Financial Daily from THE HINDU group of publications
Friday, Sep 09, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 09, 2005 |
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RBI & Other Central Banks Money & Banking - NBFCs Big NBFCs told to file monthly returns Our Bureau
Mumbai , Sept. 8 ALL non-banking banking finance companies with asset size of Rs 100 crore and above will have to submit monthly returns to Reserve Bank of India. According to a notification issued by the RBI, the return should be submitted within seven days of the month following the month to which it pertains. Hence, the first monthly return of September should be submitted by October 7. The provisional return of March 2005 should be submitted as per this stipulation. The return certified by statutory auditors may, however, be submitted within seven days of finalisation of final accounts. The companies will also be required to indicate in their returns, classifications under company profile such as loan, investment, hire purchase, leasing etc. Regarding capital market exposure, NBFCs will have to furnish information about financing of IPOs, gross sales and guarantees issued on behalf of share brokers. The notification states that non-submission of the returns will be viewed seriously and penal action will be taken.
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