What is Nostro and Vostro Account

Nostro and Vostro accounts are two types of bank accounts used in international banking transactions. These terms originate from Latin, with Nostro meaning “our” and Vostro meaning “your”. In this article, we will discuss the meaning and differences between these two types of bank accounts. What is a Nostro account? A Nostro account is a […]


The Central Sales Tax Act, 1956 defines “Turnover” as follows: Under this Act, “turnover” used in relation to any dealer liable to tax means the aggregate of the sales price received and receivable by him in respect of sales of any goods in the course of inter-State trade or commerce made during any prescribed period […]


Duty Credit Scrips is an initiative scheme introduced by the Government of India under the Foreign Trade Policy in 2015. Duty Credit Scrips were introduced to provide incentive to the Exporters to boost the inflow of forex in India. What these scrips are to exporters is same as for what vouchers are to shopaholics. These […]

Audit Scope of Chartered Accountant in Banks

Source- BCA The Banking system normally using the services of CA profession to examine the banking operations from a “Safety and Soundness” perspective.  Regulator Reserve Bank of India (RBI) has been depending upon the CA profession to ensure that the Banking system remains under control. Statutory Audit -Every Bank under the respective Act to get […]

What is PTEC and How to do PTEC Payment?

About PTEC: PTEC means Professional Tax Enrollment Certificate. Professional tax is levied by the State Government as a source of revenue and it’s a Direct Tax. PTEC permits to pay the professional tax of the business entity (Private Ltd, Public Ltd, OPC, etc) and also of the owner or professional (sole proprietor, partner, director, etc). Self-employed persons who […]