- The Reserve Bank of India (RBI)-appointed committee to review the economic capital framework of the central bank failed to arrive at a consensus during a meeting held here on Wednesday, leading to a delay in finalising its report, a top official said. The six-member committee headed by former RBI governor Bimal Jalan decided to meet once again before submitting its report by the end of this month. “There may be differences of opinion (among the panel members), but that’s being discussed,” an official aware of the development said, requesting anonymity.
- The RBI has maintained the view that it needs to have a stronger balance sheet to deal with a possible crisis and external shocks. Capital transfer from the RBI to the government also assumes importance in the wake of dwindling tax collections and the government’s desire to keep the fiscal deficit at 3.4 per cent of GDP in the Budget, the same level as was pegged in interim Budget for FY20.
- The Securities and Exchange Board of India (SEBI) against an order by the National Company Law Tribunal (NCLT), which had held that the laws of Insolvency and Bankruptcy Code (IBC) would reign over the markets regulator’s laws. The top court, while agreeing to hear the case, asked that the present status quo be maintained in the case. The case dates back to 2015, when the SEBI had held that HBN Dairies & Allied Limited had illegally collected close to Rs 1,136 crore from various shareholders under unauthorised ‘Collective Investment Schemes’. The SEBI orders were upheld by the Securities Appellate Tribunal (SAT), following which in 2017, the markets regulator ordered attachment of immovable properties of HBN Dairies in order to sell them off and recover money to pay off the investors.
- The NCLT bench also held that since an insolvency petition was admitted against the company and a moratorium had kicked in, SEBI would not be able to sell the assets of the company to recover any money. The NCLT order was later affirmed by the National Company Law Appellate Tribunal. The NCLAT, however, held that SEBI was free to take action against the individuals at the helm of affairs of the company including the directors and other shareholders.
- RIL, HDFC among Indian cos on Forbes Global 2000 list
- India Inc revenue growth hits six-quarter low in Q4
- RBI to pump in Rs 12,500 crore liquidity on June 20
- Auditors weigh quitting cos with dodgy a/c policies
- Infra sector seeks more capital and tax rebates
- NCLT adjourns hearing on Jet Airways to June 20
- Govt may roll over Rs 62,000 cr in fuel, fertiliser subsidies to FY21
- Telecom panel tells Trai to review recommendations on 5G spectrum sale
- Walmart is expected to pump in $1.2 billion to fund Flipkart’s operations
- Agri input companies post single-digit growth in Q4 on weak Rabi season
- Adani Australia receives final clearance for Carmichael coal mine
- Bharat Dynamics bags Rs 1,188 cr contract from Indian Navy
- NMDC resumes mining at Chhattisgarh
- ‘New RBI circular a breather to power sector, but fails to address core issues’
- Debt default bogey forces SEBI to tighten screws on rating firms
- Jain Irrigation says not defaulted on debt obligation
- India-Taiwan JV 22KYMCO to export electric scooters from India
- Real estate index gains the most as sales volume picks up pace
- N Chandrasekaran hints at more collaboration among Tata group firms
- NHAI invites bids for TOT projects worth₹4,995 crore
- Debit cards continue digital payment dominance
- India cannot stay immune to global impact of the trade war: HSBC’s Quinn
- Piramal-Bain likely to lower maiden India fund target to $750 mn
- Spectrum Auction: DoT asks TRAI to lower reserve price
- Oil prices soar after fresh tanker attacks
- Govt reduces ESI contribution rate to 4 per cent, industry to save Rs 5000 crore annually
- Niti Aayog’s Governing Council to meet on June 15
- UN panel lauds India’s digital initiatives for economic inclusion
- USFDA points out data integrity lapses at Aurobindo Pharma unit
- Govt finds 22 violations by Deloitte and BSR, sees ‘organised crime’
- Ficci for increasing FDI cap in insurance to 74 per cent
- Grant Thornton, affiliates not to take up non-attest work from listed audit clients
- Rupee skids 16 paise to 69.50 vs USD as oil prices shoot up
Key Due Dates:
- The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
- The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
- Annual Return For Registered Tax Payers is 30th June 2019.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write email@example.com. Hope the information will assist you in your professional endeavors. For query or help contact: firstname.lastname@example.org or call at 09811322785/4- 9555555480.