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 CORRIGENDUM TO TRADE NOTICE NO. 06/2026-CENTRAL TAX-Territorial re-organization of Divisions and Ranges within the jurisdiction of CGST & CX, Ahmedabad South Commissionerate
 FORM OF DECLARATION UNDER SUB SECTION (1) OF SECTION 214 OF THE FINANCE ACT, 2016 (28 OF 2016), IN RESPECT OF INDIRECT TAX DISPUTE RESOLUTION SCHEME, 2016
 MINISTRY OF FINANCEDEPARTMENT OF REVENUE NOTIFICATIONNo. [02/2026]1 – Central Tax
 NOTIFICATIONNo. 03/2026–Central Tax CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
 Notification No. 04/2026– Central Tax Central Board of Indirect Taxes and Customs
 Central Board of Indirect Taxes and CustomsNotification No. 05/2026–Central Tax
 Seeks to amend notification No. 5/2017- Central Tax dated 19th June, 2017
 Seeks to amend notification No. 5/2017- Central Tax dated 19th June, 2017
 Seeks to amend notification No. 5/2017- Central Tax dated 19th June, 2017
 TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION
 Seeks to amend notification No. 27/2018- Integrated Tax (Rate) dated 31st December, 2018

Risk Based Internal Audit (RBIA) in NBFCs/UCBs
February, 05th 2021

RBI had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to strengthen the Internal Audit Function, which works as a third line of defence, suitable guidelines will be issued to large UCBs and NBFCs on adoption of Risk Based Internal Audit (RBIA).

Accordingly, a circular on RBIA covering all deposit taking Non-Banking Finance Companies (NBFCs); all non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; and all Primary (Urban) Co-operative Banks (UCBs) with asset size of ₹500 crore and above has been issued today.

The circular intends, inter alia, to provide the essential requirements for a robust internal audit function, which include sufficient authority, stature, independence, resources and professional competence, so as to align these requirements in larger NBFCs/UCBs with those stipulated for Scheduled Commercial Banks. It is expected that the adoption of RBIA by such entities would help to enhance the quality and effectiveness of their internal audit system.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1036

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