RBI recently comes up witn new circular for NBFCs vide: RBI/2010-11/295 DNBS.PD/ CC.No. 204 / 03.05.002 /2010-11 dt.December 1, 2010
Non-Banking Financial (Deposit Accepting) Companies Prudential Norms Directions, 2007 and Non-Banking Financial (Non- Deposit Accepting) Companies Prudential Norms Directions, 2007, every NBFC shall prepare its balance sheet and profit and loss account as on March 31 every year and extension of date of balance sheet requires prior approval of RBI.
All NBFCs are required to submit a certificate from Statutory Auditor with respect to the position of the company as on March 31 st every year within one month from the date of finalization of the balance sheet not later than December 30 th of that year.
The certificate from Statutory Auditor shall be submitted to RBI within one month from the date of finalization of the balance sheet, it is also advised that all NBFCs shall finalise their balance sheet within a period of 3 months from the date to which it pertains. For eg: balance sheet as on March 31 st of an year shall be finalized by June 30th of the year.
Regards
PL.Manickam
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