What is a cash credit account?

Cash Credit account is a type of short-term loan provided to businesses by the banks to maintain the liquidity of the cash flow in the business. It is a form of working capital loan that is usually availed by business corporations. The businesses are allowed with this credit over their current account balance for a period of time. Businesses are allowed to borrow amount above their account balance up to the permissible borrowing limit. The bank will charge interest as per its guidelines and the terms and conditions agreed between the borrower and the lender on the amounts withdrawn, not on the entire borrowing limit.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

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