Category Archives: other Acts

Interest Subvention Scheme for MSMEs 2018 having GSTN Number & Udyog Aadhar Number (UAN)

By | February 22, 2019
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Interest Subvention Scheme for MSMEs 2018 RBI/2018-19/125FIDD.CO.MSME.BC.No.14/06.02.031/2018-19 February 21, 2019 The Chairman / Managing Director & CEOsAll Scheduled Commercial Banks(including Regional Rural Banks) Madam / Dear Sir, Interest Subvention Scheme for MSMEs As you are aware, Government of India, on November 2, 2018, has announced ‘Interest Subvention Scheme for MSMEs 2018’. 2. A copy of… Read More »

Amendments to Indian Stamp Act 1899 for Rationalization of Stamp Duty on Securities market instruments

By | February 21, 2019
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Ministry of Finance Amendments to the Indian Stamp Act, 1899 for Rationalization of Stamp Duty & Design of Zero Evasion Collection Mechanism in Respect of Securities market instruments Posted On: 21 FEB 2019 The President of India, today, gave his assent to the Amendments to the Indian Stamp Act, 1899 which were introduced as part… Read More »

No adjournment because of appellant’s counsel being out of station : SC

By | February 20, 2019
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SUPREME COURT OF INDIA Ram Siromani Tripathi v. State of Uttar Pradesh A. K. SIKRI, S. ABDUL NAZEER AND M.R. SHAH, JJ. CIVIL APPEAL NOS. 9142 AND 9144 OF 2010 & 6156 OF 2012 FEBRUARY  7, 2019 R.K. Ojha, Adv., Balraj Dewan and Dr. Vinod Kumar Tewari, AOR’s for the Appellant. Pramod Swarup, Sr. Adv. Ms. Prerna Swarup, Ms. Alka Sinha, Advs. Ravindra Kumar and Anuvrat Sharma, AOR’s for the… Read More »

LIC Term Insurance for Chartered Accountants

By | February 13, 2019
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LIC Term Insurance for Chartered Accountants ICAI-LIC Group Term Insurance SchemeArranged by:Committee for Capacity Building of Members in Practice (CCBMP) The Committee for Capacity Building of Members in ICAI is facilitating ICAI-LIC Group Insurance Scheme for Chartered Accountant Members and their spouse. The salient features of the scheme: Competitive rate of premium for Insurance. Payment… Read More »

List of Banks in India

By | February 1, 2019
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Banks in India   SBI and Associates Nationalised Banks Other Public Sector Banks Private Sector Banks – Indian Banks Private Sector Banks – Foreign Banks Scheduled State Co-operative Banks Non-Scheduled State Co-operative Banks Co-operative Banks – Scheduled Urban Cooperative Banks Co-operative Banks – Non-Scheduled Urban Cooperative Banks Co-operative Banks – State Cooperative Banks Co-operative Banks… Read More »

UDIN mandatory for all Chartered Accountant Certificates wef 1.2.2019

By | January 25, 2019
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ANNOUNCEMENTUDIN mandatory wef 1st Feb., 2019 for all Certificates [ Refer UDIN for CA : Free Study Material ] It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and Stakeholders. ICAI is also receiving number of complaints of signatures of CAs being forged… Read More »

UDIN system for CAs for Document Verification

By | January 25, 2019
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UDIN: An Advanced Solution for Document Verification issued by Chartered Accountant Video Explanation by CA Satbir Singh in Hindi on UDIN system for CAs for Document Verification What is Unique Document Identification Number (UDIN)? Unique Document Identification Number (UDIN) is a unique number, which will be generated by the system for every document certified/ attested by… Read More »

Guidance Note Bank Audit 2019 Section B – Foreign Exchange Transactions and Integrated Treasury

By | January 19, 2019
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Guidance Note on Audit of Banks 2019 edition: Section B – Foreign Exchange Transactions and Integrated Treasury issued by the Auditing and Assurance Standards Board – (18-01-2019) Download Guidance Note on Audit of Banks 2019 edition Section B – Click here Related Post Guidance Note on Audit of Banks 2019

External Commercial Borrowings (ECB) Policy – New ECB Framework issued by RBI

By | January 17, 2019
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RBI/2018-19/109 A.P. (DIR Series) Circular No. 17 January 16, 2019 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy – New ECB Framework Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph 7 of the Statement on Developmental and Regulatory Policies of the Fifth Bi-monthly Monetary Policy Statement for 2018-19… Read More »

Right of Children to Free and Compulsory Education (Amendment) Act 2019

By | January 17, 2019
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The Right of Children to Free and Compulsory Education (Amendment) Act, 2019 has been notified in the Gazette of India Posted On: 16 JAN 2019 7:02PM by PIB Delhi The Right of Children to Free and Compulsory Education (Amendment) Act, 2019 which was passed by the Parliament on 3rdJanuary, 2019 received the assent of the… Read More »

Extension of CPE hours requirement for Calendar Year 2018

By | January 16, 2019
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Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2018” – from 31st December, 2018 to 31st January, 2019 – (11-01-2019) FOR INFORMATION OF THE MEMBERS Subject: Extension of last date “for complying with the CPE hours requirements for the Calendar Year 2018” – till 31st January, 2019 This… Read More »

Constitution (One Hundred And Third Amendment) Act 2019

By | January 12, 2019
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MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT (Department of Social Justice and Empowerment) NOTIFICATION New Delhi, the 14th January, 2019 S.O. 292(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and Third Amendment) Act, 2019, the Central Government hereby appoints the 14th January, 2019 as the date on which… Read More »

RBI allowed Tokenisation in Card transactions

By | January 9, 2019
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RBI allowed Tokenisation in Card transactions RBI/2018-19/103DPSS.CO.PD No.1463/02.14.003/2018-19 January 08, 2019 The Chief Executive Officer / PresidentAll authorised card payment networks Madam / Dear Sir, Tokenisation – Card transactions Continuing the efforts to improve safety and security of card transactions, Reserve Bank of India had permitted card networks for tokenisation in card transactions for a… Read More »

Onerous Contracts – Cost of Fulfilling a Contract (Proposed amendments to IAS 37)

By | January 2, 2019
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Onerous Contracts – Cost of Fulfilling a Contract (Proposed amendments to IAS 37) – (02-01-2019) Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The amendments specify the costs an entity includes in determining the ‘cost of fulfilling’ a contract for the… Read More »

RBI allowed Restructuring of Advances of MSME Sector : Micro, Small and Medium Enterprises

By | January 2, 2019
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Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances RBI/2018-19/100 DBR.No.BP.BC.18/21.04.048/2018-19 January 1, 2019 All banks and NBFCs regulated by the Reserve Bank of India Dear Sir/ Madam, Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances 1. Please refer to the circulars DBR.No.BP.BC.100/21.04.048/2017-18 dated February 07, 2018 and DBR.No.BP.BC.108/21.04.048/2017-18 dated June 6, 2018.… Read More »

Category: RBI

7.75% Savings (Taxable) Bonds, 2018 – Operational Guidelines by RBI

By | December 28, 2018
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7.75% Savings (Taxable) Bonds, 2018 – Operational Guidelines RBI/2018-19/95 IDMD.CDD.No.1637/13.01.299/2018-19 December 24, 2018 The Chairman & Managing Director State Bank of India & 18 Nationalised Banks Axis Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Stock Holding Corporation of India Ltd. (SHCIL) Dear Sir/Madam, 7.75% Savings (Taxable) Bonds, 2018 – Operational Guidelines This has reference… Read More »

ICAI made mandatory UDIN for Chartered Accountants w.e.f 1st Feb., 2019 

By | December 28, 2018
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Institute of Chartered Accountants of India ANNOUNCEMENT UDIN – A way to authenticate document As you are aware that to secure the certificates/documents attested/certified by practicing Chartered Accountants and for tracing forged/wrong documents prepared by any third person misrepresenting himself as a Chartered Accountant, ICAI had implemented an innovative concept of UDIN i.e. Unique Document… Read More »

RBI Notified FEMA (Borrowing and Lending) Regulations 2018.

By | December 22, 2018
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RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 17th December, 2018 No. FEMA 3(R)/2018-RB Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 G.S.R. 1213(E).—In exercise of the powers conferred by clauses (a), (d) and (e) of Sub-Section (3) of Section 6, sub- section (2) of Section 47 of the Foreign Exchange… Read More »

Category: RBI

Measures being taken to Control and Prevent Frauds in Banks

By | December 15, 2018
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Ministry of Finance Measures being taken to Control and Prevent Frauds in Banks Posted On: 14 DEC 2018 A number of measures being taken to control and prevent frauds in banks, including, inter alia, the following: Government has issued “Framework for timely detection, reporting, investigation etc. relating to large value bank frauds” to Public Sector Banks (PSBs),… Read More »

Category: RBI

RBI Guidelines on Loan System for Delivery of Bank Credit /working capital facility

By | December 7, 2018
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Guidelines on Loan System for Delivery of Bank Credit RBI/2018-19/87 DBR.BP.BC.No.12/21.04.048/2018-19 December 5, 2018 All Scheduled Commercial Banks Small Finance Banks Dear Sir/ Madam, Guidelines on Loan System for Delivery of Bank Credit Please refer to the Draft Guidelines on the captioned subject issued on June 11, 2018 for comments of the stakeholders. 2. Taking into account… Read More »

Certificate of origin will be delivered within 24 hours/1(one) working day :DGFT

By | December 4, 2018
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MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) Publuc Notice No. 53/2015-2020 New Delhi, the 30th November, 2018 Subject : Insertion of a new provision under Para 2.103 and amendment in Para 2.104 – reg. F. No. 01/93/180/56/AM-13/PC-2(B)/E-2205.—In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy,… Read More »

External Commercial Borrowings (ECB) Policy – RBI Reviewed Hedging Provision

By | November 27, 2018
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RBI/2018-19/79 A.P. (DIR Series) Circular No.15 November 26, 2018 To All Category-I Authorised Dealer Banks Madam / Sir External Commercial Borrowings (ECB) Policy – Review of Hedging Provision Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraphs 2.4.2 and 2.5 of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit,… Read More »

Category: RBI

Now Banks will give positive confirmation in RTGS through SMS and / or e-mail

By | November 23, 2018
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Real Time Gross Settlement (RTGS) System – Implementation of Positive Confirmation RBI/2018-19/76 DPSS (CO) RTGS No.1049/04.04.016/2018-19 November 15, 2018 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS Madam / Dear Sir, Real Time Gross Settlement (RTGS) System – Implementation of Positive Confirmation Presently, the National Electronic Funds Transfer… Read More »

Category: RBI

ICAI online Survey on “State of the Internal Audit Profession in India”

By | November 21, 2018
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Survey on the “State of the Internal Audit Profession in India” by Internal Audit Standards Board, ICAI – Seeking Member’s Inputs – (20-11-2018) SURVEY ON THE STATE OF THE INTERNAL AUDIT PROFESSION IN INDIA BY INTERNAL AUDIT STANDARDS BOARD, ICAI Dear Member, Internal Audit Standards Board (IASB) of The Institute of Chartered Accountants of India… Read More »

Partial Credit Enhancement to Bonds Issued by Non-Banking Financial Companies and Housing Finance Companies

By | November 2, 2018
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RBI/2018-19/70 DBR.BP.BC.No.7/21.04.142/2018-19 November 2, 2018 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Partial Credit Enhancement to Bonds Issued by Non-Banking Financial Companies and Housing Finance Companies Please refer to circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015 on Partial Credit Enhancement to Corporate Bonds and other associated circulars issued subsequently on the subject. 2. It has now been… Read More »

Application for Scholarships from The Chartered Accountants Student Benevolent Fund for The Year 2018-19

By | October 26, 2018
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Application for Scholarships from The Chartered Accountants Student Benevolent Fund for The Year 2018-19 – (25-10-2018) The Board of Trustees has decided to provide financial assistance of Rs. 1500/- p.m, for articled assistants who are registered for Intermediate (IPC)/IPCC course and Rs. 2000/- P.M. for those students registered for final course and are currently undergoing… Read More »