Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: articles on VAT and GST in India :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Latest Circulars »
 Appointment of nominated counsel in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order dated 21.07.2017
 RBI releases Data on India’s International Trade in Services: June 2017
 RBI-Reserve Bank Commercial Paper Directions, 2017
  RBI announces OMO Sale of Government of India Dated Securities
 Risk Management and Interbank Dealings- Reports to the Reserve Bank
  RBI announces OMO Sale of Government of India Dated Securities
 Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri S.S. Godara, JM & Manish Borad, Am Causelist For Bench 'A' 07-08-2017
 RBI directive on auditors to benefit second-tier firms
 RBI-Auction of Government of India Dated Securities August 7, 2017
 RBI launches Survey on International Trade in Banking Services (ITBS): 2016-17 round
 Exclusion of the name of State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bharatiya Mahila Bank from the Second Schedule to the Reserve Bank of India Act, 1934

RBI-Frauds-Classification and Reporting
December, 14th 2012

RBI/2012-13/329
DNBS (PD).CC.No.315/03.10.42/2012-13

December 13, 2012

All Non Banking Financial Companies / 
Residuary Non Banking Companies

Dear Sir / Madam,

Frauds-Classification and Reporting

Please refer to our Circular No 283 dated July 2, 2012 i.e. the Master Circular-Frauds – Future approach towards monitoring of frauds in NBFCs.

2. As per para 3.4 of the above mentioned circular, cases of attempted fraud, involving likely loss of Rs 25 lakh or more should be reported to the Central Office of the Reserve Bank, Department of Banking Supervision, Frauds Monitoring Cell and a copy endorsed to Central Office of the Reserve Bank, Department of Non-Banking Supervision indicating the modus operandi and how the fraud came to light. Such cases should not be included in the other returns to be submitted to the Reserve Bank.

3. On a review and as a part of rationalisation of process and procedures, it has been decided to amend para 3.4 of Master Circular DNBS.PD.CC. No.283/03.10.042/2012-13 dated July 02, 2012 on Frauds – Future approach towards monitoring of frauds in NBFCs. Accordingly, the practice of reporting attempted fraud cases of Rs 25 lakh or more to Reserve Bank of India, Fraud Monitoring Cell, Department of Banking Supervision, Central office may be discontinued from the date of the circular.

4. However, the NBFCs should continue to place the individual cases involving Rs 25 lakh or more before the Audit Committee of its Board as hitherto as per the instructions contained in above mentioned Master Circular. The report containing attempted frauds which is to be placed before the Audit committee of the Board should cover inter alia the following viz ,

  • The modus operandi of the attempted fraud. ‘

  • How the attempt did not materialize in the fraud or how the attempt failed / was foiled.

  • The measures taken by the NBFC to strengthen the existing systems and controls

  • New systems and controls put in place in the area where fraud was attempted.

  • In addition yearly consolidated review of such cases detected during the year containing information such area of operations where such attempts were made, effectiveness of new process and procedures put in place during the year, trend of such cases during the last three years, need for further change in process and procedures, if any, etc as on March 31 every year starting from the year ending March 31, 2013 within three months of the end of the relative year.

Yours faithfully,

(Uma Subramaniam) 
Chief General Manager-in-Charge

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions