RBI clarified that it has not initiated any action to cancel banking licence of Axis Bank in wake of certain allegations about some serious irregularities in transactions relating to deposit/exchange of Specified Bank Notes in a few branches of the bank.
Banks are advised to maintain, at the Currency Chest level and at link branches level, a Daily Record of Issuances showing serial numbers of Mahatma Gandhi (New) Series banknotes in the denominations of ₹ 500 and above received from RBI as remittance
It was brought forth that Government support was required for IT sector in view of increasing trends of protectionism and anti-globalisation abroad. Also rapid changing nature of technology in IT field makes it imperative to focus on R&D in IT, hence, the Government needs to promote R&D and innovation in IT sector in a big way.
Bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about the same; Action taken in this regard be reported by 16.12.2016.
In the first entry of new GST draft law, services provided by an employee to the employer in the course of or in relation to his employment is mentioned. This means that service provided by employee to his employer will not be considered as supply and no GST will be leviable.
Everybody faces hardship of life. Life is simple, though appears to be complex. It’s interpretation and handling of life that matters the most. Just look at Lotus plant floating in a pool of water.
Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice.
ICAI has revised it advisory and removed the part which advises members to not to share /write any negative personal views by way of an article or interview on any platform regarding demonetisation. ANNOUNCEMENT For attention of Members Demonetisation Policy announced by Government of India- An Advisory for Members As you may be aware, the […]
Companies (Amendment) Bill, 2016 is based on the recommendations of Companies Law Committee after taking into account comments received on report.
a) Monetary items shall be converted into reporting currency by applying the closing rate and the difference shall be recognized as income or expenses in that previous year.
