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: form 3cd :: list of goods taxed at 4% :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS
 
 
News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

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.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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