 , 08:17:24 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) on August 5 laid out the target for achieving the government's revised direct tax collection of Rs 13.35 lakh crore. In a letter to all principal commissioners, the CBDT laid out targets for each of its regions, with the Mumbai region expected to contr...

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  • Govt wants to freeze accounts of IL&FS Auditors, 21 others
    Posted Date : 06-Aug-2019 , 09:32:37 pm | Posted By CASANSAAR

    In more troubles for the auditors of the crippled IL&FS--Deloitte and BSR, the corporate affairs ministry Tuesday moved the NCLT seeking to freeze their bank accounts along with those of 21 others who are impleaded in the main petition in the one of the largest fraud cases. This comes even as...

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  • Parliament passes Consumer Protection Bill
    Posted Date : 06-Aug-2019 , 09:27:31 pm | Posted By CASANSAAR

    Parliament has passed the  Consumer Protection Bill, 2019, with the Rajya Sabah approving it today.  The Lok Sabha has already passed it. The bill aims at protecting the interests of consumers by establishing authorities for timely and effective administration and settlement of consumer...

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  • Parliament passes Jammu & Kashmir reorganisation Bill
    Posted Date : 06-Aug-2019 , 09:26:08 pm | Posted By CASANSAAR

    Parliament has adopted the resolution revoking the special status given to Jammu and Kashmir under Article 370 of the Constitution, with Lok Sabha approving it today.  The Lower House adopted the resolution with 351 members supporting it while 72 voted against it. The Rajya Sabha had adopted...

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  • RBI slaps Rs 8.5 crore fine on 11 banks for not complying with fraud reporting
    Posted Date : 06-Aug-2019 , 07:57:19 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Monday said it has imposed a collective penalty of Rs 8.5 crore on eleven commercial banks for violating norms on fraud classification and reporting by commercial banks and selected financial institutions (FIs). While the RBI imposed a fine of Rs 1.5 crore on Or...

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  • Deloitte quits as auditor of DHFL
    Posted Date : 06-Aug-2019 , 07:51:19 am | Posted By CASANSAAR

    Deloitte has quit as the auditor of cash-strapped DHFL, sources said on Sunday. Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of Corporate Affairs, one of the sources said. Another source confirmed that Deloitte has quit, but without citing any r...

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  • Govt moves SC to make NCLT judges stick to deadline for resolving cases
    Posted Date : 06-Aug-2019 , 07:46:36 am | Posted By CASANSAAR

    The government has sought the Supreme Court’s (SC’s) approval to frame rules for making judges of the National Company Law Tribunal (NCLT) accountable in ensuring corporate insolvency cases are disposed of in time. In the latest amendments to the Insolvency and Bankruptcy Code (IBC), ...

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  • Finance Minister meets Bankers, reviews the performance of banks
    Posted Date : 06-Aug-2019 , 07:38:56 am | Posted By CASANSAAR

    Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs reviewed the performance of banks, here, today in a meeting with the top management of Public Sector Banks, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Citi Bank. RBI Deputy Governor N. S. Vishwanathan also...

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  • RBI tightens fit-and-proper criteria for directors on PSB boards
    Posted Date : 03-Aug-2019 , 07:19:25 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has tightened the fit-and-proper criteria for directors on the boards of state-run banks, and said the Centre’s nominee director shall not be part of the nomination and remuneration committee (NRC). The revised criteria also, for the first time, laid down an exh...

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  • RBI bans NBFCs from charging loan foreclosure penalties
    Posted Date : 03-Aug-2019 , 07:18:15 am | Posted By CASANSAAR

    The Reserve Bank on Friday barred non-banking finance companies from charging pre-payment penalties or foreclosure charges from individual borrowers.  "NBFCs shall not charge foreclosure charges/pre- payment penalties on any floating rate term loans sanctioned for purposes other than bu...

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  • Parliament passes Wage Code Bill to ensure minimum wage for workers
    Posted Date : 03-Aug-2019 , 07:10:55 am | Posted By CASANSAAR

    The Rajya Sabha, on Friday, passed the Code on Wages Bill, 2019, which allows the Centre to set a minimum statutory wage, a move expected to benefit 500 million workers across the country. The bill has been passed in the Lok Sabha last week and will now go for President's assent following which ...

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  • RBI slaps fine on eight public sector banks for violating norms
    Posted Date : 02-Aug-2019 , 09:13:11 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) imposed monetary penalty ranging between Rs 1-2 crore on eight public sector banks for violating norms on fraud classification, bill discounting and monitoring of end use of funds. Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India were fin...

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  • RBI imposes penalty of Rs 1.5 cr on Bank of India
    Posted Date : 02-Aug-2019 , 12:34:09 pm | Posted By CASANSAAR

      The Reserve Bank of India has imposed a penalty of Rs 1.5 crore on Bank of India on account of 'Non-compliance with RBI's direction on Frauds' in Rotomac Group companies. The aforesaid penalty is required to be paid within 14 days of receipt of their order. #casansaar (Soruc...

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  • RBI allows Bank of China to offer regular banking services in India
    Posted Date : 02-Aug-2019 , 12:28:04 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Thursday allowed Bank of China to offer regular banking services in the country. All commercial banks, like SBI, HDFC Bank, Punjab National Bank and ICICI Bank, are in the Second Schedule. Banks falling under this schedule have to adhere to the norms of the RBI. ...

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  • GST Collections At Rs. 1.02 Lakh Crore In July
    Posted Date : 02-Aug-2019 , 12:24:39 pm | Posted By CASANSAAR

    The Goods and Services Tax (GST) collections rose by 5.80 per cent to Rs. 1,02,083 crore in July from a year ago, the Ministry of Finance said in a statement on Thursday.  In July last year, the GST revenue was Rs 96,483 crore. The Central GST collections stood at Rs 17,912 crore, State GST ...

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  • Income Tax department launches e-filing Lite for taxpayers
    Posted Date : 02-Aug-2019 , 12:20:55 pm | Posted By CASANSAAR

    A 'lite' e-filing facility was launched by the Income Tax department on Thursday to facilitate the easy and quick filing of returns by taxpayers. The facility was operationalised on the official portal of the department --https://www.incometaxindiaefiling.gov.in. "The Income Tax d...

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