Background Compounding of Offence is a voluntary process available in case of contravention of offence under Foreign Exchange Management Act, 1999 (hereinafter referred as ‘FEMA’). Foreign Exchange (Compounding Proceedings) Rules, 2000[1] empowers Reserve Bank of India (hereafter referred as ‘RBI’) to compound contravention under FEMA. For compounding of offence under FEMA an application for compounding […]
This standard lays emphasis on the auditors responsibilities in regard to the related parties identified during the conduct of an audit of financial statements. It deals with the responsibilities and expands on how to make the application of: SA 315 Identification and Assessment of the Risk of Material Misstatement Through Understanding the Entity and its Environment.
Deregulation of Diesel Prices The Union Cabinet Committee of Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the issues relating to the under-recovery on sale of diesel and its present status. Instructions have been issued today i.e. on 18th October 2014 to make the price of Diesel market determined with effect […]
