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Reserve Bank Of India has mandated forensic audits for credit exposure above Rs 200 crores considering that it was challenging for the reports to be admissible in courts of law as there was no standardisation process in such cases.
On 14 March 2013 Reserve Bank of India conducted an inquiry into possible violation of its KYC (Know Your Customer) and AML (anti-money laundering) guidelines by ICICI Bank, HDFC Bank and Axis Bank. [5] [6] [7] Following the enquiry, penalty of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs 1 crore on ICICI Bank was imposed by RBI. [8]
The Serious Fraud Investigation Office (SFIO) is a statutory agency in India tasked with investigating corporate fraud.It operates under the Ministry of Corporate Affairs, Government of India, with the mandate of detecting and prosecuting or recommending prosecution for white-collar crimes.
Financial Audit and Accounting professions: Institute of Chartered Accountants of India: 1-May-1949: Financial system and monetary policy: Reserve Bank of India: 01-Apr-1935: Mining and Mineral Exploration: Directorate General of Mines Safety(DGMS) 07-Jan-1902: Food Safety: Food Safety and Standards Authority of India: Aug-2011: Security Market
The Reserve Bank of India (abbreviated as RBI) is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of the Republic of India, it is responsible for the control, issue and maintaining supply of the Indian rupee.
Cobrapost further alleged that four major Insurance companies in India were active in black money operations, including the LIC, Reliance Life, Birla Life and the Tata AIG joint venture. [22] The Reserve Bank of India (RBI) launched a detailed audit and investigation after the Cobrapost allegations. It scrutinized the books of accounts, the ...
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Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct, [1] or financial misconduct within the workplace by employees, officers or directors of the organization. [2]