News Update, January 11, 2018

Price Waterhouse gets 2-year ban in Satyam case 

 India’s capital market regulator has banned global auditing firm Price Waterhouse (PW) from auditing listed companies in India for two years for its alleged role of collusion with the directors and employees of erstwhile Satyam Computer Services in perpetrating the country’s biggest corporate accounting scandal. “Entities/firms practicing as chartered accountants in India under the brand and banner of PW, shall not directly or indirectly issue any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with Sebi … for a period of two years,” Sebi whole time member G Mahalingam said in a late night order on Wednesday.

Source: Economic Times

World Bank says India has huge potential, projects 7.3% growth in 2018

India’s growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has “enormous growth potential” compared to other emerging economies with the implementation of comprehensive reforms. India is estimated to have grown at 6.7 per cent in 2017 despite initial setbacks from demonetisation and the Goods and Services Tax (GST), according to the 2018 Global Economics Prospect released by the World Bank here yesterday

Source: Economic Times

Centre relaxes FDI norms in airlines, retail, and construction 

In big bang FDI reforms ahead of the budget, the government today permitted foreign airlines to invest up to 49 per cent in debt-ridden Air India, and eased norms for investment in single brand retail, construction and power exchanges. The government also relaxed foreign direct investment (FDI) policy for medical devices and audit firms associated with companies receiving overseas funds.

Source: Economic Times

UIDAI introduces virtual ID, limited KYC for Aadhaar card holders

The Unique Identification Authority of India (UIDAI) on Wednesday put in place a two-layer security to reinforce privacy protection for Aadhaar ID number holders. Accordingly, it has introduced a virtual identification for the ID holders so that the actual number need not be shared to authenticate their identity. Simultaneously, it has further regulated the storage of the Aadhaar number within various databases.

Source: Live Mint

Government may exceed direct tax collection target of FY 18 budget estimates

Buoyed by the 18.2 per cent rise in direct tax collections in the first nine months of fiscal year 2017-18, the Central Board of Direct Taxes (CBDT) is confident about achieving its collection target for the current financial year. The apex body has even set itself a target of crossing the Rs 10-trillion milestone. The Union Budget had estimated direct tax collection at Rs 9.8 trillion for the current financial year, which was internally raised by Rs 200 billion in the last quarter, sources said.

Source: Business Standard

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