The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given approval for a special package for employment generation and promotion of exports in Textile and Apparel sector.
The recommendations that remain to be implemented relate to reporting of information concerning (i) investment of banks and All India Financial Institutions (AIFIs) in Commercial Papers (CPs) – Recommendation No.8.6, and (ii) Unhedged Foreign Currency Exposures (UFCE) of borrowers of banks and AIFIs – Recommendation No.8.14.
The reconciliations required by paragraph 9 above shall be given in sufficient detail to understand the material adjustments to the Balance Sheet and Statement of Profit and Loss, thereby explaining how the transition from the existing financial reporting to Ind ASs affected the reported Balance Sheet and financial performance. The detail shall be such as to enable the Reserve Bank to understand the significant adjustments to equity that will impact regulatory capital. The Reserve Bank does not require the proforma Ind AS financial statements to be audited and understands that this information, while being a fair estimate of the impact to opening equity, is subject to change.
With a view to ensure consistency in the manner in which the information is received from the Auditors, it has been decided to introduce a uniform format of the SAC. The NBFC would need to fill in the information, as applicable, in COSMOS. Thereafter, the SAC needs to be scanned and uploaded in COSMOS https://cosmos.rbi.org.in under the menu Upload Returns > Statutory Auditors Certificate.
TWO YEARS RIGOROUS IMPRISONMENT TO TWO PRIVATE PERSONS AND A DSP OF CBI FOR EVASION OF CUSTOMS DUTY The Special Judge for CBI cases, Chennai has convicted Sh. G. Vinod Kumar Gollapudi & Sh. Natha Venkata Vathsa Vardhan, both private persons and Sh. K.A.A. Salaam, DSP, CBI for evasion of customs duty. Sh. K.A.A. Salaam […]
The arrears if any accumulated on this account may be identified and be factored into the additional requirement to be sent to EMC DGHRD for incorporation in the requirement for RBE (2016-17) and BE (2017-18).
Since 2012-13, all segments of electronic payments, particularly retail electronic payments, have shown healthy growth both in terms of volume and value of usage. For example, RTGS and NEFT volumes increased almost threefold between 2013 and 2016 reflecting greater adoption of the system by all segments of users.
