ARTICLE
29 August 2017

Demonetization - Companies To Disclose In Balance Sheet And Reporting thereof By Auditor – MCA Notification

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DNV & Co
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DNV & Co. is a Chartered Accountants' firm providing consultancy to various foreign companies to seamlessly establish their business entities in India. We advice them on Foreign Direct Investment (FDI) Policy, Foreign Exchange Management Act (FEMA), International tax implications including effect of bilateral treaties and overall entry strategy depending up on their business sector, current business with Indian companies and their reason for setting up Indian arm. We also specialise in Transfer Pricing regulations, Business valuations and secretarial compliance that specifically impacts the such companies.
Every Company shall disclose the details of Specified Bank Notes held and transacted during the period from 8th November, 2016 to 30th December, 2016 under Notes to Accounts as per the format referred in notification.
India Corporate/Commercial Law
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"On 30th March 2017, Ministry of corporate affairs, New Delhi, has notified as follows:

As per notification G.S.R. 308(E):

Every Company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 under Notes to Accounts as per the format referred in notification.

As per notification G.S.R. 307(E):

The Auditor also needs to form an opinion on the same that whether the Company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes (SBN) during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the Company.

Refer Enclosed Annexure for Disclosure format, proof of documents as illustrated in the Document Checklist to substantiate disclosure & corresponding Notification.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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ARTICLE
29 August 2017

Demonetization - Companies To Disclose In Balance Sheet And Reporting thereof By Auditor – MCA Notification

India Corporate/Commercial Law
Contributor
DNV & Co logo
DNV & Co. is a Chartered Accountants' firm providing consultancy to various foreign companies to seamlessly establish their business entities in India. We advice them on Foreign Direct Investment (FDI) Policy, Foreign Exchange Management Act (FEMA), International tax implications including effect of bilateral treaties and overall entry strategy depending up on their business sector, current business with Indian companies and their reason for setting up Indian arm. We also specialise in Transfer Pricing regulations, Business valuations and secretarial compliance that specifically impacts the such companies.
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