Comments Off on FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia
FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia
According to the government, India received the highest-ever total foreign direct investment (FDI) inflow of $81.72 billion in FY21, up 10% from 2019-20. Inflows of equities, earnings reinvested, and other capital make up total FDI.
Singapore led the way with a 19 percent increase in foreign direct investment equity inflows over the previous fiscal year, followed by the United States and Mauritius. Saudi Arabia, on the other hand, saw the largest rise in foreign investment of $2.81 billion in FY21 compared to $89.93 million the previous year.
Saudi Arabia is the top investor in terms of percentage rise among the top ten countries in 2020-21, according to the government.
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FDI of $59.64 billion were recorded in FY21, up from $49.98 billion the previous year.
The commerce and industry ministry stated in a statement that “measures implemented by the government on the fronts of Foreign investment policy changes, investment facilitation, and ease of doing business have resulted in higher foreign investment inflows into the country.”
According to the report, foreign investment equity inflows from the US and the UK increased by 227 percent and 44 percent, respectively.
According to the statement, computer software and hardware emerged as the leading sector with roughly 44 percent of total Foreign investment equity investment, followed by Construction (Infrastructure) Activities (13 percent) and Services Sector (8 percent).
Gujarat, Karnataka, and Delhi are the top recipients of FDI in the Computer Software & Hardware sector
According to the statement, equity in the primary sectors of construction (infrastructure), computer software & hardware, rubber goods, retail trading, drugs & pharmaceuticals, and electrical equipment increased by more than 100 percent in 2020-21 compared to the previous year.
Gujarat is the biggest recipient state for foreign investment equity inflows this year, accounting for 37% of total foreign investment equity inflows, followed by Maharashtra (27%), and Karnataka (27%). (13 percent ).
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Comments Off on Changes via Company Auditor’s Report Order , 2020 CARO
CARO Reporting, 2020 being notified
MCA has notified particular issues being important & thereby should be reported as per particular norms with the financial statements for certain entities as a part of their audit reports for almost all companies except a few below.
Banking, Insurance, Charitable setups & small cos. or OPC has been kept out of this exercise. Also, some smaller setups with below norms are exempt from this as below –
Not a holding or subsidiary of a Public company
Paid-up Capital plus Reserves l< 1 Crore at the reporting date.
Borrowings less than or equal to Rs. 1 Crore at any time during the year
Revenue less than or equal to Rs. 10 Crores in the financial year
Key points of change suggest towards-
Whether the company is maintaining proper records showing full particulars of intangible assets
Reporting on revaluation of Property, Plant and Equipment’s by company
Reporting of proceedings under the *Benami Transactions* (Prohibition) Act, 1988. i.e. whether the company has appropriately disclosed the details in its financial statements
Reporting if the *stock statements filed with banks* are in line with books of accounts, if the company was sanctioned working capital limits in excess of five crore rupees or more from banks or financial institutions. To report any discrepancies of 10% or more in the aggregate for each class of inventory
Report quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company, if not, give details
Reporting of *investments* in or providing of any *guarantee or security* or granting any loans or advances.
Loans overdue for more than 90 days, *evergreening of loans, reporting on any *loan default*, etc.
Report on evergreening of loans – specify the aggregate amount of such dues renewed or extended or settled by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year
Reporting of compliances with RBI directives* and the provisions the Companies Act with respect to deemed deposits.
Reporting with respect to transactions not recorded in the books of account but now surrendered or disclosed as income in the income tax proceedings.
Report on balances outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures, and associates
Reporting on treatment by the auditor of *whistle-blower complaints* received during the year by the company
Reporting on the resignation of the statutory auditors
Reporting on the uncertainty of company capable of meeting its liabilities
Reporting transfer of *unspent CSR* amount to Fund specified in Schedule VII
Investment, Guarantee & Security given has been covered now along with loans & Advances – in terms of benefits to the company
Clarification required for Non-Disclosure of Properties taken on Lease by the Lessee
Auditor has to specifically comment on coverage and procedure adopted as per audit approach Also Materiality has been defined as 10% or more in each class of Inventory
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