18 April 2010
Can a practising CA firm whether a sole proprietorship or partnership open a CC A/c with Bank?? I have mostly seen Current Account of CA Firms not CC A/c. If it can open CC A/c then what would be given as hypothecation? Because in CC A/c normarlly business units hypothecate their stocks.
20 April 2010
I AGREE WITH ALL OF YOU. OUR GROUP COMPANY A/C WITH BOB , I HAVE LOOK AFTER ALL CC LIMIT OF OUR COMPANY. I HAVE DISCUSSED ABOUT IT WITH OUR BRANCH CHEIF MANAGER AND MANAGER-LOANS & ADVANCE REGARDING IT GENREALLY. THEY TOLD IF CA FIRM A/C IN THE BANK HAVING GOOD TRANSACTIONS SINCE MORE THAN 2 - 3 YEARS. THEN FIRM CAN APPLY ON CC LIMIT AGISNT HYPO OF BOOK DEBTS, BUT LIMIT AMOUNT MAY NOT BE HIGH , IT MAY BE UPTO 5 LACS ON THE BASIC OF ACCOUNT TRANSACTION. ACCORDING TO THEM , THERE IS NO PROVISION IN BANK DENYING CA FIRM OR CA PROPERITISHIP TO OPEN CC A/C. PRACTICALLY I HAVE ALSO NOT COME ACROSS ANY SUCH INCIDENT. BUT IT MAY BE .
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