Corporate Updates – 23-11-2016


MCA has made further amendments to Schedule II to the Companies Act, 2013 to clarify that relevant Ind AS shall apply for computation of amortisation amount over the useful life of intangible assets. However, where a company is not required to comply with the Ind AS, it shall comply with relevant Accounting Standards under Companies (Accounting Standards) Rules, 2006. Further, this notification shall be applicable for accounting period commencing on or after 1 April, 2016.


RBI has revised the withdrawal limits for Farmers and traders registered with APMC markets/mandis. Farmers may be allowed to draw upto Rs. 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms. Further, the traders registered with APMC markets/mandis will now be permitted to draw up to Rs. 50,000/- from their current accounts provided that such accounts are compliant with the extant KYC norms and are operational for the last three months or more.

News from NIRC of ICSI

NIRC of ICSI has decided to start fortnightly "PCS HELPLINE" to provide guidance / counseling in respect of problems and difficulties being faced by our members. In this series, NIRC is organizing "PCS HELPLINE ON ANNUAL FILING” on the 23rd November, 2016, to resolve the queries over telephone regarding Technical / Procedural / Interpretation issues relating to the topic “ANNUAL FILING” by CS Rahul Jain, will be available to answer the queries telephonically, on 23rd November, 2016 from 4.00 PM to 5.30 PM at 011-49343001.

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