Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: empanelment :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: form 3cd :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
News Headlines »
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31
 Tax numbers belie slowdown: FM
 Income tax (1st Amendment) Rules, 2017

RBI lifts ban on audit firm PwC
March, 15th 2008

The Reserve Bank of India has withdrawn the blanket ban imposed on the international audit and consultancy firm PricewaterhouseCoopers (PwC) from auditing banks and non-banking finance institutions.
 
According to sources close to the development, the central bank has sent a written communication to banks and NBFCs confirming the withdrawal.
 
The banking regulator reportedly reviews every penalty after a specific period of time. PwC, however, did not respond to a questionnaire that was faxed on Wednesday evening.
 
PricewaterhouseCoopers was banned from auditing banks and NBFCs following its association with the now defunct Global Trust Bank as its auditor for financial years 2002 and 2003.
 
The RBI had found that the audit company under-provided for non-performing assets. As a result, it barred PwC from bank audits in December 2004 and non banking finance companies in February 2005.
 
The case was also referred to Institute of Chartered Accountants of India. PwC subsequently filed an appeal in Kolkata High Court against the RBI order and the High court in turn stayed the RBI ban.
 
The banking regulator had also filed an affidavit in response to the stay.
 
Global Trust Bank had incurred losses as overexposure to the capital markets had eroded its net worth.
 
It had tried to rope in a strategic partner Newbridge Capital but RBI did not approve the proposal as there were concerns related to the source of funds.
 
Since the bank was not in a position to make up for its losses, the RBI had imposed a three-month moratorium on the ground of misleading financial disclosures.
 
The bank was merged with Oriental Bank of Commerce within two days.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions