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 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 : mployers are increasingly migrating retirement savings from superannuation trusts to NPS due to lower costs, greater flexibility, ...
Finance : The market has remained largely flat despite strong corporate earnings. FII withdrawals, higher capital gains taxes, and global un...
Finance : The article argues that recurring policy interventions have failed to resolve deep-rooted economic problems. It suggests that prol...
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...
In a large engineering company operating in Western India having global operation, a new Chief Audit Executive (CAE) was appointed. The CAE had joined this organisation based on the public positioning of the group but felt disappointed within a few months of joining. The organisation had grown organically and was largely family-owned with the senior management being hands on with the operations of the company. The Internal Audit culture had not yet matured and was largely focussed on ‘compliance’. The budget was not sufficient as the management had very low level of expectations from the internal audit function which was mainly compliance-driven.
Explore the internal audit findings of a leading consumer goods company in India, highlighting challenges in sales processes and actionable recommendations for improvement
Discover key findings from the internal audit of ABC Softwares Ltd’s payroll process, highlighting control weaknesses and actionable recommendations for improvement
Explore findings from an internal audit of an engineering company’s stores, highlighting inefficiencies and recommendations for cost reduction and inventory management.
The management wants the internal auditors to now assess the procurement activity in terms of process improvements with optimal controls, compliance with laid down systems and procedures and cost rationalisation. The engineering company, whose turnover is 350 crores, is into manufacturing and giving services for cooling appliances like air-conditioners — window, split, cascade etc., refrigerators, water coolers.
Audit Committee Chairperson has indicated to the partner-in-charge of the outsourced firm carrying out internal audit that the coverage of personnel audit would be desirable every six months. Chief Executive Officer and Chief Financial Officer agree with the importance given by Audit Committee Chairperson to Personnel area. They have indicated the importance of this area to the partner-in-charge and also cautioned him that this being a sensitive area, needs to be handled with care. This exercise should be done by experienced persons.
In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations. For details of MICR branch codes please click on the link below.
RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial banks at the 15 centres (viz., Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthpuram). Funds transfer is possible from any branch of these banks at these centres to other branch of any bank at these centres both inter-city and intra-city.
Recycle Bin for Tally 7.2 and Tally 9 Enables you to retrieve Voucher entries that you may have accidentally deleted in Tally. It is similar to the Windows recycle-bin and works with Tally 7.2 and Tally 9. The ZIP file contains a readme.txt file which contains steps for configuring Tally.ini in order to use RBIN.TCP file.
Employing muscle power to recover vehicle loans cannot be permitted in a civilised society where there is effective rule of law – procedure of law may be slow, but that is no excuse for use of force: National Consumer Commission. It is well known that the private banks use muscle power to recover loans. The National Consumer Redressal Commission in a recent order came down heavily on such barbaric methods of collection. What more, the Commission held that even the hire purchase agreement is ab initio void.
