Why we in India are modifying IFRS as IND-AS?Does not that mean we are not at all converging to the IFRS and Indian companies may not be able to raise money from outside Indian markets?
Kiran Kumar Komaravolu, e-mail
While it would be ideal for every company in every country to conform to IFRS across the board without any exception whatsoever so as to make for uniformity that facilitates comparison and consistency, IFRS itself is not a perfect set of accounting standards.
Its accent on fair valuation as panacea for all valuation problems, for example, is meeting with resistance from knowledgeable quarters including in India.
As for mobilising funds from abroad, the Ministry of Corporate Affairs has made convergence mandatory for companies that raise money from abroad.
Wrong PAN number
I have a fixed deposit with a bank. I have given a photostat copy of my pan number. When I got Form 16 A. I found that there was mistake. The bank has deducted TDS but deposited in wrong PAN number. What will happen with the TDS which bank has already deducted.
Rattan Lal, Phagwara
The onus is on the bank to rectify the mistake not only by issuing a fresh certificate to you, but also by rectifying its returns with the department because these returns become the basis of the information contained in Tax Information Network (TIN) maintained by NSDL for the tax administration.
Special Drawing Rights
What are Special Drawing Rights? Shreya Vasudevan, Chennai
Special Drawing Rights are not a currency as such. The IMF uses it as an expedient in settling the inter-se accounts of member-nations. In other words, it is a currency not at the universal level, but at the levels of governments for inter-country transactions.
But it hasn't been a great hit with member-nations. It is based on the weighted average of quotations for the dollar, Euro, Yen and Pound - the four leading floating currencies of the world. There is a move afoot to include the Chinese Yuan as well.
In international financial markets, one needs an actual currency to settle transactions and not a nebulous idea of amalgam of currencies.