Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: TDS :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India
News Headlines »
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol

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 2018 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