Tag: burdened

[ad_1] The global economic crisis has begun to take a toll on the Indian industry’s balance sheet, owing to the depreciating rupee. While a weaker rupee may bring cheer to export-oriented sectors such as IT and textiles, it has increased foreign exchange liabilities of Indian companies. The accounting rules, called AS-11 provisions, make it mandatory for companies to make mark-to-market provisions in their profit and loss accounts for any changes in foreign currency loans. The worst hit have been those companies that primarily serve the domestic market and opt for…