Corporate Updates – 10-08-2016


RBI has made few modifications procedure in case of dishonor of cheques for all scheduled commercial banks and regional rural banks. As per the circular, RBI advised banks to introduce a condition for operation of accounts with cheque facility that in the event of dishonour of a cheque valuing Rs. 1 Crore and above drawn on a particular account of the drawer on four occasions during the financial year for want of sufficient funds in the account, no fresh cheque book would be issued. Also, the bank may consider closing current account at its discretion. The RBI circular further stated that the above instructions have been reviewed and it has been decided to leave it to the discretion of the banks to determine their response to dishonour of cheques of the account holders. It advised banks should put in place an appropriate policy approved by the Board or its Committee taking into consideration the need to prevent misuse of the cheque drawing facility and avoid penalizing customers for unintended dishonour of cheques. Banks are also advised to maintain transparency in this policy and made known to every customer upfront and implemented fairly.


MCA has notified the amendment of eForm AOC-4 (XBRL) for filing Annual Financial Statements to include mandatory CSR / CARO related details. The said form shall remain temporarily unavailable on MCA’s portal. The revised AOC-4 (XBRL) eForm along with updated C&I Taxonomy is likely to be available on MCA portal in September 2016. Upon implementation of the revised eform, the updated C&I Taxonomy 2016 should be used for filing annual financial statements in respect of financial years commencing on or after 01.04.2014. Stakeholders are further requested to refer General Circular 08, dated 29 July 2016 regarding waiver of Additional Fee and plan accordingly.

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