E India CA

Professional Updates for Chartered Accountants

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RBI introduces a Single Master Form (SMF) as a one stop Form for Foreign Investments in Indian Entities

RBI introduced Single Master Form reporting to subsume all foreign investments related reporting requirements, irrespective of the mode or instrument through which the foreign investment is made. Indian entities directed to input the data on total foreign investment received by such entities till date in a dedicated interface to be ...

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CAs, lawyers and valuers now in the line of FIR for bank frauds

Lawyers, chartered accountants and valuers, who collude with fraudulent borrowers, will soon find their names in FIRs lodged by banks.Shaken by the Nirav Modi fraud, India's second largest lender, Punjab National Bank (PNBNSE -0.78 %), last week directed its offices that FIRs be filed not just against borrowers and guarantors but als...

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SEBI’s new regulations sync with the Insolvency and Bankruptcy Code

A lot has been said and written on the Indian insolvency law—the Insolvency and Bankruptcy Code, 2016 (IBC). It is one of the big-bang reforms of the Modi government that seems to have started yielding tangible results. All the action and media attention has been focused on the 12 large stressed companies, which were referred to un...

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Indian Valuation Standards of ICAI effective for Valuation Reports issued on or after 1st July, 2018

Recognising the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use in India, the Council of the Institute of Chartered Accountants of India ( ICAI ) at its 375th meeting has issued the Valuation Standards which are 1st of its kind in India. With a vision to promote best ...

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Proposed auditing watchdog should keep distance from ICAI, say experts

Mumbai: The National Financial Reporting Authority (NFRA), the proposed watchdog for the auditing community, will be effective only if it is kept independent from the Institute of Chartered Accountants in India (ICAI), the existing self-regulatory organization for auditors, said experts. The Union cabinet on Thursday approved a prop...

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Post NFRA formation, what is ICAI’s role?

What is the proposal? The Centre last week approved the proposal to set up the National Financial Reporting Authority (NFRA), intended to serve as an independent regulator for the auditing profession. The basis for the move Section 132 of the Companies Act, 2013 gives the Centre the power to set up such an authority. A Parli...

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UNION BUDGET HIGHLIGHTS 2018

Budget 2018 has focused on rural economy, agriculture and healthcare, and announced an LTCG tax, reduction in corporate tax and no change in income tax slabs. Here are the highlights from FM Arun Jaitley’s budget speech. Finance minister Arun Jaitley is presenting in Parliament the Union Budget 2018, the Narendra Modi government...

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India’s forex reserve hits $400bn for first time

India's forex reserves crossed the $400-billion mark for the first time on Friday. The latest $100 billion has been added to the reserves in three and a half years after they crossed the $300-billion level on April 2014. At current level, the reserves are enough to fund more than a year of imports.  In nominal terms, foreign exch...