The Reserve Bank Of India (RBI) has released a draft on Wednesday, proposing to review the definition of commercial real estate (CRE) exposure to be followed by banks to closely align it to Basel II definition. Any exposures towards a banks’ acquisition of units in SEZ may not be treated as CRE exposures, said RBI. […]
Qualified professionals of Indian origin, including doctors, dentists, pharmacists, engineers, architects, lawyers, chartered accountants can practise in India, Prime Minister Manmohan Singh said on Thursday, while inaugurating the 7th Pravasi Bharatiya Divas. “The Overseas Indian Citizenship Scheme, which had been announced in 2006, has elicited an overwhelming response. I am therefore happy to announce that […]
The Orissa government is mulling to raise the exemption limit for the payment of electricity duty for small scale industries (SSIs) to 25 mw from 5 Mw stipulated in the Industrial Policy Resolution (IPR), 2007. It is proposed to be made a part of the micro, small and Medium Enterprise (MSMEs) Development policy being finalised […]
The Institute of Chartered Accountants of India (ICAI) has said that the concerned partner who signed on Satyam Computers’ balance sheet will be held responsible and not the audit firm Price Waterhouse.
As India’s peak income-tax rates begin to hurt, the number of high networth individuals (HNI) seeking to take residence outside the country is going up sharply, according to leading wealth managers, tax consultants and immigration lawyers whom ET spoke to. Peak income tax rates in India are as high as 33% as against 0% in […]
In the aftermath of the Satyam fiasco, like in any other scam, questions are raised about how to avoid one the next time. In this backdrop, chief financial officers and experts reckon that changing the auditor every four years, as is an international practice, could be the way out. M Damo-daran, former Sebi chief, in […]
Government will consider “topping up” the stimulus packages for the industry reeling under the impact of global downturn, Commerce and Industry Minister Kamal Nath said on Monday. “There are sectors not doing well and we are addressing those sectors by ensuring liquidity…perhaps another relief package for them which puts them in a level playing field […]
The Institute of Chartered Accountants of India (ICAI) said on Monday it would reveal to the public the names of audit firms that overlook due diligence while auditing companies. This would act as a deterrent to audit firms from compromising on the quality of audit work as the bad publicity would make it lose its […]
Shaken by the alleged “inaction” of Satyam Computer’s auditor Price Waterhouse, the Institute of Chartered Accountants of India is planning to push for a cap on the tenure of a company’s auditor. The institute is also looking into the possibility of issuing guidance to its members on “compulsory verification” if a company’s cash and bank […]
The Institute of Chartered Accountants of India (ICAI) is the regulating body in India to deal with matters relating to professional or other misconduct of its members by virtue of the powers vested in The Chartered Accountants Act, 1949 and the relevant regulations framed thereunder.
