« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  Tax-free bonds boon for retail investors... Banks must end goondagardi: SC... » RBI asks auditors to tighten reporting norms for NBFCs September, 22nd 2007 The non-banking finance companies (NBFCs) are set to face stringent reporting norms by the Reserve Bank of India. The apex banking authority has asked the statutory auditors of NBFCs to improve their reporting. The department of non-banking supervision of RBI has communicated to the Institute of Chartered Accountants of India (ICAI) for stringent reporting of NBFCs. The move comes soon after RBI came out with new directives of reporting for the monitoring of NBFC frauds early this month. As per the new set of directives, NBFCs are supposed to nominate an official of the rank of general manager for regular reporting of fraud by their customers. According to RBI statistics, NBFCs have over Rs 26,000 crore of public deposits. RBI is attempting to improve the practices of NBFCs where the deposits are neither insured nor guaranteed. RBI has issued a list of irregularities in NBFCs, required to be reported by the statutory auditors. The apex banking authority has observed that the statutory auditors are not reporting as per the requirements. It wants the statutory auditors to follow the framework of reporting as per the NBFC Auditors Report (Reserve Bank) Directions, 1998. The directions include a number of reporting responsibilities, including making of exception reports, for the statutory auditors of NBFCs. We have communicated to the ICAI regarding reporting standards for NBFC to improve their governance, a senior RBI executive said. ICAI has requested its members to take note of RBIs specifications while auditing and reporting the books of NBFC. It was learnt that RBI, in its communication to ICAI, has noted that the net-owned funds below the minimum required level are not being reported by NBFCs. RBI said it was not receiving reports on acceptance of deposit by the NBFCs in excess of the quantum of deposits permitted in terms of NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998.