E India CA

Professional Updates for Chartered Accountants

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Running out of options, NBFCs sell bonds to public

Faced with high borrowing costs and a sustained shortage of liquidity in India’s money markets, shadow banks are increasingly pitching bonds with high coupon rates to the public, who may not be aware of the risks they’re taking on. Still roiling from the shock of defaults at Infrastructure Leasing & Financial Services Ltd.,...

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India could soon become a ‘NATO ally’as US lawmakers introduce a new bill

A bipartisan group comprising half a dozen influential American lawmakers has reintroduced a key legislation in the House of Representatives which seeks to advance the US-India strategic relationship, a news report said Friday. If enacted, the legislation would ensure that the US State Department treat India as a “NATO ally" for ...

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Loan against mutual fund units: All you need to know

Mutual fund investors can avail credit against their mutual fund investments. Loan against mutual fund units is in the form of an overdraft facility and interest is charged only on the amount availed as credit. Online/offline modes  The loan can be availed via online or offline modes. Application process involves marking of lien o...

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‘Please take it’: Vijay Mallya offers to ‘repay 100%’ to banks

Businessman Vijay Mallya, undergoing extradition trial in a UK court over fraud and money laundering charges by Indian authorities, has offered to pay back “100% of the principal amount” owed to banks. In a series of tweets, Mallya, said: “I am offering to pay 100% back. I humbly request the banks and government to take it.” ...

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New direct tax code won’t change income tax slabs, rates

Prime Minister Narendra Modi’s parting shot in policymaking before 2019 Lok Sabha elections—the draft direct tax code—is likely to be a strong message about stability and certainty in taxation rather than any structural shift. The tax code, therefore, will not propose tax rate changes or tax slab revisions. Instead, it will...

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New I-T draft by Feb 28; Finance Ministry names task force head to write direct tax code

Ahead of the interim Budget and general elections early next year, finance minister Arun Jaitley on Monday held a closed-door meeting with industry captains to discuss the current economic environment and the steps being taken by the government to address emerging issues. The meeting was organised by industry body CII. Later in th...

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UP RERA issued show cause notices to 12 builders for diverting Rs. 3,000-Crore funds based on report submitted by Currie & Brown

The Uttar Pradesh Real Estate Regulatory Authority or UP RERA has issued show cause notices to almost a dozen real estate developers who have allegedly diverted about Rs 3000 crore to Rs 4000 crore worth of home buyers’ money and delayed completion of housing projects, sources said. “We are in the process of issuing show cause n...

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Govt can’t take away RBI reserves without amending RBI Act

The government cannot force the central bank to part with its reserves without an amendment to the Reserve Bank of India Act, 1934, a person aware of the matter said. Under Section 47 of the RBI Act, only surplus profits can be transferred, and transferring reserves will require an amendment to the Act. Section 47 says that “aft...