https://www.taxtmi.com/notifications?id=23906 Prudential norms require Nidhis to recognise income on loans only when realised and to reverse unrealised income on assets newly classified as non performing. Mortgage loans must be classified as Standard, Sub standard, Doubtful or Loss with prescribed provisions (no provision, 10%, 50%, 100% respectively) and collateral realisable value may be deducted where sale proceedings began within two years, capped at original assessed value. Loans secured by jewellery, government securities or deposits must be recovered within three months of default and attract 100% provision for unrealised amounts. Provisions must be charged to and disclosed in the current year's profit and loss account. en-us Thu, 26 Jul 2001 00:00:00 +0530 Thu, 23 Jun 2011 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=23906 Prudential norms require Nidhis to recognise income on loans only when realised and to reverse unrealised income on assets newly classified as non performing. Mortgage loans must be classified as Standard, Sub standard, Doubtful or Loss with prescribed provisions (no provision, 10%, 50%, 100% respectively) and collateral realisable value may be deducted where sale proceedings began within two years, capped at original assessed value. Loans secured by jewellery, government securities or deposits must be recovered within three months of default and attract 100% provision for unrealised amounts. Provisions must be charged to and disclosed in the current year's profit and loss account. Notifications Companies Law Thu, 26 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/notifications?id=23906