Reserve Bank of India while allowing banks to pay dividends on equity shares, reviewed the dividend declaration norms for the year ended March 31, 2021. “In view of the continuing uncertainty caused by the ongoing second wave of COVID-19 in the country, it is crucial that banks remain resilient and proactively raise and conserve capital…
In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) What is a statutory audit? In this post let us study how the loan accounts are verifying the loan…
Examining the cash balance at the bank branch is routine job for the senior officer of the branch assigned with the job. Physical verification may be carried out by the branch head on a surprise basis. The statutory auditors appointed by the bank have to verify the cash balance at the branch at the end…
The Ministry of communication, Government of India has made certain amendments to make the process of claiming money from the small savings schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC), Post Office Monthly Income Scheme (PO-MIS), etc. The process of claiming money has been streamlined by the department via a circular dated…
In the event of death of the subscriber, the amount standing to his credit can be repaid to his nominee or legal heir, as the case may be, even before the expiry of 15 years. Amount in a PPF account will continue to earn interests as per the terms even after death of the subscriber…
In our previous posts we talked about What is a statutory audit? In addition to the normal audit report as per the statutory requirements, the terms of the public, private & foreign sector banks involve the auditors to furnish an LFAR. The overall objective of the Long Form Audit Report (LFAR) is to identify and…
The following post elucidates the claim procedure of NSCs where Nomination is registered or in the event of death of nominee of the deceased certificate holder, or when there is no nomination, interest payment clauses, and continuation of the certificate holder. There are 3 types of saving certificates issued by the Postal Department. (1) A…
In our previous posts we talked about (1) Legal audit in banks, (2) What is the stock audit (3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) What is a statutory audit?. In this post let us study what is a tax audit? A tax…
As per the new rules set in 2018, a person who became NRI can continue his/her PPF account that he/she had opened while in India. However, one cannot open a new PPF account after becoming an NRI. Earlier to the above rule, (in terms of amended PF rule 2017), a person who becomes an NRI…
When the first holder in the SCSS (Senior Citizen Savings Scheme) account dies, the second holder (spouse) is allowed to continue the account even when he/she does not meet the age criteria of 60 years as required under the rules. Similarly, when the spouse is the sole nominee, he/she is allowed to continue the account…