FinMin orders forensic probe into Rs 6k-cr BoB forex scam
PrintListen to this Article
In a written reply in Rajya Sabha yesterday, Finance Minister Arun Jaitley said CBI and Enforcement Directorate have registered cases on the bases of complaint filed by the bank regarding irregularities in outward foreign remittances from its Ashok Vihar Branch, New Delhi through newly opened accounts, to the tune of approximately Rs 6,000 crore.
He also said Ministry of Corporate Affairs has ordered investigation in respect of 11 companies involved in the transaction.
"Department of Financial Services has ordered a forensic investigation in the matter. Details of the involvement of other banks will be known only at the end of investigation," Jaitley said.
To a query related to report of Justice A P Shah panel on MAT, Minister of State for Finance Jayant Sinha said the government has accepted the recommendations and decided to carry out appropriate amendments so as to provide that Minimum Alternate Tax provision will not be applicable to FIIs/FPIs not having a place of business/ permanent establishment in India, for a period prior to April 1, 2015.
"An appropriate legislative amendment to the Income-tax Act is proposed to be carried out through Finance Bill, 2016," he said.
The written replies dated December 1 were released today.
Replying to another question, he said the government, in consultation with RBI, on an ongoing basis evaluates the different options available to decide on new security features in currency notes.
Further, in order to stay ahead of the counterfeiters, the government has recently introduced revised numbering pattern in all denominations of banknotes.
An FICN Coordination Group has been formed in Home Ministry to share the intelligence/information amongst different security agencies to counter the menace of circulation of fake currency notes in the country.
FICN also coordinates with different security agencies to effect more seizures.
The issue has also been raised in international multilateral fora constantly, Sinha added. (PTI)
Category : Auditing | Comments : 0 | Hits : 488
In a boost to the National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms dealing with large and listed companies, the Supreme Court has upheld an order by the National Company Law Appellate Tribunal (NCLAT) related to disciplinary action against errant auditors. Last month, the apex court dismissed an appeal filed by chartered accountant Sam Varghese, partner at K Varghese & Co. Varghese was one of the four auditors against whom NFRA had acted, and in...
Hindustan Unilever Ltd. has announced that its cost auditor has been disqualified from continuing amid a conflict of interest. The decision was made after it was discovered that Rasesh Vipin Chokshi, who is a partner at the firm R.A. & Co., was holding shares in the company. According to the Companies Act, 2013, a cost auditor cannot hold any shares in the company for which they're auditing the costs. Following this violation, M/S R.A. & Co. has been asked to vac...
The Bombay High Court has granted bail to Anita Kirdat, a former concurrent auditor of the Punjab and Maharashtra Cooperative (PMC) Bank, in connection with a multi-crore loan fraud case. Kirdat, 48, a chartered accountant (CA) from Bhandup, who runs a firm, Anita Kirdat and Company, was arrested by the Economic Offence Wing of Mumbai Police in 2019 in the PMC Bank scam. She served as the concurrent auditor of PMC Bank from 2005 to 2019. She was alleged to have been appointed at the behest...
Tighter regulations and lower fees are making the auditing profession challenging, said panelists at an international conference held by the National Financial Reporting Authority (NFRA) here on Tuesday. “The business model of pure audit is under significant pressure. It’s getting tighter and tighter from the point of avoiding conflict,” said Uday Kotak, former managing director and CEO of Kotak Mahindra Bank. Stating that regulators would want the best of talent in the audi...
The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, on Friday announced the setting up of the Supreme Audit Institution India’s International Centre for Audit of Local Governance (iCAL) in Rajkot, Gujarat. At the conclusion of the three-day international conference on ‘Strengthening of Grass Roots Democracy and Accountability’, Mr. Murmu said local governments played a pivotal role in shaping the lives of citizens. Effective accounting platforms and aud...
Comments