ACCOUNTS UNIT 5 CH2 XBRL REPORTING

 CHAPTER-2

XBRL REPORTING

INTRODUCTION

 XBRL (Extensible Business Reporting Language) 

1. XBRL is a special language used by computers to talk about money and financial information.

   - Example: It's like a secret code that helps computers understand and share important money information.

2. It uses tags called "elements" to identify and capture specific data points in financial information.

   - Example: It's like putting labels on different parts of a toy to know what they are and how they work.

3. XBRL helps make financial information easier to process and analyze by computer systems.

   - Example: It's like having a robot friend that can quickly read and understand numbers and tell you what they mean.

4. It provides important context for financial information, like units of measure and currencies.

   - Example: It's like saying "This toy costs $5 and weighs 1 pound," so you know how much money and how heavy it is.

5. XBRL is used to report financial data to regulators and share information with investors and analysts.

   - Example: It's like sending a special letter to the government or to people who want to know how a company is doing.

6. It is based on XML, which is a language that helps computers and humans understand information.

   - Example: It's like using a special language that both people and computers can read, like a secret codebook.

7. XBRL aims to improve the quality and accuracy of financial reporting and make it easier to analyze.

   - Example: It's like making sure all the numbers in a math test are correct and easy to understand.

8. It uses taxonomies, which are collections of standardized data elements, to organize financial reports.

   - Example: It's like using special folders to keep all the papers about different toys in order, so you can find them easily.

9. XBRL is an open standard, which means anyone can use and develop it.

   - Example: It's like sharing a special toy with your friends and letting them play with it too.

In simple terms, XBRL is a special language that helps computers understand and share money information, making it easier for people to analyze and compare financial data. It uses tags, like labels, to identify different parts of the information. XBRL is used to report to the government and share information with investors. It's based on a special language that both computers and people can understand. XBRL helps make sure financial reports are accurate and organized, like putting toys in the right folders. And anyone can use XBRL to talk about money and share information.

MEANING OF XBRL

1. XBRL is a special language that helps computers understand and share financial information.

   - Example: It's like a secret code that makes it easy for computers to talk about money.

2. It is used by companies to report their financial information in a standardized and electronic way.

   - Example: It's like using a special language to write down how much money a company has and how it's doing.

3. XBRL uses unique tags for each financial term, making it easier for computers to read and analyze the information.

   - Example: It's like using special labels for different parts of a toy, so you know what each part is and what it does.

4. It helps make financial reporting more efficient, accurate, and easier to understand.

   - Example: It's like having a robot friend that can quickly read and understand money information and tell you what it means.

5. XBRL is like a digital language for financial reporting, similar to how digital photography and maps are better than film or paper versions.

   - Example: It's like using a special language on a computer that helps people see and understand money information easily, like using a digital camera instead of an old film camera.

6. Using XBRL makes it easier for people, like investors and regulators, to compare and analyze financial information from different companies.

   - Example: It's like having a special tool that helps you see how well different toys are doing and which one is the best.

            In simple terms, XBRL is a special language that helps computers and people talk about money and financial information. It makes reporting easier, more accurate, and faster. It's like using a secret code to share information about money and see how well companies are doing. Just like using a digital camera or digital maps is better and easier than using older versions, using XBRL helps people understand money information more easily and make better decisions.

DEFINITION OF XBRL

1. XBRL is a standardized computer language used for electronic communication and exchange of financial and business information.

   - Example: It's like a special language that helps computers understand and share financial information, like how people use different languages to talk to each other.

2. It allows financial data to be tagged with contextual information, making it easy to understand and analyze across different systems.

   - Example: It's like putting labels on different parts of a toy, so you know what each part is and what it does.

3. XBRL is a global standard for electronic reporting, enabling the exchange of data in a machine-readable format.

   - Example: It's like using a common code or language that everyone understands, so people from different countries can share and understand financial information easily.

4. It improves the accuracy, quality, and transparency of financial reporting and reduces the time and cost involved.

   - Example: It's like having a special tool that helps companies report their financial information correctly and quickly, saving time and money.

In simple terms, XBRL is a special computer language that helps companies share financial information easily and accurately. It's like a common language that everyone understands, making it easier for computers to process and analyze financial data. This helps companies report their financial information in a standardized and efficient way.

 Important Concepts Related to XBRL:

1. XML (Extensible Markup Language): It is a markup language used in XBRL to describe and store financial data in a format that is readable by both humans and computers. XML allows for the creation of custom taxonomies and facilitates the transformation of data into different formats.

2. Taxonomy: A taxonomy is a hierarchical structure that defines the terms and relationships used in XBRL reporting. It provides standardized definitions for financial concepts, enabling easier comparison and analysis of data.

3. Instance document: It is an XBRL file that contains the actual financial data for a specific reporting period. It is created by mapping data from the accounting system to elements in the XBRL taxonomy.

4. Element: An element represents a specific piece of financial information, such as a balance sheet item or income statement category. Each element is assigned a unique identifier within the XBRL taxonomy.

5. Namespace: A namespace is a unique identifier that distinguishes elements from different taxonomies with the same name.

6. Link base: A link base file contains information about the relationships between elements in an XBRL taxonomy. It defines connections such as calculations and footnotes.

7. Validation: Validation involves checking XBRL files for errors or inconsistencies to ensure data accuracy and compliance with the taxonomy.

8. Rendering: Rendering is the process of presenting XBRL data in a readable format, such as tables or charts, for easy analysis.

In simpler terms, XBRL uses XML to create a structured language for financial reporting. Taxonomies define the terms and relationships used in reports, while instance documents contain the actual financial data. Elements represent specific financial information, and link bases define relationships. Validation checks for errors, and rendering presents the data in a human-readable format. Overall, XBRL helps standardize financial reporting and enables easier analysis and comparison of data.

Features of XBRL

1. Business Rules Validation: XBRL allows for the validation of financial data against predefined business rules, ensuring data consistency and reliability.

2. Clear Definitions: XBRL taxonomies provide clear and precise definitions for financial reporting terms, reducing ambiguity and the risk of errors.

3. Strong Software Support: XBRL has strong software support, enabling the development of applications for reading, processing, and analyzing XBRL data. This streamlines financial reporting processes and improves data accuracy.

4. Support for Multiple Languages: XBRL supports the creation of taxonomy labels and presentations in multiple languages, facilitating reporting across different regions and compliance with language requirements

Uses of XBRL:

1. Financial Reporting: XBRL facilitates the exchange of financial data between businesses, financial institutions, and government agencies, reducing manual effort and improving data accuracy.

2. Regulatory Compliance: Many regulatory bodies mandate the use of XBRL for reporting financial data, ensuring standardization and accuracy in compliance reporting.

3. Investor Analysis: XBRL data allows investors to analyze and compare financial data across companies, industries, and regions, aiding in informed investment decisions.

4. Risk Management: XBRL helps companies identify and manage risks more effectively by capturing risk data in a standardized format, enabling better analysis and decision-making.

5. Efficiency and Transparency: XBRL promotes transparency and efficiency in financial reporting by enabling faster, more accurate data analysis and sharing, reducing errors and manual data entry.

 For example, if a company needs to share its financial information with a government agency, using XBRL can streamline the process and ensure accuracy and consistency in the data exchanged.

USERS OF XBRL

1. Business users: Companies, financial institutions, investors, analysts, auditors, and other stakeholders use XBRL for financial reporting, risk assessments, investment decisions, internal reporting, benchmarking, and investor relations. 

Example: A company uses XBRL to prepare and file its financial statements with regulatory authorities, streamlining the reporting process and providing more accurate and timely information to investors.

2. Regulatory users: Government agencies, regulatory bodies, and standard-setting organizations use XBRL to collect, analyze, and disseminate financial information for regulatory compliance and monitoring.

Example: The Securities and Exchange Commission (SEC) uses XBRL to analyze the compliance and performance of listed companies, ensuring transparency and accountability in the financial markets.

3. Data providers: Data providers benefit from using XBRL by standardizing data, streamlining data collection and analysis, improving accuracy, enhancing accessibility and transparency, and increasing value to clients.

Example: A financial data provider uses XBRL to offer clients standardized and high-quality financial data that can be easily integrated into their own reporting systems.

4. Analysts and investors: Analysts and investors use XBRL for improved accuracy and consistency in financial analysis, faster data analysis, enhanced transparency, better decision-making, and increased efficiency.

Example: An investment analyst uses XBRL to compare financial data across different companies and industries, helping them make informed investment decisions.

5. Accountants: Accountants benefit from using XBRL by improving accuracy and consistency in financial reporting, streamlining the reporting process, enhancing collaboration with stakeholders, increasing efficiency, and ensuring compliance.

Example: An accountant uses XBRL to automate the tagging and exchange of financial data, saving time and resources in the financial reporting process.

Real-life Example: Let's consider a multinational company that needs to report its financial performance to regulatory authorities in different countries. By using XBRL, the company can streamline its reporting process by standardizing and tagging financial data according to the XBRL taxonomy. This ensures consistency and accuracy in reporting, making it easier for regulators to analyze the data. Investors and analysts can also benefit from accessing the company's financial information in XBRL format, as it provides standardized and comparable data that aids in their investment analysis and decision-making.

BENEFITS OF XBRL

1. Standardization: XBRL provides a standardized language and structure for financial and business data, ensuring greater accuracy and consistency in reporting.

2. Automated data processing: XBRL can be easily processed by computers, reducing the need for manual data entry and analysis.

3. Simplified data exchange: XBRL enables efficient exchange of financial and business data between organizations and stakeholders.

4. Increased efficiency: XBRL streamlines the financial reporting process, saving time and resources in data management and analysis.

5. Improved accuracy: XBRL's tagged data elements reduce errors in financial reporting and ensure greater data accuracy.

6. Enhanced transparency: XBRL makes financial data more accessible and understandable, improving transparency in reporting.

7. Better decision-making: XBRL's standardized format aids stakeholders in making well-informed decisions.

Real-life Example: Let's consider a lemonade stand operated by a 10-year-old. If the young entrepreneur decides to use XBRL for financial reporting, they can benefit from the standardization and automation it offers. The lemonade stand's financial data, such as revenue and expenses, can be tagged with specific data elements in XBRL. This allows for accurate and consistent reporting, making it easier for the young entrepreneur to understand their business's financial performance. Additionally, by using XBRL, the lemonade stand can streamline the process of sharing financial information with their parents, investors, or even a local business association. This simplifies the data exchange and facilitates better decision-making, such as deciding whether to expand the business or adjust pricing strategies.

WHO DEVELOPED XBRL?

- XBRL (Extensible Business Reporting Language) was developed by XBRL International Inc., an international non-profit organization.

- The development of XBRL started in 1998, led by Charles Hoffman and a team of experts.

- The goal was to create a standardized language for financial reporting that would improve the efficiency of processing and analyzing financial data.

- XBRL International continues to refine and develop the XBRL standard, with the latest version being XBRL 2.1 released in 2010.

- XBRL is widely used globally by organizations, regulators, and stakeholders for financial reporting and analysis.

FUTURE PROSPECTS OF XBRL?

- XBRL's future is bright as its use for financial reporting and analysis continues to grow globally.

- Potential developments include increased adoption, integration with emerging technologies, expansion into new areas, and ongoing development and refinement.

- XBRL may be integrated with technologies like blockchain, AI, and machine learning for more efficient data processing.

- XBRL could extend beyond financial reporting into areas like supply chain management and sustainability reporting.

- Improved interoperability and data exchange protocols may enhance XBRL's usage.

- The future of XBRL looks promising, with its continued expansion and evolution to meet changing needs and requirements.

XBRL INTERNATIONAL 

- XBRL International (XII) is a non-profit consortium and the primary international standards organization for XBRL.

- XII was established in 1998 with the goal of developing and promoting the adoption of XBRL as a global standard for electronic business reporting.

- The organization is governed by a Board of Directors elected by its members, which include government agencies, accounting firms, software companies, and financial institutions.

- XII develops and maintains the XBRL standard, provides technical support and training to its members, and promotes the adoption of XBRL worldwide.

- XII collaborates with regulators and stakeholders to encourage the use of XBRL in financial reporting and analysis.

- XII is involved in initiatives such as developing industry-specific taxonomies, promoting data quality in financial reporting, and creating tools and best practices for the effective use of XBRL.

- XBRL International's efforts contribute to greater efficiency, accuracy, and transparency in financial reporting and analysis.

XBRL IN INDIA

- XBRL reporting has been implemented in India for financial reporting and regulatory purposes.

- The Ministry of Corporate Affairs (MCA) has shifted to XBRL reporting for Annual Report and Cost Audit report submissions.

- The Reserve Bank of India (RBI) has transitioned to XBRL reporting for the banking sector, while the Securities and Exchange Board of India (SEBI) mandates XBRL reporting for mutual funds.

- The Institute of Chartered Accountants of India (ICAI) is responsible for developing and maintaining the XBRL taxonomy for financial reporting in India.

- The RBI has established a High-Level Steering Committee to oversee the implementation of XBRL reporting for banks.

- Implementation of XBRL in India aims to improve the efficiency, standardization, and transparency of financial reporting.

- In the banking sector, XBRL reporting helps introduce standardized reporting formats and data elements for easier analysis and reduces the reporting burden on banks.

- The implementation of XBRL reporting in banks is being done in phases, covering various types of returns such as balance sheets, profit and loss accounts, capital adequacy, and other operational aspects.

- The use of XBRL in banking improves data accuracy, reduces reporting burden, and enables better analysis and monitoring of the financial sector by the RBI.

Adoption of XBRL in India

- XBRL India is the jurisdiction of XBRL International which promotes and supports the adoption of XBRL as the standard for electronic business reporting in India.

- XBRL India collaborates closely with regulatory bodies, stock exchanges, and software businesses to drive the adoption of XBRL in India.

- XBRL India is involved in building taxonomies for specific industries in collaboration with regulatory bodies for those sectors, such as insurance, power, and NBFCs.

- XBRL was introduced in India by the Ministry of Corporate Affairs (MCA) in 2011, making it mandatory for certain companies to file their financial statements and regulatory filings in XBRL format.

- XBRL is primarily used in India for filing financial statements and regulatory reports with the MCA, including balance sheets, profit and loss statements, and cash flow statements.

- Companies in India also use XBRL for internal financial reporting and analysis, allowing for easier analysis and comparison of financial data across different business units and departments.

- The adoption of XBRL in India improves the accuracy, efficiency, and transparency of financial reporting and analysis.

- XBRL India plays a crucial role in promoting the use of XBRL in India and positioning Indian companies and regulators for success in a data-driven business environment.

[A] Adoption of XBRL by the Ministry of Corporate Affairs (MCA)

Before the issuance of the Companies Act, 2013:

- The MCA introduced XBRL as a voluntary filing option for certain companies in India.

- A pilot project was launched in six cities to test the use of XBRL for filing financial statements.

- Following the success of the pilot project, XBRL filing became mandatory for eligible companies in 2011.

- Companies meeting specific criteria were required to file financial statements and regulatory filings in XBRL format.

- The MCA developed an Indian GAAP taxonomy tailored to Indian reporting requirements.

- Training, technical support, user manuals, and an online filing system were provided to help companies comply with XBRL filing requirements.

After the issuance of the companies Act, 2013:

- The Companies Act, 2013 reinforced the importance of XBRL by mandating its use for all companies in India.

- All companies are required to file financial statements and regulatory filings in XBRL format using the Indian GAAP taxonomy.

- Non-compliance with XBRL filing requirements can result in penalties and legal consequences.

- The MCA continues to provide training, technical support, and resources to facilitate XBRL compliance.

- The adoption of XBRL under the Companies Act has strengthened its use as a standard format for financial reporting and analysis in India.

Overall, the MCA's adoption of XBRL has played a significant role in establishing XBRL as a standard for financial reporting and analysis in India and has positioned Indian companies and regulators for success in a data-driven business environment.

Companies required to follow XBRL Reporting

Companies Required to Follow XBRL Reporting:

- All companies registered under the Companies Act, 2013 in India must follow XBRL reporting.

- Financial statements such as the balance sheet, profit and loss account, cash flow statement, and statement of changes in equity must be filed in XBRL format.

- Other regulatory filings, including the Director's Report, Corporate Governance Report, and Annual Return, must also be filed in XBRL format.

- The Ministry of Corporate Affairs (MCA) has developed a taxonomy based on Indian Accounting Standards (Ind AS) for companies to tag their financial information in XBRL.

- Non-compliance with XBRL reporting requirements can lead to penalties and legal consequences.

Companies Exempt from XBRL Reporting:

- One-person Companies (OPCs) and small companies with paid-up capital ≤ Rs. 50 lakh and turnover ≤ Rs. 2 crore are exempt from XBRL reporting.

- Banking and insurance companies are exempt from XBRL reporting.

- Section 8 companies, formed for non-profit purposes, are exempt from XBRL reporting.

- Foreign companies not following Indian Accounting Standards (Ind AS) are exempt from XBRL reporting.

Note: Exemptions apply only to the requirement of filing financial statements in XBRL format. Companies must still file their financial statements and other regulatory filings with the MCA in the prescribed format, and non-compliance can lead to penalties and legal consequences.

 XBRL Adoption in India:

[A] XBRL Reporting for Cost Audit Reports:

- Companies subject to cost audit under the Cost and Works Accountants Act, 1959 must file their cost audit reports in XBRL format with the Ministry of Corporate Affairs (MCA).

- The filing must be done using the Cost Audit Taxonomy developed by the Institute of Cost Accountants of India (ICAI).

- Failure to comply with XBRL reporting requirements can lead to penalties and legal consequences.

[B] Adoption of XBRL by Reserve Bank of India (RBI):

- RBI has adopted XBRL for regulatory reporting by banks and financial institutions.

- The Centralized Data Repository System (CDR) requires banks to submit their regulatory reports in XBRL format.

- XBRL reporting helps streamline the reporting process and improves data collection accuracy.

[C] Adoption of XBRL by the Securities and Exchange Board of India (SEBI):

- SEBI mandates XBRL filing of financial statements by listed companies, along with other regulatory filings.

- XBRL reporting improves efficiency, accuracy, and standardization of reporting for listed companies.

- It enhances transparency and facilitates the analysis of financial data.

[D] Adoption of XBRL by Bombay Stock Exchange (BSE):

- BSE mandates XBRL filing of financial statements and other regulatory filings by listed companies.

- XBRL reporting improves efficiency, accuracy, and standardization of reporting for listed companies.

- It promotes transparency, accountability, and efficiency in financial reporting.

The adoption of XBRL by regulatory bodies, such as the MCA, RBI, SEBI, and BSE, has facilitated streamlined reporting processes, improved data accuracy, and enhanced transparency in financial reporting across various sectors in India.

TAXONOMY

- Taxonomy in XBRL refers to a set of rules and definitions that organize and standardize financial information.

- There are two main types of taxonomies: standard taxonomies and custom taxonomies.

- Standard taxonomies are predefined and cover general accounting concepts applicable across different industries and jurisdictions.

- Custom taxonomies are created by organizations to meet their specific reporting needs, including industry-specific elements.

- Taxonomies are used to create XBRL instance documents, which contain financial data in a structured format.

- Multiple taxonomies exist to meet the diverse reporting requirements of different organizations and jurisdictions.

- Recognized taxonomies by XBRL International include US GAAP, IFRS, SBR, Japanese GAAP, German GAAP, UK GAAP, Australian, Dutch GAAP, Chinese Accounting Standards, and Indian GAAP.

- Industry-specific taxonomies, such as Solvency II for insurance and COREP for banking, have also been recognized by XBRL International.

Types of Taxonomies

1. Global Taxonomies: Developed by XBRL International, these provide a common reporting framework across countries and jurisdictions.

   Example: IFRS Taxonomy for companies reporting financial information according to International Financial Reporting Standards.

2. National Taxonomies: Developed by individual countries or regions to meet specific reporting requirements.

   Example: Indian GAAP Taxonomy for companies reporting financial information in India.

3. Industry-specific Taxonomies: Developed for specific industries or sectors to address their unique reporting needs.

   Example: Solvency II Taxonomy for insurance companies.

4. Interoperability Taxonomies: Designed to facilitate data exchange between different taxonomies or reporting systems.

5. Extension Taxonomies: Created by companies or organizations to supplement existing taxonomies with additional reporting concepts.

   Example: Company-specific taxonomy including custom data elements specific to their business.

6. Financial Reporting Taxonomies: Designed for standardized financial reporting, including elements like balance sheets and income statements.

   Example: US GAAP Taxonomy for companies reporting financial information based on US Generally Accepted Accounting Principles.

7. GL (Global Ledger) Taxonomy: A financial reporting taxonomy that captures and reports financial data across multiple accounting systems and organizations.

   Example: GL Taxonomy used for general-purpose financial reporting, facilitating sharing of financial information and analysis.

Taxonomies provide a structured framework, enhance comparability, reduce errors, and enable standardized reporting and analysis of financial information.

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QUESTIONS 

1. What is XBRL?

XBRL (Extensible Business Reporting Language) is a standardized language used for organizing and exchanging financial and business data. It enables the electronic communication and analysis of financial information in a machine-readable format.

2. Who developed XBRL?

XBRL was developed by an international non-profit organization called XBRL International Inc. (formerly known as the XBRL Consortium). It was founded in 1998 and consists of a global network of companies, organizations, and government agencies dedicated to promoting the use of XBRL as a standard for financial reporting and analysis.

3. What are the advantages of XBRL?

The advantages of XBRL include:

- Standardization of financial and business data

- Automated data processing

- Simplified data exchange

- Increased efficiency

- Improved accuracy and reduced errors

- Enhanced transparency

- Better decision-making

- Tagging of transactions for improved consistency and analysis

4. Who can benefit from using XBRL?

Various stakeholders can benefit from using XBRL, including companies, regulators, investors, analysts, auditors, and other financial professionals. It improves the efficiency, accuracy, and transparency of financial reporting and facilitates data analysis and comparison across different organizations.

5. What is the future of XBRL?

The future of XBRL looks promising, with continued global adoption and integration with emerging technologies such as blockchain and artificial intelligence. It is expected to expand into new areas beyond financial reporting and undergo further development to meet evolving needs and regulatory requirements.

6. Does XBRL benefit the comparability of financial statements?

Yes, XBRL improves the comparability of financial statements by providing a standardized format for reporting and analysis. It enables stakeholders to easily compare and analyze financial data across different companies, industries, and jurisdictions, enhancing transparency and decision-making.

7. Does XBRL cause a change in accounting standards?

XBRL itself does not cause a change in accounting standards. It is a reporting language that enables the efficient communication of financial information. Accounting standards dictate the principles and guidelines for preparing financial statements, while XBRL facilitates the standardized presentation and exchange of those statements.

8. What are the benefits to a company from putting its financial statements into XBRL?

Putting financial statements into XBRL format offers several benefits for companies, including streamlined reporting processes, reduced manual data entry, improved accuracy, better access to financial data for stakeholders, compliance with regulatory requirements, and enhanced efficiency in data analysis.

9. How does XBRL work?

XBRL works by using a standardized taxonomy, which is a set of rules and definitions that define the elements and relationships in financial data. Companies tag their financial information with specific data elements from the taxonomy, creating an XBRL instance document. This document can be processed by software to extract and analyze the data.

10. How do companies create statements in XBRL?

Companies create statements in XBRL by mapping the financial data from their existing financial statements to the appropriate data elements in the XBRL taxonomy. Specialized software or service providers can assist in this process by providing tools for tagging and validating the XBRL data.

11. Is India a member of XBRL International?

Yes, India is a member of XBRL International. It has its own jurisdiction within XBRL International called XBRL India, which promotes and supports the adoption of XBRL in India as the standard for electronic business reporting.

12. Which class of companies are required to file financial statements with Registrar as per XBRL Taxonomy?

All companies registered under the Companies Act, regardless of their size, type, or turnover, are required to file their financial statements with the Registrar of Companies in XBRL format as per the XBRL Taxonomy.

13. Our Company has not satisfied any conditions specified as per section 137 of Companies act for the current financial year. Are we still required to file financial statements as per XBRL Taxonomy for the current financial year?

Yes, if your company falls under the category of companies required to file financial statements in XBRL format, you are still required to comply with the XBRL filing requirements, regardless of the conditions specified in section 137 of the Companies Act.

14. Which category of companies are exempted from filing financial statements in XBRL?

One Person Companies (OPCs) and small companies, banking and insurance companies, section 8 companies, and foreign companies that are not required to prepare financial statements according to Indian Accounting Standards (Ind AS) are exempt from filing financial statements in XBRL format.

15. Which taxonomies are developed for Indian reporting requirements? Where can I find taxonomies?

Taxonomies developed for Indian reporting requirements include the Indian GAAP Taxonomy and specific industry taxonomies such as insurance, power, and NBFCs. These taxonomies can be found on the official website of XBRL India or through other authorized sources such as the Ministry of Corporate Affairs (MCA) in India.

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