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.
Please refer to the paragraph 27 of the first bi-monthly monetary policy statement for 2016-17. It was indicated therein that RBI will issue draft guidelines on Standardised Approach for measuring counterparty credit risk exposures (SA-CCR) by end-May 2016. This revised method will replace the Current Exposure Method (CEM), presently being used by banks for measuring exposure for counterparty credit risk arising from derivative transactions and will be implemented from April 1, 2017.
Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments made before the 1st day of April, 2017 by such person.
Action Taken on the observations/Recommendations of the Public Accounts Committee contained in their Forty Second Report (16th Lok Sabha) on Non-compliance by the Ministries/Departments in timely submission of Action Taken Notes on the Non-Selected Audit Paragraphs (Civil and other Ministries.
Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively
Additional quota of 25% (of the quota released last year) of Rough Marble and Travertine Blocks have been allowed to authorisation holders as an interim measure to be imported by 30th September, 2016.
Seeks to further amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 30.06.2016. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 40/2016-Customs New Delhi, dated the 21st June, 2016 […]
after serial number 31 and the entries relating thereto, the following serial numbers and entries shall be added
Central Government hereby notifies that competent authority in relation to public servants referred in clause (h) of sub- section (1) of section 14 of the said Act, shall be the Minister-in-charge of the Ministry of Home Affairs.
