SEBI Introduces System Audit Framework for Professional Clearing Members
Posted Date : 21-Jun-2024 , 06:21:15 pm | Posted By CASANSAAR
In a significant move to enhance the integrity and efficiency of the financial markets, the Securities and Exchange Board of India (Sebi) announced on Thursday a comprehensive framework for the system audit of Professional Clearing Members (PCMs). This directive mandates PCMs to report both major an...
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Income Tax |
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Malabar porotta to attract 18% GST - Kerala High Court
Posted Date : 18-Jun-2024 , 08:59:02 pm | Posted By CASANSAAR
The Goods and Services Tax (GST) rate on Malabar porotta and whole wheat Malabar porotta will remain at 18% for two more months as a Division Bench of the Kerala High Court has stayed a single judge’s order that reduced the tax to 5%.
The Bench consisting of Justices A. Muhamed Mustaque and...
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GST |
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IBBI invites applications for Whole-Time Member post
Posted Date : 18-Jun-2024 , 08:55:11 am | Posted By CASANSAAR
Insolvency regulator IBBI has invited applications for the post of a Whole Time Member. Insolvency and Bankruptcy Board of India (IBBI) is a statutory regulatory body established under the Insolvency and Bankruptcy Code (IBC) 2016.
The term of office of the Whole-Time Member would be five y...
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Insolvent Professional |
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RBI imposes Rs 1.45 Cr Penalty on Central Bank of India for non-compliance
Posted Date : 14-Jun-2024 , 09:36:02 pm | Posted By CASANSAAR
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'.
The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE...
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RBI |
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GST Council to meet on Jun 22, may take up review of online gaming taxation
Posted Date : 13-Jun-2024 , 10:35:52 pm | Posted By CASANSAAR
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet after a gap of eight months on June 22, and is likely to review the implementation of 28 per cent GST on the online gaming sector.
"The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,&quo...
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GST |
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RBI suffers system failure in automated system for Banks
Posted Date : 13-Jun-2024 , 12:41:47 pm | Posted By CASANSAAR
India's central bank system that enables lenders to manage their day-to-day liquidity needs did not work on Tuesday due to a technical issue, treasury officials said, its first such failure since it was set up nearly four years ago.
The automated sweep-in and sweep-out system (ASISO), u...
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RBI |
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SEBI wants Auditors to certify utilisation of funds raised pre-IPO
Posted Date : 11-Jun-2024 , 12:16:12 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has asked for auditor-certified disclosures about utilisation of pre-IPO proceeds towards objects of the issue. If this is not done, the proceeds will have to be attributed or adjusted towards the portion reserved for general corporate purposes (GCP)...
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Auditing |
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RBI Monetary Policy - RBI keeps repo rate unchanged at 6.5%
Posted Date : 07-Jun-2024 , 10:42:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the second bi-monthly monetary policy of the financial year 2024-25 on Friday.
This is the first RBI policy after the Lok Sabha election results 2024. The RBI Governor headed six-member Monetary Policy Committee (MPC) decide...
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RBI |
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IBBI issues new guidelines to streamline process of appointing IPs as resolution professionals
Posted Date : 07-Jun-2024 , 10:35:52 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to streamline the process for appointing insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees. Under the new guidelines, issued on June 5, a panel of IPs will be...
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Insolvent Professional |
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SEBI mandates direct transfer of securities to client's demat account
Posted Date : 06-Jun-2024 , 08:44:56 am | Posted By CASANSAAR
Securities will now have to be directly transferred to the clients' demat accounts by the clearing corporations, stated the guidelines issued by the market regulator.
On June 5, the Securities and Exchange Board of India (Sebi) issued a circular titled "Enhancement of operational efficie...
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SEBI |
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SEBI launches 'Saarthi 2.0' App on personal finance for investors
Posted Date : 04-Jun-2024 , 08:13:24 am | Posted By CASANSAAR
Market regulator the Securities and Exchange Board of India (Sebi) launched 'Saa?thi 2.0' mobile app in Mumbai on Monday. The updated Saa?thi app has introduced a user-friendly interface with comprehensive tools aimed at simplifying complex financial concepts, a Sebi release said.
It incl...
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SEBI |
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Multi-Crore GST Scam - 33 booked under Gangster Act, properties to be attached
Posted Date : 04-Jun-2024 , 08:09:01 am | Posted By CASANSAAR
The Noida police on Monday said that charges under the Gangsters Act have been invoked against 33 of the 45 accused arrested till date in the Goods and Services Tax (GST) fraud case.
On June 1, 2023, police claimed to have busted a gang suspected of orchestrating a ?10,000 crore GST fraud, the op...
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GST |
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CBIC issues instructions for initiating early GST recovery
Posted Date : 03-Jun-2024 , 09:02:50 am | Posted By CASANSAAR
The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order.
Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act ...
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GST |
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GST appeal process to be fully digitised - GSTN
Posted Date : 03-Jun-2024 , 09:00:36 am | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) will digitilse the entire process of dispute resolution via appeal to the GST Appellate Tribunal (GSTAT), a senior official told FE. A portal is likely to be ready for this purpose before the full operationalisation of all the benches of the tribunal.
FE ...
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GST |
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SEBI launches beta version of settlement calculator
Posted Date : 01-Jun-2024 , 09:06:37 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has launched a beta version of a settlement calculator for arriving at the indicative settlement amount, in a move to simplify and provide more transparency in the system.
According to the settlement mechanism, an alleged wrongdoer can settle a pe...
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SEBI |
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Income Tax department issues fresh reminder on PAN-Aadhaar linking to avoid higher TDS
Posted Date : 29-May-2024 , 11:41:32 pm | Posted By CASANSAAR
The Income Tax Department has issued a fresh notification to taxpayers, asking them to link their Permanent Account Number (PAN) with Aadhaar by May 31, 2024. The tax department posted this reminder on X, highlighting the importance of meeting the deadline to avoid higher tax deductions at source (T...
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Income Tax |
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GSTN Advisory on launch of E-Way Bill 2 Portal
Posted Date : 30-May-2024 , 09:52:29 am | Posted By CASANSAAR
GSTN is pleased to inform that NIC is releasing the E-Way Bill 2 Portal (https://ewaybill2.gst.gov.in) on 1st June 2024. This portal ensures high availability and runs in parallel to the e-way Bill main portal (https://ewaybillgst.gov.in). The e-way bill 2 portal s...
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GST |
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NFRA unrelenting, to inspect top Auditors again
Posted Date : 27-May-2024 , 11:59:23 pm | Posted By CASANSAAR
The regulator continues to be unrelenting in its drive to enforce audit quality. While the top five firms auditors came under its scrutiny last year, the National Financial Reporting Authority (NFRA) has decided to widen the ambit of its annual inspection this year.
The Big Five, three more audit...
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NFRA |
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CBDT notifies Cost Inflation Index (CII) for FY 2024-25 / AY 2025-26
Posted Date : 25-May-2024 , 05:54:52 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26.
The notification specifies that for the financial year 2024-25, the Cost Inflation Index is...
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CBDT |
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SEBI releases norms for sharing of real-time price data with third parties
Posted Date : 25-May-2024 , 01:47:29 am | Posted By CASANSAAR
With an aim to curb misuse of real-time, securities-price data by various entities including online gaming apps and virtual-trading services, the market regulator has issued norms for the sharing of this price data.
In a circular issued on May 24, the Securities and Exchange Board of India (Sebi)...
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Income Tax |
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Delhi High Court upholds NFRA Penalty of Rs 4.5 Cr on CAs and Audit Firm
Posted Date : 24-May-2024 , 02:17:32 am | Posted By CASANSAAR
The Delhi High Court dismissed an interim application filed against the decision of the NFRA (National Financial Reporting Authority) which imposed penalties on CAs and audit firm for lapses in the audit of Reliance Capital Limited for the FY 2018-19.
According to the consolidated financial state...
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NFRA |
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RBI approves highest-ever dividend of Rs 2.11 lakh Cr to Govt
Posted Date : 22-May-2024 , 08:09:13 pm | Posted By CASANSAAR
The Reserve Bank of India will pay a record Rs 2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of what was budgeted expectation, helping shore up revenue ahead of a new government taking office.
The RBI board, at its 608th meeting on Wednesday, approved t...
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RBI |
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SEBI issues guidelines to manage stock impact from market rumours
Posted Date : 22-May-2024 , 08:53:34 am | Posted By CASANSAAR
Capital markets regulator SEBI has issued a fresh set of guidelines for managing stock price impact emerging from market rumours. The circular, issued on May 21, said that the capital markets regulator will introduce a concept of ‘unaffected price’ in order to mitigate the artificial sto...
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SEBI |
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Only 2% personal guarantee claims recovered under IBC so far - IBBI
Posted Date : 22-May-2024 , 08:47:41 am | Posted By CASANSAAR
Creditors have recovered 2.16 per cent, or Rs 102.78 crore, of their admitted claims from personal guarantors under the Insolvency and Bankruptcy Code (IBC), the latest data from the Insolvency and Bankruptcy Board of India (IBBI) shows.
Personal guarantors’ insolvency resolution, exp...
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Insolvent Professional |
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RBI may transfer dividend of around Rs 1 lakh Cr to Government
Posted Date : 20-May-2024 , 04:39:29 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to transfer a substantial dividend, possibly around Rs 1 lakh crore, to the government, significantly higher than last year's payout, reported The Economic Times.
Recently, the RBI announced a significant reduction in the government's borrowing ...
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RBI |
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SC quash the disciplinary proceedings of ICAI against the CA in the matter of accepting more Tax Audit
Posted Date : 17-May-2024 , 01:55:14 am | Posted By CASANSAAR
Supreme Court quash the disciplinary proceedings initiated against the CA in the matter of ICAI barring members from accepting more than the "specified number of tax audit assignments" (at present, the upper limit is set at 60) in a financial year. Section 44 AB of Income tax act , popular...
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Tax Audit |
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Information from manufacturers of Pan Masal and Tobacco taxpayers - GSTN
Posted Date : 17-May-2024 , 09:05:57 am | Posted By CASANSAAR
Government had issued a notification to seek information from taxpayers dealing in the goods mentioned therein vide Notification No. 04/2024 – Central Tax dated 05-01-2024. Two forms have been notified vide this notification namely GST SRM-I and GST SRM-II. The former pertains to reg...
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GST |
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SEBI eases KYC compliance norms for mutual fund investors
Posted Date : 16-May-2024 , 12:00:05 pm | Posted By CASANSAAR
In a major relief for mutual fund investors, the Securities and Exchange Board of India (Sebi) has removed the requirement to link the Permanent Account Number (PAN) with Aadhaar to obtain "KYC-registered" status for mutual fund transactions.
Know Your Client (KYC) is a mandatory proces...
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SEBI |
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Advocates can't be held liable for deficiency in service - Supreme Court
Posted Date : 16-May-2024 , 11:54:08 am | Posted By CASANSAAR
The Supreme Court ruled that the complaint alleging "deficiency in service" against advocates would not be maintainable under the Consumer Protection Act (CP Act) as it noted that the legal profession is unique in nature and cannot be compared with any other occupation.
A bench of Justi...
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Corporate Law |
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E-commerce firms seek clarity on registration under GST regime
Posted Date : 14-May-2024 , 07:39:35 am | Posted By CASANSAAR
With the rapid sprouting up of dark stores as part of their quick commerce strategies, e-commerce companies are seeking clarity from tax authorities for the registration process under the goods and services tax (GST) regime for their suppliers.
A dark store typically is a large warehouse and is u...
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GST |
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