Bank Holidays 2025: GOA

 “Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26 of 1881) read with the Notification of the Government of India, Ministry of Home Affairs No. 20/25/56/Pub-1 dated 8th June 1957, the Government of Goa in its Notification No.37/3/2024-GAD-III/4247 DATED 22.10.2024 declared bank holidays as provisions under section 25 of…

Reporting of Foreign Exchange Transactions to Trade Repository

The Reserve Bank of India is expanding reporting requirements for foreign exchange transactions. Starting February 10, 2025, authorized dealers must report all spot deals, including Cash and TOM transactions, to the Clearing Corporation of India’s trade repository.  “To ensure completeness of transaction data in TR for all foreign exchange instruments, it has been decided to…

Understanding Reconciliation

Reconciliation is an accounting procedure that compares two sets of records to check that the figures are correct and in agreement. The process of reconciliation ensures the accuracy and validity of financial information. A proper reconciliation process ensures that unauthorized changes have not occurred to transactions during processing. Types of Reconciliations There are two types…

How to prepare a Bank Reconciliation Statement with Cash Book and Pass Book?

The process of reconciliation ensures the accuracy and validity of financial information. Also, a proper reconciliation process ensures that unauthorized changes have not occurred to transactions during processing. Bank account reconciliation can be manually carried out at a periodic interval when extracts of the Cash Book and updated Pass Book/bank statement are readily available. The…