E India CA

Professional Updates for Chartered Accountants

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ICICI Bank masked bad loans through change in accounting policy

As a multi-agency probe into dealings by ICICI Bank Ltd and its chief executive Chanda Kochhar has gathered pace in recent weeks, more skeletons are tumbling out of the closet of the country’s second-largest private bank. As financial year 2016-17 drew to a close, the ICICI Bank management wrote off unsecured portions of doubtful...

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RBI may ease forex hedging rules amid volatile rupee, trade war

 The Reserve Bank of India (RBI) will carry out a “comprehensive review” of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, along with the government, to allow greater flexibility in derivatives transactions and currency hedging. The announcement by the central bank on Wednesday to re-e...

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The time has come to force promoters out of companies where appropriate

Indian business is quite akin to Indian politics where heredity rules rather than talent. However, unlike politics where incumbents can be voted out, Indian promoters tend to be like royals and cannot be forced out regardless of competence or character. (Obviously, there are a large number of exceptions to this.) The first threat to...