The ministry of corporate affairs has released an official order that talks about the amendment of audit rules. The ministry aims to rationalise the penalty provisions relating to contraventions designed for proper compliance.
The New National Financial Reporting Authority (NFRA) amendment rules 2022 state that non-compliance would attract a penalty of Rs. 5000, and if the non-compliance continues, Rs. 500 will be charged for each day during the period of infringement. This penalty shall apply to all the offences that do not have a specific penalty mentioned elsewhere in the law.