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35. Details of Statutory Audit Fees
RBI vide its letter No. DBS. ARG. No AS-26/08:15:008/2020-21 dated September 21,
2020 informed that M/s. Bansal & Co LLP., New Delhi has been appointed as Statutory
Auditors of National Housing Bank for the Year 2020-21.
S.No. Particulars ₹ in Lakh*
01. Statutory audit and Limited Review fee 10.96
02. Tax Audit fee 2.75
03. GST Audit fee 2.75
04. Expenditure on certification and additional certifica- 0.25
tions required by SEBI
Total 16.71
*Amounts are inclusive of payments made as well as provision set aside for pending payments
36. Revaluation of Foreign Deposits and Borrowings/Forward Exchange Contracts/PoS
36.1 NHB borrowed USD 20 million (equivalent to ` 87.5 Crores) from Asian Development
Bank (ADB) in 2002 including a front end fee of USD 0.4 million (equivalent to ` 1.75
Crores) and the total liability amounted to USD 20.4 million. The forex loan amount thus
raised was placed as deposit of USD 20 million with EXIM Bank. However, an amount of
USD 13 million was repaid to ADB in 2004. NHB explored the possibility of unwinding
part of the swap arrangement with EXIM Bank. However, the corresponding deposit
could not be cancelled with EXIM Bank due to high cost of premature cancellation. This
resulted in excess dollar inflows from dollar deposit over dollar outflows post meeting
loan obligations. In order to hedge forex risk on account of the excess inflow of USD
from Exim Bank, the Bank has entered into forward exchange contracts. During the year
ended June 30, 2021, forward exchange contracts amounting to USD 1.24 million have
been utilized.
As on June 30, 2021, the Bank has 09 outstanding contracts for an aggregate amount of
USD 5.806 million.
36.2 As on June 30, 2021, the Bank has an outstanding borrowing of Euro 18.135 million
(equivalent to ` 160.31 Crore) from KfW, Germany for financing “Energy Efficient New
Residential Housing” in India. The principle and portion of interest are hedged against
foreign exchange risk.
36.3 As on June 30, 2021 the Bank has Nil outstanding borrowing from DFID, UK a project
namely “Making affordable housing market work for faster and sustained economic
growth” in eight low income states of the country.
304 | Annual Report 2020-21
RBI vide its letter No. DBS. ARG. No AS-26/08:15:008/2020-21 dated September 21,
2020 informed that M/s. Bansal & Co LLP., New Delhi has been appointed as Statutory
Auditors of National Housing Bank for the Year 2020-21.
S.No. Particulars ₹ in Lakh*
01. Statutory audit and Limited Review fee 10.96
02. Tax Audit fee 2.75
03. GST Audit fee 2.75
04. Expenditure on certification and additional certifica- 0.25
tions required by SEBI
Total 16.71
*Amounts are inclusive of payments made as well as provision set aside for pending payments
36. Revaluation of Foreign Deposits and Borrowings/Forward Exchange Contracts/PoS
36.1 NHB borrowed USD 20 million (equivalent to ` 87.5 Crores) from Asian Development
Bank (ADB) in 2002 including a front end fee of USD 0.4 million (equivalent to ` 1.75
Crores) and the total liability amounted to USD 20.4 million. The forex loan amount thus
raised was placed as deposit of USD 20 million with EXIM Bank. However, an amount of
USD 13 million was repaid to ADB in 2004. NHB explored the possibility of unwinding
part of the swap arrangement with EXIM Bank. However, the corresponding deposit
could not be cancelled with EXIM Bank due to high cost of premature cancellation. This
resulted in excess dollar inflows from dollar deposit over dollar outflows post meeting
loan obligations. In order to hedge forex risk on account of the excess inflow of USD
from Exim Bank, the Bank has entered into forward exchange contracts. During the year
ended June 30, 2021, forward exchange contracts amounting to USD 1.24 million have
been utilized.
As on June 30, 2021, the Bank has 09 outstanding contracts for an aggregate amount of
USD 5.806 million.
36.2 As on June 30, 2021, the Bank has an outstanding borrowing of Euro 18.135 million
(equivalent to ` 160.31 Crore) from KfW, Germany for financing “Energy Efficient New
Residential Housing” in India. The principle and portion of interest are hedged against
foreign exchange risk.
36.3 As on June 30, 2021 the Bank has Nil outstanding borrowing from DFID, UK a project
namely “Making affordable housing market work for faster and sustained economic
growth” in eight low income states of the country.
304 | Annual Report 2020-21
