E India CA

Professional Updates for Chartered Accountants

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RBI imposes Rs8.5 crore monetary penalty on 11 banks including SBI, PNB, BoB

The Reserve Bank of India imposed monetary penalty on eleven banks for non-compliance with provisions of "Frauds classification and reporting by commercial banks and select financial institutions (FIs)". Public sector banks such as State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are among those who have...

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Despite NBFC crisis financial system stable; NPAs fall to 9.3% in FY19: RBI report

MUMBAI: The country's financial system "remains stable" despite recent setbacks and the NPA cycle has "turned around" with a sharp reduction in the ratio of dud assets to 9.3 percent, the Reserve Bank said Thursday in the Financial Stability Report.   The non-performing assets has "turned around" with a sharp fall in the system-wid...

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New NBFC norms may affect credit growth, trigger consolidation

Acentral bank proposal to introduce liquidity buffers for non-banking financial companies (NBFCs) may crimp their ability to lend in the short term and trigger consolidation among weaker non-banks. The Reserve Bank of India (RBI) on 24 May said it planned to implement liquidity coverage ratio (LCR) in a phased manner over four...

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Benchmark bond yield at over 1-year low; here’s what investors may expect

The benchmark 10-year bond yield on Monday fell to the lowest level in over a year tracking decline in the crude oil prices and fresh OMO announcement by the RBI. The benchmark 10-year bond yield on Monday fell to the lowest level in over a year tracking decline in the crude oil prices and fresh OMO announcement by the RBI. The y...

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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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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...

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Dividend up to 10 lakh from shares exempt

To claim Foreign Tax Credit, you must submit a statement of foreign income and tax deducted on income, in Form 67 Say person A is in Germany from December to March. He earned money in Germany in the form of salary. Now he has ₹16 lakh as his total income in Germany after conversion, according to RBI rates, out of which ₹4 lakh i...

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RBI Vs Government: Protecting Depositors, Taxpayers Is Public Interest, Says Central Bank

Amid speculation that the government may have invoked a hitherto unused section to overrule the Reserve Bank of India (RBI) on the pretext of "public interest", the central bank has shot back with its own definition of "public interest". Reserve Bank Deputy Governor N.S. Vishwanathan, in a recent speech, said when a bank is trying t...