Page 13 - Banking Finance November 2021

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CA Institute extends time price and demand for crude oil as well the festival season and normalisation
as demand for gold and electronic of economic activities.
limit for UDIN generation goods. The Unified Payments Interface (UPI)
to 60 days "While domestic demand is recovering, registered 365 crore transactions
Practising Chartered Accountants will the surge in imports in September worth Rs. 6.54-lakh crore in Septem-
now have more time to generate 2021 likely also reflects pent-up de- ber, as per data released by the Na-
Unique Documentation Identification mand and/or inventory restocking prior tional Payments Corporation of India.
Number (UDIN) for every document or to the festive season, and the pace The UPI platform had clocked 355
report certified by them. This is be- may moderate in the coming months," crore transactions amounting to Rs.
cause the Central Council of the CA said Aditi Nayar, chief economist at 6.39-lakh crore in August.
Institute decided to increase the time credit ratings agency ICRA. Immediate Payment Service (IMPS)
limit for generation of UDIN to sixty also registered a rise in transactions
days from the date of signing of the Over 1,000 auditors yet to and processed 38.44 crore payments
auditor's report or certificate, as of Rs. 3.24-lakh crore in September. As
against 15 days now allowed. file annual returns many as 37.79 crore transactions
More than 1,000 statutory auditors,
"With this decision, we have aligned representing a large section of audit amounting to Rs. 3.18-lakh crore took
the time limit for UDIN generation place through IMPS in August.
professionals, have not filed annual
with that of the 60 days level specified returns, according to the National Fi-
in our Standards on Auditing and Stan- nancial Reporting Authority (NFRA), Food businesses get time
dard on quality control. Everybody India's audit regulator.
wanted uniformity between the two till January 1 for quoting
and central council agreed to it", Painting a grim picture of India's audit licence number on bills
landscape, NFRA disclosed the names
Nihar Jambusaria, President, ICAI said.
of 1,011 auditors, including sole propri- The Food Safety and Standards Author-
A part of the reason for this decision etorship firms, which have not filed ity of India (FSSAI) has decided to ex-
could also be attributed to the Covid19 NFRA-2 forms for the 2018-19 report- tend the timeline for enforcement of
pandemic which has put millions of In- ing period. its order, that will make it mandatory
dians into difficulties, he added. for food business operators to mention
Audit firms are required to file NFRA-2 their license or registration number on
Exports up 21.4% in Sept, form every year, with details on their cash receipts, to January 1.
registration and permanent account
trade deficit at new high number, partners, number of employ- It had earlier said that restaurants,
Merchandise trade deficit hit a record ees and payments. The auditor has to food retailers, caterers and sweetmeat
high of $22.9 billion in September, ris- disclose if it quit an audit assignment shops will need to mention FSSAI li-
ing from $3 billion in September 2020 of a firm in the previous three years, cense or registration number on cash
and $11.7 billion in September 2019, or withdrew an audit report on finan- receipts, purchase invoices, bills or
on the back of a spike in imports, pre- cial statements, or its consent on us- cash memos on sale of food products
liminary data released by the govern- ing its name in a report. The auditor is from October 1.
ment showed. also required to make a statement on
its quality control policies for the re- The food safety authority said the de-
The sharp uptick in merchandise trade porting period. cision for extension was taken after
deficit comes despite 21.4 per cent receiving representations from indus-
year-on-year growth in exports to UPI records 365 crore try bodies on the issue. "In view of rep-
$33.44 billion, on the back of increased transactions worthy Rs. resentation from various industry asso-
exports of engineering goods, petro- ciations and stakeholders, it has been
leum products as well as gems and 6.54 lakh crore in Septem- decided with the approval from com-
jewellery. ber petent Authority that the enforcement
Imports last month rose 84.8 per cent Digital payments continued to register of ...the order will come into effect
to $56.4 billion, amid a rise in both robust growth in September amidst from January 1, 2022," it added.

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