The Reserve Bank of India (RBI) has reviewed the system of processing applications for registration as core investment companies (CICs), making it smoother and hassle free. Along with this, it has also reduced the number of documents an entity has to furnish along with the application form to register as a CIC from 52 to ________.

Solution

The Reserve Bank of India (RBI) has reviewed the system of processing applications for registration as core investment companies (CICs), making it smoother and hassle free. It has amended the application form companies must fill out to register as CICs, making it more structured and aligned with the rules that govern such entities.      RBI has also reduced the number of documents an entity has to furnish along with the application form to register as a CIC from 52 to 18.   However, the central bank has reserved the right to call for any further documents beyond the 18 that the entity is mandated to furnish, in order to satisfy itself on the eligibility of the company seeking CIC registration. Among the documents the entity seeking registration as a CIC has to furnish are: Audited balance sheets and profit & loss accounts for the past three year, along with directors & auditors report, or for such shorter period as are available, business plan of the company for the next three years, and projected balance sheets.