Pursuant to the Demonetisation in Indian Economy , the government has not come up with the new disclosure requirement for the Company to be included in the Audit disclosure under Schedule III of Companies Act 2013. Every company has to disclose the details of Specified Bank Notes held and transacted by them during the period up to 30 December 2016. Copy of the Notification attached herewith.
In the Companies Act, 2013 (hereinafter referred to as the principal Act), in Schedule III, in Division I, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘W’, the following clause shall be inserted namely:-
“X. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 as provided in the Table below:-
SBNs
Other denomination notes
Total
Closing cash in hand as on 08.11.2016
(+) Permitted receipts
(-) Permitted payments
(-) Amount deposited in Banks
Closing cash in hand as on 30.12.2016
Explanation : For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.”.
SBNs as per the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016:
"Bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees (hereinafter referred to as specified bank notes)."
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The basic information regarding the
geography of India , Literacy rate , population , GDP can be accessed from
various online portals , hence we are not focusing on these factors here. We
will look at the more practical aspects that are important for the
International Companies targeting Indian market.
Indian economy is one of the
rapidly growing economies on globe, with huge opportunities available in almost
all sectors specifically in infrastructure development and Technology. Also
having largest young & Working populatio
Through this presentation we intend
to bring you the “NINE
POINT AGENDA”
for you to understand & succeed in the Indian market.
The views are based on the feed
back & reviews of various international Companies established in India ,
collaborated with our practical experience in handling these companies.
Keeping yourself close to these
factors will assure you success in cracking Indian market.
1.
Do not , take it easy !!
Never underestimate the Indian
market, India is a huge market with very high number of population growing. It
might crave you, looking at the market size.
But never take it easy, the
dynamics of population in there cultures , habits , way of living can really
surprise you to a great extent.
India has accommodated all religion
of the world with six major religion , they speak 780 Languages , There are
many tradition and cultural differences & different classes of people , its
not easy to cater to such wide variety of population. Hence
“Precisely
understand your customers, market segment, their requirement ,behaviors
and the market size before entering Indian market. Do your
Homework”
2.
Right Legal & Capital Structure
Precise understanding of right legal
structure for your organization is the one of the key factor & it
completely depends on your short term & long term plans for India.
Selection of right legal structure is important and has to be done with proper
understanding of its features & Characteristics.
Assessing the right capital structure i.e
equity , preference or debt is another key factor for India operation. Factors
like Cost of Capital , High interest rates in India & repatriation of
capital and profits shall be well studied to have right combination of your
capital structure.
“Assess your vision for India and the
financial commitment you can provide for the growth of your organization in the
Indian market. “
3.
India moves at its own pace
International Companies
have their plans , deadline & schedule for
completing the job.
Sometime
these are prepared based on the information and understanding as
per their home markets or its received online or thorugh consultants. But
for India its not same , India moves at
its own pace , so always have additional cushion to your deadlines. Many time
its difficult for foreign companies to move faster then India allowed them ,
Bureaucracy does exists and
its sometimes difficult to manage by foreign nationals, hence take help of the
local people and consultants having expertise in the relevant area.
“Always have significant provision
to your deadlines assessed”
4.
Seek Advice :- Existing Companies
It is always advisable to have an
opinion and advice from the companies already established in Indian market ,
Connect to the Companies from your Country or neighbor countries Connect to Bilateral chamber of commerce
& Commercial Office of your embassy.
Discuss the practical issues faced
by them,
having a understanding from them could save you a of time
, energy & Cost.
Choose your Consultants with
references , proper feed back & background check if possible.
Hence
“Do Seek advices &
Understanding from already existing companies”
5.
Think Global & Act local
India Being a business nations , It
is really important to Blend in the Indian Knowledge &
Approach
with your experience and approach. You need to act locally in order
to move things faster and in a better way , keeping in mind your global agenda
,targets and Strategies.
Implementing & Replicting the
global practices may effect the implimetation plan & Delay lot of
things.Hence always customise the things as per the Indian environment. So
“Understand Indian philisophy &
Make it Indianised “
6.
Have right people & show
confidence in them
Manpower
resource in India has huge potential and has capacity to execute the things in
a better , practical and efficient way keeping in mind the local environment.
Showing
no faith in Indian team may create dis guise situations where in people at site
could not do anything even after understanding the whole situation,So
constantly work on delegation of Indian operation in the hands of Indian
resource and show confidence in them, give them responsibility and work. Hence
”Show Confidence in people, Give Rewards , they will perform !!"
7.
Operate from India , then your country
Being a international Company ,
many times the companies carry out many of their activities from their HQ , and
they have concerns over handling various matters from India & Delegating to
Indian manpower.
It is important for companies to
handle India related matters from India itself. To have more strong
understanding of Indian market environment & Its people. This will give you
a edge in many respect over the growth and prosperity of your business in
India.
“Make India your second destination
, to have best results”
8.
Have clarity on Compliances & Taxation
One of the Key factors for the long
term success of Indian operation is understanding the tax structures and
Compliance applicable to your organization. Indian Tax structure and Compliance
could look to be complex to foreigners , But Indians can handle & Manage
them well, Understand this. For any non compliance or non clarity have direct
contact with the authorities. They will guide you.
“So keep your compliance in check ,
do not hesitate to connect to government agencies”
9.
Have patience & be persistent
Being a international company , the
people are used to the simple process and way of doing things.
The most important and key behind
the success in Indian market is to have patience & persistence in each and
every activity be it marketing , licenses , reporting , operations &
Handling resources.
Keep yourself focused and on the
job , things will be on the track gradually. As informed India has its own pace
of doing things, So
“Your presence in India is the most
important factor, so be there”
