Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits RBI/2017-18/139 A.P. (DIR Series) Circular No. 20 March 13, 2018 All Authorised Dealer Category – I Banks Madam/ Sir Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits Attention of Authorised Dealer Category – I (AD… Read More »
SUPREME COURT OF INDIA Bar Council of India v. A.K. Balaji & Ors. ADARSH KUMAR GOEL AND UDAY UMESH LALIT, JJ. CIVIL APPEAL NOS.7170, 7875-7879 AND 8028 OF 2015 MARCH 13, 2018 JUDGMENT Adarsh Kumar Goel, J. – The issue involved in this batch of matters is whether foreign law firms/lawyers are permitted to practice in India. Reference… Read More »
Institute of Chartered Accountants of India Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits 1 As you are aware that ICAI has issued Standard on Auditing (SA) 299, “Responsibility of Joint Auditors”. Regarding allocation of work among the joint auditors, SA 299 provides as follows: “Division of… Read More »
Guidance Note on Audit of Banks (2018 Edition) Institute of Chartered Accountants of India has issued Guidance Note on Audit of Banks (2018 Edition) by ICAI Released : Download
Held : Gross amount charged by the service provider for such services provided or to be provided by him, in a case where the consideration for the service is money. High Court observed that the expenditure or cost incurred by the service provider in the course of providing the taxable service can never be considered as… Read More »
Bank Audit-A Practical Guide for Bank Auditors Description Incorporating: Practical Guidance on LOUs and Swift Relaxed NPA norms for MSME GST registered units (Cir. 07-02-2018) Audit Checklists for SDR,S4A and Revised Resolution Framework (Cir. 12-02-2018) Practical guidance on NPA identification and provisioning including Agricultural loans Comprehensive Branch Audit Programme FY 2017-18 Guidance in Planning and… Read More »
DEPUTY GOVERNOR Ombudsman Scheme for Non-Banking Financial Companies, 2018 NOTIFICATION Ref.CEPD.PRS.No.3590/13.01.004/2017-18 February 23, 2018 In exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934, the Reserve Bank of India (RBI) being satisfied that for the purpose of enabling it to promote conducive credit culture among the Non Banking… Read More »
RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 February 15, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Dear Sir Acceptance of coins We invite a reference to Paragraph 1 (d) of our Master Circular DCM (NE) No. G – 1/08.07.18/2017-18 dated July 03, 2017 on Facility for Exchange of Notes and Coins… Read More »
RBI/2017-18/134 A. P. (DIR Series) Circular No. 18 February 26, 2018 All Category – I Authorised Dealer banks Madam/Sir, Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market Attention of Authorized Dealers Category – I… Read More »
RBI/2017-18/133 DNBR.PD.CC.No 091/03.10.001/2017-18 February 23, 2018 All NBFCs Madam/ Dear Sir, Ombudsman Scheme for Non-Banking Financial Companies, 2018 – Appointment of the Nodal Officer/Principal Nodal Officer The Reserve Bank of India (RBI) has brought into operation today the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (The Scheme). The Scheme is available on the RBI website http://www.rbi.org.in. The Non-Banking… Read More »