MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 15th July, 2022
G.S.R. 580(E).—In exercise of the powers conferred by section 31 of the National Bank for Financing Infrastructure and Development Act, 2021 (17 of 2021), the Central Government hereby makes the following rules to amend the National Bank for Financing Infrastructure and Development General Rules, 2022, namely: —
1. Short title and commencement.—(1) These rules may be called the National Bank for Financing Infrastructure and Development General (Amendment) Rules, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the National Bank for Financing Infrastructure and Development General Rules, 2022 (hereinafter referred to as the said rules), after rule 4, the following rule shall be inserted, namely:—
“4 A. Other terms and conditions of service of the whole-time directors—The terms and conditions of service including leave, code of conduct, ethics and disciplinary matters of the Managing Director and Deputy Managing Directors may be determined by the Board on the recommendation of the Nomination and Remuneration Committee based on market practice and requirements of the Institution, keeping in view the terms and conditions of other employees of the Institution and to enhance performance and promote integrity.”.
3. In the said rules, after rule 8, the following rule shall be inserted, namely:—
“9. Form and manner of balance sheet and accounts.—The balance sheet as at 31st March of each year and the profit and loss account for the year ending on 31st March of each year shall be prepared in Form 2 and Form 3 respectively, as set out in the Schedule to these rules.”.
4. In the Schedule to the said rules, after Form 1, the following forms shall be inserted, namely:—
“Form 2
[See rule 9]
Balance Sheet as at 31st March, _
(While adopting AS GAAP for preparation of accounts)
(3) All subsidiaries, associates and joint ventures (whether Indian or foreign) will be covered under consolidated financial statements.
(4) An entity shall disclose the list of subsidiaries or associates or joint ventures which have not been consolidated in the consolidated financial statements along with the reasons of not consolidating.
[F. No. 15/10/2021-IF-I]
SAURABH MISHRA, Jt. Secy.
Note: The principal rules number G.S.R. 51(E), dated the 28th January, 2022 was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), dated the 29th January, 2022.
