Page Contents
The Reserve Bank of India Circular on “Master Direction on Wilful Defaulters and Large Borrowers” dated 30.7.2024 outlines several key roles and responsibilities for statutory auditors. These directives aim to enhance the accountability of statutory auditors, ensure proper monitoring of the end-use of funds, and prevent the diversion or siphoning of funds by borrowers. The involvement of independent auditors and the potential commissioning of forensic audits are key measures in achieving these goals. Here are the main points extracted from the circular:
The Reserve Bank of India’s Master Direction on the Treatment of Wilful Defaulters and Large Borrowers, issued, outlines comprehensive guidelines for banks and Non-Banking Financial Companys regarding the identification and classification of wilful defaulters. Reserve Bank of India’s guidelines are designed to enhance the accountability and monitoring of wilful defaulters, thereby safeguarding the financial system and ensuring fair practices in lending and credit management. Details Reserve Bank of India’s guidance are mentioned here Under :
𝐋𝐚𝐭𝐞𝐬𝐭 𝐔𝐩𝐝𝐚𝐭𝐞𝐬 𝐢𝐧 𝐏𝐅 & 𝐄𝐒𝐈𝐂, & HR related Judgement and update 🚨 Staying updated on the latest developments in… Read More
Retrospective Amendment on ITC for Construction Costs What’s Changing : A retrospective amendment, effective from July 1, 2017, prevents entities—like… Read More
NPS: Extending Your Tax-Exempt Limit Beyond INR 12,00,000/-. In Budget 2025, Finance Minister Nirmala Sitharaman announced a no-tax limit for… Read More
Liberalized Remittance Scheme (LRS) & TCS Changes in Budget 2025 The Union Budget 2025 has introduced key adjustments that affect… Read More
Which Regime is More beneficial New/ Old: Budget 2025 The Most Asked Question after Budget 2025 i.e Question: Which Regime… Read More
Tax on LTCG for FIIs raised to 12.5%: Budget 2025 This increase in the LTCG tax rate for FIIs from… Read More