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BANKING OMBUDSMAN AND ITS ROLE

  The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks.  Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory response from the bank within 30 days of lodging a complaint. Complaints given to Ombudsman Cover  -  Non-payment or delay in payment of cheques, drafts, or bills. Issues related to loans or advances. Non-adherence to fair practices code. Unauthorized debits or service charges. Complaints regarding internet banking or mobile banking. Delay in providing banking services. Unauthorized ATM withdrawals. Wrongful Charges. Ombudsman cannot accept complaints those are  handled by a court, tribunal, or arbitrator. Cases older than one year from the cause of action also do not entertained by Ombudsman.  How to File ...
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Inventory valuation (Summary)

1.     According to accounting standard 2 inventories are tangible property held for sale in ordinary course of business, or in the process of production for such sale or for production of goods or service for sale.
2.     FIFO, LIFO, Average cost based stock and adjusting selling price are the different methods of inventory valuation.
3.     The FIFO methods assume that the closing inventory consists of the goods which entered the godown last and values than at their purchase cost.
4.     The LIFO methods assume that the closing inventory consists of the goods which entered the godown first and also values than at purchase cost.
5.     In the average price method, closing stock is valued either at simple average or at a weighed average of various purchase cost of material lying in the godown.
6.     The revised accounting standard 2 permits the use of FIFO or weighted average cost only for inventory valuation.
7.     A company has to follow disclosure of requirement for inventories as per schedule VI of the company Act.

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