Have a quick roundup of what happened in Business Sector in India and across the globe by clicking the top stories of the week:
Auditors are the New Watchdog of Financial Affairs of Companies – The Companies (Auditor’s Report) Order, 2020 was released on February 26 by the Corporate Affairs Ministry which now mandates enhanced disclosures by auditors to detect frauds and bring in financial transparency in companies.
With IRDAI Nod, Paytm To Now Offer Insurance Policies – Paytm Insurance Broking Private Limited, a subsidiary of Paytm has secured a brokerage license from IRDAI enabling Paytm to now offer insurance products to its millions of consumers.
In A Measure To Boost Economy, Govt Loosens Shackles Of India Inc. – India Inc. soared as the Union Cabinet on March 4 gave its green signal to 72 amendments in the Companies Act, 2013 which will decriminalize a number of offenses and moderate the penalty regime to boost ease of doing business.
RBI’s No To Yes Bank – Yes Bank has sunk into a crisis since March 2019 after the appointment of new Chief Executive Ranveet Gill who exposed the stressed balance sheets and bad debts in loan of the Bank.
Indian Bitcoin Community Rejoices As SC Lifts Ban On Cryptocurrency Trading – In a move that is being considered iconic by many, India’s Supreme Court (SC) overrode a two-year-old ban on cryptocurrency trading in the country this week. This verdict comes two years after The Reserve Bank of India (RBI) had imposed a ban that barred banks and other financial institutions from facilitating any service in relation to virtual currencies. In the ruling, the bench headed by Justice Rohinton F. Nariman overruled central bank’s 2018 circular on the grounds of disproportionality.
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