The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
The full details of The Banking Sector,its phases,The Act,explanation of each and every sections step wise with the amendments in the past years,Nationalization of Banks, Reasons for the revolution phase etc.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
The full details of The Banking Sector,its phases,The Act,explanation of each and every sections step wise with the amendments in the past years,Nationalization of Banks, Reasons for the revolution phase etc.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
The RBI has issued circular No. 32 dated 24th Nov 2015 revising the regulations related to External commercial borrowings. There are lot of key changes brought for ease of obtaining foreign funds by Indian parties. The list of eligible borrowers have been increased. the list of lenders from which the ECB can be taken, have been increased. The end use restrictions have mostly been removed with only the small negative list of end-use restrictions for which it cannot be used……therefore in the Foreign Funds world now, we may say that Negative is the new positive.
By Mukund P Unny
The practice of lending and borrowing is millenniums old. The concept of banking was incepted ever since humans started engaging in economic transactions of any kind. The banking system has evolved since then. We have well-established banks now in the 21st century-huge ones having more than $1 trillion in assets. The banking (or credit) sector is one that hold the reins of the world economy. Without the presence of a well-established credit-system, we cannot expect the economy to roll on. A dynamic banking system is essential for a thriving economy.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
The BJP Government is on the verge of completing a year and has now stabilised. Major economic initiatives and actions are emerging for a high growth oriented economy.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
The RBI has issued circular No. 32 dated 24th Nov 2015 revising the regulations related to External commercial borrowings. There are lot of key changes brought for ease of obtaining foreign funds by Indian parties. The list of eligible borrowers have been increased. the list of lenders from which the ECB can be taken, have been increased. The end use restrictions have mostly been removed with only the small negative list of end-use restrictions for which it cannot be used……therefore in the Foreign Funds world now, we may say that Negative is the new positive.
By Mukund P Unny
The practice of lending and borrowing is millenniums old. The concept of banking was incepted ever since humans started engaging in economic transactions of any kind. The banking system has evolved since then. We have well-established banks now in the 21st century-huge ones having more than $1 trillion in assets. The banking (or credit) sector is one that hold the reins of the world economy. Without the presence of a well-established credit-system, we cannot expect the economy to roll on. A dynamic banking system is essential for a thriving economy.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
The BJP Government is on the verge of completing a year and has now stabilised. Major economic initiatives and actions are emerging for a high growth oriented economy.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
The issues of proper Financial Management and Corporate Governance have taken a centre stage. The Public Sector Banks as well as Private Sector Banks are witnessing acute rise in nonperforming assets, moving up to 4.6% in March, 2015, whereas stressed advances have increased to 11.1% of the total advance, from 8% about 2 year ago. The major reasons as per a research of a large sample are as follows:
La integración e inclusión en el sistema educativo nos abre paso a la capacitación de los pedagogos para mejorar su enseñanza en las escuelas.La psicología como especialidad nos ayuda a entender mejor las diferencias entre estos dos conceptos y a aplicarlos adecuadamente en niños o jóvenes con capacidades diferentes.
The Challenges and Opportunities of IFRSNeha Sharma
The Ministry of Corporate Affairs (MCA) has drawn up a revised roadmap for companies for implementation of the Indian Accounting Standards (Ind AS) converged with the International Financial Reporting Standards (IFRS) for companies other than banking companies, insurance companies and NBFCs.
PPT para explicar cómo se realizó la búsqueda de diferentes formas en la web para MOOC "Búsqueda y Gestión de la Información en la Web" 2da. Edición. Tema de búsqueda "Educación e inclusión en el Perú".
Large Bank Borrowers - Are they willful defaultersNeha Sharma
The RBI advisory for mandatory provisions of Non-Performing Assets and inclusion of most of the top borrowers in the list of 150 groups covering lakhs of crores of borrowings has brought to surface a very major issue.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
Rbi in need to act efficiently, effectively and pragmaticallyNeha Sharma
RBI has been among the best regulators in the world, managing the financial markets and various other important aspects of the Indian economy with a visionary, practical, positive and dynamic approach during more than last 5 decades.
Rbi in need to act efficiently, effectively and pragmaticallyAICAS
RBI has been among the best regulators in the world, managing the financial markets and various other important aspects of the Indian economy with a visionary, practical, positive and dynamic approach during more than last 5 decades.
The Chartered Accountants community of Auditors is being exposed to new challenges and expectations while they are finalizing audits for the Financial Year ending March 31, 2015. The new provisions will ensure that all the serious and committed professional Chartered Accountants gain substantially as the value of the Audit Report and its credibility will be much higher in the light of new responsibilities and Corporate Governance Mechanism.
FEMALE SECURITY - A MATTER OF MAJOR CONCERNNeha Sharma
The recent incidents in Delhi followed by the mass protests at India Gate and all across the nation have brought to light a major threat to safety and security of females in the country. The profession of Chartered Accountancy consists of a substantial number of female members and about 50% CA students are also female.
The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
This study focus on the non banking financial companies in India – a conceptual framework It should be noted that during the 36 month period fromApril1997 to March2000, Crisis downgraded 149 NBFCs due to their deteriorating business and financial risk profiles and credit fundamentals. The stringent regulations, refusals for registration and the notifications regarding the cancellation of the permissions to raise deposits have gradually reduced the fly by night operators. NBFCs are now struggling hard to find reasons for continued existence, strategies for such existence and business areas for growth and earnings. Dr. S. Mahalingam | B. Ashokkumar "Non-Banking Financial Companies in India – A Conceptual Framework" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33278.pdf Paper Url: https://www.ijtsrd.com/management/marketing-management/33278/nonbanking-financial-companies-in-india-–-a-conceptual-framework/dr-s-mahalingam
RBI AS WELL AS GOVERNMENT OF INDIA MUST RECONSIDER RELAXATION ALLOWED RECENTL...Neha Sharma
The RBI had set up a committee to review various important aspects of audit of public sector banks. The committee, despite serious objections by the Central Council of the Institute of Chartered Accountants of India, gave its interim report recently which inter alia include exemption from audit of branches having Rs. 100 crore advances for large banks and Rs. 50 crore advances for mid size banks. On the basis of the report, RBI has recommended that all the branches of public sector banks having less than Rs. 20 crore advances should be exempted from audit, except once in 5 years.
The Delhi high court, in a leading judgement delivered on 3rd June, 2016, has declared service tax audit being conducted by Central Excise and Service tax department as ultra virus, in the matter of Mega Cabs Vs UOI. The matter was argued by Mr. J.K. Mittal, FCA as advocate of the petitioner.
NPA’s have reached over 10 lakh crore.
Credit off-take is in single digits.
Over a dozen banks have been classified as potential weak banks.
NBFC’s are facing Asset-Liability mismatches.
Liquidity has shrunk.
Capital has become scarce.
The government is going for consolidation of PSB’s
Loss of confidence in NBFCs ( 15% of banking system)
Systemic risk caused by huge borrowings of NBFCs.
The most significant problem is Bad Loans.
RBI GUIDELINES: GUIDELINES FOR COMPROMISE SETTLEMENT OF DUES OF BANKS AND FIN...GK Dutta
As you are aware, the Indian Banks’ Association (IBA) has been issuing guidelines to member institutions for taking up of cases for settlement through Lok Adalats. The position
was reviewed and it was observed that banks have not taken adequate advantage of the Lok Adalats for compromise settlement of their NPAs. There are certain advantages in using the forum of Lok Adalats by banks and financial institutions in compromise settlement of their NPAs. There are no court fees involved when fresh disputes are referred to it. It can take cognizance of any existing suit in the court as well as look into and adjudicate upon fresh disputes. If no settlement is arrived at, the parties can continue with court proceedings. Its decrees have legal status and are binding. It has, therefore, been decided that with a view to making increasing use of the forum of Lok
Adalats to settle banking disputes involving smaller amounts, banks and financial institutions should follow the following guidelines for implementation.
INDIAN ECONOMY THE SHOW MUST GO ON GROWTH PADDLENeha Sharma
The monsoon session of parliament was over without transacting any meaningful business.In this process, the government could not get the constitutional amendment passed by Rajya Sabha (Lok Sabha has already passed the bill) to bring Goods and Service Tax (GST) to replace Excise, VAT and few other indirect taxes. Even the Land Acquisition Bill to facilitate Industrial Development and other public purposes was deffered on the recommendation of the joint parliamentary comittees.
INDIAN ECONOMY LOOKING FOR DIRECTION FOR INDIA TO SHINE AGAINNeha Sharma
The Indian economy is in the threshold of a big leap towards India shining once again, but the main stumbling block being a sense of confusion about government policies, scarcity of low cost adequate money for funding further investments and most importantly India Inc. awaiting for specific policy decisions and creative actions in the areas which has been adversely impacted due to lack of policy initiative.
FINANCE BILL 2012 – MAJOR ISSUES AND CHALLENGESNeha Sharma
The Finance Bill 2012 was presented in the Lok Sabha recently and is under consideration of the Parliament. A very heated debate is happening on several new provisions and issues arising there from.
INDIAN ECONOMY: CHALLENGES AND EXPECTATIONSNeha Sharma
The Reserve Bank of India has recently released a small dose of liquidity by reducing Cash Reserve Ratio (CRR) by 0.5% for the commercial banks. Government borrowings have swallowed significant resources from the banking sector in recent months. The Liquidity with banking sector is still a major issue.
NATION UNDER ANGUISH - ACRIMONIOUS ENVIRONMENT Neha Sharma
The recent announcements of election results are historic and has brought to light serious concerns of the nation, the economy, society and most importantly public at large about the current political as well as economic state of affairs. This is very clear from active involvement and a record turnout of voters for the election.
Election in 4 States: Expectations from the GovernmentNeha Sharma
The Indian democracy is in an active mode in the backdrop of NovemberDecember Elections in 4 important States. The performance of the State Government as well as of the Central Government is under active analysis. The national economic and political scenario will have a major bearing on the voting pattern.
Companies Act 2013 and the draft Rules towards better corporate GovernanceNeha Sharma
The Companies Act 2013 has already been passed by the Parliament and has also received the assent of the President. The government is expected to announce the date from which the specific section of the new Act will come in force.
INDIAN MANUFACTURING SECTOR NEED FOR A POSITIVE ENVIRONMENT FOR GROWTHNeha Sharma
The Indian Economy, the Government, the public at large and specially the people who are in industry, manufacturing sector, service sector or any other arena of business activity , all are deeply concerned with poor growth rate of manufacturing sector during last 2 to 3 years and specially in 2012-13.
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
GOVERNMENT SHOULD DESIST FROM INTERFERING IN THE CA PROFESSIONNeha Sharma
Over the last few years, the Government is bent upon interfering in the affairs of the CA profession being regulated by the Institute of Chartered Accountants of India, a body set up by an Act of the Parliament. Satyam episode is being cited as the example for mismanagement and lack of regulation.
The Union Budget was presented on 28th February, 2013 in the Parliament. It was being touted as a good mix of growth and reform. The major challenges outlined by the Economic Survey, RBI as well as by the FM were in respect of considerably reduced estimated growth of GDP, increase in fiscal deficit, mounting current account deficit and high inflation rate.
Young Chartered Accountants - New Age CAs, A New Age PowerNeha Sharma
The profession of chartered accountants has enrolled a large number of students in last 7 years and accordingly the number of young bright students who are qualifying as chartered accountants has also grown significantly. This is being seen as a major challenge for the entire profession. We perceive this as a major opportunity not only for the profession, the young chartered accountants, and young C.A. students but also for the entire nation - our motherland INDIA.
INCOME DECLARATION SCHEME A time to come cleanNeha Sharma
The IDS scheme announced by the government is open till 30th September, 2016. It is an important opportunity and the government has committed to not to seek any details or source of money earned and assets created once disclosed in terms of the scheme.
The Indian profession of Chartered Accountants has in recent past faced a large number of challenges including aspersions on their integrity and independence arising out of certain large scale financial frauds and manipulation of financial statements by banks, investment banks and large companies outside India including companies like Satyam in India. The Institute of Chartered Accountants of India have severely punished those who were found guilty in various financial frauds and even removed certain chartered accountants found guilty for Satyam scam for their life from the membership of the Institute. Most of these corporate failures did not had any Indian origin CA firm as their Auditors.
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
At the outset, the new BJP led NDA Government is to be congratulated for winning the General Election with a thumping majority. The agenda of the BJP government in the shape of their visionary Election Manifesto will lead the direction to a Growth oriented, people friendly, consensus driven policies.
National General Election – Our vote to be decisiveNeha Sharma
The general elections have been announced and within 3 to 4 weeks voting process will commence. It is very important for the Chartered Accountants fraternity to actively participate in the election process not only by casting their votes but also actively participating in shaping the thought process of the society.
The recent statement of Shri Narendra Modi, the Prime Ministerial Candidate of BJP that the BJP is very seriously examining to bring in a more friendly tax structure is heartily welcome. It is important to analyze the current issues and options available before the policy makers to initiate a meaningful public debate.
Our Honorable Chief Minister of Delhi, announced a special seven day drive of removing Malba, dust and garbage in case he receives photographs through a special mobile application. Huge amounts were spent on the entire exercise specially on advertisement. Delhi did not see any result and the outcome couldn't be measured, in the absence of accounting, Management Information System, proper checks and control and no provision for monitoring of outcome.
ICAI Elections -Your Vote will make the DifferenceNeha Sharma
The most crucial time for the profession of CAs i.e. 3 yearly elections of the Institute are scheduled for December 4-5, 2015. How we exercise our vote will decide future of each one of us. The role being played by the Elected Central Council & the Regional Council is very crucial and it is important to understand while voting that We need a leadership which takes the profession in a right Direction, new and larger professional opportunities are harnessed nationally as well as internationally,we meet various challenges as a profession and all members are effectively, efficiently and respectfully deliver professional services and add a highly acclaimed value to the corporate, while being in employment.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
The effects of customers service quality and online reviews on customer loyal...
Banking sector – under scanner
1. EDITORIAL
* Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates. vinodjain@inmacs.com, vinodjainca@gmail.com, +91 9811040004
Banking Sector – Under scanner
1FEBRUARY 2016
The Reserve Bank of India had
recently directed to Public Sector
Banks as well as Private Sector
Banks to downgrade the asset
classification of more than 150
borrower accounts, based upon
Asset Quality review, to
Non- Performing Assets (NPAs).
The exposure of banking sector to
such borrower accounts was in the
range of ` 1,50,000 Crores to
` 2,00,000 Crores.
Primarily RBI had recently issued
advisory to downgrade specific
large 150 identified accounts in following categories to
Non- performing assets:
Accounts to be downgraded to NPA categories, with
retrospective effect (in some cases going back to F.Y.
2012), although these were classified as Standard
accounts till 31st March 2015.
Diverges observed in case of existing NPAs
Non achievement of DCCO (Date of Commencement
of Commercial Operations)
CDR-restructured accounts - Non fulfillment of
conditions - Additional provision recommended in
March 2016 Quarter and thereafter every quarter in
FY 2017.
Even beyond the current exercise, there are number of
stressed cases, which are in the process of being identified
by the Statutory Auditors and RBI inspection teams. The
total additional provisioning requirement is estimated to be
` 40,000 cr till March 2016.
The quarterly results for most of the banks have been
announced , showing significant losses or steep reduction
in profitability, resulting into erosion of the Banks' market
capitalization by 10% to 20%. The capital market in general
has also been subject to blood bath, with widespread losses
across sectors, in the range of about ` 3 lakh crores. While
the government and RBI is active in limiting the damage to
CA Vinod Jain*
Convener National Economic
Forum, Former Chairman BoS
and Member Central Council
Institute of Chartered
Accountants of India
the financial market, the entire economic sector and society
is deeply concerned about the matter and is deliberating
on the following major issues:
How such a grave situation has piled up over the years?
Why the banks management, Reserve Bank of India
and other regulators ignored the matter during last
couple of years?
Whether such loans have genuinely became bad or
there was deliberate diversion of funds, willful
defaults or improper or reckless financial
management?
How such large exposures have suddenly grown leaps
and bounds to certain specified groups, without
corresponding promoter's contribution and adequate
safeguards?
Multiple banks are involved in almost all large cases.
How and why almost all the bank did not wake up to
the call in time?
The country need to identify, the real conspiracy as
to whether and where crucial resources of the country
have been diverted?
Who are the real culprits? -whether corruption or
gross negligence or poor regulatory supervision at
the level of banks as well as at the level of Reserve
bank of India?
Is there anything fundamentally improper in the
management structure of the banks and the latest
changing scenario?
Even significant variation in valuation for restructuring
or transfer of assets from one group to another or
within the group via related/unrelated Parties need
microscopic preview?
It is important to undertake a detailed enquiry in all cases
of Non - Performing Assets' classification where exposure
is more than ` 50 Cr - ` 100 Cr or more. In certain cases
the exposure to single group is thousands of Crores. It is
important that willful defaulters are identified and also cases
Volume XXVII | No. 2 | February 2016
contd......Pg.3
2. 2
THE CHARTERED ACCOUNTANT WORLD
FEBRUARY 2016
LATEST IN FINANCE
2
1.0 New power tariff policy supports low rates,
smart tech
The Union Cabinet approved amendments to the
power tariff policy that aims to tighten regulations
for setting rates and promote clean energy.
Aims to ensure uninterrupted power supply to all
by 2021-22
New rules for setting rates and to promote clean
energy
Microgrids for remote villages and small power
plants near coal washeries
Allows sale of un-requisitioned power in the spot
market
Mandatory minimum purchase for clean energy
Allows cost pass-through for use of imported and
e-auctioned coal
All new inter-state transmission projects through
competitive bidding
Smart meters compulsory for consumption over
200 units
2.0 Shipyards now included in infrastructure
category
The government has recommended inclusion of
shipyards undertaking shipbuilding and repair
under the infrastructure category.
3.0 Banks told to frame policy for non-fund-based
facility
The RBI said banks can grant non-fund-based
facilities, including Partial Credit Enhancement
(PCE), to those customers, who do not avail any
fund-based facility from any bank in India, subject
to conditions.
The central bank said banks should formulate a
comprehensive Board-approved loan policy for
grant of non-fund-based facility to such
borrowers.
Banks should undertake the same level of credit
appraisal as has been laid down for fund-based
facilities.
The banks should ensure that the borrower has
not availed any fund-based facility from any bank
operating in India.
However, at the time of granting non-fund-based
facilities, banks have to obtain declaration from
LATEST IN FINANCE
the customer about the non-fund-based credit
facilities already enjoyed by them from other
banks.
4.0 Security Interest (Central Registry)
Particulars of creation, modification or
satisfaction of security interest in immovable
property by mortgage by way of deposit of title
deeds, movable assets, intangible assets, under
construction property shall be filed in Form I or
Form II and shall be authenticated by a person
specified in the Form for such purpose by use of
a valid digital signature
The following forms are to be filed with central
registry:
Form No. I
Particulars of creation or modification of security
interest by way of mortgage by deposit of title
deeds.
Particulars of creation or modification of security
interest by way of mortgage of immovable
property other than by deposit of title deeds
Particulars of creation or modification of security
interest in hypothecation of plant and machinery,
stocks, debt including book debt or receivables,
whether existing or future.
Particulars of creation or modification of security
interest in intangible assets, being know- how,
patent, copyright, trade mark, licence, franchise
or any other business or commercial right of
similar nature
Particulars of creation or modification of security
interest in any under construction residential or
commercial building or a part thereof by an
agreement or instrument other than by mortgage.
Form No. II
Particulars of satisfaction of charge for security
interest filed under sub-rule (2) and (2A) to (2D)
of rule 4
Form No. III
Particulars of securitisation or reconstruction of
financial assets
Form No. IV
Particulars of satisfaction of securitisation or
reconstruction transactions
<Notification No. GSR 102(E) Dated 22-1-2016>
3. 3
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
FEBRUARY 2016
EDITORIAL / LATEST IN FINANACE / CAPITAL MARKET
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
of the regulatory failures, issues of managements'
weaknesses and need for a thorough overhaul of the
Banking System can be identified and addressed. The
enquiry has to be completely and very strictly
confidential so that morale of genuine businessmen
and more importantly, the market sentiments do not
get affected adversely and backwards.
The scope, coverage and the reporting requirements
by the Statutory Auditors as well as Internal Auditors
are also required to be strengthened by the council
of Institute of Chartered Accountants of India. The
Audit has to be deep and thorough at National level
............from Pg. 1
Banking Sector – Under scanner
EDITORIAL as well as at Branch and Regional / Zonal level. The
profession need not wait for the Reserve Bank of India
or the Government action in the matter and should issue
regulatory direction, guideline in respect of scope,
coverage and reporting requirements, to be mandatory
followed by the banking sector, with full support of
Reserve Bank of India, Securities & Exchange Board
of India, and the government. It is also important to
comprehensively upgrade the competence, credibility,
integrity and professional caliber and competence of
Bank management.
The Reserve Bank has been one of the top most and
successful regulators and a Central Bank of the highest
order. A positively aggressive approach, with an Indian
mindset would be crucial for acceptability of regulatory
and financial control framework.
5.0 RBI operationalizes central fraud registry
The RBI said a central fraud registry, along with
the existing early detection mechanisms for
frauds, has been operationalized with effect from
January 20. Frauds of ` 1 lakh and above will be
monitored by the respective regional office of
RBI under whose jurisdiction the head office of
the bank falls, but frauds of `5 crore and above
will be monitored by the Central Fraud Monitoring
Cell of RBI at Bengaluru.
6.0 Govt tightens consultants' hiring process
In a major overhaul of its recruitment process,
the government has introduced a centralised
system for appointing consultants in all ministries,
and in the NITI Aayog.
It has also capped the tenure of such consultants
at one year, which can be extended to a maximum
of three.
CAPITAL MARKET
1.0 Sebi tightens debt investing norms for mutual
funds
The maximum a debt scheme can invest in the
securities of a company has been reduced from
15 per cent to 10 per cent of the corpus. Single
sector exposure for a scheme has been reduced
from 30 per cent to 25 per cent.The exposure to
housing finance companies within the finance
sector has been reduced to five per cent from
the earlier 10 per cent.Assets under management
of debt mutual fund schemes are nearly
` 8 lakh crore.
2.0 IFSC banking units can open foreign
currency current a/cs
Banking units operating in International Financial
Service Centres (IFSCs) can now open foreign
currency current accounts of units operating in
IFSCs and of non-resident institutional investors
to facilitate their investment transactions,
according to Reserve Bank of India.Hitherto, the
IBUs (IFSC banking units) were not allowed to
open any current or savings accounts.The RBI,
in its notification, also clarified that the IBUs
cannot raise liabilities from retail customers
including High Net Worth individuals (HNIs).
Also, no cheque facility will be available for
holders of current accounts in the IBUs. All
transactions through these accounts must be
undertaken via bank transfers.
Further, the RBI has prescribed exposure ceiling
limits for IBUs. The exposure ceiling of IBUs
has been pegged at 5 per cent of the parent bank’s
Tier-I capital in case of a single borrower and 10
per cent in the case of a borrower group.
According to the RBI, any financial institution or
branch of a financial institution set up in the IFSC
and permitted/recognised as such by the
Government of India or a Regulatory Authority
will be treated as a person resident outside India.A
financial institution or branch of a financial
institution can conduct such business in such
foreign currency and with such persons, whether
resident or otherwise, as the concerned
Regulatory Authority may determine.
4. 4
THE CHARTERED ACCOUNTANT WORLD
FEBRUARY 2016
CAPITAL MARKET / CORPORTE LAWS
3.0 Sebi ups banks' exposure limit to currency
derivatives
Capital markets regulator SEBI allowed bank
stock brokers to have a greater exposure in the
currency derivatives market, as compared to the
limits permitted for the non-bank stock brokers.
The gross open position limit for all brokers
currently stands at up to 15 per cent of the total
open interest or $100 million, whichever is higher.
"However, for bank stock brokers, as authorised
by RBI, the gross open position across all
contracts shall not exceed 15 per cent of the total
open interest or $1 billion, whichever is higher,"
SEBI said in a circular.
CORPORATE LAWS
1.0 Directors cannot compete with company
The High Court of Delhi held that Director's
grievance against company / co-director does not
justify violation of his/her fiduciary duties under
section 166 of the Companies Act,2013 by
carrying on a business competing with that of
the company. If he/she had any grievances, he/
she can avail the remedy but there is hardly any
justification to start parallel/similar to the business
of the company.
Rajeev Saumitra v. Neetu Singh [2016] 66
taxmann.com 18 (Delhi)
2.0 HUF cannot be a partner in LLP
It is hereby clarified that a HUF or its Karta cannot
become partner or designated partner in LLP.
General Circular No. 2/2016
3.0 SARFAESI provisions override BIFR
The Supreme Court of India held that SARFAESI
Act, 2002 prevails over the Sick Industrial
Companies (Special Provisions) Act, 1985 to the
extent of inconsistency therewith. Section 15(1)
proviso 3 of the Sick Industrial Companies
(Special Provisions) Act, 1985. Covers all
references pending before the BIFR, no matter
whether such reference is at the inquiry stage,
scheme stage, or winding up stage.
Madras Petrochem Ltd. v. BIFR [2016] 66
taxmann.com 17 (SC)
FAQONCORPORATESOCIALRESPONSIBILITIES
♦ Can donation of money to a trust by a company be
treated as CSR expenditure of the company?
General Circular No. 21/2014 of MCA dated June 18,
2014 clarifies that Contribution to Corpus of a Trust/
Society/ Section 8 companies etc. will qualify as CSR
expenditure as long as :
(a) the Trust/ Society/ Section 8 company etc. is
created exclusively for undertaking CSR activities
or
(b) where the corpus is created exclusively for a
purpose directly relatable to a subject covered in
Schedule VII of the Act
♦ If a company spends in excess of 2% of its average
net profit of three preceding years on CSR in a
particular year, can the excess amount spent be
carried forward to the next year and be offset against
the required 2% CSR expenditure ofthe next year?
Any excess amount spent (i.e. more than 2% as
specified in Section 135 of CA 2013) cannot be carried
forward to the subsequent years and adjusted against
that year’s CSR expenditure.
♦ Can the unspent amount from out of the minimum
required CSR expenditure be carried forward to the
next year?
The Board is free to decide whether any unspent
amount from out of the minimum required CSR
expenditure is to be carried forward to the next year.
General Circular No. 01/2016 dtd. 12 January, 2016
♦ Can the CSR expenditure be spent on the activities
beyondScheduleVII?
General Circular No. 21/2014 dated June18, 2014 of
MCA has clarified that the statutory provision and
provisions of CSR Rules, 2014, is to ensure that while
activities undertaken in pursuance of the CSR policy
must be relatable to Schedule VII of the Companies
Act 2013. However, the entries in the said Schedule VII
must be interpreted liberally so as to capture the
essence of the subjects enumerated in the said
Schedule. The items enlisted in the Schedule VII of the
Act, are broad-based and
♦ Which activities would not qualify as CSR
Expenditure?
The CSR projects or programs or activities that
benefit only the employees of the company and
their families
One-off events such as marathons/ awards/
charitable contribution/ advertisement/
sponsorships of TV programmes etc.
Expenses incurred by companies for the fulfillment
of any Act/ Statute of regulations
Contribution of any amount directly or indirectly
to any political party
Activities undertaken by the company in
pursuance of its normal course of business.
The project or programmes or activities undertaken
outside India.
5. 5
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
FEBRUARY 2016
FEMA / ACCOUNTING / AUDIT / BANKING
FEMA
1.0 RBI makes online filing of FDI forms a must
from Feb 8
The Reserve Bank of India (RBI) has mandated
Authorised Dealers (AD) category – I banks to
file Advanced Remittance Form (ARF), Foreign
Collaboration General Permission Route (FC-
GPR) and Foreign Collaboration Transfer of
Shares(FC-TRS) only through the online mode
on e-biz portal starting from February 8. Physical
filing of these forms will be discontinued.
2.0 SC approves trade in lapsed LIC policies
The Supreme Court has ruled that Life Insurance
Corporation cannot object to transfer or
assignment of policies, which is a global practice.
3.0 EPFO nixes 5-day grace period for PF
contribution by employers
Retirement fund body EPFO has removed the
grace period of five days given to employers to
deposit the Provident Fund (PF) contribution.
Earlier, employers paid the PF contributions and
administrative charges within 15 days of close
of every month and had a grace period of five days.
ACCOUNTING / AUDIT
1.0 Banks, insurers to align with global
accounting rules from April 1, 2018
The Centre has announced the much-awaited
roadmap for implementing the IndianAccounting
Standards (Ind AS) by Banks, Insurers and Non-
Banking Finance Companies (NBFCs) for
accounting periods beginning April 1, 2018. This
would have to be done with comparatives ending
March 31, 2018 or thereafter. The roadmap
would also apply to all-India term-lending
refinancing institutions, such as Exim Bank,
NACAS, NHB and SIDBI.
2.0 Banks told to conduct internal audit
All public sector and private banks have been
asked by the RBI to conduct a "thorough internal
audit" and put the report before their respective
Audit Committees, as part of the central bank's
efforts to check fraudulent foreign exchange
transactions.
A circular has been issued to all scheduled
commercial banks, advising them to conduct a
thorough internal audit and place the report before
audit committee of the board of the respective
banks and to forward the summary of findings
to RBI, the central bank said.
3.0 Manner of Certification by CA
On a consideration of the matter, the Council,
with a view to bring uniformity in the manner of
signing of certificates, has decided to require the
members of the ICAI to include (in addition to
any other requirements in this regard prescribed
by the relevant law or regulation under which
the certificate is being issued) the following details
intheir"Signatures"onthecertificatesissuedbythem:
1. Name of the CA firm*
2. Firm Registration Number (FRN)*
3. Name of the member
4. Designation (Partner/Proprietor)
5. Membership Number
349th meeting held on 17th and 18th January, 2016
BANKING
1.0 RBI targets truant borrowers, extra
provisions for NPAs to hit bank profit in Q3,
Q4
The December and March quarter earnings of
state-run banks may turn out to be the worst in
years as they have been mandated to set aside
funds not only on loans that aren't being repaid
on time, but also on those that have shown signs
of weakness on the books of other lenders.
"Senior Reserve Bank of India officials have met
top managements of banks directing them to make
additional provisions on corporate loans in order
to bring about uniformity in treatment of Non-
Performing Assets (NPAs) and (stop) promoters
that are gaming the system," said one of them.
2.0 RBI raises provisions for 'yet to fail' CDR
accounts
Probably concerned at the rising number of loan
recasts going wrong, the Reserve Bank of India
(RBI) has asked lenders to increase provisioning
for accounts that may not have yet failed
Corporate Debt Restructuring (CDR) but do not
meet conditions stipulated in the master
restructuring agreement.
The Central Bank had sent them a list of such
accounts for which more capital needed to be
set aside. They added that the tighter norms would
6. 6
THE CHARTERED ACCOUNTANT WORLD
FEBRUARY 2016
BANKING / DIRECT TAXATION
apply to accounts recast outside the purview of
the CDR cell.
RBI worried about errant borrowers in CDR cell
and other recast windows
Wants more provisions for accounts with CDR
but do not meet rules in master agreement
The new list follows RBI's earlier list of 150 truant
borrowers
These exposures were not treated uniformly by
lenders
Provisioning to start from April 2016
DIRECT TAXATION
1.0 MFs under SEBI scanner on dividend stripping
Mutual Fund houses adopting ‘Dividend
Stripping’ plan have come under the scanner of
capital markets regulator SEBI for possible tax
evasion. The dividend stripping typically involves
an investor buying a dividend plan of a mutual
fund scheme, book a loss on it and then set it off
against capital gains from other sources.
2.0 No MAT on Foreign company as it doesn't have
PE in India; AAR follows Government's stand
Where a Mauritian Company, a 100 per cent
subsidiary of parent company, proposed to transfer
shares held by it in Indian company in favour of a
company proposed to be incorporated in
Singapore with an object of group re-organization,
the transaction having begun almost 20 years back,
it could not be said that it was for tax avoidance
and, therefore profit arising from such transaction
won't be subjected to tax in India in terms of
Article 13 of of DTAA between India and
Mauritius. Further, applicant would not be liable
to pay Minimum Alternate Tax under provisions
of section 115JB in absence of a PE in India. It
was also held by the AAR that there will be no
question of the applicability of section 92 to 92F
and section 195 and since, proposed transfer of
shares was not taxable in India, applicant was
not required to file any return of income under
section 139
3.0 Initiatives for reducing litigation
The significant steps taken by CBDT include issue
of a circular revising the monetary limits for filing
of appeals by the Department with the objective
of reducing litigation as a part of its initiatives to
reduce grievances of the taxpayers including
withdrawal of appeals filed by the Department in
cases involving tax effect above the revised
monetary limit from the High Courts in cases
where, no question of law is involved, the issue
is considered settled by the Department, or the
appeal is no longer relevant in view of subsequent
amendment.
Besides this, the CBDT has issued a number of
Circulars for withdrawing or not pressing of
appeals on settled issues.
<Press Release- CBDT dated 15th Jan, 2016>
4.0 Mauritius to begin automatic tax information
exchange from Sept 2018
Mauritius will start automatic exchange of tax
information with other nations only from
September 2018.
5.0 Co. getting benefit of preferential treatment
or brand couldn't be chosen as comparable
The ITATDelhi Bench held that in case of assessee
providing engineering design and related services
to itsAE, companies having functional difference
and company making payments towards use of
established brand resulting in substantial increase
in its operating profits, could not be accepted as
valid comparables while determining ALP.
Bechtel India (P.) Ltd. v. Deputy Commissioner of Income-
tax, Circle 4 (2), New Delhi. [2016] 66 taxmann.com 6
6.0 No sec. 14A disallowance if tax free
investment wasn't made out of interest
bearing funds
The High Court of Karnataka held that
disallowance made under section 14A, read with
rule 8D, towards interest expenditure would not
be tenable where Assessing Officer failed to
establish a nexus between interest bearing funds
and investment made.
Commissioner of Income-tax, Bangalore v. Karnataka
State Industrial & Infrastructure Development Corpn.
Ltd. [2016] 65 taxmann.com 295
7.0 HC allowed deduction of entire deferred
revenue expenditure as assessee had
abandoned its project
The High Court of Calcutta held that where
decision to abandon project was taken in relevant
year, balance deferred revenue expenditure
relating to said project would be deemed to arise
in relevant year and would be allowed as such.
Commissioner of Income-tax, Kolkata-IV v. Alcove
Industries Ltd. [2016] 65 taxmann.com 311.
7. 7
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
FEBRUARY 2016
DIRECT TAXATION / INDIRECT TAXATION
FINANCIAL INDICATORS
CurrentRate* PreviousMonth 3 Month ago 6 Month ago
3 Month LIBOR (%) 0.62 0.62 0.36 0.31
SENSEX 23766.80 24825.04 25482.52 28101.72
NIFTY 7221.4 7563.85 7731.8 8525.6
CRR (%) 4 4 4 4
REPO (%) 6.75 6.75 6.75 7.25
REVERSE REPO (%) 5.75 5.75 5.75 6.25
Gold (per 10 gm) 28199 26071 25184 24761
Silver (per kg) 36700 33481 33754 34020
Crude (USD/bbl) 31.64 32.9 44.55 48.74
` vs USD 67.87 66.91 66.11 63.7
` vs Euro 76.64 72.77 70.39 69.87
` vs 100 Yen 59.21 56.78 53.63 51.22
` vs RMB 10.43 10.15 10.38 10.26
` vs Pound 98.29 97.28 100.51 98.75
MCX Aluminium (per kg) 101.7 99.05 96.1 99
MCX Copper (per kg) 306.5 297.2 306.05 328.1
*As on February 11, 2016 (Sources: MoneyControl, NSE, BSE, RBI, MCX)
8.0 Tribunal gets flak from HC for deleting sec.
68 addition without examining identity and
creditworthiness of creditors
The High Court of Delhi held that where it was
alleged that on-money received in cash by real
estate companies from flat purchasers was routed
back in those companies in form of share capital/
unsecured loans, etc. using assessee as a conduit,
unless identity and creditworthiness of concerned
fund owner were confirmed, addition made in
hands of assessee could not be deleted.
Pr. Commissioner of Income-tax-6 v. Matchless Glass Services (p.)
Ltd. [2016] 65 taxmann.com 310
9.0 Interest on FD is deductible under sec. 10B
if FD is made to facilitate letter of credit and
bank guarantee
The High Couut of Delhi held that interest on
FDRs which were under lien with Bank for
facilitating letter of credit and bank guarantee
facilities would qualify for deduction under
section 10B.
Riviera Home Furnishing v. Additional Commissioner of
Income-tax, Range 15.[2016] 65 taxmann.com 287
10. Interest received under Land Acquisition Act
is taxable in year of receipt under head
income from other sources
The High Court of Punjab and Haryana held that
where assessee, a landowner, received interest
under section 28 of Land Acquisition Act, 1894,
said interest was taxable under section 56 as
income from other sources in year of receipt.
Manjet Singh (HUF) Karta Manjeet Singh v. Union of
India. [2016] 65 taxmann.com 160
INDIRECT TAXATION
1.0 Coaching institute not liable to service-tax
on book sold to students if same is separately
invoiced
The CESTAT, New Delhi bench held that where
sale of study materials was shown separately in
invoice, assessee was eligible for benefit of
exemption in respect of said sale under
Notification No. 12/2003-ST; hence, value of
study material would not form part of value of
coaching services.
Mastermind Classes (P.) Ltd. v. CCE, Indore. [2016] 65
taxmann.com 112
2.0 No limit on incremental growth of exports for
allowing benefit of IEIS scheme under FTP
2009-14: HC
The High court of Bombay held that duty credit
scrip benefit under Incremental Export
Incentivisation Scheme (IEIS) under FTP 2009-
14 can be claimed even for amount exceeding
Rs. 20 lakhs, but subject to greater scrutiny;
clarification dated 23-9-2004 taking a contrary
view was invalid and quashed accordingly.
JSW Steel Ltd. v. Union of India. [2016] 66 taxmann.com
3.0 Cenvat Credit rules amended
Sales promotion includes services by way of sale
of dutiable goods on commission basis.
The CENVAT credit of any duty shall not be
utilised for payment of the Swachh Bharat Cess.
<Notification No. 02/2016-Central Excise(N.T.)>
4.0 Processing fees paid to Foreign Bank for
arranging borrowings is liable to service-tax
under reverse charge
The CESTAT, Chennai bench held that processing
fee paid to Foreign Banks for arranging External
Commercial Borrowings, is liable to service tax
under reverse charge under Banking and other
Financial Services.
JSW Steel Ltd. v. Commissioner of Service Tax, Salem.
[2016] 65 taxmann.com 203
8. 8
THE CHARTERED ACCOUNTANT WORLD
FEBRUARY 2016
Contact details : Dharampal (9013363257) All India Chartered Accountants’ Society - CFO World 909, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019.
Ph: 26223712, 26228410, 26226933 E-mail:aicas.cfo@gmail.com / cfoworld@gmail.com EDITOR: Pankaj Gupta, LLB, FCS E-mail: pankajguptafcs@gmail.com
PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered Accountants’ Society, 4696, Brij Bhawan, 21A,
Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : aicas.cfo@gmail.com Printed at: EIH Ltd., Unit : Printing Press, No. 7, Sham
Nath Marg, Delhi-110054. Views expressed by contributors are their own and the Society does not accept any responsibility.
If undelivered, please return to :
All India CharteredAccountants’Society
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Date of Printing : 12th
February, 2016
R.N.I. No. 50796/90
Posting Date: 15th
February, 2016
Registration No. DL(c)-01/1268/2015-17
Licenced to post without prepayment No. U-(C)-82/2015-17
8
It is highly shameful that certain sections of the
"Student" and "Academicians", openly held an event
in the JawaharLal Nehru University (JNU ) campus,
against the hanging of parliament attack convict
Afzal Guru.
The student organisers of the event, pasted posters
across the JNU campus, inviting the students
together for a protest march against "judicial killing
of Afzal Guru and Maqbool Bhatt ". The anti- social
elements, shamefully misused the democracy and
even shouted anti-India slogans and " Pakistan
zindabad" to show their so called solidarity with
"Struggle of Kashmir people for their democratic
right to self- determination"
It is very important for us to retrospect, as to how
JNU – Enemy of nation misusing freedom of speechEDITORIAL
such antinational element gets support from across the
borders. India is trying to improve its relations with Pakistan
and neighboring countries and there seems to be a sincere
attempt from the other side also. However there are several
international conspirators, who need to be identified , who
are against the peace process and create one unrest or the
other. Stern and tough action is required to be taken against
enemies of India . The real culprit may not only be Kanhaiya
Kumar and his team but also the real people behind the
show.
Every Indian, including all political parties needs to support
stern action. Even the left parties and Congress need to
rise to the occasion and sideline the terrorist elements. It
is important to kill any tendency to misuse the democracy
by international enemies of India.