Loading...

⚠ âś•
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedbackâś•

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search âś•
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
âś•
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close âś•
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ---- ❯
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ---- ❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ---- ❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    CCI approves acquisition of certain equity shareholding in Continuum Green Energy Ltd by Chubu Electric Power Company Netherlands B.V.
    CCI approves acquisition of majority of the shares and voting rights in Volkswagen subsidiary Everllence SE by funds managed and/or advised by Bain Ca...
    CCI approves acquisition of 100% shareholding of FMC India by Crystal Crop Protection Ltd
    Commerce and Industry Minister Shri Piyush Goyal Arrives in Milwaukee, U.S. to Attend G20 Trade Ministers’ Meeting
    Monthly Review of Accounts of Union Government of India upto the month of August 2026 (FY 2026-27)
    Union Minister of Commerce and Industry Shri Piyush Goyal to Visit the United States to Participate in G20 Trade Ministers’ Meeting
    14th India-UAE High Level Joint Task Force Meeting Held in Mumbai
    CBDT extends due date for furnishing Return of Income for AY 2026-27 in respect of persons subject to audit under the Income-tax Act, 1961
    DRI busts pan-India gold smuggling network and seizes around 6.6 kg of foreign-origin gold worth more than Rs. 10 crore; 11, including a mastermind, a...
    CBN conducts anti-drug awareness programme for students under Mission Yuva Raksha for Nasha Mukt Bharat in Jaora, Madhya Pradesh
    CBN Rajasthan Unit seizes nearly four tonnes of contrabands in intensified enforcement operations across Rajasthan
    Union Minister of Commerce and Industry Shri Piyush Goyal Highlights Uttar Pradesh’s Growing Global Trade and Investment Opportunities
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will embark on an official visit to Qatar from 27 to 29 September 2026
    USIBC bats for early conclusion of India-US trade deal
    Banks advise customers to complete essential transactions ahead of 3-day strike
    Centre to borrow Rs 7.86 lakh cr in Oct-Mar, FY27 borrowing slashed by Rs 1.2 lakh cr
    Government Approves One-Time Interest-Free Loan of ₹50,000 per Barn for FCV Tobacco Growers in Andhra Pradesh
    Issuance Calendar for Marketable Dated Securities for October 2026-March 2027
    Government’s Borrowing Plan for the second half of FY 2026-27
    APEDA Facilitates Export of GI-Tagged Gulbarga Tur Dal from Karnataka to Maldives
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
September 30, 2026
Show AI Summary
Merger control clearance permits Chubu's acquisition of equity in Continuum Green Energy through primary and secondary transactions.
Competition Commission of India approval covers the acquisition of certain equity shareholding in Continuum Green Energy Limited by Chubu Electric Power Company Netherlands B.V. The proposed combination comprises a primary subscription for, and secondary purchase of, the Target's equity shares from Continuum Green Energy Holdings Ltd., Singapore. The Target and its Indian subsidiaries primarily generate and sell renewable power from wind and solar sources.
September 30, 2026
Show AI Summary
Competition clearance authorises Bain Capital funds to acquire majority control of Everllence through a share transfer from Volkswagen.
Competition approval covers the indirect acquisition of a majority of the shares and voting rights in Everllence SE and its direct and indirect subsidiaries by funds managed or advised by Bain Capital Investors, LLC, from Volkswagen Aktiengesellschaft through a share transfer. Nikolaus (BC) Bidco GmbH acts as the purchaser and is a special purpose vehicle ultimately controlled by Bain Capital-managed or advised funds.
September 30, 2026
Show AI Summary
Full-shareholding acquisition in crop protection receives competition clearance, combining businesses spanning agrochemicals, seeds, and agricultural equipment.
Competition Commission of India approved Crystal Crop Protection Limited's acquisition of the entire, fully diluted shareholding of FMC India Private Limited from FMC Netherlands Holdings II B.V. and its affiliates. The approved combination comprises the acquisition of 100% of FMC India's shareholding by Crystal Crop. Crystal Crop is an Indian public limited company engaged in development, manufacture, and distribution of crop protection products, seeds, and agricultural equipment.
September 30, 2026
Show AI Summary
Investment facilitation supports cross-border manufacturing, technology, supply-chain, and business expansion partnerships between the two economies.
India-U.S. economic engagement extends beyond conventional trade to investment, manufacturing, technology, innovation, resilient supply chains, and high-value capabilities. Business engagement with manufacturing and technology companies addresses opportunities in India and expansion of partnerships. The Government of India indicates readiness to facilitate corporate operations, expansion, and investments in India.
September 30, 2026
Show AI Summary
Monthly fiscal accounts report receipts, tax devolution, and revenue and capital expenditure against budget estimates.
Monthly accounts up to August 2026 record total receipts of Rs.13,67,709 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution to State Governments totals Rs.5,90,391 crore. Total expenditure is Rs.20,77,958 crore, divided between revenue expenditure of Rs.15,68,009 crore and capital expenditure of Rs.5,09,949 crore, with revenue expenditure including interest payments and major subsidies.
September 28, 2026
Show AI Summary
Rules-based multilateral trade engagement supports bilateral agreement negotiations, enterprise opportunities, investment partnerships, and developing-country policy space.
India's G20 trade engagement promotes a rules-based, open and non-discriminatory multilateral trading system while preserving policy space for developing countries. Bilateral discussions seek to expand opportunities for farmers, fishermen, women entrepreneurs, startups, MSMEs and other enterprises. India-United States engagement is intended to advance a balanced Bilateral Trade Agreement and an interim trade deal, alongside investment and industry outreach promoting manufacturing partnerships with Indian enterprises.
September 28, 2026
Show AI Summary
Cross-border investment facilitation under CEPA supports local-currency settlement, payment integration, joint projects and timely resolution of investor concerns.
Financial-sector cooperation covers local-currency settlement, integration of payment and messaging systems, and central-bank digital currencies, with steps to support timely implementation for more efficient, accessible and resilient bilateral trade and investment. The UAE-India Fast Track Mechanism remains available for addressing outstanding concerns affecting investments and companies in both jurisdictions, and the parties agreed to support timely resolution of such matters.
September 28, 2026
Show AI Summary
Return filing and tax audit deadlines are extended for the identified taxpayer category under the applicable statutory framework.
CBDT extends the Assessment Year 2026-27 Return of Income filing deadline for persons identified at serial no. 2 in the Table below Explanation 2 to section 139(1) of the Income-tax Act, 1961, from 31 October 2026 to 21 November 2026. The specified date for furnishing the audit report for the same class is extended from 30 September 2026 to 21 October 2026.
September 28, 2026
Show AI Summary
Courier-based gold smuggling enforcement targets concealed distribution through paper entities and foreign-origin gold consignments nationwide.
Coordinated customs enforcement targeted an organised gold-smuggling network that used courier consignments to distribute foreign-origin gold after cross-border entry. The operation led to seizure of 6.61 kg of gold bars under the Customs Act, 1962, and arrests of eleven associated persons. The network allegedly split gold into small consignments and used paper entities or persons without legitimate gold transactions to conceal distribution through courier channels.
September 28, 2026
Show AI Summary
Anti-drug awareness and cultivator outreach combine prevention, direct grievance redressal, and safeguards against illicit narcotics diversion.
Jan Sunwayi programmes provide direct, prompt and accessible grievance redressal for opium cultivators, including name corrections, Namantaran, and eligibility connected with the upcoming Settlement Operation. Cultivators are advised to avoid middlemen or intermediaries and seek clarification or assistance directly. These measures complement anti-drug awareness and preventive outreach aimed at preventing illegal trafficking, diversion and abuse of narcotic drugs and psychotropic substances.
September 28, 2026
Show AI Summary
NDPS enforcement targets concealed poppy straw, opium and cannabis trafficking through seizures, arrests, and continuing supply-chain investigation.
Narcotics enforcement operations in Rajasthan led to seizures of poppy straw, opium, hydroponic cannabis, cash, vehicles and a loaded country-made pistol, with four arrests. Poppy straw was recovered from vehicles and premises, including a truck where it was concealed beneath cement bags. Opium and cash were recovered from residential premises, while hydroponic cannabis concealed in an international parcel was recovered at the Foreign Post Office, Jaipur. The seized articles were taken under relevant provisions of the Narcotic Drugs and Psychotropic Substances Act, 1985, and supply-chain investigation continues.
September 28, 2026
Show AI Summary
Free trade agreement market access is positioned to expand export opportunities and international investment for local entrepreneurs.
Free Trade Agreement-led market access is positioned to expand international opportunities for entrepreneurs in Uttar Pradesh by supporting exports, investment inflows and access to overseas markets. International trade engagement is supported through direct business access to global markets, buyer-seller meetings and promotion of the State's products, cuisines and services. Export expansion, international investment, tourism and global recognition of State brands form the stated next phase of economic development, supported by coordination between governments and trade and industrial stakeholders.
September 28, 2026
Show AI Summary
Multilateral infrastructure cooperation guides annual development bank participation and bilateral engagement on sustainable investment and economic connectivity.
The official visit includes participation, as India's Governor, in the Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank, alongside bilateral meetings and engagement with governmental leadership, business leaders and investors. The AIIB focuses on sustainable infrastructure and productive-sector investment in Asia to promote sustainable economic development, wealth creation and infrastructure connectivity.
September 25, 2026
Show AI Summary
Reciprocal trade agreement negotiations face tariff and subsidy pressures as both governments pursue lower bilateral trade barriers.
India-US bilateral trade negotiations seek completion of the first-phase Bilateral Trade Agreement through a reciprocal trade arrangement lowering trade barriers and tariffs. Further negotiations are required because of changed US tariff conditions, forced-labour tariffs on Indian goods, a possible investigation into excess industrial capacity and subsidies, and sanctions legislation relating to Russia. Ministerial and bilateral engagements will review progress on the proposed reciprocal arrangement.
September 25, 2026
Show AI Summary
Banking strike contingency measures direct customers toward advance transactions and digital channels as branch operations may be disrupted.
Banking-service continuity measures anticipate possible disruption from a three-day employee strike. Customers are advised to complete essential transactions in advance and use ATMs/ADWMs, mobile and internet banking, UPI, business correspondent points and other digital channels. Branch and office operations at participating institutions may be affected, while essential services are to be maintained where possible. Union demands include a five-day banking week, pension improvements and transition options from the National Pension System to the old pension scheme.
September 25, 2026
Show AI Summary
Government borrowing calendar: Reduced dated-securities borrowing will use weekly auctions, green bonds, switches and buyback operations.
Second-half dated-security borrowing will be completed through weekly auctions across maturities ranging from 3 years to 50 years, including Sovereign Green Bonds. Switching and buyback operations will continue to smooth the redemption profile, while a greenshoe option may permit retention of additional subscriptions. Treasury Bill borrowing will proceed through 91-day, 182-day and 364-day instruments. Auctions will offer non-competitive bidding for specified retail investors, and flexibility is retained to modify issuance terms or introduce non-standard maturity instruments, floating-rate bonds and inflation-indexed bonds.
September 25, 2026
Show AI Summary
Interest-free working capital assistance for FCV tobacco growers supports liquidity, institutional loan repayment, crop inputs, and reduced private borrowing.
A one-time, interest-free working-capital loan of Rs. 50,000 per barn is approved for FCV tobacco growers in Andhra Pradesh under the Interest-Free Working Capital Assistance Scheme. Covering about 44,000 growers, the assistance is proposed to be delivered through direct benefit transfer. It is intended to provide liquidity for household requirements, institutional loan repayment and crop inputs, while reducing dependence on private borrowing.
September 25, 2026
Show AI Summary
Government securities auction calendar establishes retail bidding access, flexible issuance terms, greenshoe subscriptions, and periodic debt switch operations.
Each auction carries a non-competitive bidding facility, under which five per cent of the notified amount is reserved for specified retail investors. The Government may modify indicated amounts, issuance periods and maturities, and may issue instruments with non-standard maturities, floating-rate bonds or inflation-indexed bonds, having regard to governmental requirements, market conditions and other relevant factors. It may retain additional subscriptions through a greenshoe option and conduct switch or buyback auctions of dated securities.
September 25, 2026
Show AI Summary
Market borrowing plan sets dated securities auctions, Treasury Bill issuance, redemption management, and temporary cash-flow support.
Government market borrowing for the second half of FY 2026-27 is to be raised through weekly auctions of dated securities, including Sovereign Green Bonds, across maturities from 3 to 50 years. Debt-management measures include switching and buyback operations to smooth the redemption profile and a greenshoe option for additional subscriptions. Treasury Bills are to be issued through weekly auctions in 91-day, 182-day and 364-day maturities. The Ways and Means Advances limit is fixed to address temporary mismatches in government accounts.
September 25, 2026
Show AI Summary
GI-tagged agricultural exports expand farmer access to international markets through FPO-led value chains and higher price realisation.
APEDA facilitated the export of a one-metric-tonne consignment of GI-tagged Gulbarga Tur Dal from Karnataka to the Maldives through an FPO-led brand. Gulbarga Tur Dal has held GI registration since 2019. The export-linked channel provides farmers a realisation of Rs.82 per kg compared with a prevailing market price of Rs.60 per kg, while supporting closer integration of FPOs and farmers into export-oriented supply chains.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

The Crucial Role of Assurance Functions in Urban Co-operative Banks (Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - May 16, 2024 - at the Conference of Heads of Assurance of Urban Cooperative Banks held in Mumbai)

May 18, 2024

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Deputy Governor Shri Rao, Heads of Assurance functions from Urban Cooperative Banks, and my colleagues from the Reserve Bank of India. A very good morning to all of you.

1. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and effectiveness of assurance functions. We have had a series of engagements with the Boards of Directors of both commercial and cooperative Banks conveying the importance of strong corporate governance and remaining vigilant to ensure the continuing stability of the financial sector. We have also been meeting the heads of assurance functions, recognising the key role these functions play in ensuring the safety and soundness of the banks and promoting regulatory compliance. Today’s conference is an extension of our efforts to engage with assurance functionaries.

2. Assurance functions namely, the risk management, internal audit and compliance functions play a very crucial role, as guardians ensuring the bank operates safely, ethically and within regulatory and legal boundaries. Assurance functionaries, by becoming effective gatekeepers, can give the required comfort to all stakeholders that the bank is on the right track, its systems are strong, its operations are reliable, and its risks are managed effectively. As conscience keepers of the bank, they are intended to detect and prevent any deviations or build-up of any potential risks, safeguard the reputation of the bank and help uphold the trust of its customers and other stakeholders.

3. In the ever-changing landscape of banking, new risks constantly emerge. While traditional risks like credit, market, and liquidity risks remain significant, we now face new challenges such as cybersecurity threats and operational disruptions.

4. The proliferation of digital technologies and the interconnected nature of financial systems have exposed banks to a myriad of cyber threats, ranging from data breaches to malicious ransomware attacks. The potential impact of a successful cyberattack on a bank's operations, reputation, and financial stability cannot be overstated, underscoring the critical importance of robust cybersecurity measures and proactive risk mitigation strategies.

5. Operational risk has also become increasingly complex and pervasive, fuelled by a variety of factors including technological advancements, outsourcing arrangements, and the associated dependencies. Disruptions to critical systems and processes, whether due to cyber incidents, natural disasters, frauds or human error, can have far-reaching consequences for banks, highlighting the need for enhanced operational resilience, backup and recovery testing as well as contingency planning.

6. The dynamics of traditional risks have also changed. For instance, one notable consequence of the digital revolution coupled with wider adoption of social media, is the acceleration of liquidity runs. What used to take days to unfold can now happen in mere hours, all thanks to the pervasive influence of the internet and social media. The incidents of March 2023 in the United States serve as a stark reminder of this reality. As you would recall, a name mix-up of the US bank with a major UCB in India, fuelled by social media misinformation, required a press clarification from the UCB, to quell the rumours.

7. With this dynamic environment, the focus of regulation and supervision is shifting towards activity based. Similar activities having similar risks need to have the same level of regulatory and supervisory oversight, albeit with an element of proportionality to factor the scale and complexity of operations. Therefore, regulations for cooperative banks are becoming harmonised with that for commercial banks, but with certain calibrations wherever required. The expectations from UCBs, especially for corporate governance and effectiveness of assurance functions, are much higher now. As some of our recent enforcement actions would have demonstrated, there is now zero tolerance for poor corporate governance practices such as loans to directors or their relatives.

Expectations from Heads of Assurance

8. From cyber threats to regulatory changes, and from economic uncertainties to technological advancements, UCBs must adapt and stay vigilant, if they are desirous of retaining their relevance in this fast-changing world. This is where risk management, compliance and internal audit, come into play. They need to work hand in hand, identifying, assessing, and mitigating these risks, ensuring that their bank remains resilient and prepared for whatever challenges lie ahead. Therefore, as heads of assurance, you must ensure that you and your teams remain abreast of all the latest developments. This should be used to proactively update your systems and practices so that you remain ahead of the curve.

Risk Management

9. Risk management is at the heart of banking. Amidst all the complexities and advancements of finance, we should not forget the timeless wisdom of basic principles of banking such as diversification of risks and prudent liquidity management. Concentration risk whether it be in advances or in funding sources is something that we should be mindful of. Large exposures to a single counterparty or a group of counterparties turning bad can have detrimental consequences. Therefore, the frenzy of some of the UCBs to acquire large corporate exposures which are beyond their bite size, is to be strictly avoided and there is a need to closely monitor the existing ones.

10. It is essential to ensure that there are well documented Board approved policies for important aspects such as identification of target segments and business sectors, acceptable concentration levels, product specific guidelines such as borrower loan eligibility criteria, etc. Risk managers should try to see that these policies are in alignment with the risk that the bank can bear i.e. its risk tolerance. For instance, a loss-making bank with high NPAs should not be giving high risk loans and instead be focussing on recovery efforts.

11. The other aspect I would like to highlight is the meticulous monitoring of risk limits. Frequent breaches in risk limits, coupled with their non-ratification or their routine ratification, poses substantial dangers to the stability and integrity of financial institutions that extend beyond the immediate financial implications. If breaches become normalized or overlooked, employees may perceive risk limits as mere guidelines rather than non-negotiable boundaries, thereby compromising the institution's overall risk awareness. Therefore, it is imperative to address breaches systematically, conduct thorough investigations, hold staff accountable, and implement corrective measures to fortify the risk management practices.

Compliance

12. Next in line is the role of compliance. Compliance should adopt a forward-looking approach to anticipate and prevent non-compliant activities. Rather than reacting to issues after they arise, compliance should strive to identify and address potential compliance risks before they escalate. The compliance function should adopt a ‘regulation-plus’ approach, going beyond mere adherence to the letter of regulatory requirements and instead ensure that the spirit and intent of the regulation is also addressed.

Internal Audit

13. Once appropriate policies and strong internal controls are in place, it is for internal audit to independently verify compliance with the same. Very often we come across deficiencies in the scoping, coverage, and periodicity as well as issues in independence of the internal audit function. Proper scoping should ensure that risks are comprehensively covered. Further, high-risk areas may necessitate more frequent audits, while lower-risk areas may be subject to less frequent but regular assessments.

14. Good quality internal audit reports can provide valuable insights mitigating current risks and anticipating areas of potential risks by evaluating the risk management systems and control procedures prevailing in various areas of a bank’s operations. It can also play an important role in preventing and detecting frauds.

Role of RBI

15. Onsite examinations by RBI are not intended to be fault finding missions and instead to provide an insight into the overall health of the bank. They often pick up issues missed by the internal assurance functions and external audit. We would also like you to give due attention to the Risk Assessment Report (RAR) observations and Risk Mitigation Plans (RMP) issued by the RBI. To ensure sustained compliance, it is important to address the root cause of the observations. Further, there should be no compromise on the agreed timelines for RMPs, and the bank should ensure that all RMP items and RAR observations are comprehensively addressed well before the start of the next inspection cycle. Pending compliance paragraphs is not a desirable situation and may be a reflection of the lack of due attention by the management as well as the Board. Such instances can also invite stern supervisory action.

Conclusion

16. One of the most important facets of effective assurance functions is independence. There are regulations already in place that provide for adequate stature, direct lines of reporting and preventing of dual hatting of assurance functionaries. I would urge you to ensure that these regulations are complied with and that you are not engaged in any role which compromises your independence.

17. Overall, I believe assurance functions, if they work effectively, can create an environment in the bank where adherence to laws, regulations, ethical standards, and internal policies is paramount, and where everyone is committed to doing the right thing. Effective assurance functions are indispensable in promoting trust, integrity, and compliance within the banking sector. By working collaboratively and proactively, we can navigate the challenges ahead and ensure the long-term success of our institutions.

18. I once again extend my sincere regards to all present and wish that going ahead in future we collectively embark on a journey of financial resilience drawing from the key ideas discussed here. I also look forward to listening from you.

Topics

Acts Income Tax