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Reporting Requirement under the Companies Act, 2013 with respect to cash balance and transactions during Demonetization by Companies and Auditors

Demonetization of Rs. 500 and Rs. 1000 bank notes of Mahatma Gandhi series by the Modi Government declaring  the use of such five hundred and thousand rupees notes (also know as Specified Bank Notes (SBNs)) as invalid with effect from the midnight of 8th November, 2016 came as a surprise to the Indian Economy. Some of the effects of such a move by the Indian Government included, cash shortages throughout the economy, people having to stand on long queue to exchange or deposit their SBNs, cash-driven industries facing up huge turmoil and so on. This lasted for quite few months and slowly the economy started to stabilize when  most of the cash withdrawn was pumped into the economy by the Reserve Bank of India (RBI) through the issuance of new Rs. 500 and Rs. 2000 notes. While the economy is believed to have recovered from this turbulence, it's aftermath are still to be seen in the form of additional reporting requirements laid down by the Government to companies as well as the audi…

Input Service Distributor (ISD) under Goods and Services Tax (GST) Regime

National Convention for Chartered Accountant Students 2016