RBI has amended the financial statement disclosure framework for Local Area Banks by revising reserve definitions and NPI provision reporting requirements. The changes aim to improve transparency and standardization in banking disclosures.
SEBI clarified that clients under Non-Discretionary PMS can pledge securities held in their demat accounts for personal borrowing. The regulator held that such pledging does not amount to borrowing by the portfolio manager as long as the decision is entirely client-driven.
GSTN has launched a standardized Annexure-B Offline Utility for refund applications involving accumulated ITC to enable automated invoice verification. Taxpayers must now upload invoice-wise HSN/SAC details through the prescribed utility.
The Department of Consumer Affairs has clarified that customary units like inches, feet, and dozen may be used as supplementary declarations alongside SI metric units. However, SI units will continue to remain the legally recognized standard under the Legal Metrology Act.
ROC Chandigarh penalised a company and its directors after finding that financial statements and Board Reports were not approved through Board resolutions as required under Section 179(3). The order held that continued non-compliance attracted penalties under Section 450 of the Companies Act.
ROC Chandigarh penalised a company and its directors for not filing financial statements from FY 2017-18 to 2022-23 within the statutory timeline. The order held that continuous default under Section 137 attracted penalties under the Companies Act, 2013.
ROC Chandigarh penalized a company and its directors under Section 92(5) of the Companies Act for non-filing of annual returns from FY 2017-18 to 2022-23. The directors were each fined the maximum penalty permitted under the law.
The DGFT has changed the import status of specified silver bars from “Free” to “Restricted” under ITC HS Codes 71069221 and 71069229. Importers must now comply with Policy Condition No. 7 of Chapter 71 under the revised import framework.
ROC Kolkata imposed penalty on an auditor after finding that depreciation on building assets was not charged in the financial statements in violation of Accounting Standard-6. The authority held that failure to report the non-compliance affected the true and fair view of accounts.
ROC Kolkata imposed penalty on an auditor after finding that material investment disclosures required under Schedule III of the Companies Act were omitted from financial statements. The authority held that the auditor failed to report the company’s statutory non-compliance under Section 143.
