General Circular No. 10/2017

F. No, 01/01/2009-CL-V (Pt.IV)

Government of India

Ministry of Corporate Affairs

5th Floor, A Wing, Shastri Bhawan,

Dr. R.P. Road, New Delhi – 110001

Dated:- 13th September, 2017

To

All Regional Directors,

All Registrar of Companies,

All stakeholders

Sub:- Obligation to comply with the Indian Accounting Standards (Ind AS) and Rule 4 of Companies (Indian Accounting Standards) Rules, 2015– Payment Banks, Small Finance Banks which are subsidiaries of Corporates -reg.

Sir,

This Ministry vide notification no. GSR 365 (E) dated 30.03.2016 notified Companies (Indian Accounting Standards) Amendment Rules, 2016 inter-alia amending Companies (Indian Accounting Standards) Rules, 2015. Some stakeholders have sought clarifications with regard to implementation of Ind AS wherein the holding company has Payment Banks or Small Finance Banks as its subsidiaries.

2.  The matter has been examined and it is hereby clarified that the holding company if it is covered by the corporate sector road map for implementation of Ind AS, shall follow the corporate sector road map and if the company has got payment bank or small finance bank as its subsidiary then subsidiary company shall follow the banking sector road map prescribed vide RBI circular DBR.BP.BC.No. 76/21.07.001/2015-16 dated 11th February, 2016 on “Implementation of Indian Accounting Standards (Ind AS)” read with circular DBR.NBD.No. 25/16.13.218/2016-17 dated 6th October, 2016 on “Operating Guidelines for Payments Banks”. However, the Payment Banks or Small Finance Banks shall provide the Ind AS financial data to its holding company for the purpose of consolidation.

3.  This issues with the approval of competent authority.

Yours faithfully,

(Sudhir Kapoor)

Deputy Director

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Review us on Google

More Under Company Law

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031