This book provides a comprehensive coverage on Non-Banking Financial Companies (‘NBFCs’) and Securitisation and Reconstruction of Financial Assets. It covers updated, amended & annotated Bare Acts, Directions, RBI Guidelines, Rules, Regulations, Master Directions, Orders, Circulars, and Notifications on NBFCs. The book comprises of overview of ‘Law relating to NBFCs & Securitisation’ to have a better understanding of the laws governing NBFCs, Securitisation in India.
The Present Publication is the 25th Edition incorporating all the amendments made up to 10th December, 2020, with the following coverage:
· Law Relating to Non-Banking Financial Companies
· Clarifications from the Reserve Bank of India
· Law Relating to Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016
· Law relating to Mortgage Guarantee Companies
· Foreign Direct Investments in NBFC Sector
· Foreign Exchange Management (Deposit) Regulations
· Lending to Non-Banking Financial Companies (NBFCs) and Other Matters
· Prescribed Returns
· Law relating to Securitisation
· Law relating to Recovery of Debts and Bankruptcy
· Insolvency & Bankruptcy Code Provisions for NBFCs
· COVID-19 Relief
This document summarizes the Malaysian government's recent liberalization measures for the country's financial services sector. Key points include:
1) Allowing up to 7 new licenses for foreign commercial and Islamic banks, with 4 in 2009 and 3 in 2011 that can be wholly foreign owned.
2) Increasing the foreign equity limit for domestic insurance, takaful, and investment banks to 70% from 49% previously.
3) Providing greater operational flexibility for foreign commercial banks, such as allowing microfinance branches and new regular branches.
4) The changes follow Malaysia's gradual "managed approach" to financial sector liberalization outlined in its 2001 Financial Sector Master Plan.
This document is the consolidated financial statements of Hyundai Card Co., Ltd. and its subsidiaries for the years ended December 31, 2015 and 2014, as prepared by the company's management and audited by an independent auditor. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. The financial statements present the company's financial position, performance, and cash flows for the years ended December 31, 2015 and 2014 in accordance with Korean International Financial Reporting Standards.
The document discusses key aspects of India's Insolvency and Bankruptcy Code of 2016, including definitions of insolvency and bankruptcy, the laws that previously governed these areas, reasons for introducing the new code, and key parties and processes involved. It also summarizes critiques of the code and amendments made in 2017 to strengthen its provisions.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
The document summarizes recent regulatory announcements from the Reserve Bank of India and Securities and Exchange Board of India on May 26, 2016. The RBI issued a master direction on financial services provided by banks and amended rules on compounding of foreign exchange contraventions. It also modified the export data processing system. The SEBI amended various regulations related to listing obligations, issue of capital, substantial acquisitions and takeovers, issue and listing of debt securities, and issue and listing of non-convertible redeemable preference shares. All changes aim to increase transparency and disclosure.
The document provides an overview of the Insolvency and Bankruptcy Code of India. It discusses India's poor ranking in resolving insolvency which led to the creation of the new code. The code aims to create a single law consolidating existing bankruptcy laws and establish a standardized process for insolvency resolution with strict timelines. Key aspects covered include the roles of various authorities and professionals involved, the corporate insolvency resolution process, and liquidation process if resolution fails.
This document provides the consolidated financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the years ended December 31, 2015 and 2014. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows, as well as notes to the consolidated financial statements. The financial statements show that in 2015 the company reported total operating revenue of KRW 2.94 trillion, profit for the year of KRW 276.7 billion, and total assets of KRW 24.31 trillion.
This document summarizes the Malaysian government's recent liberalization measures for the country's financial services sector. Key points include:
1) Allowing up to 7 new licenses for foreign commercial and Islamic banks, with 4 in 2009 and 3 in 2011 that can be wholly foreign owned.
2) Increasing the foreign equity limit for domestic insurance, takaful, and investment banks to 70% from 49% previously.
3) Providing greater operational flexibility for foreign commercial banks, such as allowing microfinance branches and new regular branches.
4) The changes follow Malaysia's gradual "managed approach" to financial sector liberalization outlined in its 2001 Financial Sector Master Plan.
This document is the consolidated financial statements of Hyundai Card Co., Ltd. and its subsidiaries for the years ended December 31, 2015 and 2014, as prepared by the company's management and audited by an independent auditor. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. The financial statements present the company's financial position, performance, and cash flows for the years ended December 31, 2015 and 2014 in accordance with Korean International Financial Reporting Standards.
The document discusses key aspects of India's Insolvency and Bankruptcy Code of 2016, including definitions of insolvency and bankruptcy, the laws that previously governed these areas, reasons for introducing the new code, and key parties and processes involved. It also summarizes critiques of the code and amendments made in 2017 to strengthen its provisions.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
The document summarizes recent regulatory announcements from the Reserve Bank of India and Securities and Exchange Board of India on May 26, 2016. The RBI issued a master direction on financial services provided by banks and amended rules on compounding of foreign exchange contraventions. It also modified the export data processing system. The SEBI amended various regulations related to listing obligations, issue of capital, substantial acquisitions and takeovers, issue and listing of debt securities, and issue and listing of non-convertible redeemable preference shares. All changes aim to increase transparency and disclosure.
The document provides an overview of the Insolvency and Bankruptcy Code of India. It discusses India's poor ranking in resolving insolvency which led to the creation of the new code. The code aims to create a single law consolidating existing bankruptcy laws and establish a standardized process for insolvency resolution with strict timelines. Key aspects covered include the roles of various authorities and professionals involved, the corporate insolvency resolution process, and liquidation process if resolution fails.
This document provides the consolidated financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the years ended December 31, 2015 and 2014. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows, as well as notes to the consolidated financial statements. The financial statements show that in 2015 the company reported total operating revenue of KRW 2.94 trillion, profit for the year of KRW 276.7 billion, and total assets of KRW 24.31 trillion.
Decoding THE INSOLVENCY AND BANKRUPTCY CODE, 2016Amit Kumar
The document summarizes the key aspects of the Insolvency and Bankruptcy Code, 2016 in India. It discusses the need for reform of bankruptcy laws in India due to the complex existing framework and long resolution times. The Code aims to consolidate bankruptcy laws, introduce a time-bound resolution process, and establish new regulatory bodies to handle insolvency resolution and liquidation. It outlines the key elements of the corporate insolvency resolution process established by the Code.
ABC Brasil is a mid-sized Brazilian bank that focuses on providing loans and structured products to mid and large companies. It has a loan portfolio of over BRL 10 billion with a credit quality that has improved since the 2008 financial crisis. The bank is majority owned by its parent Arab Banking Corporation and has expanded its branch network in Brazil in recent years. For the second quarter of 2011, ABC Brasil reported a 4.2% increase in managerial financial margin compared to the previous quarter and higher income from fees, while maintaining a stable loan portfolio and improving capital adequacy ratios.
Note on the Insolvency and Bankruptcy Code, 2016Shaun Menon
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. Some key points:
1) The Code was enacted to address shortcomings in existing insolvency laws and consolidate them under one law, aiming to resolve insolvency issues faster than previous average of 4.3 years in India.
2) It outlines the stage-wise corporate insolvency resolution process which must be concluded within 180 days and includes steps like appointing a resolution professional, forming a creditors committee, and developing a resolution plan or initiating liquidation.
3) If a resolution plan is not approved, the company enters liquidation where the resolution professional acts as liquidator to realize assets and distribute
Interpreting Insolvency and Bankruptcy Code, 2016Amrita Lala
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. It discusses the key reasons for introducing the code, including reducing time to resolve insolvency, developing investor confidence, and addressing non-performing assets. The code aims to create a single framework for insolvency and bankruptcy proceedings. It allows for insolvency resolution and bankruptcy procedures for both corporate entities and individuals/partnership firms. The document outlines the structure and various parts of the code, as well as the roles and responsibilities of different authorities and professionals involved in insolvency resolution processes under the code.
The document provides definitions for key terms used in the Insolvency and Bankruptcy Code of India. It defines terms related to insolvency resolution, liquidation, and bankruptcy for corporate entities, partnership firms, and individuals. Some key terms defined include "corporate debtor", "creditor", "debt", "default", "financial creditor", "operational creditor", "insolvency professional", and "secured creditor". The definitions section aims to provide clarity on the meaning of important concepts and entities referenced in the Insolvency and Bankruptcy Code.
This document outlines Nigeria's microfinance policy and regulatory framework. It aims to establish microfinance banks to expand access to financial services for low-income individuals and small businesses. Key points include:
- Existing microfinance programs and institutions have weak capacity and limited scale, leaving many underserved
- Microfinance banks will help meet demand, empower the poor, generate jobs, and boost savings opportunities
- The policy establishes rules for operating microfinance banks and outlines roles for government, regulators, and other stakeholders in developing a sustainable microfinance sector.
The Insolvency and Bankruptcy Code 2016 - A Step ForwardSumedha Fiscal
The new bankruptcy law isn’t a “magic wand”. The main
challenge will be implementation-adequacy of infrastructure
and skilled pool of insolvency professionals, who will help
with the fast implementation of the law.
CII-Sumedha Fiscal has come out with this knowledge paper
with the objective to touch upon the key aspects of the Code
and lay bare the issues and challenges.
Participation Banks Association - figures as per 06-2010isfinturk
Although participation banks saw around 50% of their funds withdrawn after the economic crises in 2000-2001, they were able to survive and succeed due to their internal dynamics. Their use of profit and loss sharing on the liabilities side and project-based lending paid directly to vendors rather than customers helped strengthen their balance sheets and asset quality during the crises. Participation banks have played an important role in the Turkish banking sector by bringing idle funds into the system and providing alternative financing opportunities to businesses.
This document provides an overview of an SMSF session covering topics like SMSF registration and rollovers, acquisition of related party assets, payment of benefits, contributions, limited recourse borrowing arrangements, in-house assets, and the government's response to the Cooper Review. Key points include new SMSF registration requirements under Stronger Super, rules around acquiring assets from related parties, determining when a benefit has been "cashed," updates to limited recourse borrowing arrangements, and potential changes to in-house asset and collectibles rules.
Amendments to IBC vide Insolvency & Bankruptcy (Amendment) OrdinanceAlok Saksena
The document summarizes key amendments made to the Insolvency and Bankruptcy Code (IBC) through an ordinance dated June 6, 2018. Some of the major changes include:
1) Home buyers are now classified as financial creditors. The resolution period can be extended by 66% voting share instead of 75%. Withdrawal of application is allowed before invitation of expression of interest but requires 90% voting share.
2) Only shareholders can initiate insolvency proceedings for corporates. Guarantors are not covered under moratorium and can be subjected to IBC separately. There is clarity on various voting requirements and timelines.
3) Promoters of MSMEs can bid if they
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
The document discusses key aspects and opportunities provided by the Insolvency and Bankruptcy Code, 2016 (IBC) in India:
- IBC provides a timely resolution process for lenders to preserve the value of borrowers' businesses while controlling the process. It avoids value destruction caused by delays.
- Resolution is a business decision made by lenders, with an adjudicator only overseeing the process. IBC distinguishes between business failure and malfeasance.
- Creditors are in control and must manage the business during resolution. Insolvency professionals drive the process and need support from accounting, legal and business professionals to maximize value.
- IBC aims to create an '
Hyundai Capital Services reported its 1H16 earnings. Total assets grew 3.2% to KRW 25.3 trillion driven by new car and mortgage financing. Net income increased 32.6% to KRW 227.5 billion due to operating income growth and stable profits from overseas subsidiaries. Asset quality improved with delinquency rates falling to 1.9% and coverage ratios rising to 126.3% as the portfolio shifted toward lower risk auto loans. Liquidity and funding remained strong with a 134.1% ALM ratio and 75.1% of funding from bonds.
Legal shorts 20.03.15 including March 2015 Budget and disguised fee income su...Cummings
The document provides a summary of recent legal and financial regulatory developments from the week of March 20, 2015. Key points include:
- The UK budget announced new taxes on investment managers' fees and restrictions on capital gains tax relief.
- UK and international regulators provided guidance on using social media for financial promotions and delayed deadlines for new derivatives margin requirements.
- UK and EU authorities outlined plans to progress financial legislation and develop sterling risk-free reference rates.
- UK Treasury responded to a consultation on digital currencies by committing to regulate exchanges and ensure law enforcement can address criminal uses.
This document discusses non-banking financial companies (NBFCs) in India. It provides an overview of NBFC regulations, categories, size, activities, and roles. Key points include:
1) NBFCs engage in a variety of financial activities like organizing financing, supplying equipment, cashflow financing, and more.
2) As of 2012, there were over 12,000 registered NBFCs in India with a total asset base of over $20 billion.
3) NBFCs play an important role in financial inclusion by providing services to underserved segments and innovating financial products. However, they also face challenges like lack of regulatory parity with banks.
Decoding THE INSOLVENCY AND BANKRUPTCY CODE, 2016Amit Kumar
The document summarizes the key aspects of the Insolvency and Bankruptcy Code, 2016 in India. It discusses the need for reform of bankruptcy laws in India due to the complex existing framework and long resolution times. The Code aims to consolidate bankruptcy laws, introduce a time-bound resolution process, and establish new regulatory bodies to handle insolvency resolution and liquidation. It outlines the key elements of the corporate insolvency resolution process established by the Code.
ABC Brasil is a mid-sized Brazilian bank that focuses on providing loans and structured products to mid and large companies. It has a loan portfolio of over BRL 10 billion with a credit quality that has improved since the 2008 financial crisis. The bank is majority owned by its parent Arab Banking Corporation and has expanded its branch network in Brazil in recent years. For the second quarter of 2011, ABC Brasil reported a 4.2% increase in managerial financial margin compared to the previous quarter and higher income from fees, while maintaining a stable loan portfolio and improving capital adequacy ratios.
Note on the Insolvency and Bankruptcy Code, 2016Shaun Menon
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. Some key points:
1) The Code was enacted to address shortcomings in existing insolvency laws and consolidate them under one law, aiming to resolve insolvency issues faster than previous average of 4.3 years in India.
2) It outlines the stage-wise corporate insolvency resolution process which must be concluded within 180 days and includes steps like appointing a resolution professional, forming a creditors committee, and developing a resolution plan or initiating liquidation.
3) If a resolution plan is not approved, the company enters liquidation where the resolution professional acts as liquidator to realize assets and distribute
Interpreting Insolvency and Bankruptcy Code, 2016Amrita Lala
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. It discusses the key reasons for introducing the code, including reducing time to resolve insolvency, developing investor confidence, and addressing non-performing assets. The code aims to create a single framework for insolvency and bankruptcy proceedings. It allows for insolvency resolution and bankruptcy procedures for both corporate entities and individuals/partnership firms. The document outlines the structure and various parts of the code, as well as the roles and responsibilities of different authorities and professionals involved in insolvency resolution processes under the code.
The document provides definitions for key terms used in the Insolvency and Bankruptcy Code of India. It defines terms related to insolvency resolution, liquidation, and bankruptcy for corporate entities, partnership firms, and individuals. Some key terms defined include "corporate debtor", "creditor", "debt", "default", "financial creditor", "operational creditor", "insolvency professional", and "secured creditor". The definitions section aims to provide clarity on the meaning of important concepts and entities referenced in the Insolvency and Bankruptcy Code.
This document outlines Nigeria's microfinance policy and regulatory framework. It aims to establish microfinance banks to expand access to financial services for low-income individuals and small businesses. Key points include:
- Existing microfinance programs and institutions have weak capacity and limited scale, leaving many underserved
- Microfinance banks will help meet demand, empower the poor, generate jobs, and boost savings opportunities
- The policy establishes rules for operating microfinance banks and outlines roles for government, regulators, and other stakeholders in developing a sustainable microfinance sector.
The Insolvency and Bankruptcy Code 2016 - A Step ForwardSumedha Fiscal
The new bankruptcy law isn’t a “magic wand”. The main
challenge will be implementation-adequacy of infrastructure
and skilled pool of insolvency professionals, who will help
with the fast implementation of the law.
CII-Sumedha Fiscal has come out with this knowledge paper
with the objective to touch upon the key aspects of the Code
and lay bare the issues and challenges.
Participation Banks Association - figures as per 06-2010isfinturk
Although participation banks saw around 50% of their funds withdrawn after the economic crises in 2000-2001, they were able to survive and succeed due to their internal dynamics. Their use of profit and loss sharing on the liabilities side and project-based lending paid directly to vendors rather than customers helped strengthen their balance sheets and asset quality during the crises. Participation banks have played an important role in the Turkish banking sector by bringing idle funds into the system and providing alternative financing opportunities to businesses.
This document provides an overview of an SMSF session covering topics like SMSF registration and rollovers, acquisition of related party assets, payment of benefits, contributions, limited recourse borrowing arrangements, in-house assets, and the government's response to the Cooper Review. Key points include new SMSF registration requirements under Stronger Super, rules around acquiring assets from related parties, determining when a benefit has been "cashed," updates to limited recourse borrowing arrangements, and potential changes to in-house asset and collectibles rules.
Amendments to IBC vide Insolvency & Bankruptcy (Amendment) OrdinanceAlok Saksena
The document summarizes key amendments made to the Insolvency and Bankruptcy Code (IBC) through an ordinance dated June 6, 2018. Some of the major changes include:
1) Home buyers are now classified as financial creditors. The resolution period can be extended by 66% voting share instead of 75%. Withdrawal of application is allowed before invitation of expression of interest but requires 90% voting share.
2) Only shareholders can initiate insolvency proceedings for corporates. Guarantors are not covered under moratorium and can be subjected to IBC separately. There is clarity on various voting requirements and timelines.
3) Promoters of MSMEs can bid if they
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
The document discusses key aspects and opportunities provided by the Insolvency and Bankruptcy Code, 2016 (IBC) in India:
- IBC provides a timely resolution process for lenders to preserve the value of borrowers' businesses while controlling the process. It avoids value destruction caused by delays.
- Resolution is a business decision made by lenders, with an adjudicator only overseeing the process. IBC distinguishes between business failure and malfeasance.
- Creditors are in control and must manage the business during resolution. Insolvency professionals drive the process and need support from accounting, legal and business professionals to maximize value.
- IBC aims to create an '
Hyundai Capital Services reported its 1H16 earnings. Total assets grew 3.2% to KRW 25.3 trillion driven by new car and mortgage financing. Net income increased 32.6% to KRW 227.5 billion due to operating income growth and stable profits from overseas subsidiaries. Asset quality improved with delinquency rates falling to 1.9% and coverage ratios rising to 126.3% as the portfolio shifted toward lower risk auto loans. Liquidity and funding remained strong with a 134.1% ALM ratio and 75.1% of funding from bonds.
Legal shorts 20.03.15 including March 2015 Budget and disguised fee income su...Cummings
The document provides a summary of recent legal and financial regulatory developments from the week of March 20, 2015. Key points include:
- The UK budget announced new taxes on investment managers' fees and restrictions on capital gains tax relief.
- UK and international regulators provided guidance on using social media for financial promotions and delayed deadlines for new derivatives margin requirements.
- UK and EU authorities outlined plans to progress financial legislation and develop sterling risk-free reference rates.
- UK Treasury responded to a consultation on digital currencies by committing to regulate exchanges and ensure law enforcement can address criminal uses.
This document discusses non-banking financial companies (NBFCs) in India. It provides an overview of NBFC regulations, categories, size, activities, and roles. Key points include:
1) NBFCs engage in a variety of financial activities like organizing financing, supplying equipment, cashflow financing, and more.
2) As of 2012, there were over 12,000 registered NBFCs in India with a total asset base of over $20 billion.
3) NBFCs play an important role in financial inclusion by providing services to underserved segments and innovating financial products. However, they also face challenges like lack of regulatory parity with banks.
This project report summarizes research on non-banking financial companies (NBFCs) in India. It includes an industry overview of NBFCs and RBI regulations for them. It also analyzes the macroeconomic factors impacting NBFCs and performs a five forces analysis. Additionally, it discusses the future of NBFCs and selects potential investment opportunities based on financial analysis, including an overview of Shree Global TR and Bajaj Holdings & Investment Limited.
This study focus on the non banking financial companies in India – a conceptual framework It should be noted that during the 36 month period fromApril1997 to March2000, Crisis downgraded 149 NBFCs due to their deteriorating business and financial risk profiles and credit fundamentals. The stringent regulations, refusals for registration and the notifications regarding the cancellation of the permissions to raise deposits have gradually reduced the fly by night operators. NBFCs are now struggling hard to find reasons for continued existence, strategies for such existence and business areas for growth and earnings. Dr. S. Mahalingam | B. Ashokkumar "Non-Banking Financial Companies in India – A Conceptual Framework" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33278.pdf Paper Url: https://www.ijtsrd.com/management/marketing-management/33278/nonbanking-financial-companies-in-india-–-a-conceptual-framework/dr-s-mahalingam
Vietnam - Banking - Modernizing the System - What must be done: Dr. Oliver Massmann
The document discusses several issues and recommendations regarding Vietnam's banking system. It recommends that the State Bank of Vietnam (SBV):
1. Adopt a legal framework for cash management products to help businesses better manage cash flow and provide liquidity management tools.
2. Further develop regulatory frameworks for risk management of foreign exchange, interest rate, and commodity risks to help companies hedge business risks.
3. Prioritize digitization and develop a relevant financial technology ecosystem in Vietnam by forming policies to facilitate partnerships between startups and banks.
4. Provide banks more time and opportunities for feedback on new regulations to improve regulatory enforcement and compliance.
In depth: New financial instruments impairment modelPwC
On June 16, 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) (the “ASU”). The ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
This document discusses the regulation and supervision of banks in India by the Reserve Bank of India (RBI). It outlines the objectives of regulation as protecting depositors, ensuring orderly banking operations and liquidity/solvency. The RBI's regulatory functions include establishing the legal framework and controlling bank management and operations through various sections of acts like the Banking Regulation Act. The document also describes the organization of RBI's regulatory and supervisory departments and functions, and highlights various regulatory and supervisory initiatives and measures taken by RBI.
Lawyer in Vietnam Oliver Massmann BANKING and FINANCING ACTION PLAN:Dr. Oliver Massmann
The document outlines an action plan from a Foreign Investor Group with recommendations to modernize and internationally integrate Vietnam's banking system. It discusses developing cash management products and a risk management framework for enterprises. It also emphasizes digitization and recommends simplifying documentation requirements for foreign investors. Specific products proposed include allowing refinancing for offshore loans in a draft circular on lending. Overall it provides feedback to the State Bank of Vietnam on regulations and suggests priorities around cash management, risk hedging, financial technology adoption, and simplifying processes for foreign investors.
The document provides an economic capsule with information on banking and finance, the economy and business, and international news.
Key points include:
- Commercial Bank's 9-month post-tax profit crossed Rs 10 billion with a growth of 15.19% and other strong financial results.
- The bank was ranked 2nd in Business Today's Top 30 companies for the fourth consecutive year.
- The bank launched NFC-enabled premium credit cards for both Visa and Mastercard, a first in Sri Lanka.
- The 2017 budget highlights, implications for the banking sector including new taxes and regulations.
- Sri Lanka's external sector performance showed a 4.1% decline in exports for January to August 2016
This document provides an analysis of the efficiency and profitability of Non-Banking Financial Companies (NBFCs) in India. It begins with an introduction to NBFCs and their role in the Indian financial system. It then examines the current performance of different types of NBFCs, including non-deposit taking NBFCs and deposit taking NBFCs, using various statistical techniques and financial metrics. The analysis finds that while asset quality and profitability have improved over time for most NBFCs, there is still variability in performance across different regions. Determinants of profitability for deposit-taking NBFCs are also examined.
The document discusses anti-money laundering compliance measures at the National Savings Organization of Pakistan. It outlines the products and accounts offered by National Savings, as well as Pakistan's anti-money laundering laws and National Savings' role in complying with FATF recommendations. Recent developments improving Pakistan's AML/CFT framework are also summarized.
This document contains summaries of various prudential regulations established by the State Bank of Pakistan for different types of banking activities. It discusses regulations for credit management, prudential regulation, small and medium enterprise financing, consumer financing, and other specific areas like credit cards and auto loans. The regulations establish requirements for capital, liquidity, exposure limits, classification of loans, and other risk management measures intended to promote the safety and soundness of Pakistan's banking system.
Rbi guidelines asset classifications july 2011Ravi Singh
This document is a master circular from the Reserve Bank of India (RBI) providing guidance to commercial banks on prudential norms related to income recognition, asset classification, and provisioning for bad loans.
It consolidates all previous RBI instructions on these topics into a single document for ease of reference. The circular defines key terms, outlines policies for income recognition and asset classification, and provides detailed guidelines for loan provisioning requirements. It aims to bring greater consistency and transparency to banks' financial reporting.
Teams will study the existing Financial Sector Regulations of various Regulators in India i.e SEBI, RBI, IRDA, PFRDA, FMC etc, (all or any of them) as well as compare them with regulations by global regulators viz SEC, Regulatory Authorities in UK, Singapore etc.
The document provides a summary of International Accounting Standards IAS 1 through IAS 41. It lists each standard and provides a brief 1-2 sentence description of the key topics or requirements covered in each standard. The summaries are intended to provide a quick orientation to the various standards.
The document provides an economic capsule summary for June 2010 from a research and development unit. It includes the following key points:
- Commercial Bank was named Sri Lanka's best bank for the second consecutive year by FinanceAsia.
- Commercial Bank is offering cash prizes to customers using internet banking and special leasing packages in partnership with DIMO for TATA vehicles.
- The Central Bank of Sri Lanka cut its policy rates by 0.25%.
- The IMF approved a USD 407.8 million disbursement for Sri Lanka after completing reviews of its economic performance and extending its Stand-By Arrangement.
- Sri Lanka's economy grew 7.1% in the first quarter of 2010 led
Taxmann's Insolvency and Bankruptcy Code 2016Taxmann
This book incorporates the Insolvency & Bankruptcy Code, 2016, and Regulations issued thereunder. Along with the above, the readers also get a specially curated Guide to Insolvency & Bankruptcy Code (Second Amendment) Act 2020 along-with Comprehensive Guide to Insolvency & Bankruptcy Code 2016.
The Present Publication is the 13th Edition, incorporating all the amendments made up to the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020, and is updated till 24th September 2020.
· The book is divided into four Divisions as under:
o The Insolvency and Bankruptcy Code, 2016
o Circulars issued under Insolvency and Bankruptcy Code, 2016
o Rules and Regulations
o RBI (Prudential Framework for Resolution of Stressed Assets)
Directions, 2019
· The coverage of the book is as follows:
o List of Rules and Regulations
o Amendments made by the Insolvency & Bankruptcy Code
(Amendment) Act, 2020 and by the Insolvency & Bankruptcy
Code (Second Amendment) Act, 2020 at a glance
o Amendments made by the Insolvency & Bankruptcy Code
(Amendment) Act, 2019 at a glance
o Guide to the Insolvency & Bankruptcy Code (Second
Amendment) Act, 2020
o Guide to the Insolvency & Bankruptcy Code (Amendment)
Act, 2020
o Comprehensive Guide to the Insolvency and Bankruptcy
Code, 2016
o Table showing enforcement of provisions of the Insolvency &
Bankruptcy Code, 2016 from different dates
Basics of Income Computation & Disclosure Standards Naman Shrimal
The document provides an overview of upcoming Income Computation and Disclosure Standards (ICDS) and their implications. Some key points:
1. ICDS will come into effect from FY 2016-17 and replace the existing tax accounting standards. ICDS cover various topics like valuation of inventories, construction contracts, revenue recognition, etc.
2. ICDS are applicable to all assessees except individuals and HUFs not required to get tax audit. They are meant for computation of income under specific heads and not for MAT/book purposes.
3. There are differences between ICDS and existing Accounting Standards on certain concepts like prudence, changes in accounting policies, etc. which could lead
Similar to Taxmann's Statutory Guide for NBFCs with Law Relating to Securitisation and Reconstruction of Financial Assets (20)
GST Made Easy provides an Updated, Comprehensive & Simplified Analysis of each provision of the GST Law. The objective behind this book is that the understanding of GST should be as easy as ABC. This book provides answers to all your practical queries on GST.
The Present Publication is the 10th Edition, authored by CA (Dr.) Arpit Haldia & updated till 15th June 2021, with the following noteworthy features:
• [Focus on Analysis of Substantive Provisions of the GST Law] such as supply, time of supply, place of supply, value of supply, input tax credit, etc.
• [Guidance on all Procedural Provisions] relating to registration, composition scheme, returns, liability to pay tax, etc.
• [Coverage of Provisions of the GST Law] such as assessment, demand & recovery, refunds, e-way bill, job work, etc.
The contents of the book are as follows:
• Introduction
• An Overview of GST
• Person Liable to Pay Tax in GST
• Registration in GST
• What is Supply
• Time of Supply of Goods
• Time of Supply of Services
• Value of Supply
• Place of Supply
• Determination of Supply in the Course of Inter-State Trade or Commerce or Intra-State Supplies
• Job Work
• Invoice, Credit and Debit Notes
• Input Tax Credit
• Payment of Taxes
• Brief about Persons requiring Mandatory Registration
• Composition Levy – For Supplier of Goods and for Persons Engaged in Making Supplies Referred to in Clause (b) of Paragraph 6 of Schedule II
• Returns
• Assessment
• Refund
• Accounts and Records
• E-Way Bill
• Advance Ruling
• Composition Scheme for Services or Mixed Suppliers
• Demand and Recovery
• Penalty
• Rule 86B – Payment of 1% of Output Liability in Cash
Taxmann's Guide to SARFAESI Act 2002 & Recovery of Debts and Bankruptcy Act 1993Taxmann
This document provides an overview of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It discusses the background and objectives of the Act, key features such as enforcement of security, securitization, and asset reconstruction. It also examines related topics such as the constitutional validity of the Act, applicability to different entities, and interactions with other laws like the Recovery of Debts and Bankruptcy Act, 1993 and Insolvency and Bankruptcy Code, 2016. The document outlines the procedures for enforcement of security, sale of secured assets, appeals and penalties under the SARFAESI Act.
Taxmann's LLP Manual is a compendium Amended, Updated & Annotated text of the Limited Liability Partnership Act, 2008 (as amended by the Limited Liability Partnership (Amendment) Act, 2021) along with Rules, Circulars, and Notifications.
This book is divided into four divisions:
• Limited Liability Partnership Act, 2008
• Limited Liability Rules
• Circulars & Notifications
• Foreign Direct Investment in Limited Liability Partnership
The Present Publication is the 8th Edition & amended up to 13th August 2021, authored by Taxmann's Editorial Board, with the following noteworthy features:
• [List of Amendments, at a glance] made by the Limited Liability Partnership (Amendment) Act, 2021
• [Short Commentary] on the following:
◦ Limited Liability Partnership (Amendment) Act, 2021
◦ Limited Liability Partnership Act, 2008
• [Integrated LLP Rules, Circulars & Notifications, FDI Policy, FEMA Regulations]
◦ Limited Liability Partnership Rules, 2009 as amended up to date
◦ Limited Liability Partnership (Winding up and Dissolution) Rules, 2012
◦ Text of LLP Circulars & Notifications
◦ FDI Policy related to LLPs
◦ FEMA Regulations & Schedules related to LLPs
• [Taxmann's series of Bestseller Books] on LLP Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error'
GST Investigations Demands Appeals & Prosecution aims to cover the past & emerging jurisprudence on the subject matter along with a lucid commentary on the statutory provisions under the GST Law relating to the following:
• GST Inspection
• GST Search
• GST Seizure
• GST Detention
• GST Audit
• GST Confiscation
• GST Penalty
• GST Show Cause Notice
• GST Adjudication
• GST Appeals
• GST Revision
• GST Prosecution
• GST Compounding
The objective of this book is to sensitize both taxpayers and tax officers of their rights and obligations when:
• Investigations are undertaken;
• Records and documents are seized;
• Officials from companies are summoned, and
• Statements are recorded.
This book will be helpful for taxpayers, departmental officers, members of the bar & bench, professionals and the judiciary to appreciate the intricate points and issues arising out of implementation of the relevant provisions conferring wide powers on the officers.
The Present Publication is the Latest Edition, authored by Dr. Gokul Kishore & R. Subhashree & amended up to July 2021, with the following noteworthy features:
• [Commentary/Practical Guide] This book is intended to serve as a commentary and also a practical guide to all stakeholders on the provisions and issues emerging from various orders passed by High Courts on search, summons, arrest, bail, provisional attachment, demands, penalty and confiscation
• [Analysis of the Statutory Provisions featuring Landmark Cases & Recent Orders] GST is in force for only four years. Still, instances of the use of powers of search and seizure have been increasingly visible. This book analyses the provisions along with both the landmark cases on this subject as well as the recent orders under GST law.
• [Analysis includes the Previous & Current Regime of Indirect-taxes] While arrest and prosecution powers have been in the statute book under the pre-GST tax laws, the frequency of invocation of such powers in the GST regime is high. Various orders on bail, conditions for bail and validity of arrest passed by High Courts have been discussed to comprehend the scope, limitations and interpretation of the provisions
• [Threadbare Analysis with Established Jurisprudence & Principles Evolved over the Years] Proceedings for recovery of tax commences with demand notice or show cause notice followed by adjudication order, and the dispute is carried in an appeal if either party is aggrieved. The provisions under GST law on demands, adjudication, appeals, revision and recovery action have been subjected to threadbare analysis with the help of established jurisprudence and principles evolved over the years
Taxmann's GST Law & Practice is a unique/concise book on the GST Laws (i.e., Statutory Portion & Case Laws). Coverage of the book is as follows:
• Central Goods and Services Tax Act 2017 (CGST)
• Integrated Goods and Services Tax Act 2017 (SGST)
• Goods and Services Tax (Compensation to States) Act 2017
• Classification of Goods & Services
What sets it apart is the 'unique way of presenting' the compendium of 'updated, amended & annotated' text of the CGST & SGST Acts along with relevant Rules, Notifications, Forms, Circulars, Clarifications, and Case Laws. In other words, read the Section & get the following:
• Text of the relevant Rules & Notifications
• The gist of the relevant Circulars
• Date of enforcement of provisions
• Allied Laws referred to in the provision
• Gist of relevant Case Laws with an easy-to-understand summary
This book also includes Case Laws on the classification of goods & services under the GST regime in a separate division.
The Present Publication is the 2nd Edition, amended up to July 2021, authored by CA (Dr.) Arpit Haldia & CA Mohd. Salim, with the following noteworthy features:
• [Taxmann's series of Bestseller Books] on GST Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error.'
The detailed contents of the book are as follows:
• Central Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Central Goods & Services Tax Act, 2017
◦ Removal of Difficulties Order
◦ Text of Provisions of Allied Acts referred to in Central Goods & Services Tax Act, 2017
◦ Subject Index
• Integrated Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Integrated Goods & Services Tax Act, 2017
Subject Index
• Goods and Services Tax (Compensation to States) Act 2017
◦ Arrangement of Sections
◦ Text of the Goods and Services Tax (Compensation to States) Act, 2017
◦ Subject Index
• Classification of Goods & Services
◦ Classification of Goods
◦ Classifications of Services
This standard provides guidance on accounting for property, plant and equipment (PPE), which typically constitute a significant portion of total assets. It discusses capitalization of expenditures on PPE, depreciation, retirement and disposal of PPE. These have a material impact on balance sheet and profit and loss statement. The standard scopes in tangible items held for use in production/supply of goods/services, rental to others or for administrative purposes, which are expected to be used for more than one period.
GST Exports-Imports & Deemed Exports is a harmonious blend of the following laws:
• GST
• Customs
• Foreign Trade Policy
• Allied Laws
This book aims to consolidate & explain different provisions of the law and subsequent procedural changes such as Notifications, Circulars, Instructions and Trade Notices issued by CBIC and DGFT, along with relevant Advance Rulings with regards to Imports, Exports, Deemed Exports under different laws.
This book is intended to help the trade and industry dealing with exports, imports and deemed exports for compliance with the legal requirements and avail the benefits under various provisions of the Foreign Trade Policy, Customs and GST laws with better understanding and appreciation of the intricacies.
The Present Publication is the 2nd Edition, authored by Kaza Subrahmanyam & T.N.C. Rajagopalan, with the following coverage:
• [Conceptual Understanding of provisions of Imports and Exports] of Goods & Services
• [Meaning of Zero Rated Supply along with Refunds] for Physical Exports and Deemed Exports under GST
• [Treatment of supplies by and to EOU/SEZ unit or SEZ Developer/FTWZ] along with Special Exemptions/Concessions and procedural requirements
• [Foreign Trade Policy] under GST
Guide to Customs Valuation is a complete and comprehensive commentary on laws relating to valuation under Customs laws. It is a brief, concise and handy reference book, which provides the updated and simplified analysis of provisions to determine valuation under the Customs laws.
This book will be helpful for Customs Consultants, Advocates, Corporate Managers & Departmental Officers.
This book is divided into two parts:
• Valuation of Imported Goods
• Valuation of Export Goods
The Present Publication is the Latest Edition, authored by H.K. Maingi, amended up to July 2021, with the following noteworthy features:
• [Conceptual Understanding of Valuation] Conceptual understanding of provisions of Valuation under Section 14 of Customs Act and Customs Valuation (Determination of Value of Export Goods) Rules, 2007
• [Valuation] Valuation of Imported Goods & Exported Goods, Valuation in case of High Sea Sales & related persons, Valuation of capital goods on debonding, etc.
• [Various Additions in Transaction Value] Various additions in Transaction Value such as Brokerage, Service Charge, Transportation, etc.
• [Other Concepts] Concepts of related persons, under-invoicing and over-invoicing, Special Valuation Branch, etc.
This edition covers everything you need to understand about the provisions of Valuation under Customs in a subtle and simplified language.
The detailed coverage of the book is as follows:
• Introduction
• Valuation of Imported Goods
◦ Transaction Value
◦ Transaction Value to be Accepted in the Absence of Condition and Restriction under Rule 3(2)
◦ Contract Prices and Transaction Value
◦ High Sea Sales and Transaction Value
◦ Related Persons
◦ Transaction Value of Identical or Similar Goods and Contemporaneous Imports
◦ Deductive Value
◦ Computed Value
◦ Residual Method
◦ Reliance on Foreign Journals indicating International Prices for Determining Assessable Value
◦ Addition to Transaction Value Royalty, Licence and Technical Know-How Fees
◦ Other Addition to Transaction Value
◦ Declaration by the Importer
◦ Rejection of Declared Value
◦ Investigation by Special Valuation Branch
• Valuation of Export Goods
◦ Export Valuation
◦ Under-Invoicing and Over-Invoicing of Exports
◦ Customs Valuation (Determination of Value of Export Goods) Rules, 2007
◦ Inclusion/Exclusion Duty Element from Cum Duty Price
◦ Valuation of Goods Sold in DTA from EOU and Debonding of Capital Goods from EOU
Taxmann's MCQs and Integrated Case Studies on Corporate & Economic LawsTaxmann
MCQs & Integrated Case Studies on Corporate & Economic Laws are prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 6th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Knowledge Based & Application Based MCQs] as per the pattern applicable for the exams
• Includes the following types of MCQs in a Separate Section in Each Chapter:
◦ RTPs & MTPs
◦ Past Exam Questions
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) 5th Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [7th Edition] of Taxmann’s CRACKER cum Exam Guide on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies + Class Notes
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• NCLT and NLCAT
• Corporate Secretarial Practice
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 | Deleted from Syllabus
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002) | Deleted from Syllabus
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
• Integrated Case Studies
Taxmann’s CRACKER for Corporate & Economic Laws is prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 7th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, authored by Pankaj Garg, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [600+ Questions and Case Studies] with complete answers
• Coverage of this book includes:
• All Past Exam Questions
▪ CA Final July 2021 (New Syllabus) – Suggested Answers
◦ Questions from RTPs and MTPs of ICAI
• [Chapter-wise] marks distribution for Past Exams
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) fifth Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [6th Edition] of Taxmann’s MCQs & Integrated Case Studies on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• National Company Law Tribunal and Appellate Tribunal
• Corporate Secretarial Practice – Drafting of Notices, Resolutions, Minutes & Reports
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 (Deleted from syllabus)
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002)
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
FEMA & FDI Ready Reckoner provides complete and accurate information about all provisions of the Foreign Exchange Management Act, 1999 (FEMA). It also includes guidance on all practical issues faced by companies and FEMA professionals.
Key features of this book are as follows:
• Topic-wise commentary on FEMA
• Analysis of all provisions of FEMA with relevant Rules, Judicial Pronouncements, Circulars, Notifications and Master Directions issued by Reserve Bank of India
• Law Relating to the following
◦ Prevention of Money Laundering Act
◦ Foreign Contribution (Regulation) Act
◦ COFEPOSA
The Present Publication is the 15th Edition, and it is amended up to 30th June 2021. The coverage of this book is as follows:
• FEMA – Overview
• Authorised Person under FEMA
• Account in India by Person Resident out of India
• Accounts of Indian Residents in Foreign Currency
• Receipt and Payment in Foreign Exchange
• Realisation, Repatriation and Surrender of Foreign Exchange
• Money Changing Activities
• Money Transfer Service Scheme (MTSS)
• Possession and Retention of Foreign Currency
• Export and Import of Currency or Currency Notes
• Remittances on Current Account
• Liberalised Remittance Scheme (LRS)
• Export of Goods and Services
• Import of Goods and Services
• Project Exports and Service Exports
• Foreign Exchange Rates
• Overview of Capital Account Transactions
• Foreign Investment in India
• FDI in Indian Company
• Section Wise FDI Policy at a Glance
• FDI – Downstream Investment, i.e. Indirect Investment
• FDI through Rights, Bonus, Sweat Equity or Merger/Amalgamation
• FDI – Transfer of Securities
• FDI in LLP
• FDI in GDR/ADR
• Investment by NRI or OCI
• FDI in Startup Company
• Investment by Foreign Portfolio Investors
• FDI in Investment Vehicle
• FDI by FVCI
• FDI – Investment in Securities by Funds, Foreign Central Bank, etc.
• Investment by Indian Entity in JV/WOS Abroad
• Guarantees
• Insurance
• Borrowing and Lending in Foreign Currency
• Borrowing and Lending in Indian Rupees
• Foreign Investment in Debt Instruments
• External Commerical Borrowings
• Trade Credit (TC) and Structured Obligations
• Acquisitions and Transfer of Immovable Property in India
• Acquisition and Transfer of Immovable Property out of India
• Remittance of Assets
• Branch/LO/Project Office in India by Foreign Entities
• Indian Depository Receipts
• Risk Management and Inter-Bank Dealings
• VOSTRO Account of Non-Resident Exchange Houses
• Industrial Policy of Government of India
• Enforcement of FEMA
• Penalties under FEMA
• Appeals under FEMA
• Compounding of Contraventions under FEMA
• Prevention of Money Laundering Act
• Foreign Contribution (Regulation) Act (FCRA)
• COFEPOSA, 1974
This book provides a para-wise commentary on Companies (Auditor’s Report) Order. It is a complete guide on the applicability and the matters that need to be reported by an Auditor on CARO.
This book is divided into three divisions:
• CARO Reporting under CARO, 2020 (Applicable from Financial Year 2021-22)
• CARO Report on Consolidated Financial Statements under CARO, 2020
• CARO Reporting under CARO, 2016 (Applicable for Financial Year 2021-22)
This book will be helpful for Auditors
The Present Publication is the 8th Edition, amended up to 30th June 2021, authored by CA Srinivasan Anand G., with the following noteworthy features:
• [FAQs & Case Studies]
◦ CARO 2016
◦ CARO 2020
• [Amended Schedule II] Related disclosure requirements
• [Clause-wise Ready Reckoner] on CARO 2020
• Review of earlier versions of CARO to do a quick comparison(s)
• [In a Nushell] CARO 2020
• Relevant Provisions of Companies Act, 2013
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
Taxmann's Indian Competition Law is a section-wise commentary on Competition Law. What sets this book apart is the unique combination of the study of both substantive and procedural elements of Competition Law in India.
The objective of this book is three-fold:
• Focusing on Indian Competition Law, elucidating the Indian jurisprudence and then comparing it with positions taken by European Union (EU) and the United States
• This book does not get restricted to the major provisions/broader issues of competition law but also highlights economic, technical and administrative concepts/issues that are relevant in the practical application and interpretation of competition law
• This book does not become a technical treatise but a document that a wider audience can read and understand, including lawyers, judges, academicians, lawmakers, market regulators, & entrepreneurs.
The Present Publication is the Latest Edition, authored by Adv. Gautam Shahi & Dr. Sudhanshu Kumar, amended up to 30th May 2021, with the following noteworthy features:
• [Detailed Study on Fundamental Issues] including:
o Anti-Competitive Agreements
o Abuse of Dominant Position
o Combinations (Acquisitions and Mergers)
• [Evolution of Competition Jurisprudence] in India
• [Comparitive Assessment] of major issues in Indian competition law with vis-à-vis EU, UK, and the USA
• [Exhaustive Analysis] on Rules, Regulations, Guidance issued by CCI & Case Laws decided by the CCI, COMPAT (now NCLAT), High Courts, and the Supreme Court
• [Interaction of Competition Act with other Laws] such as:
o Administrative Law
o Intellectual Property Laws
o Telecom Laws
Tax Practice Manual is an exhaustive (2,100+ pages), amended (by the Finance Act, 2021) & practical guide (330+ case studies) for Tax Professionals.
This book will be helpful for the Chartered Accountants, Lawyers/Advocates, Tax Practitioners to assist them in their day-to-day tax works.
This book is divided into two parts:
• Law Relating to Tax Procedures (covering 25+ topics)
• Case Studies (covering 35+ topics)
The Present Publication is the 7th Edition, authored by Gabhawala & Gabhawala, as amended by the Finance Act 2021, with the following noteworthy features:
• Law Relating to Tax Procedures
◦ [Lucid Explanation, in a Practical Manner, with Checklists & necessary Tips] for the law relating to Tax Procedure
◦ [Exhaustive Coverage of Case Laws]
◦ [Fine Prints & Unwritten Lines] are explained in a lucid manner
• Tax Practice
◦ [Elaborated & Threadbare Analysis] of every aspect of Tax Practice
• Case Studies
◦ [330+ Case Studies] to deal with real-life animated situations/problems faced by tax practitioners
• Draft Replies
◦ For the Notices sent by the Department
◦ Petitions to the Department
• Drafting & Conveyancing
◦ [Complete Guide to Drafting of Deeds & Documents] covering
◦ Affidavits
◦ Wills
◦ Special Business Arrangements
◦ Family Arrangements
◦ Power of Attorney
◦ Lease, Rent & Leave and Licenses
◦ Indemnity and Guarantee
◦ Charitable Trust Deeds, etc.
The contents of this book are as follows:
• Law Relating to Tax Procedures
◦ Tax Practice
◦ Pre-assessment Procedures
◦ Assessment
◦ Appeals
◦ Interest, Fees, Penalty and Prosecution
◦ Refunds
◦ Settlement Commission – ITSC, Interim Board for Settlement
◦ Summons, Survey, Search
◦ TDS and TCS
◦ Recovery of Tax
◦ Special Procedures
◦ Approvals
◦ STT, DDT, Tax on Liquidation, Reduction and Buy Back, MAT, AMT and WT
RTI, Ombudsman
◦ Drafting of Deeds
◦ Agreement, MoU
◦ Gifts, Wills, Family Arrangements
◦ Power of Attorney, etc.
◦ Lease, Rent, License, etc.
◦ Sale/Transfer of Properties
◦ Tax Audit
◦ Income Computation & Disclosure Standards
◦ Real Estate (Regulation and Development) Act, 2016 (RERA)
◦ E-Proceedings under the Income Tax Act, 1961
◦ Prohibition of Benami Property Transactions Act, 1988
• Case Studies
◦ Tax Practice
◦ Pre-Assessment Procedures
◦ Assessment – Principles and Issues
◦ Rectification of Mistake
◦ Revision
◦ Appeals to CIT (Appeals)
◦ Appeals to – ITAT – High Court – Supreme Court
◦ Interest Payable by Assessee
◦ Penalties
◦ Prosecution
◦ Refunds
◦ Settlement of Cases
◦ Survey
◦ Search & Seizure
◦ Tax Deduction at Source
◦ Recovery of Tax
◦ Trust, Mutuality, Charity
◦ Firm
◦ LLP – Limited Liability Partnership
◦ Right to Information – RTI
◦ Agreement, MoU
◦ AOP – Association of Persons
◦ HUF – Hindu Undivided Family
◦ Gifts
◦ Wills
◦ Family Arrangements
◦ Power of Attorney
◦ Indemnity and Guarantee
◦ Lease, Rent, Leave and License
◦ Sale/Transfer of Properties
◦ Tax Audit
This document is the contents page and introduction for a book on Competition Law in India published by Taxmann Publications Pvt. Ltd. It provides an overview of the book's organization, outlines the various divisions covering the Competition Act of 2002 and associated rules and regulations, and includes standard copyright and disclaimer information for publications.
Taxmann's CLASS NOTES | Direct Tax Laws and International TaxationTaxmann
Taxmann’s CLASS NOTES for Direct Tax Laws & International Taxation is a one-stop solution to conquer the vast subject of Direct Taxation with ease. The objective behind this book is to minimize the need to consult multiple voluminous books while revising the day before the exam.
This book aims at providing all concepts in a simple language, with proper linking and a smart sequential approach. It also explains the provision of the law without resorting to paraphrasing of sections or legal jargons.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Pictorial Presentation/Charts with Handwritten Fonts] are used in the book for easy understanding of theoretical concepts
• [Multi-Colour Coded Book] which follows the below structure:
◦ Blue – Heading
◦ Black – Main Content
◦ Red – Summarised version of the main content
◦ Green – Amendments applicable for the examination
◦ Yellow Highlights – Key adjustments to be highly cautious of; ‘The Accident-Prone Zones’
◦ Blue Boxes – Significant selected Case Laws provided by ICAI
◦ Green Boxes – Authors personal notes for better understanding and clarity
• [Amendments for November 2021 Examination] are provided at the end of the module
Also Available:
• [65th Edition] of Taxmann’s Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann’s Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann’s CRACKER cum Compiler – Direct Tax Laws & International Taxation
Taxmann's Problems & Solutions for Direct Tax Laws & International TaxationTaxmann
Taxmann's PROBLEMS & SOLUTIONS for Direct Tax Laws & International Taxation is a compilation of questions & MCQs (prepared using handwritten fonts) from the educational materials, RTPs, MTPs and past examination papers of both old & new syllabus of ICAI (up to 30th April 2021). These are aligned with provisions applicable for Nov. 2021 Exams and are arranged Topic-wise & Chapter-wise with proper reference to the paper as well as attempt for convenience and trend analysis.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• [Coverage of All Questions & MCQs] in handwritten fonts
◦ For Old/New Syllabus; issued up to 30th April 2021, from the following:
▹ Educational Material of ICAI
▹ RTPs & MTPs of ICAI
▹ Past Examination Papers of ICAI
◦ The above Questions & MCQs are aligned with applicable provisions for November 2021 examination
◦ Arranged 'Topic-wise' & 'Chapter-wise' with proper reference to paper as well as attempt for convenience and trend analysis
• [Ready Reckoner for the day before the exam] Special adjustments tested by ICAI have been summarised at the start of the book
Also Available:
• [65th Edition] of Taxmann's Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann's Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann's CRACKER cum Compiler – Direct Tax Laws & International Taxation
The contents of the book are as follows:
• Summary of Special Adjustments
• Part A – Direct Taxation
◦ Basics of Income Tax
◦ Special Tax Regime
◦ Taxation of Agriculture Income
◦ Income from Salary
◦ Income from House Property
◦ Profits and Gains of Business or Profession
◦ Capital Gains
◦ Taxation of Business Re-Organisations
◦ Taxation of Distribution to Owners
◦ Income from Other Sources
◦ Taxation of Dividends & Income from Units
◦ Comprehensive Questions
◦ Assessment of Firms & LLP
◦ Assessment of AOP & BOI
◦ Assessment of Non-Profit Organization (NPO) & Exit Tax
◦ Assessment of Business Trust
◦ Assessment of Other Persons
◦ Taxation of Unexplained Income
◦ Clubbing of Income
◦ Set-Off and Carry Forward of Losses
◦ Exemptions & Sec. 10AA Deductions
◦ Chapter VI-A Deduction
◦ Minimum Alternate Tax [Section 115JB] & Alternate Minimum Tax [Section 115JC]
◦ TDS & TCS
◦ Payment of Taxes & Return Filing
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◦ Appeals & Revisions
◦ Settlement Commission
◦ Tax Planning, Avoidance & Evasion
◦ Penalties, Offence & Prosecution
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20. Design for Six Sigma (DFSS)
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4. PAGE
CONTENTS
List of Basic Notifications I-11
List of Master Directions I-13
List of Circulars I-15
Overview of Law relating to NBFCs & Securitisation I-19
DIVISION 1
LAW RELATING TO NON-BANKING
FINANCIAL COMPANIES
1.1 : Non-Banking Financial Companies Acceptance of Public
Deposits (Reserve Bank) Directions, 2016 3
1.2 : Non-Banking Financial Company - Systemically Important
Non-Deposit taking Company and Deposit taking Company
(Reserve Bank) Directions, 2016 38
1.3 : Non-Banking Financial Company - Non-Systemically
Important Non-Deposit taking Company (Reserve Bank)
Directions, 2016 260
1.4 : Core Investment Companies (Reserve Bank) Directions,
2016 441
1.5 : Non-Banking Financial Companies (Opening of Branch/
Subsidiary/Joint Venture/Representative Office or
Undertaking Investment Abroad by NBFCs) Directions,
2011 516
1.6 : Requirement of minimum NOF of Rs. 200 lakh for all
deposit taking NBFCs 528
1.7 : Non-Banking Financial Companies Auditor’s Report
(Reserve Bank) Directions, 2016 530
1.8 : Guidelines for percentage of assets to be maintained 536
1.9 : Guidelines for investment in unencumbered approved
securities 537
1.10 : Notified Institutions under section 45-I(bb)(iv)(d) of
RBI Act 539
1.11 : Notified ‘Net owned fund’ under section 45-IA of
RBI Act 540
1.12 : Exemptions from the provisions of RBI Act, 1934 541
I-5
PAGE
5. PAGE
1.13 : Exemption from application of the provisions of the
RBI Act, 1934 in case of Non-Banking Institution
authorised to operate under Payment and Settlement
Systems Act, 2007 545
1.13A : Exemptions to NBFC which is a Housing Finance
Institution 546
1.14 : Monitoring of Frauds in NBFCs (Reserve Bank) Directions,
2016 547
1.15 : Know Your Customer (KYC) Directions, 2016 568
1.16 : Fair Practices Code 619
1.17 : Allied activities - Entry into insurance business, issue of
credit card and marketing and distribution of certain
products 627
1.18 : Non-Banking Financial Companies - Corporate Gover-
nance (Reserve Bank) Directions, 2015 631
1.19 : Miscellaneous Instructions to NBFC-ND-SI 656
1.20 : Miscellaneous Instructions to all Non-Banking Financial
Companies 662
1.21 : Non-Banking Financial Companies (Approval of
Acquisition or Transfer of Control) Directions, 2015 746
1.22 : Regulation of excessive interest charged by NBFCs 752
1.23 : Core Investment Companies - Overseas Investment
(Reserve Bank) Directions, 2012 753
1.24 : Prudential Guidelines for the Primary Dealers in
Government Securities Market 758
1.25 : Capital Adequacy Standards and Risk Management
Guidelines for Standalone Primary Dealers 786
1.26 : Standalone Primary Dealers (Reserve Bank) Directions,
2016 836
1.27 : Non-Banking Financial Company - Account Aggregator
(Reserve Bank) Directions, 2016 917
1.28 : Non-Banking Financial Company - Peer to Peer Lending
Platform (Reserve Bank) Directions, 2017 965
1.29 : Information Technology Framework for the NBFC Sector 999
1.30 : Fit and Proper Criteria for Sponsors - Asset Reconstruction
Companies (Reserve Bank) Directions, 2018 1017
1.31 : Ombudsman Scheme for Non-Banking Financial
Companies, 2018 1025
1.32 : Liquidity Risk Management Framework for Non-Banking
Financial Companies and Core Investment Companies 1040
CONTENTS I-6
6. PAGE
DIVISION 2
CLARIFICATIONS FROM RESERVE
BANK OF INDIA
2.1 : Clarifications from Reserve Bank of India [2016-2020] 1059
DIVISION 3
LAW RELATING TO RESIDUARY
NON-BANKING COMPANIES
3.1 : Residuary Non-Banking Companies (Reserve Bank)
Directions, 2016 1179
DIVISION 4
LAW RELATING TO MISCELLANEOUS
NON-BANKING COMPANIES
(RESERVE BANK) DIRECTIONS, 2016
4.1 : Miscellaneous Non-Banking Companies (Reserve Bank)
Directions, 2016 1227
DIVISION 5
LAW RELATING TO MORTGAGE
GUARANTEE COMPANIES
5.1 : Mortgage Guarantee Companies (Reserve Bank) Directions,
2016 1247
DIVISION 6
FOREIGN DIRECT INVESTMENTS
IN NBFCs SECTOR
6.1 : Foreign Direct Investments in Non-Banking Financial
Companies/Asset Reconstruction Company 1273
I-7 CONTENTS
7. PAGE
DIVISION 7
FOREIGN EXCHANGE MANAGEMENT
(DEPOSIT) REGULATIONS
7.1 : Foreign Exchange Management (Deposit) Regulations, 2016 1277
DIVISION 8
LENDING TO NON-BANKING
FINANCIAL COMPANIES (NBFCs) &
OTHER MATTERS
8.1 : Bank Finance to Non-Banking Financial Companies (NBFCs) 1303
8.2 : Amalgamation/Merger of Non-Banking Financial Companies
with Banks 1311
8.3 : Credit card, debit card and rupee denominated co-branded
pre-paid card operations of banks and credit card issuing
NBFCs 1312
DIVISION 9
PRESCRIBED RETURNS
9.1 : Non-Banking Financial Company Returns (Reserve Bank)
Directions, 2016 1335
9.2 : Submission of Returns by Government-Owned Non-Banking
Financial Companies 1351
DIVISION 10
LAW RELATING TO SECURITISATION
10.1 : Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 1355
10.2 : Security Interest (Enforcement) Rules, 2002 1402
10.3 : Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest (Central Registry)
Rules, 2011 1432
10.4 : Securitisation Companies and Reconstruction Companies
(Reserve Bank) Guidelines and Directions, 2003 1438
10.5 : Change in or takeover of the management of the business
of the borrower by Securitisation Companies and Recons-
truction Companies (Reserve Bank) Guidelines, 2010 1463
CONTENTS I-8
8. PAGE
10.6 : Fair Practices Code for Asset Reconstruction Companies 1468
10.7 : Circulars and Notifications issued under Securitisation
and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 1471
10.8 : Removal of Difficulty Order of 2002 1485
10.9 : Removal of Difficulty Order of 2004 1487
DIVISION 11
LAW RELATING TO RECOVERY OF
DEBTS AND BANKRUPTCY
11.1 : Recovery of Debts and Bankruptcy Act, 1993 1491
11.2 : Debts Recovery Tribunal (Financial and Administrative
Power) Rules, 1997 1521
11.3 : Debts Recovery Tribunal (Procedure) Rules, 1993 1522
11.4 : Debts Recovery Tribunal (Procedure for Appointment as
Presiding Officer of the Tribunal) Rules, 1998 1540
11.5 : Debts Recovery Tribunal (Procedure for Investigation of
Misbehaviour or Incapacity of Presiding Officer)
Rules, 2010 1543
11.6 : Debts Recovery Appellate Tribunal (Procedure) Rules, 1994 1548
11.7 : Debts Recovery Appellate Tribunal (Procedure for
Appointment as Chairperson of the Appellate
Tribunal) Rules, 1998 1558
11.8 : Debts Recovery Appellate Tribunal (Financial and
Administrative Power) Rules, 1997 1561
11.9 : Debts Recovery Tribunals (Refund of Court Fee) Rules,
2013 1563
11.10 : Debts Recovery Tribunals and Debts Recovery Appellate
Tribunals Electronic Filing Rules, 2020 1565
DIVISION 12
INSOLVENCY & BANKRUPTCY CODE
PROVISIONS FOR NBFCs
12.1 : Insolvency & Bankruptcy Code Provisions for NBFCs 1569
I-9 CONTENTS
9. PAGE
DIVISION 13
COVID-19 RELIEF
13.1 : Schemeforgrantofex-gratia paymentofdifferencebetween
compound interest and simple interest for six months to
borrowers in specified loan accounts (1-3-2020 to
31-8-2020) 1581
SUBJECT INDEX i
CONTENTS I-10
10. 1.19
MISCELLANEOUS INSTRUCTIONS TO
NBFC-ND-SI
MASTER CIRCULAR DNBR(PD) CC.NO.055/03.10.119/2015-16,
DATED 1-7-2015
As you are aware, in order to have all current instructions on the subject at
one place, the Reserve Bank of India issues updated circulars/notifications.
The instructions related to the captioned subject contained in various circulars
issued by RBI updated as on June 30, 2015 are reproduced below. The updated
circular has also been placed on the RBI web-site (https://www.rbi.org.in).
1. Financial Regulation of Systemically Important NBFCs and Banks’
Relationship with them
The Reserve Bank of India had set up an Internal Group to examine the
issues relating to level playing field, regulatory convergence and regulatory
arbitrage in the financial sector. Based on the recommendations of the
Internal Group and on the basis of the feedback received, final guidelines
were issued for implementation on December 12, 2006.
1
Modifications to the Regulatory Framework
In the light of the concerns that arise out of the divergent regulatory
requirements for various aspects of functioning of banks and NBFCs and
keeping in view the broad principles for the proposed revision, the following
modifications were made in the regulatory framework for NBFCs.
656
1. DNBS.PD/CC.No.86/03.02.089/2006-07 dated December 12, 2006.
11. A. Regulatory Framework for Systemically Important NBFCs - ND (NBFCs-
ND-SI)
(i) Determination of NBFC-ND-SI
All NBFCs - ND with an asset size of Rs. 500 crore and more as per the last
audited balance sheet will be considered as a systemically important NBFC-
ND (NBFC-ND-SI).
(ii) Capital Adequacy Ratio for NBFCs-ND-SI
NBFCs-ND-SI shall maintain a minimum Capital to Risk-weighted Assets
Ratio (CRAR) of 10% which was changed to 2
12% as on March 31, 2010 and
15% as on March 31, 2011.
(iii) Single/Group Exposure norms for NBFCs-ND-SI
Exposure norms were laid down for NBFCs-ND-SI.
Further, the NBFCs-ND-SI were advised to have a policy in respect of expo-
sures to a single entity/group. NBFCs-ND-SI not accessing public funds both
directly and indirectly can apply to the Reserve Bank for an appropriate
dispensation consistent with the spirit of the exposure limits.
B. Additional Single Exposure norms for Asset Finance Companies
(iv) 3
Deleted
C. Expansion of activities of NBFCs through automatic route
(v) NBFCs set up under the automatic route will be permitted to undertake
only those 18 activities4
which are permitted under the automatic route.
Diversification into any other activity would require the prior approval of
FIPB. Similarly a company which has entered into an area permitted under
the FDI policy (such as software) and seeks to diversify into NBFC sector
subsequently would also have to ensure compliance with the minimum capi-
talization norms and other regulations as applicable.
D. Effective date and transition
Taking into account the likelihood that some of the NBFCs may not be in
compliance with some of the elements of the revised regulatory framework
a transition period up to end March 2007 was provided. Accordingly, NBFCs
had to comply with all elements of the revised framework with effect from
April 1, 2007. In case any NBFC-ND-SI needed more time for compliance, it
had to apply to DNBS before the close of business on January 31, 2007
clearly indicating the reasons for which it is not able to ensure compliance
within the above period and the time frame within which it would be able to
comply with all the relevant elements.
657 MISCELLANEOUS INSTRUCTIONS TO NBFC-ND-SI
2. Amended vide CC 138 dated April 24, 2009 and Notification No. 206 dated May 26, 2009.
3. Guideline issued vide DNBR (PD) CC.No.002/03.10.001/2014-15 dated November 10,
2014.
4. Changed vide Press Note No. 1 dated March 12, 2008.
12. E. Scope of application to certain categories
The guidelines contained in this circular are applicable to the NBFCs as
specified in the relevant paragraphs except the categories mentioned
below:
(i) The Residuary Non-Banking Companies (RNBCs) and Primary Deal-
ers (PDs) as they are subjected to a separate set of regulations.
(ii) Government owned companies, as defined under section 617 of the
Companies Act, which are registered with the Reserve Bank of India
as NBFCs, are exempted from certain provisions of Non-Banking
Financial Companies Prudential Norms (Reserve Bank) Directions,
1998, at present. It is proposed to bring all deposit taking and systemi-
cally important government owned companies under the provisions
of the said Directions which will be in conformity with the existing
guidelines, including those contained in this circular. However, the
date from which they are to fully comply with the regulatory frame-
work will be decided later. These companies, were therefore, required
to prepare a roadmap for compliance with the various elements of the
NBFC regulations, in consultation with the Government, and submit
the same to the Reserve Bank (Department of Non-Banking Supervi-
sion - (DNBS)), by March 31, 20075
.
2. Supervisory Framework for NBFC-ND-SI
6
To ensure adherence to compliance with the regulatory framework for
NBFCs-ND-SI, such companies were advised to put in place a system for
submission of an annual statement of capital funds, risk asset ratio etc., as
at end of March every year in form NBS-7 as per prescribed format. The
first such return was to be submitted for the year ending March 31, 2007.
The return shall be submitted within a period of three months from the
close of the financial year, every year. Such returns are to be submitted
electronically and for the purpose, an NBFC-ND-SI has to approach the In-
formation Division of Central Office of this Department for assignment of
user-id and password for web-enabled submission of the return. A hard
copy of the return duly signed by the designated authority may be filed
with the Regional Office of the Department of Non-Banking Supervision in
whose jurisdiction the company is registered.
3. Guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and
disclosure norms
7
On a review of the experience with the regulatory framework since April
2007, it was felt desirable to enhance the capital adequacy requirement and
put in place guidelines for liquidity management and reporting, as also norms
MISCELLANEOUS INSTRUCTIONS TO NBFC-ND-SI 658
5. For details please refer to DNBS.PD/CC No.86/03.02.089/2006-07 dated December 12,
2006.
6. (Details are in DNBS.PD/CC.No.93/03.05.002/2006-07 dated April 27, 2007).
7. (Notification No. DNBS.200/CGM(PK)-2008 dated August 1, 2008).
13. for disclosures. Accordingly, the Bank placed on its web-site revised regula-
tory framework for NBFC vide DNBR (PD) CC. No. 002/03.10.001/2014-15
dated November 10, 2014.
4. Asset Liability Management (ALM) - Reporting
NBFCs-ND-SI are required to submit three ALM returns i.e. ALM 1, ALM-2
and ALM 3-The periodicity of the Statement of short term dynamic liquid-
ity [NBS-ALM1] shall be monthly and that of Statement of structural liquid-
ity [NBS-ALM2] half-yearly. The frequency of Statement of Interest Rate
Sensitivity [NBS-ALM3] would be half yearly. 8
The format of the ALM Re-
turns (I, II and III) are available on the Bank’s following website (https://
cosmos.rbi.org.in).
5. Enhancement of NBFCs’ capital raising option for capital adequacy pur-
poses
Taking into consideration, the need for enhanced funds for increasing busi-
ness and meeting regulatory requirements, NBFCs-ND-SI are permitted to
augment their capital funds by issue of Perpetual Debt Instruments (PDI) in
accordance with the guidelines contained in the circular DNBS (PD)
CC.No.131/03.05.002/2008-2009 dated October 29, 2008. Such PDI shall be
eligible for inclusion as Tier I Capital to the extent of 15% of total Tier I
capital as on March 31 of the previous accounting year.
6. 9
Ratings of NBFCs
NBFCs also issue financial products like Commercial Paper, Debentures etc.
to which rating is assigned by rating agencies. The ratings assigned to such
products may undergo changes for various reasons ascribed to by the rat-
ing agencies. All NBFCs (both deposit taking and non-deposit taking) with
asset size of Rs. 100 crore and above shall furnish the information about
downgrading/upgrading of assigned rating of any financial product issued
by them, within fifteen days of such a change in rating, to the Regional
Office of the Bank under whose jurisdiction their registered office is func-
tioning.
7. 10
Criteria for deciding NBFC-ND-SI status
A non-deposit taking NBFC with an asset size of less than Rs. 500 crore as
on balance sheet date might subsequently add on assets before the next
balance sheet date due to several reasons including business expansion plan.
It is clarified that once an NBFC reaches an asset size of Rs. 500 crore or
above, it shall come under the regulatory requirement for NBFCs-ND-SI as
stated above, despite not having such assets as on the date of last balance
sheet. Therefore, it is advised that all such non-deposit taking NBFCs may
comply with RBI regulations issued to NBFC-ND-SI from time to time, as
659 MISCELLANEOUS INSTRUCTIONS TO NBFC-ND-SI
8. DNBS.PD.CC.No.169/22.05.02/2009-10 dated April 22, 2010.
9. DNBS (PD) CC. No.134/03.10.001/2008-2009 dated February 4, 2009.
10. DNBS (PD) CC. No.141/03.10.001/2008-09 dated June 4, 2009.
14. and when they attain an asset size of Rs. 500 crore, irrespective of the date
on which such size is attained.
It is further observed that in a dynamic environment, the asset size of a
company can fall below Rs. 500 crore in a given month, which may be due
to temporary fluctuations and not due to actual downsizing. It is clarified
that in such a case the company may continue to submit the monthly re-
turn on Important Financial Parameters to Reserve Bank of India and to
comply with the extant directions as applicable to NBFC-ND-SI, till the sub-
mission of their next audited balance sheet to Reserve Bank of India and a
specific dispensation is received from the Bank in this regard.
8. 11
Ready Forward Contracts in Corporate Debt Securities
In terms of ‘Repo in Corporate Debt Securities (Reserve Bank) Directions,
2010’ dated January 8, 2010 issued by Internal Debt Management Depart-
ment (IDMD) of RBI, NBFCs registered with RBI (other than Govt compa-
nies as defined in section 617 of the Companies Act, 1956) are eligible to
participate in repo transactions in corporate debt securities. IDMD has also
issued revised guidelines on uniform accounting for repo/reverse repo trans-
actions on March 23, 2010.
NBFCs participating in such repo transactions shall comply with the Direc-
tions and accounting guidelines issued by IDMD. Certain clarifications are
being made in this regard as given below.
A. Eligible participants
(i) NBFCs-ND with asset size of Rs. 500 crore and above (i.e. NBFCs-ND-SI).
B. Capital Adequacy
(ii) Risk weights for credit risk for assets that are the collateral for such
transactions as well as risk weights for the counterparty credit risk shall be
as applicable to the issuer/counterparty in the NBFC (non-deposit accept-
ing or holding) Prudential Norms Directions, 2007 (since repealed by Pru-
dential Norms Directions dated March 27, 2015) as amended from time to
time.
C. Classification of balances in the accounts
(iii) Classification of balances in the various accounts viz. repo account, re-
verse repo account etc. shall be done in the relevant schedules similar to
that of banks.
In all other matters related to such repo transactions, NBFCs-ND-SI shall
follow the Directions and accounting guidelines issued by IDMD viz. Repo
in Corporate Debt Securities (Reserve Bank) Directions, 2010 dated Janu-
ary 08, 2010 and Revised Guidelines on Uniform Accounting for Repo/
Reverse repo transactions on March 23, 2010 respectively.
MISCELLANEOUS INSTRUCTIONS TO NBFC-ND-SI 660
11. DNBS.PD/CC.No.196/03.05.002/2010-11 dated August 11, 2010.
15. 661 MISCELLANEOUS INSTRUCTIONS TO NBFC-ND-SI
9. 12
Participation in Currency Options
NBFCs may participate in the designated currency options exchanges rec-
ognized by SEBI as clients, subject to RBI (Foreign Exchange Department)
guidelines in the matter, only for the purpose of hedging their underlying
forex exposures. Appropriate disclosures may be made regarding transac-
tions undertaken in the Balance sheet.
APPENDIX
LIST OF CIRCULARS
Sl. No. Circular No. Date
1. DNBS (PD) CC. No. 86/03.02.089/2006-07 December 12, 2006
2. DNBS (PD) CC. No. 93/03.05.002/2006-07 April 27, 2007
3. DNBS (PD) CC. No. 125/03.05.002/2008-2009 August 1, 2008
4. DNBS (PD) CC. No. 131/03.05.002/2008-09 October 29, 2008
5. DNBS (PD) CC. No. 134/03.10.001/2008-2009 February 4, 2009
6. DNBS (PD) CC. No. 141/03.10.001/2008-09 June 4, 2009
7. DNBS (PD) CC. No. 169/22.05.02/2009-10 April 22, 2010
8. DNBS (PD) CC. No. 196/03.05.002/2010-11 August 11, 2010
9. DNBS (PD) CC. No. 199/03.10.001/2010-11 September 16, 2010
10. DNBR (PD) CC. No. 002/03.10.001/2014-15 November 10, 2014
12. DNBS (PD) CC No.199/03.10.001/2010-11 dated September 16, 2010.
The Reference to Companies Act, 1956 in the Master Circular will be changed as and when
change is effected in the original circulars/notifications.
16. Statutory Guide for
NBFCs
with Law Relating to Securitisation
and Reconstruction of Financial Assets
Author : Taxmann
Edition : 25th Edition 2021
Rs. 3595
ISBN No : 9788194939764
Date of Publication : December 2020
This book provides a comprehensive coverage on Non-Banking Financial
Companies ('NBFCs') and Securitisation and Reconstruction of Financial
Assets. It covers updated, amended & annotated Bare Acts, Directions, RBI
Guidelines, Rules, Regulations, Master Directions, Orders, Circulars, and
Notifications on NBFCs. The book comprises of overview of 'Law relating to
NBFCs & Securitisation' to have a better understanding of the laws governing
NBFCs, Securitisation in India.
The Present Publication is the 25th Edition incorporating all the amendments
made up to 10th December, 2020, with the following coverage:
u Law Relating to Non-Banking Financial Companies
u Clarifications from the Reserve Bank of India
u Law Relating to Miscellaneous Non-Banking Companies (Reserve Bank)
Directions, 2016
u Law relating to Mortgage Guarantee Companies
u Foreign Direct Investments in NBFC Sector
u Foreign Exchange Management (Deposit) Regulations
u Lending to Non-Banking Financial Companies (NBFCs) and Other Matters
u Prescribed Returns
u Law relating to Securitisation
u Law relating to Recovery of Debts and Bankruptcy
u Insolvency & Bankruptcy Code Provisions for NBFCs
u COVID-19 Relief
Description :
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