What is a Long Form Audit Report (LFAR)?
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…
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Death claim procedure in case of National Savings Certificates
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…
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What is a tax audit? To whom it is applicable?
In our previous posts we talked about In our previous posts we talked about various types of audits conducted in banks such as (1) Statutory Audit (2) Long Form Audit Report 3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) Emergence of Risk-Based Internal Audits in Banks (7) Tax audit, and (8) What is the stock audit? For details, you…
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Present PPF rules for NRIs
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…
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Death claim settlement process of SCSS account
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…
Lenders should disclose the aggregate amount to be refunded/adjusted as of March 31, 2021: RBI
Reserve Bank of India on Wednesday asked lending institutions to disclose the aggregate amount to be refunded/adjusted in respect of their borrowers based on the Asset Classification and Income Recognition following the expiry of the Covid-19 regulatory package in their financial statements for the year ending March 31, 2021. The above announcement of the central…
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