1. ROLE OF STATUTORY BRANCH AUDITOR IN DEMONETISATION
CA Shriniwas Y. Joshi

2. PURPOSE Fulfilling Election Promise Eradication of black money
Removal of fake currency from the system
Stopping financing to terrorism, Espionage, Smuggling of arms, Drugs and other contra bands into India
CA Shriniwas Y. Joshi

3. AUDITOR’S RESPONSIBILITY
Ensuring Compliance with RBI Circulars
Ensuring Compliance with directions of Controlling authority
Comment on Control Issues
Read Concurrent Auditor’s or Special Auditor’s Report
CA Shriniwas Y. Joshi

4. AUDITOR’S RESPONSIBILITY
Exchange of Notes –
Adherence to limits
Documents to be obtained
Authority Letter
CCTV Recording
Application of indelible ink
Capacity to handle customers
CA Shriniwas Y. Joshi

5. AUDITOR’S RESPONSIBILITY
Payments –
Limits for withdrawal in cash / ATM
System Level Control /CCTV Footage
Withdrawals for marriage
Operations in CA/CC/OD opened within three months
Transactions beyond branch hours
CA Shriniwas Y. Joshi

6. AUDITOR’S RESPONSIBILITY
Receipts –
Limits for cash deposits over the counter
Documents required
Cash Deposit by person other than account holder
Use of separate pay-in slip
Account where KYC is pending
CA Shriniwas Y. Joshi

7. AUDITOR’S RESPONSIBILITY
Receipts Contd. –
Transactions through office accounts
Movement of SBN to currency chest
Recalibration of cash recycler/cash deposit machines
Deposits in NRO account
Due diligence for deposits in minor/trust/ association/society account
CA Shriniwas Y. Joshi

8. AUDITOR’S RESPONSIBILITY
Reporting –
Closing balance as on 8th November, 2016
Daily reporting of cash deposits and exchanges
CTR and STR (Enquiry with customer)
New Account opening from
Activation only after completion of KYC formalities
PAN for SBN in excess of Rs.50,000/-
CA Shriniwas Y. Joshi

9. AUDITOR’S RESPONSIBILITY
Other Aspects –
Withdrawals through Office account beyond prescribed limit
Review of accounts of staff and their relatives
Use of multiple accounts of the same customer for bulk deposits
Lifting of dormancy flags post 8th Nov.
CA Shriniwas Y. Joshi

10. AUDITOR’S RESPONSIBILITY
Monitoring Aspects –
Abnormal transactions in newly opened accounts
Foreign Outward remittance of SBN deposited
New loans disbursed in cash
Withdrawal of amounts in excess of permissible limit
CA Shriniwas Y. Joshi

11. AUDITOR’S RESPONSIBILITY
Monitoring Aspects - Contd..
Cash deposit in small saving accounts
Cash deposits Jana Dhana Account with transfer to other accounts
New Accounts opened and closed during short period
Acceptance of SBN for para banking activities
FIR for fake notes.
CA Shriniwas Y. Joshi

12. Thank you..
CA Shriniwas Y. Joshi