Skip to main content

Posts

Showing posts from April 9, 2018

Regulators may extend timings of currency derivatives trading

Regulators may extend timings of currency derivatives trading Longer trading hours seen helping investors hedge their currency risks better and mitigate losses India’s market regulators are in talks to extend timings of currency derivatives trading, two people aware of the discussions said, a move expected to help investors hedge their currency risks better. Currency derivatives trading in India now starts at 9am, offering futures and options contracts in dollar-rupee, euro-rupee, pound-rupee, yen-rupee, T-Bills and interest rate futures, and closes at 5pm. Trading in cross-currency derivatives such as euro-dollar, pound-dollar and dollar-yen is open until 7.30pm. The Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are in discussions to extend these timings to 9.30pm and 11.30pm respectively. “Longer trading hours should help clients better in hedging their risks arising from investments or transactions made in foreign currency denominations. If there is …

E-way bill portal down for 2 hours

 E-way bill portal down for 2 hours  The e-way bill portal was down on Sunday night for close to two hours and then went slow, leading to disruptions in cargo carriage by road. The portal blanked out at 9:30 pm and came back around 11 pm but was slow, said industry executives. E-way bill is a digital tracker of cargo transportion by road and an integral part of the goods and service tax compliance process. The e-way bill was first implemented on February 1. The portal had crashed within a few hours then leading to a halt in billing.  The Economic Times, New Delhi, 09th April 2018

Bad loans menace: Over three dozen CAs under Reserve Bank lens

Bad loans menace: Over three dozen CAs under Reserve Bank lens  With the RBI cracking the whip on bad loans menace, more than three dozen chartered accountants are under the scanner for allegedly conniving with promoters in defaulting as well as restructuring the stressed assets, sources said.  At a time when more number of companies with stressed assets are coming under the Insolvency and Bankruptcy Code, the central bank is also looking at the role of various key personnel associated with such entities. Sources said the Reserve Bank of India (RBI) is looking into the role of around 35 to 40 chartered accountants in loan defaults by various companies.  The regulator is looking to ascertain whether these chartered accountants helped the entities in any illegal manner causing deliberate defaults and subsequently assisting them in restructuring the dud assets, they added. Responses to queries sent to the chartered accountants' apex ICAI on the issue were awaited. The Institute of Chart…

Black money SIT reviews use of cryptocurrencies; directs clampdown

Black money SIT reviews use of cryptocurrencies; directs clampdown
The RBI had come out with three specific warnings to discourage the public from investing in the virtual currenciesThe Special Investigation Team (SIT) on black money has asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions. Officials said the SIT recently held a meeting in the national capital during which it was briefed about the overall scenario of the operations of this virtual currency in the country.The SIT, official sources said, called cryprocurrencies like bitcoins "illegal" and asked probe agencies such as the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to detect and stop their usage and check transactions being done over the Internet, including those with cross-border ramifications. The panel, they said, would also prepare a report that…

CBI, Indian Revenue Services officers at loggerheads over fraud tax refunds

CBI, Indian Revenue Services officers at loggerheads over fraud tax refunds The probe initiated by the Central Bureau of Investigation (CBI) into the fraudulent tax refunds case has not gone down well with the Indian Revenue Services (IRS) officers. In a resolution passed against the central agency, IRS officers called the allegation against the tax sleuths baseless and demoralising. In an unprecedented move, the income-tax sleuths, particularly those in Bengaluru, assembled last week to discuss the CBI’s first information report. The CBI FIR was registered against Income-tax officers at the Central Processing Cell (CPC) for processing revised returns based on fake documents and subsequently issuing huge refunds. Revenue officers believe the move has resulted in mistrust regarding integrity and transparency of processes and procedures at CPC. At the meeting which was called on April 3, after some of their colleagues were booked by CBI for causing losses to the exchequer, the revenue offi…