22 OTHER ASSETS
Mandatory balances with the central bank are not available for use in the Bank’s day-to-day operations. Mandatory balances with the Central Bank are based on the daily ratio applied for the maintenance of minimum rupee and foreign currency balances as at 30 June 2020, 2019 and 2018 respectively.
Contract assets are initially recognised for revenue as per the agreement in place between ACML and its customers. Upon invoicing of the fees, the amount recognised as contract assets are reclassified to trade receivables.
Receivable from subsidiary is nil (2019: MUR 85M and 2018: MUR 179M) bears interest at 3.60%, is unsecured and is repayable on demand. Receivable from subsidiary amounting to MUR 1M (2019: 1M and 2018: Nil) is unsecured, interest free and payable on demand.
During the year ended 30 June 2020, an impairment review has been performed on the amount due from subsidiaries, as a result of a fall in its financial performance. The movement in impairment loss is as follows: