Financial News India: Read all the latest finance news on credit card, online payment, bank loan interest rate, scams, GDP growth Inflation, Saving schemes, PPF, NSC, KVP Bank, FD calculators ULIP IIP numbers
Finance : The focus is on converting savings into investments rather than leaving them idle. The key takeaway is that disciplined investing ...
Finance : This guide explains why senior travellers should review travel insurance coverage, organise medical records, and plan ahead before...
Finance : The article explains how local Indian phone numbers enhance credibility and accessibility for international businesses. It highlig...
Finance : The article explains how borrowing within your affordability and understanding total loan costs can make loan management easier. I...
Finance : The article examines how ATMs are facing cash shortages even though currency circulation is at an all-time high. It argues that ba...
Finance : The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 ...
Finance : The Ministry of Finance has introduced a unified portal to help individuals search for unclaimed bank deposits, insurance claims, ...
Finance : The IFSCA clarified that retrocession and retention requirements apply to the entire gross reinsurance premium of IFSC Insurance O...
Finance : The authority observed that except life insurance, other insurance segments under IFSCA regulations align with the statutory defin...
Finance : The Ministry of Finance clarified that claims regarding monetisation of temple gold holdings or issuance of gold bonds to temples ...
Finance : The Supreme Court ruled that vicarious liability under the NI Act cannot arise solely from holding an office in a society or compa...
Finance : The Supreme Court refused relief to borrowers who defaulted from the very first instalment after availing an ₹8.09 crore loan. T...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Finance : The Supreme Court held that insolvency proceedings under the IBC cannot be invoked merely to recover disputed dues arising from co...
Finance : The issue was whether indemnity obligations arise only after final appellate confirmation. The Supreme Court held that liability a...
Finance : IFSCA clarified that a common brand name by itself is sufficient to establish a Group Entity relationship under the ship leasing f...
Finance : IFSCA has consolidated multiple regulations and circulars into a single Master Circular for Stock Exchanges and Clearing Corporati...
Finance : IFSCA has introduced a standardized ACAR and ACAC reporting framework for Capital Market Intermediaries in IFSCs. The circular aim...
Finance : IFSCA has warned regulated entities that advanced AI models can accelerate cyberattacks by rapidly identifying and exploiting vuln...
Finance : The International Financial Services Centres Authority clarified that existing ASPs and TechFin entities continuing operations und...
The pressure on accounting firm Ernst & Young continues to grow as an oversight board, created under the Sarbanes-Oxley accounting reform act of 1992, launches an investigation into the firm’s role in Lehman Brothers’ bankruptcy.
Almost 75 per cent of corporate India surveyed felt the overall incidence of fraud was rising, according to India Fraud Survey Report 2010 by KPMG. The report also pointed out that e-commerce and computer-related frauds would be major concerns to companies in the coming years. The survey was conducted across 1,000 firms, both Indian business establishments and public institutions, with an annual turnover of Rs 500 crore to over Rs 10,000 crore.
Bernie Madoff’s game got over some time in March 2009. His investment advisory business, Madoff admitted, was a gigantic Ponzi scheme. He had defrauded thousands of high net-worth investors of billions of dollars. This was the mother of all Ponzi schemes and Madoff has been sentenced to 150 years in prison, the maximum for felony. The damage when the dust settled was calculated at $65 billion.
Even as the churn at professional advisory firms continues, PricewaterhouseCoopers India, the countries largest in this space, has again seen at least three partners leave the firm to pursue growth opportunities elsewhere. Consulting and accounting major PwC, which recently saw the exit of 17 partners, has, however, been on an aggressive recruitment spree as a recovering economy prompts companies to increase mandates to consulting firms for advice on future transactions, say people familiar with the development.
Over 150 countries have implemented or announced plans to migrate to International Financial Reporting Standards (IFRS). India proposes to adopt IFRS from the accounting period starting April 2011 or later. The uniformity in accounting and disclosure standards will enable all stakeholders to understand the performance of entities and make comparisons across sectors and countries. However, the challenges cannot be underestimated as some countries that adopted IFRS took over two years for complete convergence.
The big four global accountancy firms — PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte — are circumventing laws to provide auditing services in the country, says a report of an ICAI’s committee.”It has been noticed that MAFs (multinational accounting firms), entered through automatic/FIPB route for rendering consultancy services, are transgressing the permission so granted and are rendering taxation services, auditing, accounting and book keeping services and legal services,” the high-powered body probing the Satyam scam said.
BJP today rapped the city government for large scale financial irregularities as pointed out by the just-released CAG report and said it will approach the Central Vigilance Commission and Delhi Lokayukta for appropriate action against those involved in bunglings.
The panel discussion here tomorrow is a landmark attempt by the Comptroller General of India to view the audit and results of audit through the perception of the stakeholders in specific and in general. The panel discussion will provide a forum for insight into what the stakeholders i.e., government, political leaders, media and other financial sector experts as well as public, expect from the audit against what they are actually getting.
The Lok Sabha Speaker Mrs Meira Kumar has pointed out that it was necessary to re craft the legal framework in a manner that enables the CAG to effectively discharge his constitutional responsibilities. She emphasized that the legal framework has to be suitably strengthened so that any ambiguities or inadequacies in the powers of the CAG, to discharge his mandate in the present day scenario, can be removed. The Speaker was inaugurating the XXVth Conference of the Accountants General in New Delhi today.
The government has given two more years to banks and NBFCs to align their accounting practices with the international financial reporting standards (IFRS). The core group of the ministry of corporate affairs extended the deadline to April 2013 at a meeting on March 29.
