Accounting Standard (Ind AS 37) defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets. A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. It is a possible obligation that may or may not arise depending on how a future event…
A global deal has been agreed by 136 countries, to set a minimum tax rate of 15 percent as governments look to end a race to the bottom on corporate taxation. This is one of the sweeping overhauls of international tax rules finalised on Friday (October 8, 2021) at an Inclusive Framework meeting under the…
In the Statement on Developmental and Regulatory Policies on October 8, 2021, the Reserve Bank of India announced that the transaction limit of Immediate Payment Service (IMPS) to be increased to ₹5 lakh. “In view of the importance of the IMPS system in the processing of domestic payment transactions, it is proposed to increase the…
The monetary policy committee of the Reserve Bank of India today unanimously decided to keep the repo rate unchanged for the eighth consecutive time. The committee also lowered the FY22 inflation forecast to 5.3 per cent from an earlier estimate of 5.7 per cent. MPC also decided to continue with its accommodative stance as long…
If you look at the bye-laws of a cooperative housing society, you may find that the main objective of a CHS is to obtain the conveyance from the landowner/developer in its name. Conveyance is a transfer of the title deed of land and building by the builder and developer/landowner in favour of housing society by…
RBI on Monday said that the expenditure towards enhancement in family pension of employees of banks if not fully charged to the Profit and Loss Account during the financial year 2021-22, be amortised over a period not exceeding five years. According to the RBI notification dated October 4, IBA has approached the regulator for the…
RBI on Monday clarified on criteria for the Inclusion of Perpetual Debt Instruments (PDI) in Additional Tier 1 Capital under Basel –III capital regulations. The issue was examined by the regulator as ‘several banks have approached us to clarify the maximum amount of capital funds that can be raised overseas’ the circular said. The Central…
The interest rates of a basket of 12 Small Savings Scheme instruments remain unchanged for the sixth straight quarter. The Finance Ministry on Thursday announced that interest rates on small saving schemes for the 3rd quarter starting from October 1, 2021, and ending on December 1, 2021, shall remain unchanged from the current rates applicable…
Additional Tier Capital (also known as AT1 bonds) is a type of unsecured, perpetual bonds issued predominantly by banks to raise additional Tier 1 capital without any maturity date (perpetual), but they have a call option. These bonds are issued by banks to shore up their core capital base to meet the Basel-III norms. Features…
