PNB puts up National Steel & Agro Industries for sale to recover Rs 200cr dues

The National Bank of Punjab (PNB) has put a steel and agricultural company based in Madhya Pradesh up for sale for around Rs 200 billion. National Steel and Agricultural Industries Co., Ltd has a bank balance of Rs 199.90.

“Our intention is to submit the account to the ARC / NBFCs / other banks / financial institutions for sale in accordance with the terms of banking policy in accordance with legal guidelines,” the PNB said during the auction. Information.

The reserve lender (on a cash basis) put Rs 95 crore up for sale.

In order for the potential bidder to speed up the due diligence process and to verify the buyer, the bank announced that it will do its best to keep copies of the documents in one place. However, he added that the bank has the discretion to withdraw the account for sale without giving any reason.

The PNB set December 8th as the deadline for completing the precision exercise. The deadline for submitting binding bids is December 9, the reopening of bids is scheduled for December 10, 2021.

India’s forex kitty increases by $289 mn to $640.40 bn.

The Bank of India raised $ 289 million to $ 640.401 billion for the week ending Nov. 19. Total reserves fell $ 763 million to $ 640.112 billion in the most recent reporting week. They reached $ 642,453 billion during the week ending September 3, 2021, at $ 642,453.

Foreign assets (FCA), a significant portion of total reserves, increased by $ 225 million to $ 575.712 billion ,this is evidenced by the weekly data from the Bank of India (RBI).

FCA dollar rates include the effect of depreciating or depreciating non-US currencies such as the euro, the pound, and investing in foreign exchange reserves.

The value of gold reserves continued to travel north, from $ 152 million for the reporting week to $ 40.391 billion, according to the data.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 74 million to USD 19.11 billion.

The country’s reserve position with IMF was down by USD 13 Million to USD 5.18 Billion in the reporting week.

REUCTION OF CA STUDENTS OVER THE PAST 12 YEARS.

Institute Of Chartered Accountant Of India (ICAI) has seen a continous reduction in the course of CA, where on the other side the members and CA Associates are increasing day  by day. In the 2009-10 , including all the courses the total number of students registered in institute were around 2,77,000 , which has now reduced to 1,82,000 in the current year 2020-21.

In the past 12 years the number of student reduced in the Chartered Accountant course in around 95000. In 2019-20 the total number of student registered were 2,18,000 , which in the present year is just 1,82,000. 

In a country like India , Chartered Accountant is the third toughest exam to crack for students. There are very less number of students who have completed there CA course in time. It takes a lot of dedication and hard-work to achieve that limestone.

Many students while competing for CA dropout and opt for a course like CS. In fact ICAI changes its course from time to time. In 2017-18 CA entrance exam given as Common Proficiency Test(CPT) , from the current year CA Foundation was added. Now its just CA Foundation. IPC and IPCC were also removed and it was named at CA INTERMEDIATE. After all there changes CA Institutes never compromised in the case of exams. This is one of the major reasons of number of students reducing in CA course.

Expertise say that every course has there slowdown. They say like one time the number of students in MBA were low , but now it has taken its pace. Number of students are increasing from the past record and not just MB, JEE , JEE MAINS and many other every course has there slowdown.

”NUMBERS OF STUDENTS REGISTERED IN 5 YEARS:”

2016-17= 2,18,319

2017-18= 2,10,289

2018-19= 1,26,668

2019-20= 2,18,667

2020-21= 1,82,897

Paytm Wild Ride Continues As Stocks Sinks Again Ahead Of Earnings

India’s digital payments giant Paytm is set for another bout of scrutiny on Saturday when it reports earnings in the wake of its record-breaking initial public offering and tumultuous stock market debut.

Ahead of the results, Paytm’s shares dropped as much as 7.7% in early Mumbai trading on Friday. While the stock had jumped about 32% over the last three days, it is still well below the price set in the $2.5 billion IPO as investors continue to weigh its longer-term prospects.

“Revenues for Paytm have remained more or less flat despite a rise in customer base for the last couple of years,” said Ruchit Jain, head of research at listed discount broker 5paisa.com. “While it has reduced losses, none of the business segments, like payments, consumer loans or insurance distribution, are showing signs of profitability.”

There will be focus on which segments are starting to make more money and how the company is leveraging its customer base to cross-sell more products, Jain said.

Despite the challenges, Paytm’s backers include the likes of Warren Buffett’s Berkshire Hathaway Inc. and Masayoshi Son’s SoftBank Group Corp. BlackRock Inc. and Canada Pension Plan Investment Board were among so-called anchor investors in the IPO that bought more shares on Tuesday and Wednesday, according to people familiar with the matter.


IECs Not Updated After January 2014 to be Deactivated: DGFT

The Importer-Exporter Code (IEC) is a key business identification number that is mandatory for exports or imports. No person shall make any import or export except under an IEC number granted by the DGFT.

On August 8, this year, the Directorate General Of Foreign Trade (DGFT) had directed all IEC holders to ensure that details in their IEC are updated electronically every year during the April-June period.

”All IECs which have not been updated after January 1, 2014 shall be deactivated with effect from December 6, 2021,” according to DGFT’s trade notice.

IEC that would be deactivated, would have the opportunity for automatic re-activation after December 6. For that, a trader would have to navigate to the DGFT website and update their relevant information.

According to an industry expert, de-activation of IECs helps in reducing the base load of the directorate and it helps in knowing the actual number of real exporters and importers in the country.

Direct Tax Collection Mop-Up At Rs.6 Lakh Crores Till Oct.

With the net direct tax collection till October closing in on Rupees 6 lakh crore and average monthly GST mop-up likely around Rupees 1.15 lakh crore this fiscal, the government’s tax collection kitty will surpass budget estimates this financial year, Revenue Secretary Tarun Bajaj said.

In an interview with PTI, Bajaj said the relief in excise duty on petrol and diesel and customs duty on edible oil will cost the exchequer about Rupees 80,000 crore this financial year, and the revenue department will start calculating the tax mop-up position vis-a-vis budget estimates for this fiscal after the December advance tax number.

 “The revenues are looking good, GST revenues are also good. We crossed Rupees 1.30 lakh crore (in October). This month, I think we should get a good GST number. This was Diwali, our GST revenue will keep changing.

“But, i think the run rate should not go below Rupees 1.15 lakh crore. Overall, we should do well in GST, excise duty and customs duty, also we will achieve our budgeted estimates. So, overall, we will exceed,” Bajaj said.

“Though we have given a lot of relief in the indirect taxes in petrol, diesel and edible oil , though there are many downs in the custom duty where the total benefit is about 75000 to 85000 crore but I still think we will surpass the budget estimated in both direct and indirect taxes” Bajaj said.

VERY BIG NEWS FOR CA STUDENTS BY ICAI

2 New Formats For Answer Sheet For CA Exams Revealed By ICAI

Description With MCQ - Like Audit And Law Papers
Elective

NOTE :-

  • We have to tick questions on the Second page left hand column
  • MCQ to be filled by HB Pencil Only – with no rough work to be done on the OMR Cover page.

For more information please visit
https://icaiexam.icai.org 

And click on the link above announcements 

 

ADMIT CARDS CA STUDENTS DEC 2021 EXAMS

CA intermediate exams are conducted by ICAI (Institute of Chartered Accountants of India). Every year CA exams are conducted twice a year. Candidates who registered themselves for the December month exams will be able to download the CA intermediate admit card 2021 from the official website.

Admit card is a mandatory document that includes information like roll number, examination center, registration number etc. Generally, admit cards of CA intermediate exams are released 15 days prior to the exams. So, the tentative date of release of the CA intermediate admit card will be 21st November 2021.

CA Intermediate Admit Card 2021 download link: http://www.icaiexam.icai.org

IPL Matches Not Liable For Tax : ITAT

IPL Matches Not Liable For Tax : ITAT

The Income Tax Appellate Tribunal has held that the Board of Control for Cricket in India (BCCI) is entitled to registration under Section 12A of the Income Tax Act, which makes it eligible for tax exemption, despite the launch of the Indian Premier League Tournament.

The ITAT held that just because IPL is structured in a more profitable manner, the exemption can not be denied to the BCCI, and so long as the object of promoting cricket is remaining intact, the society is entitled to retain its exemption registration.

The Board of Control for Cricket in India (BCCI), the country’s richest sports body has won this round in a battle with the taxman. The Income Tax Appellate Tribunal (ITAT), in an appeal filed by the BCCI, upheld the arguments of the sports body that even though it’s making money through the Indian Premier League (IPL NSE -0.05 %), the object of promoting cricket remains intact and hence its income should be exempt from tax.

The decision came in a November 2 order. BCCI had approached the Mumbai bench of the ITAT against three show-cause notices issued by the revenue department in 2016-17 to explain why the tax exemption that the BCCI enjoys under Section 12 A of the Income Tax Act should not be revoked for generating income through the IPL.

“On the face of it, merely because a sports tournament is structured in such a manner so as to make it more popular, resulting in it in more paying sponsorships and greater mobilisation of resources, the basic character of activity of popularising cricket is not lost,” said the bench of judicial member Ravish Sood and vice president Pramod Kumar, while rejecting the contention of the revenue department.


According to the BCCI, the income tax department “erred” in emphasising the surplus generated from activities pertaining to IPL, without considering the overall activities of the appellant (cricket board) in a holistic manner and concluding that these don’t qualify as sport promotion.

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