Similar steps are also initiated by governments of various countries which could result in disruption in the operations of reinsurers, IRDAI said.
Govt puts in place stringent disclosure norms for auditor reports of companies; corporate ministry notifies CARO 2020
A specific format has been prescribed for auditors to report the period and the amount of default by the company in repayment of loans or other borrowings or in the payment of interest thereon to any lender.
RBI likely to follow April-March financial year from 2020-21 to align with Centre; proposal sent to govt for approval
Accordingly, the RBI's April-March financial year system in line with the Central government will be effective from 2020-21 and a proposal in this regard has been forwarded to the government for its nod, said a release.
Union Budget 2019: Appropriation Bill empowers govt to withdraw funds from Consolidated Fund of India to meet expenditure
Since 2016, Appropriation Bills in India include an automatic repeal clause as a result of which the Act is repealed after its purpose is met.
Budget 2019: Arun Jaitley’s calculations have gone awry because of a huge shortfall in GST collections
At the current rate, the gap in the actual central GST earned and the central GST that the government hoped that it would earn, will be close to Rs 1,50,000 crore.
Qatar Airways won't acquire stake in Jet Airways as debt-laden airline backed by ‘enemy state’: CEO Akbar al-Baker
Qatar Airways posted a 252 million riyal ($67.18 million) loss for the financial year ended March 31, 2018, as it lost access to 18 destinations due to the political dispute.
SAIL likely to supply 10 lakh tonne steel for railway tracks in 2018-19; JSPL bags 1 lakh tonne rail order
SAIL manufactures 260-metre-long rails at its Bhilai Steel Plant, and Naveen Jindal-led JSPL makes 121-metre-long track rails at its Raigarh unit and can weld these rails up to 480 metre.
RBI likely to pay govt up to Rs 40,000 crore interim dividend; funds crucial to bridge widening budget deficit
The dividend could help Prime Minister Narendra Modi’s administration bridge a widening budget deficit following a drop in tax collections.
Direct tax mop up rises 14.1% to Rs 8.74 lakh cr during Apr-Dec 2018; net collections increase by 13.6% to Rs 7.43 lakh cr
The gross collections for corporate tax is 14.8 per cent while that for personal income tax is 17.2 percent.
NHAI to raise Rs 10,000 cr through Bharatmala bonds; govt gives nod for implementing 24,800 km highways by 2022
The government has approved raising of Rs 62,000 crore by NHAI in 2018-19.
Direct tax-GDP ratio of 5.98% during FY18 best in a decade; returns filings up 80% in last four years: Finance ministry
Growth rate for corporate income tax and personal income tax stood at 17.7 percent and 18.3 percent, respectively.
Govt introduces bill to amend Companies Act; move to improve ease of doing business, ensure better compliance levels
The bill would replace the Companies (Amendment) Ordinance, 2018 that was promulgated in November.
India's GDP likely to recover in Q4 of FY19; third quarter may remain slow, says Niti Aayog vice chairman
The growth in GDP in July-September is the lowest in three quarters but better than 6.3 percent in the same period of the previous year.
The fiscal deficit or gap between expenditure and revenue was Rs 6.48 lakh crore or 103.9 percent of Budget Estimate (BE) during April-October of the current financial year.
Tech Mahindra has been offering services to its clients using Blockchain Technology.
The April-March financial year was adopted in India in 1867 to align it with that of the British government.
Though discussions on shifting the financial year to January-December instead of April-March are still on within the government, the change will not happen next year, according to Minister of State for Finance Santosh Kumar Gangwar.
The ostensible reasons for shifting the budget date to January next year are two-fold. One, since it takes till mid-May for the budget to pass, effectively two months of the financial year (April-March) elapse, giving the budget only 10 months to work its wonders. Shifting the budget to January means the whole budget will be done and dusted before the financial year begins.
The committee, which will submit its report by December, will examine merits and demerits of various dates for commencement of a financial year, including the existing dates (April-March), Finance Ministry said.
Final guidelines for on tap universal banking licences will be issued in the current fiscal, Reserve Bank Deputy Governor R Gandhi said.