MM TAX CLUB

The outstanding balance of ‘7% FERT COS GOI SPL BOND 2022’ is repayable at par on December 09, 2022 (December 10^th being a holiday). No interest will accrue thereon from the said date. In the event of a holiday being declared on repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working day.

2. a) As per sub-regulations 24(2) and 24(3) of Government Securities Regulations, 2007 payment of maturity, proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate, shall be made by a pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such Government Securities, shall submit the relevant particulars of their bank account well in advance.

b)  However, in the absence of relevant particulars of bank account/mandate for receipt of funds through electronic means, to facilitate repayment of the Loan on the due date, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries/Sub-Treasuries and branches of State Bank of India (at which they are enfaced / registered for payment of interest) 20 days in advance of the due date for repayment.

3. Full details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.

Government of India

Ministry of Finance

Department of Economic Affairs

Budget Division

North Block,

New Delhi-110 001

Dated: November 14, 2022

he Government of India (GoI) has announced the sale (re-issue) of (i) “6.69% Government Security 2024” for a notified amount of Rs 4,000 Crore (nominal) through price based auction using uniform price method, (ii) “7.10% Government Security 2029” for a notified amount of Rs 6,000 Crore (nominal) through price based auction using uniform price method, (iii) “7.54% Government Security 2036” for a notified amount of Rs 11,000 Crore (nominal) through price based auction using uniform price method and (iv) “7.40% Government Security 2062” for a notified amount of Rs 9,000 Crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 Crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on November 18, 2022 (Friday)

Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 18, 2022. The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m.

The result of the auctions will be announced on November 18, 2022 (Friday) and payment by successful bidders will be on November 21, 2022 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

The National Financial Reporting Authority (NFRA) has published its audit quality inspection guidelines  as a step towards  further  improving the quality of audit profession. The inspection guidelines are on the lines of the best practices followed by International Audit Regulators. In fact, Audit quality inspections are integral to the functioning of independent audit regulators, world-wide. The International Forum for Independent Audit regulators (IFIAR), which comprises independent audit regulators from 54 countries, requires that audit regulators, should as a minimum, conduct recurring inspections of audit firms undertaking audits of public interest entities in order to assess compliance with applicable professional standards, independence requirements and other rules, laws and regulations.

Also, in response to a NFRA’s consultation paper “Enhancing Engagement with Stakeholders’ in 2021, many stakeholders had suggested onsite inspection of audit firms by NFRA to help inspection teams familiarize themselves with the systems and processes followed by audit firms and  also to enable the audit firms to comply with  auditing standards, guidance etc  in  its audits.

NFRA’s  inspections are intended to identify areas and opportunities for improvement in the audit firm’s system of quality control. Inspections will consist of firm-wide review of audit quality (SQC 1) and individual file reviews on test-check basis to evaluate the level of compliance with applicable auditing standards and quality control policy and processes. NFRA has clarified that inspections by nature, are distinct from investigations. However, in certain cases, test-check by the inspection teams may provide basis for enforcement or investigation under applicable provisions of the Act and Rules.

Audit quality inspections will provide an opportunity for feedback and course correction to the audit firms and at the same time foster a greater mutual understanding of the policies and procedures that underlie audit quality management. The inspections are intended to bring about systemic improvements in overall financial reporting framework in the country. The inspection guidelines are available at: