28 July 2008
Dear all, i am doing audit of an mfi registered as a society. What is the implication if i include grant from promotors to increase the networth of the society. and what is the treatment if there is an amount collected from members for some purpose. what is the maximum limit of interest to be paid on unsecured loans? please this is urgent
28 July 2008
The administration of society is governed by its bylaws. Please go through the bylaws. If there is no provision on any of the matters, amend the bylaws with the consent of members.
CAclubindia
