4th November 2K19
Economic Times
Ø India to make South Asia the global growth centre: IMF
Ø 'Over 3,400 branches of PSBs closed or merged in 5 yrs'
Ø Stopped payment to creditors after court orders: DHFL
Ø Yes Bank's asset-quality woes to continue: Report
Ø Maruti 'cautiously optimistic' on future sales
Ø Thomas Cook India not part of global sale to Fosun
Ø Saudis may reduce Aramco IPO size to $1.6 trillion
Business Standard
Ø FEMA norms may raise investment bar on foreign-owned mutual funds
Ø Despite unavailability of MAT credit, 60% of firms opt for lower tax regime
Ø Minimum wage for workers likely to increase in next three months
Ø MCA floats a new testing proposal to filter frivolous independent directors
Ø McNally Bharat pins hope at strategic investors and partners for revival
Ø Experts raise alarm bells on talent flight amid crackdown on audit firms
Business Line
Ø US Treasury Secretary holds talks with RBI Governor Shaktikanta Das over economy
Ø NHAI terminates concession pacts of 2 IRB Infrastructure road projects
Ø Siemens signs MoUs with NTPC, TERI on decarbonisation, energy transition
Ø Unichem Labs Q2 net loss narrows to Rs 22.2 crore
Ø SEBI directive: Banks start disclosing divergence in asset classification and provisioning
Mint
Ø Traders' body CAIT to launch nation-wide movement against Amazon, Flipkart
Ø Mutual fund houses approach Sebi with 125 new schemes in 2019 so far
Ø Two-phased strategic disinvestment for BPCL likely
Ø Prasad directs BSNL, MTNL to proceed quickly on VRS, asset monetisation plans
Ø Fundraising by PE, VC firms in January-September at a five-year high
Financial Express
Ø Finance Ministry plans next tranches of CPSE, Bharat 22 ETFs in fourth quarter
Ø Yes Bank looking for $1.2 billion funding by December, give board seat to new investors
Ø TCS, Wipro in fray to manage Irdai’s Business Analytics Project
Ø RERA officials to approach housing ministry for clarity vis-a-vis IBC
Deccan Chronicle
Ø Power gencos' outstanding dues on discoms rise 37 pc to Rs 70,000 cr in Sept
Ø Germany to invest 1 billion euros for green urban mobility in India
Ø RBI revamps departments for effective supervision, regulation of banking sector
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Can the matter at NCLT be heard by two Hon’ble Members and order pass by Single Member?
As per rule 152 of NCLT Rules, 2016, if the Members of the Bench who heard the case are not readily available or ceased to be Members of NCLT, the President may authorise any other Member to pronounce the order on his behalf after being satisfied that the order has been duly prepared and signed by all the Members who heard the case.
Read full article at https://dasgovernance.com/2019/11/04/can-the-matter-at-nclt-be-heard-by-two-honble-members-and-order-pass-by-single-member/
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Income Tax Sec. 68 Addition cannot be made for mere non-compliance of notice by shareholders. Case Name : DCIT Vs Bhaijee Commodities (P) Ltd. (ITAT Delhi) Appeal Number : ITA No. 5323/Del/2015
India and the US committed to enhance cooperation in tackling money laundering and combating the financing of terrorism. In a joint statement issued after the seventh Meeting of the Economic and Financial Partnership (EFP), the two countries noted that their relationship has strengthened over time as both sides have developed a holistic approach on tackling money laundering and combating the financing of terrorism (AML/CFT), which are the issues of shared concern.
ITC restriction of 20% against invoices not uploaded by suppliers whereas as per CBIC by Notification No. 49/2019 – Central tax – dated 09 October, 2019 it has placed a cap on availment of Input Tax Credit (‘ITC’) to the extent to 20% of eligible input invoices or debit notes.
GST collections in October — concerning mostly September transactions — came in at Rs 95,380 crore, 5.29% lower than in the year-ago month, amplifying concerns over a likely big deficit in revenue from this comprehensive indirect tax and cementing the notion that economic slowdown is barely being reversed. The September GST collections were just Rs 91,916 crore, a 19-month low, and these were 2.7% lower than the year-ago month.
RBI reorganised its regulatory and supervisory departments as a part of its initiative to have a holistic approach towards supervision and regulation amidst growing complexities and interconnectedness in the financial system. With a view to having a holistic approach to supervision and regulation of the regulated entities to address growing complexities, size and interconnectedness and also to deal more effectively with potential systemic risks that could arise due to possible supervisory arbitrage and information asymmetry, h
MCA started ‘Identification and flagging of Disqualified Directors u/s 164(2) ( a) of the Companies Act, 2013 for their default of non-filing of financial statement or annual return for continuous period of three financial year i.e. 2015-16, 2016-17 and 2017-18.
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Landmark Ruling : No GST registration required for commission agent supplying exempted agricultural produce at a commission
https://thetaxtalk.com/2019/11/04/landmark-ruling-no-gst-registration-required-for-commission-agent-supplying-exempted-agricultural-produce-at-a-commission/
Thanks for reading