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Now, completing know-your-customer (KYC) requirement with one financial institution will be good enough for opening an account with any bank, mutual fund, insurance company, broker, or New Pension Scheme.   The financial sector regulators – Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (Irdai) – have introduced a common KYC form and have asked companies in their domain to upload this data with a central agency - Central Registry of Securitisation Asset Reconstruction and Security Interest of India, or CERSAI. Once you complete the KYC for opening a new account, you will receive a 14-digit identifier. Thereafter, when you go to any other financial entity for investments, new account, or policy purchase, you can simply quote the KYC identifier rather than doing the KYC process all over again. The institution will use the identifier to get KYC records from the central registry. While RBI and Ird

Many banks, brokerages, insurers and mutual funds have stopped opening or processing new accounts because they cannot upload know-your-customer details to a central database. The new registry will help individuals access a wide variety of financial services with a single 14-digit identifier. Regulators have instructed all financial institutions to use the Central Know-Your-Customer Registry (CKYCR), managed by Central Registry of Securitisation Asset Reconstruction and Security Interest of India (Cersai) for new customers. Banks and insurance companies were asked to upload new client details to the platform from July 15 and brokerages and fund houses from August 1. Cersai has appointed DotEx International, a group company of the National Stock Exchange, to manage the project. But teething problems have partially stalled its implementation. "We are taking documents from customers but the account opening process will take time because of technical issues with the new syste

www.caonline.in News... 1. Excess payment of service tax can be adjusted in subsequent months. 2. Constitution (122nd) Amendment Bill, 2014 enabling levy of GST by Central Govt. as well as State Govts. is finally passed by Rajya Sabha with 100% in favour of the same. Now it shall go back to Lok Sabha to approve the amendments made by Rajya Sabha. Thereafter it shall be ratified by at least 16 States before being presented to the Hon'ble President for his assent. 3. 05.08.2016 is the last date to file IT returns for AY 2016-17 by individuals, HUF, Partnership firms (without audit). J & K assesses to file by 31.08.2016. 4. CBDT to come up with FAQs on Dispute Resolution Scheme, to settle appeals pending with IT commissioners. 5. Starting ICAI Certificate Course on Forex & Treasury Management in Delhi on 20.08.2016, visit http://www.icai.org/post.html?post_id=3552 & c_id=266Fee @17,500 #0120-3045945

Analysts say if they have to work with a revenue base of Rs. 22,000 crore and net profit of Rs. 600 crore, it’s a bit disappointing, as you have seen better in the past. The real culprit is not sufficiently understanding the dynamics of the project business and particularly a company like L& T, which is heavily into infrastructure investment, which involves public interference. The analyst community had limited data to be able to draw comfort, something we could have avoided. Whatever is the extrapolation that investors would have made, based on FY16 ( numbers), you need to make a two to three percentage (point) adjustment to the revenue numbers, to be closer to the new accounting standard numbers. The second issue was lack of clarity around profitability. Last year, we made an operating margin of 10.8 per cent. If Ihave to restate it, based on the new accounting standard, it will look like 9.5 per cent because of corporate overheads. The Ind- AS standards mandate us to adjus

Cos seek continuation of duty structure that will make handset imports expensive Handset vendors, worried about how the proposed goods and services tax (GST) regime will affect the Make in India initiative, intend to seek clarity from the government on incentives offered for manufacturing phones locally. The companies are preparing a proposal for the government, seeking continuation of a duty structure that will make it more expensive to import handsets than to produce them in the country. A formal request, with the consensus of all handset makers, will be sent to the revenue department. “We're mulling a proposal where we will be asking the government to keep the differential duty structure as is in order to keep the benefits for local manufacturing,“ said Pankaj Mohindroo, chairman of the Fast Track Task Force established by the government to achieve its target of 500 million locally made handsets as part of the Make in India programme. “The states should levy a GST of 5% acro

Parliament on Tuesday passed a law to curb undisclosed money, particularly in real estate, the Benami Transactions (Prohibition) Amendment Bill, stiffening a 1988 enactment. Those declaring black money and assets under the ongoing Income Declaration Scheme, ending September 30, would get immunity from its provisions. The Rajya Sabha approval came on Tuesday. The Lok Sabha had already passed it. The legislation will enable confiscation of benami property (held, illegally, in another's name) and provide for prosecution, aiming to block a major avenue for generation and holding of undisclosed money. “I hope people get the clear signal and don’t give the state an opportunity to use this law,” said Finance Minister Arun Jaitley. He said the multi-agency group probing the ‘Panama Papers’ evidence leak, naming around 500 Indians who've allegedly stashed money in offshore entities, had given three reports last month. “The investigations have progressed a lot,” he said. He

For the first time ever, the income tax department is thinking of writing off tax arrears in each case where the dues are up to Rs. 5,000. The idea is to cut litigation, lower the cost of collection and prioritising of bigger defaulters. Though writing off will mean the government could lose up to to Rs. 600 crore, many of these accounts are anyway not recoverable. There are four million tax arrear cases of under Rs. 5,000, older than three years. Initially, what is being considered is writing off 1.8 mill ion arrear cases with dues under Rs. 100 each. “( This could) then be expanded to cover arrears under Rs. 5,000. This will ease alot of hassle that tax payers go through, beside decluttering our database of arrears, which might not even be recoverable,” said an official. About 2.2 million cases are between Rs. 100 and Rs. 5,000. “Since these are old cases, they are not even being followed up by the department. In some cases, the defaulter cannot be tracked. The cost of reco