E India CA

Professional Updates for Chartered Accountants

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RBI vs Government: Not the last word

News reports on Wednesday suggested that the government has invoked Section 7 of the Reserve Bank of India (RBI) Act, 1934, and RBI governor Urjit Patel could be on his way out. The finance ministry did well to put out a statement to control the damage, at least for now. It is unlikely that the rift has ended; we are yet to see t...

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Opinion | The ball was always in the government’s court

Amid speculation that Reserve Bank of India (RBI) governor Urjit Patel might quit, the government did well on Wednesday to issue a statement, highlighting that the autonomy of the central bank is essential. This should help defuse tension, at least for now. Uncertainty in the market went up with reports that the government had invok...

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Strengthen NFRA to deal with challenges related to audit firms, says panel

New Delhi, Oct 31 () A government-appointed panel has suggested strengthening the National Financial Reporting Authority (NFRA) to deal with "contemporary challenges" related to auditors, audit firms and networks operating in the country, according to a release. The committee, consisting of three government officials, was set up in A...

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Banks Allowed To Lend More To Some Non-Banking Financial Companies

The limit has been raised from 10 per cent and is effective up to December 31, RBI said.The central bank on Friday increased lenders' single borrower exposure limit for non-banking financial companies (NBFCs) which do not finance infrastructure, to 15 per cent of capital funds. The limit has been raised from 10 per cent and is e...

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The history of the contentious ‘RBI Act Section 7’

No government has so far invoked Section 7 of the RBI in the Reserve Bank of India’s 83-year history Section 7 (1) of The Reserve Bank of India Act, 1934, became a contentious issue after the tension between the central bank and government turned into a public spat over the last few days. No government has so far invoked this ...

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ROC Annual Return due date Extended upto 31 Dec. 2018: MCA

ROC Annual Return due date Extended upto 31 Dec. 2018: MCA MCA has notified that the due date for filing of ROC Annual Return in forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) has been extended upto 31 Dec. 2018 without any levy of additional fee. Earlier, MCA has extended such deadline upto 31 Dec. 2018  for c...

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NFRA may not be legally valid, says ICAI President

ICAI has said that the National Financial Reporting Authority (NFRA) to discipline CAs and firms auditing listed and large companies may not be in line with the current regulations and suggested that the task should be left to the self-regulating body. “We are willing to implement any reform. We have been honestly discharging ou...

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Opinion | Don’t cry for India? A central bank’s lament

Long-simmering discord between the Indian central bank and the government is turning into a very public brawl. The timing couldn’t be more awful for markets. In a hard-hitting speech on Friday on central-bank independence, Reserve Bank of India Deputy Governor Viral Acharya startled his audience by invoking Argentina of 2010. B...