Retirement: PFRDA allows fund managers to invest in Tier-I bonds of banks

Pension Fund Regulatory and Development Authority (PFRDA) permitted fund managers to invest in Basel III-compliant Tier-I bonds of banks.

 

“It is clarified that additional Tier-I bonds compatible under Basel III issued by scheduled commercial banks in accordance with the RBI guidelines are to be considered as debt instruments eligible for investments under the debt category of all NPS schemes provided they are rated as investment grade by at least one rating agency,” PFRDA said in a notification.

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Tax: Gujarat High Court Asks CBDT To Extend Deadline for Filing I-T Returns to 30th November

The Gujarat High Court directed the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income-tax returns (ITR) to 30 November 2014 for assessees who are subject to tax audit under Section 44AB. The court order comes with a rider. The extension given will be subject to payment of interest on self assessment tax. The Court order followed two writ petitions filed by Rajni Shah & Associates and All Gujarat Federation of Tax Consultants challenging the CBDT directive on the deadline for furnishing tax audit report.

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Banks: PIL Alleges Fraud at CKP Bank

A public interest litigation filed in the Bombay High Court has alleged a Rs500-crore fraud at the Mumbai-based CKP Cooperative Bank through illegal disbursement of loans.

 

It may come up for hearing before Justices VM Kanade and PD Kode, said petitioner Shreeprakash Neel. The registrar of cooperative societies, on receiving complaints, appointed an administrator to run the Bank in 2012.

 

An audit that followed revealed that the board of directors, general manager and other senior officials had illegally sanctioned loans of crores of rupees which turned into non-performing assets.

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