Investment amortisation
This query is : Resolved
Guest
Guest
(Querist)
26 October 2007
In case of Co-operative bank, amount debited to P& L account for amortisation of Investment held by bank..
is it allowed?
if such amortisation is on account of mark to market adjustment then the allowability of such expenses?
give some case law if available...
is it allowed?
if such amortisation is on account of mark to market adjustment then the allowability of such expenses?
give some case law if available...
26 October 2007
IF IT IS A SCHEDULED BANK AS PER RBI NORMS ,THEN NORMAL BANKING NORMS APPLY INCLUDING AMORTISATION AND MARK TO MARKET ADG.ALLOWABILITY.
IF IT IS NOT INCLUDED IN THE SCHEDULE TO BANKING COMPANIES REGULATION ACT AND RBI
THEN AS BYELAWS OF BANKS AND COOPERAVE ACT
WILL APPLY.
AGAIN THE DISTINCTION IS WHETHER CENTRAL COOPERATIVE OR STATE OR DISTRICT COOP.BANK.
UNDER WHATEVER CATEGRY ,IT COMES THE RESPECTIVE BYELAWS IF ANY ON THE ABOVE ISSUES RAISED BY YOU APPLY.
IF BYELAWS ARE SILENT,BOARD OF DIRECTORS CAN APPROVE ALL SUCH RULES AS MAY BE REQUIRED SUBJECT TO RATIFICATION BY STAKE HOLDERS OF THE BANK.
R.V.RAO
IF IT IS NOT INCLUDED IN THE SCHEDULE TO BANKING COMPANIES REGULATION ACT AND RBI
THEN AS BYELAWS OF BANKS AND COOPERAVE ACT
WILL APPLY.
AGAIN THE DISTINCTION IS WHETHER CENTRAL COOPERATIVE OR STATE OR DISTRICT COOP.BANK.
UNDER WHATEVER CATEGRY ,IT COMES THE RESPECTIVE BYELAWS IF ANY ON THE ABOVE ISSUES RAISED BY YOU APPLY.
IF BYELAWS ARE SILENT,BOARD OF DIRECTORS CAN APPROVE ALL SUCH RULES AS MAY BE REQUIRED SUBJECT TO RATIFICATION BY STAKE HOLDERS OF THE BANK.
R.V.RAO
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