‘Akshaya Tritiya’ was celebrated on 24th April, 2012 in many parts of the country under various names. Akshaya meaning ‘undiminishing’, ‘inexhaustible’, the day signifies abundance, plentitude, bountiful, growth and prosperity. While popular belief fuelled by commercial gimmicks increases purchase of gold on this day, if you want that proverbial ‘pot of gold‘, go dig it yourself. Remember you are the architect of your life. Some people always throw stones in your path. It depends on you what you make with them, Wall or Bridge?
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Lex Valorem Team
Consequent to the announcement made in the Union Budget for the Year 2012-13, RBI has allowed ECB (External Commercial Borrowings) for working capital as a permissible end-use for the civil aviation sector, under the approval route, subject to certain conditions.
Existing ECB can be refinanced / rescheduled by raising fresh ECB at a higher all-in-cost under the approval route subject to the condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling prescribed as per the extant guidelines.
Indian Companies in the Power Sector can now utilize 40% of the fresh ECB towards refinancing of the rupee loan availed from the domestic banks, under the approval route, subject to certain conditions.
RBI has added “Complete Income Tax Return” and “Utility Bills” (viz. electricity bill, telephone bill etc.) to the list of documents required for opening of bank account by Proprietary Concerns. Any two documents from the full list need to be submitted.
As a customer protection measure, RBI has instructed banks that customers‘ accounts should be debited only on the basis of a valid mandate.If such mandates are not available on their record, banks are not authorised to effect such debits to the customers’ accounts. Eg : utility bills payment, loan payment etc. Banks must honour withdrawal instructions of customers also in this regard.
RBI has mandated the provision of IFSC Code (Indian Financial System Code) and MICR Code (Magnetic Ink Character Recognition) in all Passbook / Statement of Account of the account holders, in addition to cheque books.
RBI has mandated that all banks must allow customers to choose NEFT (National Electronic Fund Transfer) as one of the electronic modes for making payment towards loan EMIs / repayments etc. in addition to other electronic modes.
Consequent to amendment of Schedule VI of the Companies Act, 1956 by MCA (Ministry of Corporate Affairs), SEBI (Securities and Exchange Board of India) has amended Clause 41 of the Listing Agreement regarding Interim Disclosure of financial results.
We shall carry a series of articles on “Accounting Standards“ authored by Ms. Bhavya Parvathi K., Chartered Accountant & CS Trainee. This issue carries an overview of the origin and evolution of Accounting Standards.
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.