restructuring

Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will help assessing officers spend more time on an assessee than they do now. Currently in Mumbai, an assessing officer, the individual who actually detects tax evasion after going through the assessee’s files, scrutinises an average of 400 cases a year. Full Article

To, The Chairmen/Executive Officers All the Regional Councils & Chapters of ICSI The Council of the Institute in its 183rd meeting held on 8th-9th November, 2008 has approved the new training structure as under.   I.       Duration of training  It was decided that the present period of training of 15 Months may be continued. It was decided that [...] Full Article

The Reserve Bank of India (RBI) has asked banks to review their existing policies for lending to micro and small enterprises (MSEs) and frame norms for restructuring sick units that are potentially viable. RBI also said that banks should frame policies on extension of credit facilities and non-discretionary One-Time Settlement (OTS) schemes for recovery of non-performing [...] Full Article

Patrick Stafford Accounting giant PricewaterhouseCoop ers has asked 5000 full-time staff to take up to three weeks of unpaid leave in an attempt to save costs. Chief executive Mark Johnson said in an email to staff that the requests are a “temporary initiative to respond to temporary times”, and that redundancies are a last resort. “We are comfortable with our [...] Full Article

The Reserve Bank of India (RBI) has informed banks that some of the modifications allowed to facilitate restructuring of non-performing assets(NPA) in view of the ongoing downturn in the Indian economy will be withdrawn from July 1 2009. “The circulars dated December 8, 2008, January 2, 2009 and February 4, 2009 for restructuring of accounts [...] Full Article

RBI/2008-09/ 219DBOD.No.BP.BC. 58 /21.04.048/2008- 09 - It has come to our notice that in view of somewhat tight liquidity conditions in the domestic markets in the recent past, some of the banks have been averse to disbursing working capital limits and term loans (including short-term loans) to their clients against the sanctioned limits even in cases where the drawing power is available in the client's account and all the terms and conditions of the sanction of the loa.. Full Article