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Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance...
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Disclosure of Specified Bank Notes in Balance Sheet

Disclosure of Specified Bank Notes in Balance Sheet

As per the Ministry of Corporate Affairs Notification No. G.S.R. 308(E) dated 30th March, 2017

In the Companies Act, 2013, in Schedule III, in Division I, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘W’, the following clause shall be inserted namely:-

v  X. 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 as provided in the table below.
SBNs
Other denomination notes
Total
Closing cash in hand as on 08.11.2016



(+) Permitted Receipts



(-) Permitted Payments



(-) Amount deposited in Banks



Closing cash in hand as on 30.12.2016





In the Companies Act, 2013, in Schedule III, in Division II, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘J’, the following clause shall be inserted namely:-

v  K. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-



Disclosure of Specified Bank Notes in Audit Report
As per the Ministry of Corporate Affairs Notification G.S.R. 307(E) dated 30th March, 2017 the Central Government hereby makes an amendment in Companies (Audit and Auditors) Rules, 2014, in rule 11 after clause (c), the following clause shall be inserted, namely:—


v  “(d) whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes 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.”



Disclaimer:
The posts on this blog s not a professional advice and are shared for academic and knowledge sharing purpose only.

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