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Fixed Deposit

This query is : Resolved 
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(Querist)
04 April 2011 Please provide what accounting should be followed when depositor not claimed deposit principal and interest on maturity.(all legal compliance)
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Abhishek

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Abhishek (Expert)
06 April 2011 Would depend upon which type of company is yours . i.e bank, NBFC or a normal company etc.. cos each of them has there own procedures as laid down by law
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Navendu Agarwal

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Navendu Agarwal (Querist)
07 April 2011 Please provide me for public ltd. Company
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Abhishek

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Abhishek (Expert)
21 April 2011 as per law u would need to keep the liability in your books for 7 years and thereafter transfer to investor education and protection fund
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