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Showing posts from November 10, 2017

ED probe on 3,700 laundering, FEMA cases after note ban

ED probe on 3,700 laundering, FEMA cases after note ban The Enforcement Directorate (ED) is investigating over 3,700 cases of money laundering and hawala transactions, involving tainted assets worth Rs 9,935 crore, as part of its action against black money generated after demonetisation, said an official report. The central probe agency also carried outa “risk assessment” of these cases, registered after the currency purge on November 8 last year, and found that a majority of (43 per cent) the financial crimes were carried out by perpetrating bank frauds and cheating financial institutions through amaze of shell firms. The other category of post note ban financial crimes being probed by the ED include cases of corruption (31 per cent), drugs and narcotics trade (6.5 per cent), arms and explosives (4.5 per cent), and others (8.5 per cent). The Business Standard, New Delhi, 10th November 2017

Non-committal on excise duty cut on petrol diesel Govt

Non-committal on excise duty cut on petrol diesel Govt Oil Minister Dharmendra Pradhan remained non-committal on cutting excise duty on petrol and diesel to cushion the rise in retail fuel prices that followed the rally in international oil rates. Petrol and diesel prices have risen by almost Rs 1.5 per litre in the last one month, taking away gains accrued from a one off cut in excise duty cut on the two fuels. Brent futures this week touched Rs 64.65perbarrel. For much of this year, oil prices have been around Rs 55perbarrel.The Centre had, in October, cut excise duty on petrol and diesel by Rs 2 per litre to moderate the relent less rise in fuel prices. The Business Standard, New Delhi, 10th November 2017

Global regulators want to limit accountants´ say on audit rules

Global regulators want to limit accountants´ say on audit rules Global regulatory  want to shake up how rules are written to curb the and avoid any Audit rules are currently the umbrella of the International Federation of Accountants (IFAC),a global body that represents a profession dominated by the "Big Four" —PwC, Deloitte, KPMG and EY -which also check the books of nearly all blue chip companies globally. Regulators now want audit rule makers who are independent of the accounting industry, and issued a paper for public consultation on Thursday that set out options for change. The Business Standard, New Delhi, 10th November 2017

FSSAI issues regulation logo for organic food

FSSAI issues regulation logo for organic food Food regulator Food Safety and Standards Authority of India(FSSAI) onThursday released a unified regulation onorganic foods to ensure that these food items are actually organic.At the Organic World Congress held in Greater Noida, FSSAI unveiled a common logo for organic foods as a symbol of authenticity and trust. Agriculture Minister Radha Mohan Singh launched the Food Safety and Standards (OrganicFoods) Regulations 2017, along with the´Jaivik Bharat´logo and´Indian Organic Integrity Data base Portal´at the event, FSSAI said in a statement. The Business Standard, New Delhi, 10th November 2017

RBI issues directions to regulate outsourcing of key functions by NBFCs

RBI issues directions to regulate outsourcing of key functions by NBFCs RBI lists 10 types of risks arising out of outsourcing that the NBFCs need to mitigate The Reserve Bank of India (RBI) on Thursday prohibited non-banking financial companies (NBFCs) from outsourcing key functions such as internal audit, investment portfolio management, loan sanction, and know-your-customer compliance.“The failure of a service provider in providing a specified service, a breach in security/confidentiality, or non-compliance with legal and regulatory requirements by the service provider can lead to financial losses or loss of reputation for the NBFC and could also lead to systemic risks,” the central bank notification said, adding that NBFCs outsourcing their activities should ensure sound and responsive risk-management practices. The regulator listed 10 types of risks arising out of outsourcing that the NBFCs need to mitigate. “Some key risks in outsourcing are strategic risk, reputation ris

Congress States Seek Full GST Revamp

Congress States Seek Full GST Revamp Highest tax rate should be 18% and petroleum should be part of new tax regime, say state govts ahead of GST Council meet A day ahead of the GST Council meeting here, Congress-ruled states have sought a complete overhaul of the indirect tax regime with the highest slab at 18% instead of 28%.Congress-ruled states have written to union finance minister Arun Jaitley demanding “nothing less than a complete overhaul of GST structure.“ “The highest rate should not be more than 18%,“ said Karnataka minister Krishna Byre Gowda who is a member of the GST Council, said on Thursday.The government may not be averse to the revamp.“The key agenda to be taken up is revamp of the 28% slab and the composition scheme for businesses as well as restaurants,“ said Bihar finance minister and deputy chief minister Sushil Modi.“Most of the issues will be addressed.“ “The Congress is in favour of inclusion of petroleum into GST,“ Punjab finance minister Manpreet Si

Centre Likely to Announce Procedure to Address GST Related Issues Promptly

Centre Likely to Announce Procedure to Address GST Related Issues Promptly GST Council may take up issues suo motu or if companies approach it directly T he government is looking to announce a procedure wherein the GST Council can address issues related to the indirect tax regime either suo motu or after being approached by companies or industry bodies, two people with the knowledge of the matter have said.“There is a realisation that had a few proactive steps been taken, certain issues related to GST could have been addressed quickly.The government wants businesses to approach the GST Council rather than file writ petitions in courts,“ a person in the know told ET. “The government is looking to prescribe a procedure by which companies can directly approach the GST Council or issues can directly be identified through social media interactions,“ another person close to the development said. The idea is that the GST Council could take swift action or address a problem when a numb