Notifications (June 2021)

COMPANIES (ACCOUNTING STANDARDS) RULES, 2021, ARE PUBLISHED BY THE MCA

The Ministry of Corporate Affairs (MCA) has issued accounting rules for small and medium businesses, which modify turnover and borrowing limitations and make disclosure obligations easier. The Companies (Accounting Standards) Rules, 2021 are published by the government. 

The new definition of MSMEs is incorporated in the notice. The turnover restriction has been increased from Rs 50 crore to not more than Rs 250 crore under the amended SMC definition, along with increased borrowing restrictions. This is in addition to the condition that these firms be unlisted and not banks, financial institutions, or insurance organisations.

Except for firms that are subject to Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015, all companies and their auditors must follow the Accounting Standards.

In order to prepare financial statements, accounting standards must be followed. The government-mandated that any SMC that does not reveal certain information due to exclusions or relaxations granted to it report the fact that it is an SMC and has complied with the Accounting Standards insofar as they apply to an SMC (through a note to its financial statements).

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THE POST OFFICE WILL NOT ACCEPT INVESTMENTS MADE THROUGH WITHDRAWAL FORMS (SB-7)

In receipt of representations from agents/agent associations to allow investment in various National Savings Schemes (i.e. RD/MIS/TD/KVP/NSC) using a withdrawal form (SB-7) under the SAS / MPKBY Agency System.

The issue was brought up with the Ministry of Finance for consideration because there is no such provision in the SAS Agency Rules 1959 / MPKBY Agency Rules 1972.

The Ministry of Finance has decided to reject the plan in order to protect the investor’s money and avoid any irregularities or scams in the investment.

In light of the foregoing, any post office shall not permit investment in various National Savings Schemes using the withdrawal form (SB-7) under the SAS / MPKBY Agency System.

TO READ OFFICIAL NOTIFICATION CLICK HERE

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