SC stays Delhi HC order on transitional GST credit on Centre's SLP
Posted Date : 20-Jun-2020 , 10:40:03 am | Posted By CASANSAAR
The Supreme Court has stayed the Delhi high court order that had allowed availing tax credits for pre-GST period up to June 30 this year.
The apex court was hearing a special leave petition filed by the Union Government against the Delhi High Court judgement.
The case relates to the rule 117 o...
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GST |
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Govt plans to decriminalise compoundable offences under LLP Act
Posted Date : 20-Jun-2020 , 10:10:36 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has proposed to decriminalise certain compoundable offences under the Limited Liability Partnership (LLP) Act, involving minor, procedural or technical violations “In order to provide greater ease of doing business in India to law abiding LLPs” it ...
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Corporate Law |
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SEBI again eases compliance norms for brokers
Posted Date : 20-Jun-2020 , 09:36:15 am | Posted By CASANSAAR
Sebi on Friday extended the deadline for brokers to submit reports on client funding and daily margin till July 31, in the wake of the COVID-19 crisis.
Besides, the markets regulator has given more time for submitting compliance certificate on margin trading, risk-based supervision, interna...
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SEBI |
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Public Sector Banks disburse 18 thousand 306 crore rupees to MSME sector - FM
Posted Date : 19-Jun-2020 , 10:28:15 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman today said the Public Sector Banks have disbursed 18 thousand 306 crore rupees to the Micro, Small and Medium Enterprises, MSME sector.
She said, Public Sector Banks have sanctioned loans worth 32 thousand 49 crore rupees under the 100 per cent Emergency Credit...
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MSME |
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Goods purchased, sold overseas liable to GST in India - AAR
Posted Date : 19-Jun-2020 , 10:11:59 am | Posted By CASANSAAR
A domestic company buying goods from abroad and selling to another country will have to pay GST on such transactions even if the said products are not entering the Indian territory, the Authority for advance ruling (AAR) has said.
On an application filed by Sterlite Technologies, the Gujarat-Benc...
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GST |
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Supreme Court seeks govt response on plea challenging IBC validity
Posted Date : 19-Jun-2020 , 10:03:02 am | Posted By CASANSAAR
The Supreme Court has sought response from the government on a petition challenging the validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2020 that introduced a threshold of at least 10% of homebuyers in a project or 100 of the total allottees for initiating insolvency proceedings agai...
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Insolvent Professional |
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Intelligence agencies red-flag 52 apps including ZOOM linked with China that may compromise user data
Posted Date : 18-Jun-2020 , 09:36:07 am | Posted By CASANSAAR
Indian intelligence agencies have asked the government to block or advise people to stop use of 52 mobile applications including ZOOM linked to China over concerns that these weren’t safe and ended up extracting a large amount of data outside India, people familiar with the development told Hi...
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General |
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New rules proposes for housing finance companies by RBI
Posted Date : 18-Jun-2020 , 09:18:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday proposed to tighten the rules governing home financiers, including putting restrictions on lending to builders and doubling the minimum net owned funds criterion.
The regulator’s proposal has also clearly defined home finance firms and those that...
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RBI |
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SEBI allows promoters to increase stake by up to 10%
Posted Date : 18-Jun-2020 , 09:15:10 am | Posted By CASANSAAR
Stock market regulator, Securities and Exchange Board of India (SEBI) has amended the takeover norms to allow promoters to increase their stake by up to 10 per cent through a preferential allotment.
The move will give a boost to promoters wanting to increase their stake and enhance investor...
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SEBI |
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CBIC launches e-Office to automate internal file handling
Posted Date : 16-Jun-2020 , 10:32:27 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Monday launched 'e-Office' in over 500 GST and customs offices that will help improve governance by automating the internal processes of handling files. The launch of the application marks a fundamental change in internal office proce...
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GST |
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IBBI reconstitutes advisory panel on insolvency, liquidation
Posted Date : 16-Jun-2020 , 10:19:24 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has reconstituted its advisory committee on corporate insolvency resolution and liquidation.
The committee headed by Kotak Mahindra Bank CEO Uday Kotak, among other changes, has seen its expansion to 14 members instead of 12.
“The...
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Insolvent Professional |
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FM chairs meeting with Pvt Banks, NBFCs to ensure effective roll out of ECLGS
Posted Date : 16-Jun-2020 , 10:13:23 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman chaired a meeting through Video Conference with officials of Major Private Banks and Non Banking Financial Companies today to ensure effective roll out of Emergency Credit Line Guarantee Scheme.
She stressed on the need to extend uninterrupted liquidity to Micr...
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MSME |
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Option for CA Students appear in July or Nov exam - ICAI
Posted Date : 16-Jun-2020 , 10:06:20 am | Posted By CASANSAAR
During last few days, we have received mixed expression of opinions, views and requests from students, both relating to holding exams as per the schedule issued by The Institute of Chartered Accountants of India commencing from 29th July, 2020 or not holding exams in the prevailing COVID-19 pandemic...
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Students Zone |
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CBI registered 14,429 Cr of bank fraud cases in first half of 2020
Posted Date : 14-Jun-2020 , 10:49:46 am | Posted By CASANSAAR
In the first six months of 2020, the Central Bureau of Investigation has registered 40 cases of bank frauds and is probing bad loans worth over Rs 14,400 crore.
From probing the poster boy of the Indian banking industry to investigating an educational portal of bank fraud, the agency has remained...
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Banking |
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RBI sets up panel to review ownership, corporate structure of Private sector banks
Posted Date : 14-Jun-2020 , 10:42:20 am | Posted By CASANSAAR
The Reserve Bank of India has constituted a five-member Internal Working Group to review the guidelines related to ownership, governance and corporate structure of private sector banks. In a press release, RBI informed that RBI Central Board Director P K Mohanty will head the committee, which will s...
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RBI |
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Institute of Company Secretaries postpones CS June session examinations till August
Posted Date : 14-Jun-2020 , 10:20:04 am | Posted By CASANSAAR
Institute of Company Secretaries of India (ICSI) has postponed examinations for the June session to August. The June session examinations for Foundation Programme, Executive Programme, Professional Programme and Post Membership Qualification (PMQ) have been postponed.
The examinations would...
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Students Zone |
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SC asks Franklin investors to approach SEBI before approaching it
Posted Date : 13-Jun-2020 , 08:46:08 am | Posted By CASANSAAR
he Supreme Court has dismissed a plea filed by seven Delhi-based investors, who had challenged the Franklin Templeton Mutual Fund’s move to scrap six debt schemes. The apex court asked these investors to seek the intervention of Securities & Exchange Board of India (Sebi) and other judicia...
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Shares & Stock |
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No coercive action against pvt firms for non-payment of full wages during lockdown - SC
Posted Date : 13-Jun-2020 , 08:37:32 am | Posted By CASANSAAR
The Supreme Court on Friday directed the Centre and states not to take any coercive action till July end against private companies, which have failed to pay full wages to their employees during the coronavirus-induced lockdown period.
A bench of Justices Ashok Bhushan, Sanjay Kishan Kaul and M R ...
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Finance |
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Key Highlights of 40th GST Council Meet
Posted Date : 13-Jun-2020 , 08:28:49 am | Posted By CASANSAAR
The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Minist...
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GST |
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Delhi HC notice to Centre, RBI on plea for restructuring of loans by banks, NBFCs
Posted Date : 12-Jun-2020 , 09:40:00 am | Posted By CASANSAAR
Delhi High Court has issued notice to the Central government, Reserve Bank of India (RBI) and others on a plea seeking directions to allow a one-time restructuring of loans by all banks and non-banking financial companies (NBFCs) in the wake of coronavirus-induced lockdown.
A bench of Justice Nav...
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RBI |
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FM to chair 40th GST council meeting through video conferencing today
Posted Date : 12-Jun-2020 , 09:23:33 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will chair the 40th GST council meeting through video conferencing today. This meeting of the GST council will be for the first time after the nationwide lockdown and the council is expected to discuss the revenue shortfall and the compensation to states.
In th...
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GST |
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RBI asks SBI to appoint a Chartered Accountant as CFO
Posted Date : 11-Jun-2020 , 10:21:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked State Bank of India (SBI) to appoint chartered accountant (CA), with relevant experience, as its chief financial officer (CFO). At present, SBI does not have a CA in its top ranks — deputy managing director (DMD) or chief general manager.
A senior S...
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RBI |
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GST will not be levied on Directors Remuneration - CBIC
Posted Date : 11-Jun-2020 , 10:13:49 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday said GST will not be levied on salaries paid to directors who are employees of the company. The CBIC issued a clarification following a ruling by the Rajasthan Authority of Advance Ruling (AAR) in April that said companies will have...
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GST |
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FM asks PSU banks to focus on MSME outreach
Posted Date : 10-Jun-2020 , 10:03:15 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman on Tuesday asked public sector banks to make proactive outreach to the micro, small and medium enterprises (MSMEs) and ensure supply of credit to them.
Sitharaman asked banks to cut down on paperwork and keep the formalities simple for the sector, the Departmen...
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MSME |
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RBI proposes major changes in securitisation norms
Posted Date : 09-Jun-2020 , 08:57:44 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday proposed major changes in securitisation norms aimed at development of a strong and robust market for the same in the country.
Securitisation involves transactions where credit risk in assets are redistributed by repackaging them into tradeable securities...
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RBI |
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Sovereign Gold Bond to open on Monday, issue price fixed at Rs 4,677/gm
Posted Date : 08-Jun-2020 , 09:00:51 am | Posted By CASANSAAR
The third instalment of the Sovereign Gold Bond (SGB) scheme, issued by the Reserve Bank of India (RBI) on behalf of the government, will open for subscription for five days from Monday, June 8.
The Sovereign Gold Bond Scheme 2020-21 Series III will be opened for subscription for June 8 to June 1...
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RBI |
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RBI to launch Rs 500 Cr payments infrastructure development fund
Posted Date : 06-Jun-2020 , 09:35:59 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday announced the creation of a Rs 500-crore payments infrastructure development fund (PIDF) to encourage acquirers to deploy points of sale (PoS) infrastructure — both physical and digital modes — in tier-3 to tier-6 centres as also in nor...
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RBI |
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Govts ask everyone to wear fabric face masks in public areas - WHO
Posted Date : 06-Jun-2020 , 09:22:05 am | Posted By CASANSAAR
World Health Organization has renewed its guidance to recommend that governments ask everyone to wear fabric face masks in public areas where there is a risk of transmission of COVID-19. In a press briefing yesterday, WHO Director General Tedros Adhanom Ghebreyesus also said, people over age 60 or t...
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General |
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Cabinet nod to suspend IBC proceedings initiation for 1 year
Posted Date : 05-Jun-2020 , 09:01:39 am | Posted By CASANSAAR
The union Cabinet has approved a proposal to suspend initiation of bankruptcy proceedings against companies under the Insolvency and Bankruptcy Code (IBC) for a period of six months, which could be extended to one year, sources aware of developments said.
“The proposal is to suspend section...
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Insolvent Professional |
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Centre Releases Rs.36,400 Cr as GST Compensation to States
Posted Date : 05-Jun-2020 , 08:58:17 am | Posted By CASANSAAR
Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST Compensation of Rs.36,400 crore to the States/UTs with Legislature for the period from December, 2019 ...
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GST |
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