Companies Balance Sheet Fy 2016-17: Disclose Receipts & Payments In Rs. 1000 & 500 Currency Notes, Says Notification [Read Notifications]

Companies Balance Sheet Fy 2016-17: Disclose Receipts & Payments In Rs. 1000 & 500 Currency Notes, Says Notification [Read Notifications]

The Central Government through Notification No. 244/ 2017 dated March 30, 2017 amends Schedule III of the Companies Act, 2013.

Schedule III of the Companies Act, 2013 provides for “General instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company”

The Amendment to the Schedule III requires a Company to disclose the details of specified bank notes (Rs. 500 & 1000 notes) held and transacted during November 8, 2016 to December 30, 2016. Company is required to disclose the following:



  • Closing Balance of cash as on November 8, 2016 in specified bank notes and notes in other denomination.

  • Receipts in specified bank notes and notes in other denomination

  • Payments in specified bank notes and notes in other denomination

  • Closing Balance of cash as on November 8, 2016 in specified bank notes and notes in other denomination.


Further, Companies (Audit and Auditors) Rules, 2014 are also amended effective March 30, 2017. Rule 11 prescribes for views and comments of auditors in the Auditors report. The Central Government through an Extraordinary Notification No. 243/2017 dated March 30, 2107 insert the following in Rule 11 “whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company

Read the Notifications below.