INDIAN ACCOUNTING STANDARDS
Indian Army confirms payment of Rs 98.39 lakh to Agniveer Ajay Kumar's family after Rahul Gandhi's claim
The Indian Army affirmed its commitment to honoring soldiers' sacrifices amid controversy over compensation for Agniveer Ajay Kumar's family. The Army clarified that they received Rs 98.39 lakhs and are due another Rs 67 lakhs pending police verification, totaling around Rs 1.65 crore under the Agniveer Scheme. Opposition leader Rahul Gandhi accused Defence Minister Rajnath Singh of misleading Parliament about the compensation, triggering a dispute. Singh defended the Agniveer Scheme, denying discrepancies and emphasizing its purpose to support personnel not eligible for standard military benefits.
RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
Gilts to shine brighter from tomorrow
JP Morgan will include 27 fully accessible Indian government bonds in its GBI-EM global index suite starting June 28, allowing global investors to deploy funds in these bonds.
Six officers sentenced to life in 11-year-old Tinsukia murder case
Judge Dipankar Bora issued the life term sentence, ensuring justice for the murder that occurred over a decade ago. The case highlights the consequences faced by law enforcement officials who breach their duty to protect and serve the public. The incident has drawn attention to the necessity of accountability within police ranks, prompting discussions on the importance of maintaining ethical standards in law enforcement.
Bond Street to see $2-3 billion foreign inflows a month after inclusion in JP Morgan Index
"We have a different profile spread across clients. There are real money clients who may be investing in India off-benchmark. Then there will be the passive index trackers who will be the regular ones coming each month and we may see some large allocations come in intermittently. So, around $2-3 billion per month is what we expect," Parul Mittal Sinha, head - financial markets, India & co-head, macro trading, ASA, Standard Chartered Bank, told ET.
Revving up: Fuelled by PLI, Indian automakers eye global EV space, targeting Europe & other developed markets
Indian auto manufacturers are seizing the export opportunity in the electric vehicle (EV) market, driven by increasing demand for cleaner mobility in developed countries and government support. Companies like Maruti Suzuki and Hero MotoCorp are gearing up to export their EV models to Europe, leveraging India's frugal manufacturing capabilities. With India's production-linked incentive scheme and alignment with global standards, automakers aim to challenge Chinese dominance in the EV sector and establish India as an EV export hub.
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Indian law firm SNG & Partners collaborates with Singapore-based ESG firm Snowkap
Mumbai-headquartered law firm SNG & Partners has partnered with Snowkap, a Singapore-based ESG firm, to support global organizations in their sustainability journey. Led by chairman Rajesh Gupta, SNG & Partners has analyzed over 4,000 ESG data points from Indian laws, integrating with Snowkap's capabilities. Co-founders Rajesh Patel and Giri Krishnaswamy highlight the transformative impact of this alliance on reshaping ESG commitments.
First NFRA annual report on eight audit firms by November
The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.
Derivative products on Indian bonds see strong global demand
Overseas investors are flocking to Indian assets through a derivative product ahead of government bond inclusion in the JPMorgan index, accounting for 30% of $10 billion flows into local debt in nine months.
Bad taste for ‘aam aadmi’: How adulterated mangoes pose fresh headache for regulators, consumers
The use of banned chemicals to ripen fruits is prevalent despite penalties and laws. The ball is in the food safety regulator’s court.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
RBI releases finalised framework for Indian fintech sector's self-regulatory body
The Reserve Bank of India (RBI) has finalized a framework for self-regulatory organizations (SROs) in the fintech sector, considering stakeholder feedback on draft norms from January 15. These SROs will be industry-led, responsible for regulatory standards, ethical conduct, market integrity, dispute resolution, and fostering transparency, the central bank said in a statement.
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
India needs a robust system to protect doctors from bogus lawsuits & ensure accountability for negligence
Indian Medical Association (IMA) praised GoI for criminal reforms absolving medical fraternity from liability under Section 304(a) of IPC, now Section 26 of Bharatiya Nyaya Sanhita. Supreme Court's 'Jacob Mathew vs State of Punjab' judgment balanced protecting doctors from frivolous prosecutions and accountability in negligence cases. Medical Council of India enforces ethical standards for doctors.
No EtO found in majority of MDH, Everest samples, says FSSAI official
FSSAI confirms no ethylene oxide in MDH and Everest spices after testing; orders nationwide inspections. Spices Board mandates EtO testing for exports to Singapore and Hong Kong.
'Applied extra control measures': UK tightens scrutiny of all Indian spice imports amid contamination allegations
Britain's food watchdog imposes stricter controls on all spice imports from India following contamination concerns raised by MDH and Everest brands. Hong Kong and Singapore have suspended sales of certain spice blends due to pesticide concerns. India, US, Australia, and New Zealand are investigating the matter. Indian exporters face scrutiny globally.
View: Why India struggles to keep its food safe
The Food Safety and Standards Authority of India denounced as “false and malicious” news reports that linked the spice scandal to a recent 10-fold relaxation on maximum permissible limits of pesticide residue. The country has the most stringent norms, the regulator said, even though others clearly seem to think otherwise.
Biz, trade caught between cyber cops & banks
Restaurants, retailers, small traders, companies face frozen funds due to cybercrimes. Urging action from finance ministry, LEAs, police. I4C initiative tackles cybercrimes. Banks, LEAs face frozen funds challenges.
Here's why Hong Kong and Singapore have announced a recall of MDH and Everest products
Hong Kong and Singapore have recalled popular Indian spice products from MDH and Everest due to the presence of carcinogenic ethylene oxide. The International Agency for Research on Cancer classifies ethylene oxide as a Group 1 carcinogen, prompting food regulators to take action. This article covers the details of the recall and the potential health risks associated with ethylene oxide in spices.
Stock Market Trading for NRIs: A comprehensive guide to 3-in-1 accounts
NRI 3-in-1 Account simplifies Indian stock market investments for NRIs through integrated banking, demat, and trading accounts. It provides convenience, diverse investment options, and seamless fund movement, enhancing trading efficiency and flexibility.
NFRA's first annual inspection of key audit firms to start by April
The regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of which they are the statutory auditors, one of the persons said.
Taxman to follow normal course of action to recover 'tax dues' worth Rs 115 cr from Congress
People familiar with the matter said that multiple bank accounts of the party was attached and frozen as part of routine procedure followed by the income tax department to recover tax dues, if an assessee fails to pay due tax.
Household consumption to revive in FY25, growth at 6.3%: Standard Chartered
India needs household consumption to pick up for GDP growth of 6% or higher in the coming fiscal. Standard Chartered revised its FY25 forecast to 6.3% from 6%, projecting muted inflation and higher food spending to drive growth. The report expects a revival in consumption to offset the impact of lower commodity prices, slower global growth, and moderation in government capex.
NFRA plans to engage with audit panels of big companies to curb frauds
The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog's thinking told ET.
Mudrex introduces free transfers from Binance for 200+ tokens and relationship manager support
Mudrex, a global crypto investment platform, supports over 200+ tokens and offers free crypto transfers from Binance. This move follows the Financial Intelligence Unit's notice to Binance and other exchanges for non-compliance with anti-money laundering standards in India. Mudrex aims to empower users with flexibility and choice. The platform also introduces expert support for users handling larger amounts or those uncomfortable with crypto transfers.
Battery Swapping Policy: Why Indian startups do not want to standardise EV batteries
The startups involved in battery swapping have accused that the proposed standards in the policy draft favour one particular industry player. Amid these accusations, there has been much back-and-forth, with one battery swapping company saying that at the last meeting of stakeholders, the ministry of heavy industries had assured everyone of juking the standardisation requirement.
ETtech Opinion | Catalysing the Indian innovation ecosystem- the RISC-V way
India is at the forefront of enabling a new era of processor innovation with our own indigenous Digital India RISC-V (DIR-V) Program. RISC-V is a free and open Instruction Set Architecture (ISA) which could be used by startups and entrepreneurs across the world to build their own products and devices.
New accounting standard for insurance soon
The ministry of corporate affairs (MCA) has received recommendations by the National Financial Reporting Authority (NFRA) on the Indian Accounting Standard (Ind AS) 117 for insurance contracts, he told ET."The NFRA's suggestions are being evaluated. The standards will soon be notified under the Companies (Indian Accounting Standards) Rules 2015," he added.
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