Accounting regulator ICAI today cautioned the Reserve Bank against over-reliance on a centralised audit system for banks that have completed computerisation of their operations in view of the Rs 400 crore fraud unearthed at Citibank”s Gurgaon branch
Finance minister Pranab Mukherjee on Friday kicked off pre-Budget discussions on an optimistic note, hoping for a 6 per cent growth in the farm sector in 2010-11, which would also help improve food supplies and rein in prices. In the current year
The government has asked professional bodies of chartered accountants, company secretaries and cost accountants to act swiftly against their members arrested on criminal charges, slamming them for the laxity in taking disciplinary action. The corpor
The country’s top auditor has not found any discrepancy in the accounts of the employees provident fund organisation, validating the fund’s decision to pay higher interest to subscribers in the current fiscal. The finance ministry, which had been wai
The income tax (I-T) department today raided wholesale onion dealers across the state in view of sudden spurt in its prices, official sources said here. The raids were conducted in Lucknow, Varanasi, Kanpur, Ghaziabad, Bareilly, Meerut and other
Market regulator Sebi today warned investors that two Sahara Group companies have been raising funds without its approval and said it will not be able to redress any complaint in this regard. The regulator, in a public notice, said investors of Saha
The Income Tax department plans to immediately capture on receipt the data of returns filed by taxpayers to enhance their investigation and enforcement action to curb tax evasion and reduce tax gap over the next few years. The department is also mooting developing a ‘criminal investigation’ system within its establishment to combat terror financing, money laundering, offshore tax evasion and other illegal trades which impact national security.
The CBI today raided about 10 premises in the National Capital Region after it registered a fresh FIR in connection with its probe into the alleged multi-crore Commonwealth Games overlays scam. The raids come a day after the agency questioned Commonw
The government today approved a new policy for allocation of power to be generated by upcoming state-run thermal power plants , earmarking 50 per cent to the home states, while also fixing an overall target generation capacity of 1 lakh MW for the 12
The Reserve Bank of India (RBI) today gave banks another six months till June 30 to adopt the new method for computing base rate — below which lenders are not allowed to extend loans. “Banks are permitted to change the benchmark and methodology u
