CA Online

UIDAI Allows Downloading Own Aadhaar Update History Information to help ascertain residency status for past few yrs The Unique Identification Authority of India (UIDAI) has unveiled a feature that allows people to download their own Aadhaar update history, adding to the provision  of self-authentication it had provided earlier.  The update history will help people while applying for services such as passports and visa or for sundry jobs since it can ascertain their residency status for the  past few years.   UIDAI chief executive Ajay Bhushan Pandey said the Aadhaar update history can be downloaded from the authority’s website and used to support assertion of address,  etc. The feature is currently in the Beta phase.  “Providing Aadhaar update history will bring in more trust and further empower people because they can now use their update history to the authorities while applying  for jobs, school admissions, various services or benefits, etc., because in most such cases the

  Businesses not Under GST to Get 180 Days to Pay Back Their Loans In a temporary relief to small businesses not registered under the Goods and Services Tax, the Reserve Bank of India on Wednesday extended loan repayments deadline to  180 days from the due date without being classified as a non-performing asset.  This latest announcement comes after the regulator’s April diktat which had allowed GST registered MSME borrowers with a turnover of up to ?25 crore to delay loan  repayments by 180 days.  “Having regard to the input credit linkages and associated issues, it has now been decided to temporarily allow banks and NBFCs to classify their exposure, as per the  180 day past due criterion, to all MSMEs with aggregate credit facilities up to the above limit (up to ?25 crore), including those not registered under GST,” the RBI  said. The central bank has been facing demands that it remains lenient on the medium and small enterprises as it is the biggest employer and is facing seve

RBI Relaxes Bond-Loss Provisions Again; Move to Protect PSB Margins PSU BANKS can spread April-June MTM losses over the next four quarters   The Reserve Bank of India remains kind to banks, relaxing provisions for bond losses once again.  The RBI has extended the lifeline to state-owned banks, which face a double-whammy of treasury and loan losses.  The central bank has allowed them to spread their mark-to-market losses incurred in the April-June quarter equally over the next four quarters, a move that will help  protect their dwindling profit margins.   “It has been decided to grant banks the option to spread the mark-tomarket losses on investments held in Available for Sale (AFS) and Held for Trading (HFT) portfolio  for the quarter ending June 30, 2018, equally over a period of four quarters, commencing from the quarter ending June 30, 2018,” the RBI said in its bi-monthly policy  statement.  If a bank incurs a loss of ?100 crore in the three months ended June, it can se

RBI increases repo rate by 25 bps to 6.25%; maintains neutral stance The central bank's April policy tone was dovish and it had actually lowered inflation forecasts for the first and second half of 2018-19   The six-member monetary policy committee (MPC) on Wednesday unanimously voted for a rate hike, citing the fear of inflation, partly flared by the recent spike in  crude oil prices. The hike in policy repo rate to 6.25 per cent from 6 per cent was contrary to market expectation that the central bank will hold rates and the  unanimous decision came as a surprise to the markets. The central bank’s April policy tone was dovish and it had actually lowered inflation forecasts for the first and second half of 2018-19. On Wednesday, the inflation  outlook was revised up once again.  With the hike in the June policy, the Reserve Bank of India (RBI) has reversed the rate cutting cycle it had engaged in since January 15, 2015. The last rate hike  happened on January 28, 2014, when

  Retrospective benefits on gratuity not on the cards, says NDA govt The law was amended to bring parity between public and private sector employees (including PSUs) after the gratuity limit was raised for central government on similar  lines The National Democratic Alliance (NDA) government has decided against passing the benefits under the new gratuity law, which doubles the present maximum payout, with  retrospective effect.  This is owing to employers fears of a higher payout. The government received several requests from workers’ representatives belonging to public sector units (PSUs)  and the private sector for doubling the limit for gratuity payout on par with central government employees.  Parliament had passed the Payment of Gratuity (Amendment) Bill, 2018, in March this year, in a bid to raise the gratuity limit to Rs 2 million from the Rs 1 million  earlier.   The law became applicable on March 29, through an official notification.  “On earlier occasions also, the

  Government okays revised guidelines on time-bound closure of sick PSUs The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here The government on Wednesday approved revised guidelines on time bound closure of sick and loss making central public sector enterprises and disposal of their movable  and immovable assets. The move is expected to reduce delays in implementation of closure plans for loss making PSUs.  The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here.  The guidelines accord first priority for utilisation of available land parcels of CPSEs under closure for affordable housing as per the relevant guidelines of  Ministry of Housing and Urban Affairs.    As per the new norms, the government has laid down a uniform policy to give workers VRS at 2007 notional pay scale irrespective of the pay scale in which they are  working.  The new norms will replace the guidelines issued

MCA quizzes auditors who quit assignments; explanations sought in 15 cases The Securities and Exchange Board of India is also quizzing auditors who had resigned from listed companies The corporate affairs ministry (MCA) has sought details from some auditor companies, which resigned their assignment after the companies concerned had reportedly  refused to give them adequate information.  Officials said explanations had been sought from auditors in 15-odd cases. Rules, they said, were being worked on regarding eligibility to audit big companies. These rules will be part of the proposed National Financial Reporting Authority (NFRA), as many smaller auditing firms are reportedly replacing the bigger ones that  had refused to audit some companies.  That apart, ministry officials said some of the auditors were citing ‘personal reasons’ for quitting, while others had not given adequate reasons.  The Securities and Exchange Board of India is also quizzing auditors who had resigned from