Let me take you to a real case of Vijaya Bank PD Mellow Branch of Bombay , where in case Nil Balance was in Account on the date of issue of cheque. In fact cheques issued dated 14.01 . January 2001 no balance was in account opened with the Vijaya Bank , were cleared on 10.05 .2001 May and in fact was sent by Company on 06.05.2001 to debenture holders , for debenture redemption amounting to Rs 250 crores by Jindal Iron and Steel Co Limited !! This is not abnormal . Normal allowed by Banking Business under supervision of Reserve Bank of India !!!! No supervision by Reserve Bank of India?? For such subject R B I says go to SEBI!!!! Sebi is more powerful!!!!!!!!!!!
- High-level panel to decide on new rules this week
11:36 HRS IST
New Delhi, Aug 18 (PTI) A high-level government panel is likely this week to take a final call on the new accounting norms, that would converge with international standards.
Taking into consideration the interests of the domestic industry, the proposed Indian Accounting Standards (Ind AS) would only converge with the globally-accepted International Financial Reporting Standards (IFRS).
The core group, chaired by Corporate Affairs Secretary Naved Masood, is scheduled to meet on August 23.
"The norms have been finalised...
Taking into consideration the interests of the domestic industry, the proposed Indian Accounting Standards (Ind AS) would only converge with the globally-accepted International Financial Reporting Standards (IFRS).
The core group, chaired by Corporate Affairs Secretary Naved Masood, is scheduled to meet on August 23.
"The norms have been finalised...
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