As per clause xvi of CARO auditor has to report on use of Term Loan. Whether OD limit would be included within the meaning of term loan
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CARO Clause xvi
Replies (3)
Dear Jain,
OD cannot be included in Term Loan
Term Loan means a Fixed Amount/Loan which is borrowed for a fixed period/term..
OD cannot be included in Term Loan
We have to only report use of Term Loan & not the Over Draft.
"Over Draft" is just a arrengement for short period with the bank & is dfferent form "Term Loan". Term Loan is mostly for a longer period & for a specific purpose.
Thanks
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