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What the India book tracks

USD-only. The India entity doesn't hold INR — GlomoPay converts and delivers USD. The INR side lives on the compliance audit rows, not the trial balance.

Where the money is​

  • Customer wallets (USD). What each customer can spend right now.
  • Omnibus cash at ViewTrade. Pooled customer USD held at the custodian.
  • Omnibus custody at ViewTrade. Pooled US-equity holdings.
  • GlomoPay FX receivable. FX-spread earned but not yet settled to Valura's bank.
  • Cash in transit. Optional in-flight bucket.
  • Valura's own USD bank. Where the FX-spread settles.

What customers hold​

  • US equity holdings. Custody at ViewTrade balances against per-customer claims. Valura's exposure to the underlying securities is zero.

What Valura owes / is owed​

  • ViewTrade payable — the broker's cost per trade (default 4 bps).
  • Valura payable — Valura's residual margin (default 18 bps).
  • Withholding tax payable — 25% NRA WHT on US dividends, owed downstream.
  • Regulatory fee payable — SEC / TAF on US trades.

Revenue​

  • Brokerage revenue — the 22 bps customer charge (see Brokerage economics).
  • FX spread revenue — the biggest India revenue line (see FX spread model).
  • Custody fee revenue — currently dormant.

Cost​

  • Brokerage cost — what ViewTrade charges Valura.
  • Regulatory fee cost — SEC / TAF pass-through.
  • Custody cost — direct custody cost.
  • Valura earnings share — Valura's own residual margin (recost target).

What the compliance audit tables track​

Two audit tables sit alongside the trial balance — they don't affect it, they sit alongside it as reporting inputs:

  • lrs_remittances — one row per GlomoPay LRS order: PAN, INR amount, USD amount, quote rate, TCS collected, purpose code, settlement UTR, etc. Feeds LRS + settlement reports.
  • dividend_events — one row per US dividend event: symbol, pay date, gross, WHT, per-share rate, tax code, FY. Feeds the dividend + WHT reports and Schedule FA.

Both stay empty on the UAE book.

How the whole book balances​

Same rule as UAE: every transaction is a balanced debit-and-credit set. The trial balance sums to zero always. A specific rule for India: because GlomoPay contributes the FX-spread revenue accrual (a credit to 4030), it also contributes an equal debit to 1300 GlomoPay FX Receivable. That receivable clears when GlomoPay settles to Valura's bank.