[This post elucidates the eligibility status of Small Companies and the benefits given to small company promoters and directors.] The Companies Act, 2013 (‘Act’) introduced the concept of small companies to provide advantages for small businesses operating as private limited companies. Small companies do not have any separate procedure to obtain registration under the Act.…
A trial balance is an internal financial report that lists all the balances of general ledger accounts of an entity at a specific time. The items reflected in the trial balance include assets, liabilities, equity, revenues, expenses, gains, and losses. It’s usually prepared at the end of the accounting year to ensure the bookkeeping system’s…
The Government of Maharashtra Vide No.PHD-1124/C.R.91/Japuk (29) dated December 4, 2024, has released a Notification regarding the list of holidays FY 2025 under section 25 of the Negotiable Instrument Act 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2025 Sunday REPUBLIC DAY 2 19.02.2025 Wednesday CHATRAPATI SHIVAJI MAHARAJ JAYANTI 3 26.02.2025 Wednesday MAHASHIVARATRI 4 14.03.2025 Friday…
In a much bigger respite to small and marginal farmers the Reserve Bank of India (RBI) today increased the limit for collateral-free loans for agricultural farmers from ₹1.66 lakh to ₹2 lakh per borrower. “Keeping in view the overall inflation and rise in agriculture input cost over the years, it has been decided to raise…
In the Statement on Developmental and Regulatory Policies, RBI announced that the cash reserve ratio (CRR) of all banks by 50 bps in two equal tranches of 25 bps each to 4.0 per cent of net demand and time liabilities (NDTL) with effect from the fortnight beginning December 14, 2024, and December 28, 2024, respectively.…
In the Statement on Developmental and Regulatory Policies issued today as part of the Bi-monthly Monetary Policy Statement for 2024-25 dated December 06, 2024, the interest rates on FCNR deposits increased from December 6, 2024. Interest rates on FCNR deposits are based on the Overnight Alternative Reference Rate for the respective currency/ Swap. With effect…
The Reserve Bank of India (RBI) announced its fifth bi-monthly monetary policy for FY25 today, December 6, 2024. The announcement comes amid economic challenges such as lower GDP growth, inflation, and concerns over tight liquidity conditions in the banking system. The RBI’s rate-setting committee (MPC) kept the benchmark key policy rates unchanged, Repo at 6.5%…
The Government of Chhattisgarh on October 23rd, 2024 issued a list of Declaration of Holidays for the Year 2025. The notification has stated that in addition to all the Sundays already included in the public holidays under the said Explanation, the days mentioned in the following schedule will also be public holidays in the whole…
On the 22nd of November, 2024, the Government of Jharkhand issued a notification regarding the official holidays for the year 2025. This includes a clear outline of gazetted holidays, executive order holidays, and bank annual closing holidays. List of Bank holidays for 2025 in Jharkhand State under section 25 of NI Act 1881 Sr.No Date…
The Banking Regulation Act, of 1949 empowers the Reserve Bank of India to inspect and supervise commercial banks. These powers are exercised through on-site inspection and off-site surveillance. The Reserve Bank of India (RBI) conducts inspections of commercial banks to ensure that they are adhering to regulations, maintaining financial discipline, and safeguarding depositors’ interests. The…
