Corporate Updates – 11-05-2015


DVAT Authorities has reviewed the System Generated Auto-Default Assessment Orders of such dealers who have made central concessional sales during the year 2010-2011 and whose, online assessments under section 9(2) of CST Act were not available, in Systems as on 30.3.2015. The rate of tax has been considered as per the tax declared in the available returns/DP-1 or otherwise as 12.5%. In case of any discrepancy in rate of tax or amount of missing value of forms or the default assessment was already issued by AA through manual order, the dealer may contact the Assessing Authority of the ward concerned along with relevant documents for review / rectification as per DVAT, Act.


RBI after reviewing the issues relating to prevention, early detection and reporting of frauds has prepared a framework for fraud risk management in banks and shall come into force with immediate effect. The objective of this framework is to direct the focus of banks on the aspects relating to prevention, early detection, prompt reporting to the RBI (for system level aggregation, monitoring & dissemination) and the investigative agencies (for instituting criminal proceedings against the fraudulent borrowers) and timely initiation of the staff accountability proceedings (for determining negligence or connivance, if any) while ensuring that the normal conduct of business of the banks and their risk taking ability is not adversely impacted and no new and onerous responsibilities are placed on the banks. In order to achieve this objective, the framework also seeks to stipulate time lines with the action incumbent on a bank.

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