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Government directs companies to reveal details about junked notes

After asking individual taxpayers to verify their cash deposits during demonetization, the government has now directed all registered companies to disclose their transactions involving the scrapped currency notes of Rs 500 and Rs 1000. Such companies will have to provide the details pertaining to the period of demonetization, from November 8 to December 30. The Corporate Affairs Ministry said that companies will have to publish this information in their annual balance sheet. Also, the company’s auditors will have to certify that the company had made adequate disclosures about their transactions involving the scrapped currency notes.

The notification issued by the government reads, “Every company shall disclose the details of Specified Bank Notes (SBNs) held and transacted during the period from November 8, 2016 to 30th December, 2016”. SBN refers to the currency notes that were demonetized on November 8. Companies will need to provide details about their closing cash in hand, as on November 8 and on December 30. They also need to disclose information about permitted payments and the amount of scrapped notes deposited in banks.

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