The settlement of claims in respect of missing persons being done under the provisions of Section 107 / 108 of the Indian Evidence Act, 1872. Section 107 deals with the burden of proving whether a missing person is alive or dead and the burden of proving that he is dead is on the person who…
( This post explains, the difference between other current liabilities and the current liabilities for the purpose of working capital appraisal and items like contingent liabilities, netting of current liabilities and current assets.) The current liabilities are those dues, to be settled within 12 months from reporting date, including overdraft and loan installments payable within 12…
(This article identifies the non-current assets to be separated from current assets while appraising the working capital limits to borrower). The figures of ‘Current Assets’ appearing on the balance sheet is normally a consolidated figure of ‘Current Assets’ and ‘Other non-current Assets’. Hence, the Non-Current Asset items are to be separated from current assets and that only the…
(This article explains the meanings of current assets, fixed assets, intangible assets, share capital, reserve and surplus, long-term liabilities, current liabilities, contingent liabilities & assets.) A balance sheet is a financial statement of an entity which is prepared for reporting of financial position of the business as at a particular date. The balance sheet is so…
Update: The Sovereign Gold Bonds series I issued on August 05, 2016 and held in dematerialised form shall be eligible for trading on Thursday, September 01, 2016 on the stock exchanges recognised by the Government of India under the Securities Contracts (Regulation) Act, 1956. The issuance of the Sovereign Gold Bonds 2016 – Series I (“the…
Funds flow statement takes both cash and non-cash items for accounting. Funds flow statement is used to examine the funds precisely available for working capital from long-term sources. It also enables assessment of an entity’s ability to meet long-term obligations. The funds flow takes place only when there is an increase or decrease in working capital…
The Sikhs, Muslims, Christians, Zoroastrians, Buddhists, Jains communities in India are classified as minority communities as per notification of Ministry of Welfare, Government of India. In 121 districts in the country, the minority population exceeds 25% of total population of the districts. Further, in the states of J & K, Punjab, Meghalaya, Mizoram, Nagaland and…
[Government’s support to women SHGs in rural area under Deenadayal Anthyodaya Yojana- National Rural livelihoods Mission DAY-NRLM – (Corpus from Revolving Fund, ‘Panchasutra of good SHGs, CIF loan, the maximum amount of loan, repayment schedule, margin and security for the Bank loans)] Who can form SHG under DAY-NRLM? Women Self Help Group (SHG) under DAY-NRLM is the…
[Cash Budget pattern of financing seasonal productions like sugar, tea and construction activities] The request for financial assistance from business enterprises dealing in seasonal products like sugar, tea, construction activities, film industries, order based activities etc. are facilitated by the banks through Cash Budget financing plans. In such pattern of business dealings, the requirement of…
The Central Board of Excise & Customs has amended the rules for purchase of goods from duty-free shops. The Government of India communication dated July 8, 2016, states that the Indian currency limit is increased purchase limit from Rs.5000/- to Rs.25000/- at duty-free shops. The above revision is in order to avoid paying excessive exchange…