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रजिस्ट्री सं. डीएल—(एन)-04/0007/2003—05 REGISTERED No. DL—(N)-04/0007/2003—05

साप्ताहिक/WEEKLY

प्राधिकार से प्रकाशित

PUBLISHED BY AUTHORITY

सं. 31] नई दिल्ली, शनिवार, अगस्त 5—अगस्त 11, 2017 (श्रावण 14, 1939)

No. 31] NEW DELHI, SATURDAY, AUGUST 5—AUGUST 11, 2017 (SRAVANA 14, 1939)

इस भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सके

(Separate paging is given to this Part in order that it may be filed as a separate compilation)

भाग III—खण्ड 4

[PART III—SECTION 4]

[सांविधिक निकायों द्वारा जारी की गई विविध अधिसूचनाएं जिसमें कि अधिसूचनाएं, आदेश, विज्ञाापन और सूचनाएं

सम्मिलित ह]

[Miscellaneous Notifications including Notifications, Orders, Advertisements and Notices issued by

Statutory Bodies]

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1—¹⁸⁹ GI/2017

(247)248 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 249 `

`250 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 251 `

`

`

1

`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 255 256 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 257 `

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`258 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 259 `

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``262 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 263 `264 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 265 `266 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

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i)

ii)

iii)

iv)

` ` `268 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 269 `

`270 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 271 `272 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 ` `

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`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 273 `

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`274 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 ` `

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` `भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 275 `

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` `276 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

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`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 277 `

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`278 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `10.02 (`18.76 ) .

, .

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.

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(cid:1)(cid:1)

31.2.2

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31.2.3

`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 279 `

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`280 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

` `

`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 281 `

`भारत का राजपत्र, अप्रैल 8, 2017 (चैत्र 18, 1939) 282 भाग III—खण्ड 4] ` `

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2016

/ .

2017284 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

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` `भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 285 `

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`286 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

`भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 287 `

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````288 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 ``

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````भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 289 ```` ````

````290 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 ````

````भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) भाग III—खण्ड 4] 291 ` ` ` `292 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 2017

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1—189 GI/2017-H-2

(1000)295 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) `

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`297 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) `298 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 (` )

(` )

`299 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) -300 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

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`301 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) 302 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `303 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) `

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`308 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `309 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) `

`310 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `311 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) –

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` `312 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 313 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) `314 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

``315 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) `316 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 317 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) 318 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `319 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) ``

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` ` ` `320 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 ``

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`321 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) `

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`322 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

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`323 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) ` `

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``324 भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) [भाग III—खण्ड 4 `

`325 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939)

`327 भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 5, 2017 (श्रावण 14, 1939) ————————————

ANNUAL ACCOUNTS 2016-17 Balance Sheet Profit & Loss Account &

Cash Flow 2016-17 of NABARD

INDEPENDENT AUDITORS' REPORT

To, The Board of Directors of National Bank for Agriculture and Rural Development Report on the Standalone Financial Statements We have audited the accompanying standalone financial statements of National Bank for Agriculture and Rural Development (the Bank), which comprise the Balance Sheet as at March 31, 2017, Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 13 Regional Offices and 1 Training Centre visited by us for the purposes of audit and the same including Head Office account for 76.12% of advances, 99.71% of deposits and term money borrowings, 79.46% of interest income and 99.79% of interest expenses. These Offices and Training Centre have been selected in consultation with the Bank. We have not visited balance offices of the Bank i.e. 17 Regional Offices and 2 Training Centres and have reviewed their returns at the Head Office. Management's Responsibility for the Standalone Financial Statements

Management is responsible for the preparation of these financial statements in accordance with the National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984, that give a true and fair view of the financial position, financial performance, and cash flows of the bank. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent, and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Bank's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Bank has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Opinion

1. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us;

a. the Balance Sheet, read with the notes thereon, containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at March 31, 2017, in conformity with accounting principles generally accepted in India;

b. the Profit and Loss Account, read with the notes thereon shows a true balance of profit in conformity with accounting principles generally accepted in India, for the period ended on that date; and

c. the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements The Balance Sheet and the Profit and Loss Account have been drawn up as per Schedule 'A' and Schedule 'B' of Chapter IV of National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984. As required by the National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit.

b. The transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

c. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and with the returns received from the regional offices and training centres not visited by us.

In our opinion, the aforesaid Standalone Financial Statements comply with the applicable Accounting Standards.

For Vyas & Vyas

Chartered Accountants

(Firm Registration No 000590C)

O.P.Vyas

Partner

(Membership No. 014081)

Place : Guwahati

Date: 26 May 2017

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

BALANCE SHEET AS ON 31 MARCH 2017

(` in thousands)

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

BALANCE SHEET AS ON 31 MARCH 2017

(` in thousands)

Schedules referred to above form an integral part of accounts

As per our attached report of even date

Vyas & Vyas

Chartered Accountants

FRN . 000590C

O P Vyas

A K Sahoo

Partner

Chief General Manager

M No. 014081

Accounts Department

Guwahati

Date : 26 May 2017

Date : 26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar Dash Chairman Deputy Managing Director Director Director

K Sayeed Ali

Chief General Manager & SecretaryPART III—SEC. 4] THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) 331

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2017

Schedules referred to above form an integral part of accounts332 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

PROFIT AND LOSS APPROPRIATION ACCOUNT

Refer Schedule 18 for Significant Accounting Policies and Notes on Accounts. As per our attached report of even date Vyas & Vyas Chartered Accountants

O P Vyas Partner Guwahati Date : 26 May 2017

A K Sahoo Chief General Manager Accounts Department Date : 26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar

Chairman Deputy Managing Director

Director

Director

K Sayeed Ali Chief General Manager & SecretaryPART III—SEC. 4] THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) 333

Schedule 1 - Reserve Fund and Other Reserves

(` in thousands)

Schedule 2 - National Rural Credit Funds

Schedule 3 - Gifts, Grants, Donations and Benefactions

NABARD is acting as banker / custodian / trustee on behalf of RBI / GOI / Other entities and is holding the above funds, pending disbursement / utilization in terms of respective scheme, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances wherever applicable.

(i) includes ` 48.22 crore being the income tax paid

(ii) includes ` 120.14 crore being the income tax paid

(iii) includes ` 116.07 crore being the income tax paid336 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4

Schedule 4 - Government Schemes

(` in thousands)

B Other Government Schemes

1

283,47,79 0 0 (1,19,81) 284,67,60 Agriculture Debt Waiver and Debt Relief Scheme (ADWDR) 2008

2

116,28,17 0 0 21,39,02 94,89,15 Women's Self Help Groups [SHGs] Development Fund

3 PRODUCE FUND 177,82,96 0 0 41,52,17 136,30,79

4 Revival of 23 unlicensed DCCBs 111,22,00 0 0 0 111,22,00

5 Interest Subvention (Sugar Term Loan) 18 0 0 0 18

6 Scheme for providing Financial

65,27 0 0 0 65,27 Assistance to Sugar Undertakings - 2007 (SEFASU - 2007)

7 Kutch Drought Proofing Project 21,64 0 0 0 21,64

8

20,00,00 0 0 0 20,00,00 Revival Package for Long Term Cooperative Credit Structure (LTCCS)

9

Revival Reform and Restructure of

Handloom Sector

i

23,09,43 (19,74,49) 0 0 3,34,94 Recap Assistt [RRR - Handloom Package] to AWCS a/c

ii

0 1,34,91 0 1,34,91 0 Recap Assist [RRR - Handloom Package] to PWCS a/c

iii

20,70,75 (19,57,04) 0 0 1,13,71 Recap Assist [RRR - Handloom Package] to Individual weaver a/c

iv

0 7,44,00 0 7,44,00 0 Technical Assistance [RRR - Handloom Package]338 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4 v HRD [RRR - Handloom Package] 1,67,20 0 0 4 1,67,16 vi Interest Subvention [RRR - Handloom

0 10,74,17 0 10,74,17 0 Package]

10 Comprehensive Handloom Package 1,31,14 25,15,52 0 26,25,68 20,98

1122,76,27 963,06,01 1,05 844,84,14 1240,99,19

Total

Previous year

1500,52,28 1175,33,23 1,03 1553,10,27 1122,76,27

NABARD is acting as banker / custodian / trustee on behalf of RBI / GOI / Other entities and is holding the above funds, pending disbursement / utilization in terms of respective scheme, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances wherever applicable.

Schedule 5 - Deposits

(` in thousands)

Schedule 6 - Bonds and Debentures

Schedule 7 – Borrowings

Out of the above, borrowings under CBLO are secured against Government Securities including Treasury Bills340 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4

Schedule 8 - Current Liabilities and Provisions

Schedule 9 - Cash and Bank Balances

Schedule 10 – Investments

All the above investments are made in India

Schedule 11 - Advances

(` in thousands)

Schedule 12 - Fixed Assets

Schedule 13 - Other Assets

Schedule 14 - Interest and Financial Charges

(` in thousands)

Schedule 15 A - Establishment and Other Expenses

(`in thousands)

Schedule 15 B - Expenditure on promotional activities

(` in thousands)

Schedule 16- Provisions

(` in thousands)

Schedule 17 - Commitments and Contingent Liabilities

Schedule 18

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS

FOR THE YEAR ENDED MARCH 31, 2017

A. SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Preparation:

The accounts are prepared on the historical cost convention and comply with all material aspects contained in the National Bank for Agriculture and Rural Development Act, 1981 and Regulations thereof, applicable Accounting Standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) and regulatory norms prescribed by the Reserve Bank of India (RBI). Except otherwise mentioned, the accounting policies have been consistently applied by the National Bank for Agriculture and Rural Development (the Bank/NABARD) and are consistent with those used in the previous year.

2. Use of Estimates:

Preparation of financial statements in conformity with the Generally Accepted Accounting Principles (GAAP) requires the management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations for the reporting period. Although these estimates are based on the management's best knowledge, the actual results could differ from these estimates. Such differences are recognized in the year of outcome of such results.

3. Revenue recognition:

3.1 Income and expenditure are accounted on accrual basis, except the following, which are accounted on cash basis:

i) Interest on non-performing assets identified as per Reserve Bank of India (RBI) guidelines.

ii) Income by way of penal interest charged due to delayed receipt of loan dues or non–compliance with terms of loan.

iii) Service Charges on loans given out of various Funds.

iv) Expenses not exceeding `10,000 at each accounting unit, under a single head of expenditure.

3.2 Discount on Bonds and Commercial Papers issued are amortized over the tenure of Bonds and Commercial Papers.

Issue expenses relating to floatation of bonds are recognized as expenditure in the year of issue of Bonds.

3.3 Dividend on investments is accounted for, when the right to receive the dividend is established.

3.4 i) Income from Venture Capital funds is accounted on realization basis.

ii) Release of subsidy in which NABARD is acting as a pass through agency is accounted for on payment basis subject to availability of funds under the respective schemes.

3.5 Provision for Wealth Tax is made, in accordance with the provisions of Wealth Tax Act, 1957.

3.6 Recovery in non-performing assets (NPA) is appropriated in the following order:

i) penal interest

ii) cost & charges

iii) overdue interest and interest

iv) Principal

4. Fixed Assets and Depreciation

a) Fixed assets are stated at cost of acquisition, less accumulated depreciation and impairment losses, if any. The cost of assets includes taxes, duties, freight and other incidental expenses related to the acquisition and installation of the respective assets. Subsequent expenditure incurred on existing asset is capitalized, only when it increases the future benefit from the existing assets beyond its previously assessed level of performance.

b) Land includes freehold and leasehold land.

c) Premises include value of land, where segregated values are not readily available.

d) Depreciation on premises situated on freehold land is charged at 10% p.a., on written down value basis.

e) Depreciation on leasehold land and premises situated thereon is computed and charged at 5% on written down value basis or the amount derived by amortizing the premium/cost over the remaining period of leasehold land, on straight-line basis, whichever is higher.

f) Fixed Assets costing `1 lakh and less (except easily portable electronic assets such as laptops, mobile phones, etc.) are charged to the Profit and Loss Account in the year of acquisition. Easily portable electronic assets such as laptops, mobile phones, etc., are capitalized, if individual cost of the items is more than `10,000. All software costing `1 lakh each and less, purchased independently are charged to the Profit and Loss Account.

g) Depreciation on other fixed assets is charged over the estimated useful life of the assets ascertained by the management at the following rates on Straight Line Method basis:

h) Depreciation is charged for the full year, irrespective of the date of purchase of asset. No depreciation is charged in the year of sale.

i) Capital work in progress includes capital advances and is disclosed under Fixed Assets.

5. Investments

a) In accordance with the RBI guidelines, Investments are classified into "Held for Trading" (HFT), "Available for Sale" (AFS) and "Held to Maturity" (HTM) categories (hereinafter called "categories").

b) Securities that are held principally for resale within 90 days from the date of purchase are classified as "HFT". Investments that the Bank intends to hold till maturity are classified as "HTM". Securities which are not to be classified in the above categories are classified as "AFS".

c) Investments classified under Held to Maturity category are carried at acquisition cost, wherever cost is equivalent to face value or less. If cost is more than the face value, the premium is amortized over the period remaining to maturity. Provision for diminution, other than temporary, in the value of investments in subsidiaries and joint ventures under the category "HTM" is made, wherever necessary. Provision for diminution/ amortization, in value of such investments, is included under Current Liabilities and Provisions.

d) Profit on redemption of investment categorized under "HTM" is recognized in Profit & Loss A/c and then transferred to Reserve A/c.

e) Investments under "AFS" are marked to market, scrip-wise, at the rate, declared by Primary Dealers Association of India (PDAI), jointly with Fixed Income Money Market and Derivative Association of India (FIMMDA). Net depreciation, if any, is provided for investments in the category classified as "AFS" and appreciation is ignored. The book value of the individual scrip are not changed after the revaluation.

f) Investments under "HFT" are marked to market, scrip-wise, at the rate, declared by Primary Dealers Association of India (PDAI), jointly with Fixed Income Money Market and Derivative Association of India (FIMMDA). Depreciation/appreciation is recognized in the category for investments classified as "HFT". The book value of the individual scrip is changed after revaluation.

g) Investments in subsidiaries, joint ventures and associates are classified as Held to Maturity.

h) Treasury Bills, Commercial Papers and Certificates of Deposits are valued at carrying cost.

i) Unquoted Shares are valued at breakup value, if the latest Audited Accounts of the investee companies are available, or at `1/- per Company as per RBI guideline.

j) Brokerage, commission, etc. paid in respect of investments including unlisted equities, at the time of acquisition, are charged to revenue.

k) Brokerage, paid on acquisition / disposal of equities traded on stock exchange is capitalized.

l) Broken period interest paid/received on debt investments is treated as interest expenses/ income and is excluded for cost/ sale consideration.

m) Transfer of a security between the categories is accounted for, at lower of the acquisition cost/book value/market value on the date of transfer and depreciation, if any, on such transfer, is fully provided for.

n) Amortization/Gain/Loss on Revaluation of Government Securities is charged to Profit and Loss Account.

o) Weighted average cost method has been followed for accounting for investments.

p) Investments in Venture Capital Funds are accounted as per the accounting policy adopted by the respective Fund.

6. Advances and Provisions thereon

a) Advances are classified as per RBI guidelines. Provision for standard assets and non–performing assets is made in respect of identified advances, based on a periodic review and in conformity with the provisioning norms prescribed by RBI.

b) In case of restructuring/rescheduling of advances, the difference between the present value of future principal and interest as per the original agreement and the present value of future principal and interest as per the revised agreement is provided for.

c) Advances are stated net of provisions towards Non-performing Advances.

d) Provision for Non-Performing Loans in respect of loans granted out of funds are charged to the Profit and Loss account.

7. Foreign Currency Transactions

As per Accounting Standard (AS-11) (Revised 2003) on Accounting for the Effects of Changes in Foreign Exchange Rates issued by the Institute of Chartered Accountants of India; following accounting treatment is given to foreign exchange transactions: a) Assets and liabilities in foreign currency, are revalued at the exchange rate notified by Reserve Bank of India (using FEDAI rates till last year) as at the close of the year and disclosed as a contra item in the Balance Sheet (as off Balance Sheet item). The liability towards foreign currency borrowings is fully hedged and stated in the Balance Sheet at the contracted value (as off balance sheet item).

b) Income and Expenditure items are translated at the exchange rates prevailing on the date of the transaction.

8. Accounting for Foreign Exchange Contracts

a) Foreign Exchange Contracts are to hedge the repayment of foreign currency borrowings.

b) The foreign currency borrowings which are hedged are stated at the contract rate.

c) The foreign exchange unhedged contracts are revalued at the exchange rates notified by FEDAI at the year end. The resultant gain/loss on revaluation is recognised in the Profit & Loss Account under the head Gains/Loss on revaluation of Forward Exchange Contract Account. Premium/ discount are accounted over the life of the contract.

d) The Profit / Loss on cancellation and renewal of foreign exchange contracts are recognised in Profit and Loss Account under the head 'Profit / Loss on Foreign Currency Loan Account'.

9. Employee Benefits

All personnel transferred from RBI are considered as employees of the Bank and provisions for Employee Benefits are made accordingly. Actuarial valuation, wherever required, are carried out at each balance sheet date.

a) Short Term Employee Benefits:

The undiscounted amount of short-term employee benefits, which are expected to be paid in exchange for the services rendered by employees are recognised during the period when the employee renders the service.

b) Post Retirement Benefits:

i) Defined Contribution Plan

The Bank has a Provident Fund Scheme in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is managed by RBI. Contribution is recognized on accrual basis.

The Bank has introduced a New Pension Scheme (NPS) for all the officers/employees who have joined the services of the Bank on or after 01 January 2012. The Bank has adopted the "NPS- Corporate Sector Model", a defined contribution plan, as formulated by the Pension Fund Regulatory and Development Authority (PFRDA). Contribution to the Fund is made on accrual basis.

ii) Defined Benefit Plan

a. Provision for gratuity is made based on actuarial valuation, made at the end of each financial year based on the projected unit credit method in respect of all eligible employees. The scheme is funded by the Bank and is managed by a separate trust. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

b. Provision for pension is made based on actuarial valuation, in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is funded by the Bank and is managed by a separate trust.

iii) Other Long Term benefits

All eligible employees of the bank are eligible for compensated absences. All the eligible employees are also eligible for post-retirement medical benefits. The cost of providing other long term benefits is determined using the projected unit credit method based on actuarial valuations being carried out at each balance sheet date. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

10. Taxes on Income

a) Tax on income for the current period is determined on the basis of taxable income and tax credits computed, in accordance with the provisions of Income Tax Act, 1961 and based on expected outcome of assessments/appeals.

b) Deferred tax is recognized, on timing difference, being the difference between taxable income and accounting income for the year and quantified, using the tax rates and laws that have been enacted or substantively enacted, as on Balance Sheet date.

c) Deferred tax assets relating to unabsorbed depreciation/business losses are recognised and carried forward to the extent that there is virtual certainty that sufficient future taxable income will be available against which, such deferred tax assets can be realized.

d) Tax paid/provided on taxable income earned by the funds are accounted as expenditure of respective funds.

11. Segment Reporting

a) Segment revenue includes interest and other income directly identifiable with / allocable to the segment.

b) Income, which relates to Bank as a whole and not allocable to segments is included under "Other Unallocable Bank income".

c) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment result. The expenses, which relate to the Bank as a whole and not allocable to segments, are included under "Other Unallocable Expenditure".

d) Segment Assets and Liabilities include those directly identifiable with the respective segments. Unallocable Assets and Liabilities include those that relate to the Bank as a whole and not allocable to any segment.

12. Impairment of Assets

a)  As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:
     i)  the provision for impairment loss, if any, required; or
     ii) the reversal, if any, required for impairment loss recognized in the previous periods.
b)   Impairment loss is recognized when the carrying amount of an asset exceeds recoverable amount.

13. Provisions, Contingent Liabilities and Contingent Assets

13.1 Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation if:

a) the Bank has a present obligation as a result of a past event;

b) a probable outflow of resources is expected to settle the obligation; and

c) the amount of the obligation can be reliably estimated.

13.2 Contingent liability is disclosed in the case of:

a) a possible obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation,

b) a present obligation when no reliable estimate is possible, and

c) a possible obligation arising from past events where the probability of outflow of resources is remote.

13.3 Contingent assets are neither recognized, nor disclosed.

13.4 Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

14. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank, cash in hand, demand deposits with banks and other short-term investments with an original maturity of three months or less.

15. Implementation of Indian Accounting Standards (Ind AS)

In terms of the Press Release No. 11/10/2009 CL-V dated 18 January 2016 issued by the MCA, the bank would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 and thereafter.

The bank had set up a Steering Committee headed by Deputy Managing Director to evaluate the changes in accounting system and impact of implementation of Ind AS on the financials including the adequacy of capital, taking into account the Basel III capital requirements. Efforts are being made by the bank to complete the implementation process as per the above timelines.

B. NOTES FORMING PART OF THE ACCOUNTS

1. In terms of the agreement with Kreditanstalt Fur Wiederaufbau - German Development Bank (KfW), accretion/income and expenditure under UPNRM have been charged to the fund. The loans granted out of this fund have been classified as direct loans and disclosed under Schedule 11. The borrowing related to the UPNRM are classified as borrowing from international agencies and disclosed under Schedule 7.

During the year, a sum of ` 6.51 crore is required towards NPA for loans granted under Kfw UPNRM Scheme and the same has been charged to Profit & Loss Account, for want of UPNRM fund.

2. Interest on unutilized balances has been credited to the following funds as per the respective agreements/as approved by the management. The details of rate of interest for respective funds are as under:

3. Recoverable from Government of India / International Agencies (Refer Schedule-13 of Balance Sheet) includes ` 71.05 crore (`17.29 crore) being debit balance of various funds. The details of such funds are as under:

(Amount in ` crore)

4. Sundry creditors includes ` 30.67 crore (`32.12 crore) being amounts outstanding to contributors in respect of Micro Finance Development and Equity Fund (MFDEF). An amount of ` 1.46 crore being the share of NABARD taken to Profit & Loss Appropriation account.

5. Pursuant to the directions of RBI, the relative margin available to the Bank in excess of 0.5 percent in respect of Rural Infrastructure Development Fund (RIDF) deposits, Warehousing Infrastructure Fund (WIF) deposits and Food Processing Fund, placed by the Commercial Banks is credited to Watershed Development Fund, Tribal Development Fund and Financial Inclusion Fund. Previous year, the amounts were credited to Tribal Development Fund and Financial Inclusion Fund.

6. Pursuant to the agreement with Government of India, the relative margin in excess of 0.60%, if any, in respect of Long Term Irrigation Fund shall be transferred to "LTIF Fluctuation Reserve Fund", which will be used during the period when the relative margin is less than 0.60%. During the year an amount of ` 2.52 crore, being the excess margin earned has been transferred to the 'LTIF Fluctuation Reserve Fund' out of Interest Received account.

7. Subvention received/receivable from Government of India (GOI) under Seasonal Agricultural Operations (SAO) amounting to `422.36 crore (`1353.14 crore) and `20.24 crore (`17.12 crore) under National Rural Livelihood Mission (NRLM), being the difference between the cost of borrowing by NABARD and the refinance rate, has been reduced from interest and financial charges and shown as accrued interest and disclosed under Schedule 13.

8. Other receipts includes `126.35 crore (`168.43 crore) received/receivable from GOI towards administration charges on providing refinance under interest subvention scheme to StCBs, RRBs and to DCCBs, Public Sector Banks for financing Primary Agriculture Co-operative Societies (PACS) for Seasonal Agricultural Operations and under NRLM scheme.

9. The salaries and allowances of the employees of the Bank are reviewed every five years. The review due from 01 November 2012 was settled on 01 March 2017 and the arrears of pay and allowances for serving and retired employees are being worked out by the bank. An amount of ` 538 crore was held as provision for arrears of salaries and allowances as on 31 March 2016, which was found to be adequate for meeting the additional cost. No additional provision was made during the current year. The effect of wage revision on superannuation benefits has been taken in to account.

10. The Bank, during the year, in accordance with AS 22 "Accounting for taxes on Income", recognized in the Profit and Loss Account the deferred tax of `18.67 crore (`11.06 crore). The details of the deferred tax are as under:

(Amount in ` crore)

Provision for Deferred Tax on account of Special Reserve created u/s 36(1)(viii) of the Income Tax Act, 1961, is not considered necessary, as the Bank has decided not to withdraw the said reserve.

11. The tax liability of the Bank for the Assessment Year 2002-03 amounting to `373.15 crore was assessed by the Income Tax Department. The Bank has provided and paid the said liability. However, the Bank has filed an appeal against the order of the CIT Appeals with the Income Tax Appellate Tribunal.

12. Income Tax Department had reopened the assessment for the Assessment Year 2006-07, during the FY 2011-12. An amount of ` 343.21 crore has been added to the income of the bank during the reassessment of the income. Out of the above :

(a) An addition of `132.08 crore has been made on account of differential interest accounted under the RIDF which was credited to Watershed Development Fund in terms of the RBI directions.

(b) Further, an amount of ` 211.13 crore has been added to the income on other accounts. In the opinion of the management, in respect of these additions, there is remote possibility of any tax outflow. The Bank has filed an appeal against the above order with CIT-Appeals and also a rectification application with Assessing Officer. Pending the outcome of the appeal/rectification application, the bank had accounted the tax including interest amounting to ` 97.83 crore under the head Watershed Development Fund as an expenditure of the fund, in accordance with the resolution of the Board.

(c) The bank has paid an amount of `162.16 crore out of the total demand of `254.22 crore by way of adjustment of refund of taxes of previous years and preferred an appeal with CIT (A) against the re-opening of the assessment.

(d) The CIT (A) vide his order dated 26 February 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. The department has preferred appeal against the CIT(A) order with ITAT, Mumbai.

13. During the Reassessment of the income for the Assessment Year 2007-08 (reopened during 2011-12) an additional tax liability of `157.47 crore was assessed on account of differential interest accounted under the RIDF. The Bank has paid the said liability wherein ` 27.46 crore has been charged to Tribal Development Fund during the current year. However, the Bank had filed an appeal against the above order with CIT-Appeals. During the year 2015-16, the CIT (A) vide his order dated 30 March 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. During the year 2016-17, pursuant to the CIT(A) order, an amount of `179.09 crore has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

14. Income Tax Department had reopened the assessment for the Assessment Year 2008-09 during the Financial Year 2012- 13 and additional tax liability of `174.59 crore was assessed on account of differential interest accounted under the RIDF/STCRC. The Bank has paid said liability in prior years and preferred an appeal against the above order with CIT- Appeals. During the year 2015-16, the CIT (A) vide his order dated 30 March 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. During the year 2016-17, pursuant to the CIT(A) order, an amount of ` 174.59 crore along with `28.81 crore as interest has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

15. Income Tax Department had reopened the assessment for the Assessment Year 2009-10 during the Financial Year 2012-13 and raised a demand of `256.90 crore due to RIDF differential interest and other disallowances which has been paid by the bank in prior years and preferred an appeal with CIT(A) against the re-opening of the assessment. During the year 2015-16, the CIT (A) vide his order dated 30 March 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. During the year 2016-17, pursuant to the CIT(A) order, an amount of ` 256.90 crore along with `40.04 crore of Interest has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

16. During the Assessment of the income for the Assessment Year 2010-11 a tax liability of `313.07 crore was assessed on account of differential interest accounted under the RIDF/STCRC and others. The Bank has paid the liability in prior years. The Bank has filed an appeal against the above order with CIT- Appeals. The tax amount of `276.66 crore was accounted under Tribal Development Fund during FY 2012-13. During the year 2015-16, CIT (A) vide his order dated 26 February 2016 upheld bank's appeal for non-levy of income tax on differential interest accounted under the RIDF/STCRC. During the year 2016-17, pursuant to the CIT(A) order, an amount of ` 285 crore along with `61.34 crore of Interest has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

17. During the Assessment of the income for the Assessment Year 2011-12 a tax liability of `424.95 crore was assessed on account of differential interest accounted under the RIDF/STCRC and others. The Bank has paid the liability in prior years. However, the Bank has filed an appeal against the above order with CIT-Appeals.

18. The Income Tax Department, for the Assessment year 2012-13, has made an addition of `1002.68 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Tribal Development Fund in terms of the RBI directions. Further, an amount of `145.90 crore has been added to the income of the Bank on account of disallowance of expenditure on promotional activities and other disallowances. The Bank has paid the liability in prior years. However, the Bank has filed an appeal against the above order with CIT-Appeals.

19. The Income Tax Department, for the Assessment year 2013-14, has made an addition of `1156.05 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Tribal Development Fund in terms of the RBI directions. Further, an amount of `20.56 crore has been added to the income of the Bank on account of disallowance of expenditure on promotional activities and other disallowances. However, the Bank has filed an appeal against the above order with CIT- Appeals.

20. During the year, the Income Tax Department, for the Assessment year 2014-15, has made an addition of `1289.70 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Watershed Development Fund, Tribal Development Fund and Financial Inclusion Fund in terms of the RBI directions. Further, an amount of `36.00 crore has been added to the income of the Bank on account of disallowance of expenditure on356 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4 promotional activities and other disallowances. However, the Bank has filed an appeal against the above order with CIT-Appeals.

21. During the year, the Income Tax Department, for the Assessment year 2015-16, has made an addition of `1259.67 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Watershed Development Fund, Tribal Development Fund and Financial Inclusion Fund in terms of the RBI directions. Further, an amount of `61.33 crore has been added to the income of the Bank on account of disallowance of expenditure on promotional activities and other disallowances. However, the Bank has filed an appeal against the above order with CIT-Appeals.

22. Free hold land and Lease Land and Premises include `16.00 crore (`19.58 crore) paid towards Office Premises and Staff Quarters for which conveyance is yet to be completed.

23. In the opinion of the Bank's management, there is no impairment to assets to which AS 28 – "Impairment of Assets" applies requiring any provision.

24. Pursuant to the directives of RBI, the project loans provided to State Co-operative Agriculture and Rural Development Banks (SCARDBs) by way of subscription to the Special Development Debentures (SDDs) floated by these agencies, are treated as under:

a) Classified as Investments and shown in Schedule – 10 under the head 'Debenture and Bonds'. b) Interest earned on the same is shown as a part of 'Interest received on Loans and Advances' in the Profit and Loss Account, treating them as 'Deemed Advances'.

c) 'Deemed Advances' for the purpose of IRAC norms, capital adequacy and computation of ratios etc.

25. As on the date of the financial statements, out of the disbursement extended to various State Governments under RIDF, `495.09 crore (`631.16 crore) pertains to non-starter projects. Pending receipt of the proposal from State Government for adjustment of the amount with the respective/other projects, the amount has been classified as disbursement from the fund.

26. In terms of Central Board of Direct Taxes, Ministry of Finance notification dated 18 February 2016, NABARD was allowed to raise tax free bonds having benefits under section10(15)(iv)(h) of the Income Tax Act 1961 amounting to `5,000 crore. Accordingly, `1,500 crore repayable in 10 year tenure was mobilized through Private Placement and `3,500 crore repayable in 10 & 15 year tenure through public issue. The tax free bonds are in the nature of secured, redeemable and non-convertible bonds. These bonds are secured against pari passu charge on property situated in Mumbai and also first charge on specified book debts of NABARD. The interest charge to revenue pertaining to these bonds for the current year is `. 365.64 crore (`31.78 crore).

The details of the debenture Trustee is as under: Axis Trustee Services Limited, Axis House, Second Floor Wadia International Centre Pandurang Budhkar Marg Worli, Mumbai-400 025 Telephone : 022 24255215/5216

27. In terms of RBI Circular RBI/2015-16/104DBR. No. FID.FIC.3/01.02.00/2015-16 dated 01 July 2015 relating to Prudential Guidelines on Investment in Venture Capital Fund, an amount of ` 35.35 (10.58) crore made in the units of VCF was shifted from HTM category, on completion of 3 years, to AFS category

28. Investments in Government securities include the following securities pledged with Clearing Corporation of India Limited as collateral security for borrowings:

(Amount in ` crore)

29. The market value of all investments held by NABARD under Held to Maturity (HTM) category was `5107.50 crore against the book value of `4098.02 crore. Out of this, the market value of investment in Venture Capital Fund was `156.87 crore against the book value of `132.77 crore. Accordingly, the excess of book value over market value was `24.10 crore (` 3.40 crore) for which no provision was made as per RBI guidelines.

30. Disclosure required under AS 15 (Revised) on "Employee Benefits"

30.1 Defined Benefit Plans

Employees Retirement Benefit plans of the bank include Pension, Gratuity, Leave Encashment and Post-retirement Medical Benefits, which are defined benefit plans. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

30.1.1 Pension

a. Reconciliation of opening and closing balances of defined benefit obligations:

(Amount in ` crore)

b. Amount recognised in the Balance Sheet as on 31 March 2017 and previous year from 2012-13 to 2015-16:

(Amount in ` crore)

@ Includes the Bank's contribution of ` 464.12 crore (`427.04 crore) towards PF for pension optees available with RBI. The confirmation of the balance is awaited from RBI.

c. Expenses recognized in the Profit and Loss Account during the year:

(Amount in `crore)

d. Actuarial assumptions:

30.1.2 Gratuity

a. Reconciliation of opening and closing balances of defined benefit obligations:

d. Actuarial assumptions :

30.1.3 Encashment of Ordinary Leave

a. Reconciliation of opening and closing balances of defined benefit obligations:

(Amount in `crore)

b. Amount recognized in the Balance Sheet as on 31 March 2017 and P.Y. from 2012- 13 to 2015-16.

(Amount in `crore)

* Represents the amount invested with Insurance companies towards the liability for Leave Encashment.

c. Expenses recognized in the Profit and Loss Account during the year:

( Amount in `crore)

d. Actuarial assumptions:

30.1.4 Post-Retirement Medical Benefits

The present value of defined benefit obligation in respect of post-retirement medical benefits accounted in Profit and Loss Account is ` 10.02 crore (`18.76 crore).

30.1.5 The estimates of rate of escalation in salary considered in actuarial valuation, take into account NABARD related factors, inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

30.1.6 The aforesaid liabilities include liabilities of employees deputed to subsidiaries.

30.1.7 Amortisation of Post-retirement benefits

The entire liability towards post-retirement benefits are charged to Profit and Loss account and are not amortised.

30.1.8 Investment under Plan Assets of Pension, Gratuity & Leave Encashment Fund as on 31 March 2017

30.2 Defined Contribution Plan:

(a) The bank contributes its share to Provident Fund with RBI. As per the terms the contribution is a defined contribution plan. During the year the bank has contributed `16.95crore (`17.68 crore) with RBI. (b) The employees' recruited on or after 01 January 2012 are covered under New Pension Scheme, which is a defined contribution plan. During the year the bank has contributed `0.96 crore (`0.26 crore) to the said scheme.

3. Capital

31.1 Pattern of Capital contribution as on the date of the Balance Sheet:

The shareholding of Government of India and RBI in the Paid up capital of NABARD as on 31 March 2017 was at 99.60%: 0.40% as per details given below.

(` crore)

NABARD has received an amount of `1400 crore (`300 crore) from Government of India towards Share Capital and the same has been kept as Advance towards Capital a/c pending enhancement of Authorized Capital.

31.2 Capital Adequacy

31.2.1 Capital adequacy ratio of the Bank as on 31 March 2017 was 17.71% (17.59%) as against a minimum of 9% as stipulated by RBI.

31.2.2 In accordance with RBI Instructions, assets financed from National Rural Credit – Long Term Operations (NRC LTO) Fund amounting to `14489 crore are excluded for the purpose of computing the CRAR.

31.3.3 The details of various parameters of Capital to Risk weighted Assets Ratio is given below:

(Amount in ` crore)

32. Provisions on Standard Assets

(Amount in ` crore)

33. Floating Provisions

(Amount in ` crore)

34. Asset Quality and specific provisions

34.1 Non-Performing Advances

(Amount in ` crore)

34.2 Non-Performing Investments

(Amount in ` crore)

Investment of ` 16.00 crore in Universal Commodity Exchange Limited (UCX) is treated as an Non Performing Investment as the company was barred from operating as a Commodity Exchange following Forward Markets Commission (FMC) directive in July 2014. As per the RBI guidelines the investment in the company is valued at ` 1/-.

34.3 Non-Performing Assets (34.1+34.2)

(Amount in ` crore)

34.4 Particulars of Accounts Restructured

Three loans were restructured during the current financial year. An amount of `3.25 crore (`11.96 crore) is recognized as reversal of sacrifice on accounts restructured in earlier period.

(Amount in ` Crore)

34.5 Movement of Non-Performing Advances

(Amount in ` crore)

34.6 Write-offs and recoveries

(Amount in ` crore)

Note: Technical or prudential write-off is the amount of non-performing loans which are outstanding in the books of the branches, but have been written-off (fully or partially) at Head Office level.

34.7 Overseas Assets, NPAs and Revenue

(Amount in ` crore)

34.8 Depreciation and provisions on investments

(Amount in ` crore)

34.9 Provisions and Contingencies

(Amount in ` crore)

34.10 Provisioning Coverage Ratio (PCR)

PCR [ratio of provisioning (including counter cyclical provisioning buffer) to gross non-performing assets] as at close of business for the current year stood at 108.85% (95.34%).

34.11 Loan under Scheme for Sustainable Structuring of Stressed Assets (S4A)

During the current year, resolution plan for stressed loan account (HCC) to the extent of ` 46.91 crore was considered under Scheme for Sustainable Structuring of Stressed Assets. The details of resolution plan is given below:

The outstanding of the above loan account stood at ` 33.48 crore as on 31 March 2017. The account is continued as NPA and 100% provision held against the outstanding balance as per S4A guidelines.

35. Investment portfolio: constitution and operations

35.1 Repo Transactions

(Amount in ` crore)

35.2 Disclosure of Issuer Composition for Investment in Debt Securities

(Amount in ` crore)

35.3 Sale and Transfers to / from HTM Category

There is no sale / transfers of securities to / from HTM category during the current year.

36. Details of Financial Assets purchased/sold

36.1     Details of Financial Assets sold to Securitisation / Reconstruction Company for Asset Reconstruction
         A.    Details of Sales                                                : NIL
         B.    Details of Book Value of Investments in Security Receipts       : NIL

36.2 Details of Non Performing Financial Assets Purchased / Sold

A. Details of non performing financial assets purchased: NIL

B. Details of non performing financial assets sold: NIL

36.3 Operating Results

37. Credit Concentration risk

37.1. Capital market exposure

(Amount in ` crore)

37.2 Exposure to Country risk : NIL

37.3 Prudential Exposure Limits - Single Borrower Limit (SGL) / Group Borrower Limit (GBL) exceeded by the

AIFI

37.3.1 The number and amount of exposures in excess of the prudential exposure limits during the year: NIL 37.3.2 Credit exposure as percentage to Capital Funds and as percentage to Total Assets

(Amount in ` crore)

37.3.3 Credit exposure to the five largest industrial sectors as percentage to total loan assets: Not Applicable 37.3.4 Factoring exposures : Not Applicable

37.3.5 Exposure where the FI had exceeded that Prudential Exposure Limits during the year : NIL

37.4 Concentration of borrowings / lines of credit, credit exposures and NPAs

(a) Concentration of borrowings and lines of credit

(Amount in ` crore)

(b) Concentration of credit exposures

(Amount in ` crore)

(c) Sector-wise concentration of exposures and NPAs

The sector wise concentration of exposure and NPAs is given below:

(Amount in ` crore)

38. Derivatives

(i) The Bank does not trade in derivatives. However, it has hedged its liability towards borrowings from KfW Germany to the extent of 87.13 million Euro (99.19 million Euro). Consequent upon hedging of foreign currency borrowings the same is shown at contracted value as per the Swap agreement. The bank does not have any open exposure in foreign currency.

(ii) The value of outstanding principal amount of hedge contract at the year–end exchange rate stood at `603.37 crore (`700.35 crore) and the value of outstanding principal liability in the books of account stood at contracted value i.e. `683.56 crore (`721.87 crore). The quantitative disclosure in this regard is as under:

(Amount in ` crore)

39. Letters of Comfort (LoCs) issued by AIFIs : NIL

40. Asset Liability Management

(Amount in ` crore)

41. Draw Down from Reserves: NIL

42. Business Ratios

43. Disclosure of Penalties imposed by RBI

During the current year there was no penalty imposed by the Reserve Bank of India under the Reserve Bank of India Act, 1934, for contraventions of any of the provisions of the Act or non-compliance with any other requirements of the Act, order, rule or condition specified by Reserve Bank of India.

44. Disclosure of Complaints

(a) Customer Complaints

45. Off-Balance Sheet SPVs Sponsored (which are required to be consolidated as per accounting norms) There are no SPVs sponsored by NABARD

46. The movement in Contingent Liability as required in AS 29 "Provisions, Contingent Liabilities and Contingent Assets" is as under:

(Amount in ` crore)

47. Prior period items included in the Profit and Loss account are as follows:

(Amount in ` crore)

48. Accounting Standard 18 – Related Party Disclosures

As the Bank is state controlled enterprise within the meaning of AS-18 "Related Party Transactions", the details of the transactions with other state controlled enterprises are not given.

List of Related Parties:

a) Companies where entity has control:

a. Key Management Personnel:

b. Transactions with Key Management Personnel:

(Amount in ` crore)

No amounts, in respect of the related parties have been written off/back, or provided for during the year.

Related party relationships have been identified by the management and relied upon by the auditors.

49. Information on Business Segment

(a)      Brief Background
         The Bank has recognised Primary segments as under:
         i)    Direct  Finance:  Includes  Loans  given  to  state  governments  and  other  agencies  for  rural  infrastructure
               development,  co-finance  loans  and  loans  given  to  voluntary  agencies/non–governmental  organizations  for
               developmental activities and other direct loans to Co-operative Banks etc.
         ii)   Refinance: Includes Loans and Advances given to State Governments, Commercial Banks, SCARDBs, StCBs
               Regional Rural Banks etc. as refinance against the loans disbursed by them to the ultimate borrowers.
         iii)  Treasury: Includes investment of funds in treasury bills, short-term deposits, government securities, etc.
         iv)   Unallocated: Includes income from staff loans and other miscellaneous receipts and expenditure incurred for
               the developmental role of the bank and common administrative expenses.

(b) Information on Primary Business Segment

(Amount in ` crore)

(c) Since the operations of the Bank are confined to India only there is no reportable secondary segment.

50. Figures in brackets pertain to previous year.

51. Previous year's figures have been regrouped / rearranged wherever necessary.

As per our attached report of even date Vyas & Vyas Chartered Accountants Firm Registration No. 000590C

A K Sahoo Chief General Manager Accounts Department

O.P.Vyas Partner Membership No.014081 Guwahati 26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar Dash Chairman

Deputy Managing Director Director Director

K Sayeed Ali

Chief General Manager & Secretary

National Bank for Agriculture and Rural Development

Cash flow for the year ended 31 March 2017

(` in thousands)

As per our attached report of even date

Vyas & Vyas

Chartered Accountants

O P Vyas

A K Sahoo

Partner

Chief General Manager

M No. 014081

Accounts Department

Guwahati

Date : 26 May 2017

26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar Dash Chairman Deputy Managing Director Director Director

K Sayeed Ali

Chief General Manager & Secretary

Consolidated Balance Sheet Profit & Loss Account

&378 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4

Cash Flow 2016-17

of

NABARD

&

Subsidiaries

(NABCONS, NABKISAN, NABSAMRUDDHI, NABFINS)

INDEPENDENT AUDITORS' REPORT

To,

The Board of Directors of

National Bank for Agriculture and Rural Development

Report On the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of National Bank for Agriculture and Rural Development (hereinafter referred to as "Holding Bank") and its subsidiaries (the holding bank and subsidiaries together referred to as "the Group") which comprises the Consolidated Balance Sheet as at March 31, 2017 and the Consolidated Statement of Profit and Loss Account and Consolidated Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the consolidated financial statements").

Management's Responsibility for the Consolidated Financial Statements

Holding Bank management is responsible for the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India. The respective management of the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the management of the holding bank, as aforesaid.

Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the holding bank's preparation and fair presentation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion whether the holding bank has an adequate internal financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence obtained by us and audit evidence obtained by the other auditors in terms of their report referred to in Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the consolidated financial statements give information required and true and fair view in conformity with the accounting principles generally accepted in India:

1. in the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2017;

2. in the case of the Consolidated Statement of Profit and Loss, of the Profit of the Group for the year ended on that date;

and

3. in the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that date.

Other Matters

We did not audit the financial statements / financial information of four subsidiaries, and whose financial statements reflect total assets of `1541.01 crores as at 31st March, 2017, total revenues of `235.36 crores and net cash outflow amounting to `16.80 crores for the year ended on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Group's share of net profit(after tax) of `34.99 crores for the year ended 31st March 2017, as considered in the consolidated financial statements, These financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements / financial information certified by the management.

Report on Other Legal and Regulatory Requirements

We report that the Consolidated Financial Statements have been prepared by holding bank in accordance with the requirements of Accounting Standards (AS) 21 "Consolidated Financial Statements". In our opinion, the consolidated Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For Vyas & Vyas Chartered Accountants (Firm Registration No 000590C)

O.P.Vyas Place: Guwahati Partner Date: 26 May 2017 (Membership No. 014081)

National Bank for Agriculture and Rural Development

Consolidated Balance Sheet as on 31 March 2017

National Bank for Agriculture and Rural Development

Consolidated Balance Sheet as on 31 March 2017

Schedules referred to above form an integral part of accounts.

As per our attached report of even date

Vyas & Vyas Chartered Accountants (Firm Registration No.000590C)

O. P. Vyas Partner (Membership No. 014081) Guwahati

A. K. Sahoo Chief General Manager Accounts Department Guwahati

Date : 26 May 2017

Date : 26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar Dash Chairman Deputy Managing Director Director Director

K Sayeed Ali Chief General Manager & Secretary

National Bank for Agriculture and Rural Development

Consolidated Profit and Loss Account for the year ended 31 March 2017

(` thousands)

Schedules referred to above form an integral part of accounts.

National Bank for Agriculture and Rural Development

Consolidated Profit and Loss Appropriation Account for the year ended 31 March 2017

(` thousands)

Refer Schedule 18 for Significant Accounting Policies and Notes on Accounts.

As per our attached report of even date

Vyas & Vyas Chartered Accountants (Firm Registration No.000590C)

O. P. Vyas Partner (Membership No. 014081) Guwahati

A. K. Sahoo Chief General Manager Accounts Department Guwahati

Date : 26 May 2017

Date : 26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar Dash Chairman Deputy Managing Director Director Director

K Sayeed Ali Chief General Manager & Secretary

SCHEDULES TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 1 - Reserve Fund and Other Reserves

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 1A - Minority Interest

(` ` ` ` thousands)

SCHEDULES TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 2 - National Rural Credit Funds

(` thousands)

SCHEDULES TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 3 - Gifts, Grants, Donations and Benefactions

(` thousands)

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/ Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

(i) includes ` 48.22 crore being the income tax paid386 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4 (ii) includes ` 120.14 crore being the income tax paid

(iii) includes ` 116.07 crore being the income tax paid

SCHEDULES TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 4 - Government Schemes

(` thousands)

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/ Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

SCHEDULES TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 5 – Deposits

(` thousands)

SCHEDULES TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 6 - Bonds and Debentures

(` thousands)

SCHEDULES TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 7 – Borrowings

(` thousands)

Out of the above, borrowings under CBLO are secured againt Government Securities including Treasury Bills.

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 8 - Current Liabilities and Provisions

(` thousands)

Consolidated Schedule 9 - Cash and Bank Balances

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 10 – Investments

(` thousands)

All the above investments are in India394 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 11 – Advances

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 12 - Fixed Assets

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 13 - Other Assets

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 14 - Interest and Financial Charges

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 15 A - Establishment and Other Expenses

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 15 B - Expenditure on Promotional Activities

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 16 – Provisions

(` thousands)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 17 - Commitments and Contingent Liabilities

(` thousands)

Schedule 18

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS

FOR THE YEAR ENDED MARCH 31, 2017

A. SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Preparation:

The accounts are prepared on the historical cost convention and comply with all material aspects contained in the National Bank for Agriculture and Rural Development Act, 1981 and Regulations thereof, applicable Accounting Standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) and regulatory norms prescribed by the Reserve Bank of India (RBI). Except otherwise mentioned, the accounting policies have been consistently applied by the National Bank for Agriculture and Rural Development (the Bank/NABARD) and are consistent with those used in the previous year.

2. Basis of Consolidation

The Consolidated Financial Statements are prepared in accordance with Accounting Standard 21 – "Consolidated Financial Statements", issued by the Institute of Chartered Accountants of India.

The excess/deficit of the cost to the Bank of its investment, over the Bank's portion of net assets at the time of acquisition of shares is recognized in Reserves & Surplus.

The Consolidated Financial Statements are prepared using uniform accounting policies for like transactions and events in similar circumstances and necessary adjustments required for deviations, if any to the extent possible, are made in the consolidated financial statements and are presented in the same manner as the Bank's standalone financial statements. The figures pertaining to the Subsidiary Companies have been recast/ reclassified wherever necessary to bring them in line with the parent Bank's financial statements.

The financial statements of the subsidiaries used in the consolidation are drawn up to the same reporting date as that of the Bank.

The Notes and Significant accounting policies to the Consolidated Financial Statements are intended to serve as a means of informative disclosure and a guide to better understanding of the consolidated position of the Group. In this respect, the Bank has disclosed such notes and policies which fairly present the needed disclosures, and such other notes and statutory conformation disclosed in the financial statements of the parent and the subsidiary companies which are not having any effect on the true and fair view of the Consolidated Financial statements are excluded.

The financial statements of the Bank and its subsidiaries have been combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses after fully eliminating intra-group balances and intra-group transactions. The unrealized profits or losses resulting from the intra-group transactions400 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4 have been eliminated and unrealized losses resulting from the intra-group transactions have also been eliminated unless cost cannot be recovered.

Share of minority interest in the net profit of the consolidated subsidiaries is identified and adjusted against the profit after tax to arrive at the net income attributable to shareholders. Share of minority interest in losses of the consolidated subsidiaries, if exceeds the minority interest in the equity, the excess and further losses applicable to the minority, are adjusted against the Group's interest.

Share of minority interest in net assets of consolidated subsidiaries is presented in the consolidated balance sheet separately from liabilities and the equity of the company's shareholders.

3. The consolidated financial statements present the accounts of the Bank with its following subsidiaries:

4. Use of Estimates:

Preparation of financial statements in conformity with the Generally Accepted Accounting Principles (GAAP) requires the management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations for the reporting period. Although these estimates are based on the management's best knowledge, the actual results could differ for these estimates. Such differences are recognized in the year of outcome of such results.

5. Revenue recognition:

5.1 Income and expenditure are accounted on accrual basis, except the following, which are accounted on cash basis:

i) Interest on non-performing assets identified as per Reserve Bank of India (RBI) guidelines.

ii) Income by way of penal interest charged due to delayed receipt of loan dues or non–compliance with terms of loan.

iii) Service Charges on loans given out of various Funds.

iv) Expenses not exceeding `10,000 at each accounting unit, under a single head of expenditure.

5.2 Discount on Bonds and Commercial Papers issued are amortized over the tenure of Bonds and Commercial Papers.

Issue expenses relating to floatation of bonds are recognized as expenditure in the year of issue of Bonds.

5.3 Dividend on investments is accounted for, when the right to receive the dividend is established.

5.4 Release of subsidy in which NABARD is acting as a pass through agency is accounted for on payment basis subject to availability of funds under the respective schemes.

5.5 Income from Venture Capital Funds are accounted on realization basis.

5.6 Provision for Wealth Tax is made, in accordance with the provisions of Wealth Tax Act, 1957.

5.7 Recovery in non-performing assets (NPA) is appropriated in the following order:

v) penal interest

vi) cost & chargesPART III—SEC. 4] THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) 401 vii) overdue interest and interest

viii) Principal

5.8 Interest from the term loan disbursed and interest from banks are recognized on time proportion basis taking into account amount outstanding and the rate applicable.

5.9 Income from services

5.9.1 Income from Assignments: Income from assignments constitute the main source of income for the Company (NABCONS). Recognition of revenue and corresponding expenses incurred on particular assignments are taken into account at the time when the assignments are completed. An assignment is treated as completed

- in case of preparation of DPR as soon as the draft report has been issued to the party.

- in case of big assignments where execution is spread over to more than one year, the income has been recognized based on the milestones completed and deliveries effected.

- in case assignment is a time bound contract for more than a year income is recognized in proportion to period completed.

5.9.2 In case of foreign assignments, the income has been recognized as soon as the assignment is executed.

5.9.3 As per the view taken by the management, the assignments which are not likely to be continued were closed on "as is where is" basis and the amount received thereon has been treated as income.

5.9.4 An advance received on progressive basis for ongoing assignments is shown as a separate item as advance received from clients and treated as current liability. The expenses incurred on such assignments are shown as current assets.

5.9.5 In respect of Pass through and monitoring agency assignment, as per terms of agreement, NABCONS is entitled to deduct 1.5% of the amount released at the time of release of each installment towards professional fees. The income has been recognized at the time of release of each instalment amount.

6. Fixed Assets and Depreciation

j) Fixed assets are stated at cost of acquisition, less accumulated depreciation and impairment losses, if any. The cost of assets includes taxes, duties, freight and other incidental expenses related to the acquisition and installation of the respective assets. Subsequent expenditure incurred on existing asset is capitalized, only when it increases the future benefit from the existing assets beyond its previously assessed level of performance.

k) Land includes free hold and leasehold land.

l) Premises include value of land, where segregated values are not readily available.

m) Depreciation on premises situated on free hold land is charged at 10% p.a., on written down value basis.

n) Depreciation on leasehold land and premises situated thereon is computed and charged at 5% on written down value basis or the amount derived by amortizing the premium/cost over the remaining period of leasehold land, on straight-line basis, whichever is higher.

o) Fixed Assets costing `1 lakh and less (except easily portable electronic assets such as laptops, mobile phones, etc.) are charged to the Profit and Loss Account in the year of acquisition. Easily portable electronic assets such as laptops, mobile phones, etc., are capitalized, if individual cost of the items is more than `10,000/-. All software costing `1 lakh each and less, purchased independently are charged to the Profit and Loss Account.

p) Depreciation on other fixed assets is charged over the estimated useful life of the assets ascertained by the management at the following rates on Straight Line Method basis:

q) Depreciation is charged for the full year, irrespective of the date of purchase of asset. No depreciation is charged in the year of sale.

r) Capital work in progress includes capital advances and is disclosed under Fixed Assets.

s) In case of following subsidiaries the depreciation on fixed assets is provided on following basis

7. Investments

f) In accordance with the RBI guidelines, Investments are classified into "Held for Trading" (HFT), "Available for Sale" (AFS) and "Held to Maturity" (HTM) categories (hereinafter called "categories").

g) Securities that are held principally for resale within 90 days from the date of purchase are classified as "HFT". Investments that the Bank intends to hold till maturity are classified as "HTM". Securities which are not to be classified in the above categories are classified as "AFS".

h) Investments classified under Held to Maturity category are carried at acquisition cost, wherever cost is equivalent to face value or less. If cost is more than the face value, the premium is amortized over the period remaining to maturity. Provision for diminution, other than temporary, in the value of investments in subsidiaries and joint ventures under the category "HTM" is made, wherever necessary. Provision for diminution/ amortization, in value of such investments, is included under Current Liabilities and Provisions.

i) Profit on redemption of investment categorized under "HTM" is recognized in Profit & Loss A/c and then transferred to Reserve A/c.

j) Investments under "AFS" are marked to market, scrip-wise, at the rate, declared by Primary Dealers Association of India (PDAI), jointly with Fixed Income Money Market and Derivative Association of India (FIMMDA). Net depreciation, if any, is provided for investments in the category classified as "AFS" and appreciation is ignored. The book value of the individual scrip are not changed after the revaluation.

f) Investments under "HFT" are marked to market, scrip-wise, at the rate, declared by Primary Dealers Association of India (PDAI), jointly with Fixed Income Money Market and Derivative Association of India (FIMMDA). Depreciation/appreciation is recognized in the category for investments classified as "HFT". The book value of the individual scrip are changed after the revaluation.

g) Investments in subsidiaries, joint ventures and associates are classified as Held to Maturity.

h) Treasury Bills, Commercial Papers and Certificates of Deposits are valued at carrying cost.

i) Unquoted Shares are valued at breakup value, if the latest Audited Accounts of the investee companies are available, or at `1/- per Company as per RBI guideline.

j Brokerage, commission, etc. paid in respect of investments including unlisted equities, at the time of acquisition, are charged to revenue.

k) Brokerage, paid on acquisition/disposal of equities traded on stock exchange is capitalized.

l) Broken period interest paid/received on debt investment is treated as interest expenses/ income and is excluded for cost/ sale consideration.

m) Transfer of a security between the categories is accounted for, at lower of the acquisition cost/book value/market value on the date of transfer and depreciation, if any, on such transfer, is fully provided for.

n) Amortization/Gain/Loss on Revaluation of Government Securities is charged to Profit and Loss Account.

o) Weighted average cost method has been followed for accounting for investments.

p) Investments in Venture Capital Funds are accounted as per the accounting policy adopted by the respective Fund.

8. Advances and Provisions thereon

e) Advances are classified as per RBI guidelines. Provision for standard assets and non–performing assets is made in respect of identified advances, based on a periodic review and in conformity with the provisioning norms prescribed by RBI.

f) In case of restructuring/rescheduling of advances, the difference between the present value of future principal and interest as per the original agreement and the present value of future principal and interest as per the revised agreement is provided for.

g) Advances are stated net of provisions towards Non-performing Advances.

h) Provision for Non-Performing Loans in respect of loans granted out of funds are charged to the Profit and Loss account.

9. Foreign Currency Transactions

As per Accounting Standard (AS-11) (Revised 2003) on Accounting for the Effects of Changes in Foreign Exchange Rates issued by the Institute of Chartered Accountants of India; following accounting treatment is given to foreign exchange transactions:

c) Assets and liabilities in foreign currency, are revalued at the exchange rate notified by Reserve Bank of India (using FEDAI rates till last year) as at the close of the year and disclosed as a contra item in the Balance Sheet (as off Balance Sheet item). The liability towards foreign currency borrowings is fully hedged and stated in the Balance Sheet at the contracted value (as off balance sheet item).

d) Income and Expenditure items are translated at the exchange rates prevailing on the date of the transaction.

10. Accounting for Foreign Exchange Contracts

e) Foreign Exchange Contracts are to hedge the repayment of foreign currency borrowings.

f) The foreign exchange unhedged contracts are revalued at the exchange rates notified by FEDAI at the year end. The resultant gain/loss on revaluation is recognised in the Profit & Loss Account under the head Gains/Loss on revaluation of Forward Exchange Contract Account. Premium/ discount are accounted over the life of the contract.

g) The Profit / Loss on cancellation and renewal of foreign exchange contracts are recognised in Profit and Loss Account under the head 'Profit / Loss on Foreign Currency Loan Account'.

11. Employee Benefits

All personnel transferred from RBI are considered as employees of the Bank and provisions for Employee Benefits are made accordingly. Actuarial valuation, wherever required, are carried out at each balance sheet date.

e) Short Term Employee Benefits:

The undiscounted amount of short-term employee benefits, which are expected to be paid in exchange for the services rendered by employees are recognised during the period when the employee renders the service.

f) Post Retirement Benefits:

i) Defined Contribution Plan

The Bank has a Provident Fund Scheme in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is managed by RBI. Contribution is recognized on accrual basis.

The Bank has introduced a New Pension Scheme (NPS) for all the officers/employees who have joined the services of the Bank on or after 01 January 2012. The Bank has adopted the "NPS- Corporate Sector Model", a defined contribution plan, as formulated by the Pension Fund Regulatory and Development Authority (PFRDA). Contribution to the Fund is made on accrual basis.

ii) Defined Benefit Plan

a. Provision for gratuity is made based on actuarial valuation, made at the end of each financial year based on the projected unit credit method in respect of all eligible employees. The scheme is funded by the Bank and is managed by a separate trust. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

b. Provision for pension is made based on actuarial valuation, in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is funded by the Bank and is managed by a separate trust.

iii) Other Long Term benefits

All eligible employees of the bank are eligible for compensated absences. All the eligible employees are also eligible for post-retirement medical benefits. The cost of providing other long term benefits is determined using the projected unit credit method based on actuarial valuations being carried out at each balance sheet date. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

12. Taxes on Income

a) Tax on income for the current period is determined on the basis of taxable income and tax credits computed, in accordance with the provisions of Income Tax Act, 1961 and based on expected outcome of assessments/appeals.

b) Deferred tax is recognized, on timing difference, being the difference between taxable income and accounting income for the year and quantified, using the tax rates and laws that have been enacted or substantively enacted, as on Balance Sheet date.

c) Deferred tax assets relating to unabsorbed depreciation/business losses are recognized and carried forward to the extent that there is virtual certainty that sufficient future taxable income will be available against which, such deferred tax assets can be realized.

d) Tax paid/provided on taxable income earned by the funds are accounted as expenditure of respective funds.

13. Segment Reporting

a) Segment revenue includes interest and other income directly identifiable with / allocable to the segment.

b) Income, which relates to Bank as a whole and not allocable to segments is included under "Other Unallocable Bank income".

g) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment result. The expenses, which relate to the Bank as a whole and not allocable to segments, are included under "Other Unallocable Expenditure".

d) Segment Assets and Liabilities include those directly identifiable with the respective segments. Unallocable Assets and Liabilities include those that relate to the Bank as a whole and not allocable to any segment.

14. Impairment of Assets

a)    As at each Balance Sheet date, the carrying amount of assets is tested for impairment so      as to determine:
      i)    the provision for impairment loss, if any, required; or
      ii)   the reversal, if any, required for impairment loss recognized in the previous periods.
b)    Impairment loss is recognized when the carrying amount of an asset exceeds recoverable amount.

15. Provisions, Contingent Liabilities and Contingent Assets

15.1 Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation if:

a) the Bank has a present obligation as a result of a past event;

b) a probable outflow of resources is expected to settle the obligation; and

c) the amount of the obligation can be reliably estimated.

15.2 Contingent liability is disclosed in the case of:

d) a possible obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation,

e) a present obligation when no reliable estimate is possible, and

f) a possible obligation arising from past events where the probability of outflow of resources is remote.

15.3 Contingent assets are neither recognized, nor disclosed.

15.4 Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

16. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank, cash in hand, demand deposits with banks and other short-term investments with an original maturity of three months or less.

17. Implementation of Indian Accounting Standards (Ind AS)

In terms of the Press Release No. 11/10/2009 CL-V dated 18 January 2016 issued by the MCA, the bank would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 and thereafter.

The bank had set up a steering committee headed by Deputy Managing Director to evaluate the changes in accounting system and impact of implementation of Ind AS on the financials including the adequacy of capital, taking into account the Basel III capital requirements. Efforts are being made by the bank to complete the implementation process as per the above timelines.

B. NOTES FORMING PART OF THE ACCOUNTS

1. In terms of the agreement with Kreditanstalt Fur Wiederaufbau - German Development Bank (KfW), accretion/income and expenditure under UPNRM have been charged to the fund. The loans granted out of this fund have been classified as direct loans and disclosed under Schedule 12. The borrowing related to the UPNRM are classified as borrowing from international agencies and disclosed under Schedule 8.

During the year, a sum of ` 6.51 crore towards NPA for loans granted under Kfw UPNRM Scheme and the same has been charged to Profit & Loss Account, for want of UPNRM fund.

2. Interest on unutilized balances has been credited to the following funds as per the respective agreements/as approved by the management. The details of rate of interest for respective funds are as under:

3. Recoverable from Government of India/International Agencies (Refer Schedule-13 of Balance Sheet) includes `71.05 crore (`17.29 crore) being debit balance of various funds. The details of such funds are as under:

(Amount in ` crore)

4. Sundry creditors includes ` 30.67crore (`32.12 crore) being amounts outstanding to contributors in respect of Micro Finance Development and Equity Fund (MFDEF). An amount of `1.46 crore being the share of NABARD taken to Profit & Loss Appropriation account.

5. Pursuant to the directions of RBI, the relative margin available to the Bank in excess of 0.5 percent in respect of Rural Infrastructure Development Fund (RIDF) deposits, Short Term Co-operative Rural Credit Refinance Fund (STCRC) deposits, Short Term RRB Credit Refinance Fund (STRRB) deposits and Warehouse Infrastructure Fund (WIF) deposits, placed by the Commercial Banks is credited to Watershed Development Fund, Tribal Development Fund and Financial Inclusion Fund. Previous year, the amounts were credited to Tribal Development Fund and Financial Inclusion Fund.

6. Pursuant to the agreement with Government of India, the relative margin in excess of 0.60%, if any, in respect of Long Term Irrigation Fund shall be transferred to "LTIF Fluctuation Reserve Fund", which will be used during the period when the relative margin is less than 0.60%. During the year an amount of Rs. 2.52 crore, being the excess margin earned has been transferred to the 'LTIF Fluctuation Reserve Fund' out of Interest Received account.

7. Subvention received/receivable from Government of India (GOI) under Seasonal Agricultural Operations (SAO) amounting to `422.36 crore (`1353.14 crore) and `20.24 crore (`17.12 crore) under National Rural Livelihood Mission (NRLM), being the difference between the cost of borrowing by NABARD and the refinance rate has been reduced from interest and financial charges and shown as accrued interest and disclosed under Schedule 13.

8. Other receipts includes `126.35 crore (`168.43 crore) received/receivable from GOI towards administration charges on providing refinance under interest subvention scheme to StCBs, RRBs and to CCBs, Public Sector Banks for financing Primary Agricultural Credit Societies (PACS) for Seasonal Agricultural Operations and under NRLM scheme.

9. The salaries and allowances of the employees of the Bank are reviewed every five years. The review due from 01 November 2012 was settled on 01 March 2017 and the arrears of pay and allowances for serving and retired employees are being worked out by the bank. An amount of Rs. 538 crore was held as provision for arrears of salaries and allowances as on 31 March 2016, which was found to be adequate for meeting the additional cost. No additional provision was made during the current year. The effect of wage revision on superannuation benefits has been taken into account.

10. The Bank, during the year, in accordance with AS 22 "Accounting for taxes on Income", recognized in the Profit and Loss Account the deferred tax of `18.67 crore (`11.06 crore). The details of the deferred tax are as under:

(Amount in ` crore)

Provision for Deferred Tax on account of Special Reserve created u/s 36(1)(viii) of the Income Tax Act, 1961, is not considered necessary, as the Bank has decided not to withdraw the said reserve.

11. The tax liability of the Bank for the Assessment Year 2002-03 amounting to `373.15 crore was assessed by the Income Tax Department. The Bank has provided and paid the said liability. However, the Bank has filed an appeal against the order of the CIT Appeals with the Income Tax Appellate Tribunal.

12. Income Tax Department had reopened the assessment for the Assessment Year 2006-07, during the FY 2011-12. An amount of ` 343.21 crore has been added to the income of the bank during the reassessment of the income. Out of the above,

a. An addition of `132.08 crore has been made on account of differential interest accounted under the RIDF which was credited to Watershed Development Fund in terms of the RBI directions.

b. Further, an amount of ` 211.13 crore has been added to the income on other accounts. In the opinion of the management, in respect of these additions, there is remote possibility of any tax outflow. The Bank has filed an appeal against the above order with CIT-Appeals and also a rectification application with Assessing Officer. Pending the outcome of the appeal/rectification application, the bank had accounted the tax including interestPART III—SEC. 4] THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) 407 amounting to ` 97.83 crore under the head Watershed Development Fund as an expenditure of the fund, in accordance with the resolution of the Board.

c. The bank has paid an amount of `162.16 crore out of the total demand of `254.22 crore by way of adjustment of refund of taxes of previous years and preferred an appeal with CIT (A) against the re-opening of the assessment.

d. The CIT (A) vide his order dated 26 February 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. The department has preferred appeal against the CIT(A) order with ITAT, Mumbai.

13. During the Reassessment of the income for the Assessment Year 2007-08 (reopened during 2011-12) an additional tax liability of `157.47 crore was assessed on account of differential interest accounted under the RIDF. The Bank has paid the said liability wherein ` 27.46 crore has been charged to Tribal Development Fund during the current year. However, the Bank had filed an appeal against the above order with CIT- Appeals. During the year 2015-16, the CIT (A) vide his order dated 30 March 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. During the year 2016-17, pursuant to the CIT(A) order, an amount of ` 179.09 crore has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

14. Income Tax Department had reopened the assessment for the Assessment Year 2008-09 during the Financial Year 2012-13 and additional tax liability of `174.59 crore was assessed on account of differential interest accounted under the RIDF/STCRC. The Bank has paid said liability in prior years and preferred an appeal against the above order with CIT- Appeals. During the year 2015-16, the CIT (A) vide his order dated 30 March 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. During the year 2016-17, pursuant to the CIT(A) order, an amount of ` 174.59 crore along with ` 28.81 crore as interest has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

15. Income Tax Department had reopened the assessment for the Assessment Year 2009-10 during the Financial Year 2012-13 and raised a demand of `256.90 crore due to RIDF differential interest and other disallowances which has been paid by the bank in prior years and preferred an appeal with CIT(A) against the re-opening of the assessment. During the year 2015-16, the CIT (A) vide his order dated 30 March 2016 has upheld NABARD's appeal and ruled against the reopening of completed assessment by IT department. During the year 2016-17, pursuant to the CIT(A) order, an amount of ` 256.90 crore along with ` 40.04 crore of Interest has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

16. During the Assessment of the income for the Assessment Year 2010-11 a tax liability of `313.07 crore was assessed on account of differential interest accounted under the RIDF/STCRC and others. The Bank has paid the liability in prior years. The Bank has filed an appeal against the above order with CIT- Appeals. The tax amount of `276.66 crore was accounted under Tribal Development Fund during FY 2012-13. During the year 2015-16, CIT (A) vide his order dated 26 February 2016 upheld bank's appeal for non-levy of income tax on differential interest accounted under the RIDF/STCRC. During the year 2016-17, pursuant to the CIT(A) order, an amount of ` 285 crore along with ` 61.34 crore of Interest has been received as Refund. The Income Tax department has preferred appeal against the CIT(A) order with ITAT, Mumbai. Pending appeal with ITAT, the refund including interest thereon received from the IT department is kept in Income Tax Refund Account.

17. During the Assessment of the income for the Assessment Year 2011-12 a tax liability of `424.95 crore was assessed on account of differential interest accounted under the RIDF/STCRC and others. The Bank has paid the liability in prior years. However, the Bank has filed an appeal against the above order with CIT- Appeals.

18. The Income Tax Department, for the Assessment year 2012-13, has made an addition of `1002.68 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Tribal Development Fund in terms of the RBI directions. Further, an amount of `145.90 crore has been added to the income of the Bank on account of disallowance of expenditure on promotional activities and other disallowances. The Bank has paid the liability in prior years. However, the Bank has filed an appeal against the above order with CIT- Appeals.

19. The Income Tax Department, for the Assessment year 2013-14, has made an addition of `1156.05 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Tribal Development Fund in terms408 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4 of the RBI directions. Further, an amount of `20.56 crore has been added to the income of the Bank on account of disallowance of expenditure on promotional activities and other disallowances. However, the Bank has filed an appeal against the above order with CIT- Appeals.

20. During the year, the Income Tax Department, for the Assessment year 2014-15, has made an addition of `1289.70 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Watershed Development Fund, Tribal Development Fund and Financial Inclusion Fund in terms of the RBI directions. Further, an amount of `36.00 crore has been added to the income of the Bank on account of disallowance of expenditure on promotional activities and other disallowances. However, the Bank has filed an appeal against the above order with CIT- Appeals.

21. During the year, the Income Tax Department, for the Assessment year 2015-16, has made an addition of `1259.67 crore on account of differential interest accounted under the RIDF/STCRC which was credited to Watershed Development Fund, Tribal Development Fund and Financial Inclusion Fund in terms of the RBI directions. Further, an amount of `61.33 crore has been added to the income of the Bank on account of disallowance of expenditure on promotional activities and other disallowances. However, the Bank has filed an appeal against the above order with CIT- Appeals.

22. Free hold land and Lease Land and Premises include `16.00 crore (`19.58 crore) paid towards Office Premises and Staff Quarters for which conveyance is yet to be completed.

23. Investments in Government securities include the following securities pledged with Clearing Corporation of India Limited as collateral security for borrowings:

(Amount in ` crore)

24. The market value of all investments held by NABARD under Held to Maturity (HTM) category was `5107.50 crore against the book value of `4098.02 crore. Out of this, the market value of investment in Venture Capital Fund was `156.87 crore against the book value of `132.77 crore. Accordingly, the excess of book value over market value was `24.10 crore (` 3.40 crore) for which no provision was made as per RBI guidelines.

25. Dividend proposed by the subsidiaries for the year 2016-17, subject to the approval of shareholders in the ensuing Annual General Meeting:

(Amount in ` crore)

26. Non-Performing Investments

(Amount in ` crore)

Investment of ` 16.00 crore in Universal Commodity Exchange Limited (UCX) is treated as an Non Performing Investment as the company was barred from operating as a Commodity Exchange following Forward Markets Commission (FMC) directive in July 2014. As per the RBI guidelines the investment in the company is valued at ` 1/-.

27. Concentration of borrowings / lines of credit, credit exposures and NPAs (d) Concentration of borrowings and lines of credit

(Amount in ` crore)

(e) Concentration of credit exposures

(Amount in ` crore)

28. Pattern of Capital contribution as on the date of the Balance Sheet:

The shareholding of Government of India and RBI in the Paid up capital of NABARD as on 31 March 2017 was at 99.60%: 0.40% as per details given below.

(Amount in ` crore)

NABARD has received an amount of `1400 crore (`300 crore) from Government of India towards Share Capital and the same has been kept as Advance towards Capital a/c pending enhancement of Authorized Capital.

29. The movement in Contingent Liability as required in AS 29 "Provisions, Contingent Liabilities and Contingent Assets" is as under:

(Amount in ` crore)

30. Prior period items included in the Profit and Loss account are as follows:

(Amount in ` crore)

31. Information on Business Segment

(a)      Brief Background
         The Bank has recognized Primary segments as under:
         i)    Direct  Finance:  Includes  Loans  given  to  state  governments  and  other  agencies  for  rural  infrastructure
               development,  co-finance  loans  and  loans  given  to  voluntary  agencies/non–governmental  organizations  for
               developmental activities and other direct loans to Co-operative Banks etc.
         ii)   Refinance: Includes Loans and Advances given to State Governments, Commercial Banks, SCARDBs, StCBs
               Regional Rural Banks etc. as refinance against the loans disbursed by them to the ultimate borrowers.
         iii)  Treasury: Includes investment of funds in treasury bills, short-term deposits, government securities, etc.
         v)    Unallocated: Includes income from staff loans and other miscellaneous receipts and expenditure incurred for
               the developmental role of the bank and common administrative expenses.

(b) Information on Primary Business Segment

(Amount in ` crore)

(c) Since the operations of the Bank are confined to India only there is no reportable secondary segment.

30. Figures in brackets pertain to previous year.

31. Previous year's figures have been regrouped / rearranged wherever necessary.

As per our attached report of even date Vyas & Vyas Chartered Accountants Firm Registration No.000590C

A K Sahoo Chief General Manager Accounts Department

O P Vyas Partner Membership No.014081 Guwahati 26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar Dash Chairman Deputy Managing Director Director Director

K Sayeed Ali Chief General Manager & Secretary412 THE GAZETTE OF INDIA, AUGUST 5, 2017 (SRAVANA 14, 1939) [PART III—SEC. 4

National Bank for Agriculture and Rural Development

Consolidated Cash flow for the year ended 31 March 2017

(` in thousands)

As per our attached report of even date

Vyas & Vyas Chartered Accountants (Firm Registration No.000590C)

O. P. Vyas Partner (Membership No. 014081) Guwahati Date : 26 May 2017

A. K. Sahoo Chief General Manager Accounts Department Guwahati Date : 26 May 2017

Harsh Kumar Bhanwala R Amalorpavanathan B.P.Kanungo Anup Kumar Dash Chairman Deputy Managing Director Director Director

K Sayeed Ali Chief General Manager & Secretary

मुद्रण निदेशालय द्वारा, भारत सरकार मुद्रणालय, एन.आई.टी. फरीदाबाद में

अपलोड एवं प्रकाशन नियंत्रक, दिल्ली द्वारा ई-प्रकाशित, 2017

UPLOADED BY DIRECTORATE OF PRINTING AT GOVERNMENT OF INDIA PRESS, N.I.T.

FARIDABAD AND E-PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 2017

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DOPGIPF—[PART III—SEC.4]