Latest

  • 19-06-18 - Central Goods and Services Tax (Sixth Amendment) Rules, 2018

    The Central Board of Indirect Taxes and Customs has notified the Central Goods and Services Tax (Sixth Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette. Amendment is made in Rule 58, to allow transporter who is registered in more than one State or Union Territory having the same Permanent Account Number, to register for, unique common enrolment number by submitting the details in FORM GST ENR-02 using any one of his Goods and Services Tax Identification Numbers. Further, on allotment of unique common enrolment number, the transporter shall not be eligible to use any of the Goods and Services Tax Identification Numbers for the purposes of the said Chapter XVI. In this regard, the Form GST ENR-02 which is an Application for obtaining unique common enrolment number is also made available and notified. ...Read More

  • 19-06-18 - Priority Sector Lending – Targets and Classification

    In terms of the above Master Direction, loans to individuals up to ₹ 28 lakh in metropolitan centres (with population of ten lakh and above) and ₹ 20 lakh in other centres, are eligible to be classified under priority sector, provided that the cost of dwelling unit does not exceed ₹ 35 lakh and ₹ 25 lakh, respectively. ...Read More

  • 23-05-18 - FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling

    The Institute of Chartered Accountants of India has released a FAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling from Rs. 10 lakhs to Rs. 20 Lakhs due to Payment of Gratuity (Amendment) Act 2018. The has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of this FAQ is to clarify the accounting treatment of increase in liability due to enhancement of the gratuity ceiling. It is also clarified that that the aforementioned accounting standards do not provide any exemption/one time relief with regard to the accounting treatment of increase in liability arising on account of past service cost. ...Read More

  • 17-05-18 - Amendment to SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 and Circular No. IMD/FPIC/CIR/P/2018/74 dated April 27, 2018 on Monitoring of Foreign Investment limits in listed Indian companies

    SEBI has issued further amendment to SEBI Circular on Monitoring of Foreign Investment limits in listed Indian companies. The deadline for the companies to provide the necessary data to the depositories has been extended to May 25, 2018. The new system for monitoring foreign investment limits in listed Indian companies shall be made operational on June 01, 2018. To facilitate compliance with various foreign investment limits in listed companies, the Securities and Exchange Board of India (SEBI), in consultation with the Reserve Bank of India (RBI) has notified this new system for monitoring foreign investment limits. ...Read More

  • 17-05-18 - Clarification-Condonation of Delay Scheme, 2018-reg.

    Ministry has received representations from stakeholders raising doubts regarding filing requirements of e-CODS, 2018, in such cases, where petitions have already been filed before NCLT under section 252 of the Companies Act 2013, during the currency of the scheme and orders are pending before the NCLT and whether such struck off companies can file CODS upon obtaining orders for the same even after 01.05.2018. It is clarified that in the event of defaulting companies whose names have been removed from the register of companies under section 248 of the Act and which have filed applications for revival under section 252 of the Act up to the date of this scheme, the Director's DIN shall be re-activated only after NCLT order of revival subject to the company having filing of all overdue documents. It, is therefore, hereby directed that in such cases the Registrar(s) of Companies shall raise a ticket through Change Requirement Form (CRF) on MCA21 portal along with copy of NCLT order and E-governance shall activate DIN of the directors of such struck off companies that have been revived through NCLT to file e-CODS, 2018. However, the ROC before raising CRF has to ensure that CRFs are raised only for strike off companies and after thorough scrutiny of the NCLT orders and ensuring that such struck off companies had filed overdue documents before filing e-CODS, 2018 and had filed petitions before the NCLT during the validity of CODS Scheme. ...Read More

  • 09-05-18 - SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)(AMENDMENT) REGULATIONS, 2018

    Some of the major amendments includes the following : Regulation 24A - Every Listed Entity and its material unlisted ubsidiaries incorporated in India shall undertake Secretarial Audit and shall annex with its annual report, a Secretarial Audit Report, given by a Company Secretary in Practice, in such form as may be specified with effect from the year ended 31st March, 2019. Regulation 17 (1) - i) The Board of Directors of the Top 500 Listed Entities shall have at least One Independent Woman Director by 1st April, 2019 and the Board of Directors of the Top 1000 Listed Entities shall have at least One Independent Woman Director by 1st April, 2020. ii) The Board of Directors of the Top 1000 Listed Entities (with effect from 1st April, 2019) and the Top 2000 Listed Entities (with effect from 1st April, 2020) shall comprise of not less than Six (6) Independent Directors. Regulation 17 (1A) - No listed entity shall appoint a person or continue the directorship of any person as a non-executive director who has attained the age of seventy five years unless a special resolution is passed to that effect, in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such a person. Regulation 17 (1B) - The top 500 listed entities shall ensure that the Chairperson of the board of such listed entity shall be a non-executive director and not be related to the Managing Director or the Chief Executive Officer as per the definition of the term “relative” defined under the Companies Act, 2013. Regulation 17 (2A) - The quorum for every meeting of the board of directors of the top 1000 listed entities with effect from April 1, 2019 and of the top 2000 listed entities with effect from April 1, 2020 shall be one-third of its total strength or three directors, whichever is higher, including at least one independent director. Regulation 17 (6) - The approval of shareholders by Special Resolution shall be obtained every year, in which the annual remuneration payable to a single non-executive Director exceeds fifty per cent of the total annual remuneration payable to all non-executive Directors, giving details of the remuneration thereof. Regulation 17A - The directors of listed entities shall not be eligible for appointment as director in more than eight listed entities with effect from April 1, 2019 and in not more than seven listed entities with effect from April 1, 2020 and shall not serve as an independent director in more than seven listed entities. Further, any person who is serving as a whole time director / managing director in any listed entity shall serve as an independent director in not more than three listed entities. Regulation 19 - The quorum for a meeting of the nomination and remuneration committee shall be either two members or one third of the members of the committee, whichever is greater, including at least one independent director in attendance. The nomination and remuneration committee shall meet at least once in a year. Regulation 24 - At least one independent director on the board of directors of the listed entity shall be a director on the board of directors of an unlisted material subsidiary, whether incorporated in India or not. The term “material subsidiary” shall mean a subsidiary, whose income or net worth exceeds twenty percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year. Regulation 25 - No person shall be appointed or continue as an alternate director for an independent director of a listed entity with effect from October 1, 2018. Further, every independent director shall, at the first meeting of the board in which he participates as a director and thereafter at the first meeting of the board in every financial year or whenever there is any change in the circumstances which may affect his status as an independent director, submit a declaration that he meets the criteria of independence as provided in clause (b) of sub-regulation (1) of regulation 16 and that he is not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact his ability to discharge his duties with an objective independent judgment and without any external influence. Regulation 25(10) - With effect from October 1, 2018, the top 500 listed entities by market capitalization, shall undertake Directors and Officers insurance (‘D and O insurance’) for all their independent directors of such quantum and for such risks as may be determined by its board of directors. Regulation 32(7A) - Where an entity has raised funds through preferential allotment or qualified institutions placement, the listed entity shall disclose every year, the utilization of such funds during that year in its Annual Report until such funds are fully utilized. Regulation 33(8) - The statutory auditor of a listed entity shall undertake a limited review of the audit of all the entities/ companies whose accounts are to be consolidated with the listed entity as per AS 21 in accordance with guidelines issued by the Board on this matter. Regulation 34 – The listed entity shall submit to the stock exchange and publish on its website a copy of the annual report sent to the shareholders along with the notice of the annual general meeting not later than the day of commencement of dispatch to its shareholders and in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting. The amendment in this clause shall be applicable in respect of the Annual report filed for the year ended March 31, 2019 and thereafter. Regulation 44 - The top 100 listed entities by market capitalization, determined as on March 31st of every financial year, shall hold their annual general meetings within a period of five months from the date of closing of the financial year. Further, the top 100 listed entities shall provide one-way live webcast of the proceedings of the annual general meetings. In Corporate Governance Report, additional certificate from a company secretary in practice is required to be attached that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority. ...Read More

  • 09-05-18 - Key highlights of amendments to various Rules under Companies Act, 2013 with Effect from May 07,2018

    Key highlights of amendments to various Rules under Companies Act, 2013 with Effect from May 07,2018 ...Read More

  • 04-05-18 - GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification

    GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. ...Read More

  • 07-05-18 - The Companies (Registration Offices and Fees) Second Amendment Rules 2018

    The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. ...Read More

  • 04-05-18 - 27th GST council meeting discusses change in GST rate for digital transactions and imposition of Sugar Cess

    GST council meeting in its meeting recently discusses change in GST rate for digital transactions and imposition of Sugar Cess. Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B2C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of Rs. 100 per transaction, so as to incentivise promotion of digital payment. Further, imposition of Sugar Cess over and above 5% GST and reduction in GST rate on ethanol was also discussed in view the record production of sugar in the current sugar season, and consequent depressed sugar prices and build-up of sugarcane arrears. ...Read More

  • 03-05-18 - Monitoring of foreign investment limits in listed Indian companies

    Currently, Reserve Bank of India receives data on investment made by Foreign Portfolio Investors (FPI) and Non-resident Indians (NRI) on stock exchanges from the custodian banks and Authorised Dealer Banks for their respective clients, based on which restrictions beyond a threshold limit is imposed on FPI/ NRI investment in listed Indian companies. In order to enable listed Indian companies to ensure compliance with the various foreign investment limits, Reserve Bank in consultation with Securities and Exchange Board of India (SEBI), has decided to put in place a new system for monitoring foreign investment limits, for which the necessary infrastructure and systems for operationalizing the monitoring mechanism, shall be made available by the depositories. All listed Indian companies are required to provide the specified data/ information on foreign investment to the depositories. The requisite information may be provided before May 15, 2018. The listed Indian companies, in non-compliance with the above instructions will not be able to receive foreign investment and will be non-compliant with Foreign Exchange Management Act, 1999 (FEMA) and regulations made thereunder. ...Read More

  • 03-05-18 - Non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Standard Operating Procedure for suspension and revocation of trading of specified securities

    SEBI has issued a circular specifying the uniform structure for imposing fines as a first resort for Noncompliance with provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Standard Operating Procedure for suspension and revocation of trading of specified securities in case the non-compliance is continuing and / or repetitive. Henceforth, the stock exchanges shall, having regard to the interests of investors and the securities market take action in case of non-compliances with the Listing Regulations as specified in this Circular, and follow the Standard Operating Procedure (“SOP”) for suspension and revocation of suspension of trading of specified securities as also specified in this Circular. The Stock Exchanges may deviate from the above, if found necessary, only after recording reasons in writing. Further, if a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchanges shall take uniform action under this Circular in consultation with each other. This Circular shall come into force with effect from compliance periods ending on or after September 30, 2018. The Most important Violation as mentioned in Regulation 6(1) w.r.t Non compliance with appointment of CS as Compliance officer shall be punishable with fine of Rs. 1,000/- per day, apart from the other violations as mentioned in the circular. The amount of fine realized as per the above structure shall be credited to the "Investor Protection Fund" of the concerned recognized stock exchange. ...Read More

  • 23-03-18 - Updation in web service "RUN” (Reserve Unique Name), towards Ease of doing business

    As part of the Ministry’s commitment for continuous improvement of processes and providing greater ease to stakeholders, it has been decided to permit (w.e.f 24.03.2018) two proposed names and one Resubmission (RSUB) while Reserving Unique Names for companies through the RUN web service. Stakeholders may plan accordingly. ...Read More

  • 13-03-18 - Processing of refund applications for UIN entities

    The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has decided that the entities having Unique Identity Number (UIN) may be given centralized registration at the option of such entities. Further, it was also decided that the Central Government will be responsible for all administrative compliances in respect of such entities. ...Read More

  • 15-03-18 - Submission of returns by the Government-owned Non-Banking Financial Companies

    In exercise of the powers conferred by sections 45JA, 45K and 45L of the Reserve Bank of India Act, 1934 (hereinafter referred to as the RBI Act), it has been decided to apply the Master Direction – Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 dated September 29, 2016 to all the Non-Banking Financial Companies, being Government Companies as defined in Clause 45 of section 2 of the Companies Act, 2013, and registered with Reserve Bank of India under section 45IA of the Reserve Bank of India Act, 1934 (“such NBFCs”). ...Read More

  • 14-03-18 - Clarification to Circular pertaining to Investor Grievance Redressal System and Arbitration Mechanism

    SEBI has issued Clarification to Circular pertaining to Investor Grievance Redressal System and Arbitration Mechanism. SEBI on the basis of the representations received from the national commodity derivatives exchanges (NCDEs) with respect to some of the clauses of the said circular which have been considered. Accordingly, it has been clarified that the NCDEs shall provide training of at least one day to every arbitrator each year and in order to discourage delayed filing by members, the additional fees payable by members who file their claim beyond the prescribed time-lines shall be non refundable even if the arbitration award goes in favor of the member. This comes into effect immediately. ...Read More

  • 13-03-18 - Clarifications in respect of investment by certain Category II FPIs

    This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. ...Read More

  • 13-03-18 - Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits

    RBI has decided to discontinue the practice of issuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits for imports into India by AD Category –I banks with immediate effect. Letters of Credit and Bank Guarantees for Trade Credits for imports into India may continue to be issued subject to compliance with the provisions contained in Department of Banking Regulation, Master Circular on “Guarantees and Co-acceptances”, as amended from time to time. The aforesaid Master Direction will be updated to reflect the changes. The changes will be applicable from the date of issuance of this circular. ...Read More

  • 10-03-18 - Recommendations regarding E-way Bill made during meeting of the GST Council

    In the 26th meeting of the GST Council, it has recommended the introduction of e-way bill for inter-State movement of goods across the country from 01st April 2018. For intra-State movement of goods, e-way bill system will be introduced w.e.f. a date to be announced in a phased manner but not later than 01st June, 2018. Major improvements over the last set of rules, as approved by the Council are E-way bill is required to be generated only where the value of the consignment exceeds Rs. 50000/- and for smaller value consignments, no e-way bill is required; The provisions of sub-rule (7) of Rule 138 will be notified from a later date. Therefore, at present there is no requirement to generate e-way bill where an individual consignment value is less than Rs. 50,000/-, even if the transporter is carrying goods of more than Rs. 50,000/- in a single conveyance; Value of exempted goods has been excluded from value of the consignment, for the purpose of e-way bill generation; Public conveyance has also been included as a mode of transport and the responsibility of generating e-way bill in case of movement of goods by public transport would be that of the consignor or consignee. Railways has been exempted from generation and carrying of e-way bill with the condition that without the production of e-way bill, railways will not deliver the goods to the recipient. But railways are required to carry invoice or delivery challan etc. The time period for the recipient to communicate his acceptance or rejection of the consignment would be the validity period of the concerned e-way bill or 72 hours, whichever is earlier. ...Read More

  • 22-02-18 - Amendments in ANFs 4F & 4G of Handbook of Procedures 2015-20

    DGFT Authorities have notified the Amendments in ANFs 4F & 4G of Handbook of Procedures 2015-20. In exercise of powers conferred under the Foreign Trade Policy 2015-2020, the Director General of Foreign Trade hereby makes amendments in Ayat Niryat Forms (ANF) 4F & 4G of Handbook of Procedures 2015- 2020. The amended Ayat Niryat Forms are available on the portal of DGFT. Further, the Amendments have been made in Ayat Niryat Forms (ANF) 4F & 4G of Handbook of Procedures 2015-2020 in light of implementation of GST and non-issuance of EP copies of Shipping Bills by Customs Authorities. ...Read More

  • 01-03-18 - Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs)

    RBI has notified the Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs). Currently, the FPI limit for Government Securities (G-secs) is fungible between investments in G-secs and investment in IRF. FPI long positions in IRF are not allowed on G-sec limit utilisation reaching 90%. To facilitate further market development and to ensure that access of FPIs to IRFs remains uninterrupted, it has been decided to allocate FPIs a separate limit of ₹ 5,000 crore for long position in IRFs. Accordingly, “Foreign Portfolio Investors, registered with Securities and Exchange Board of India, are permitted to purchase or sell Interest Rate Futures subject to the aggregate long position of all FPIs, each of whom has a net long position in any IRF instrument, shall not exceed ₹ 5000 crore, aggregated across all IRF instruments, and the total gross short (sold) position of any Foreign Portfolio Investor shall not exceed its consolidated long position in Government securities and Interest Rate Futures, at any point in time”. Further, the limits prescribed for investment by FPIs in G-secs (currently ₹ 3,01,500 crore) will be exclusively available for investment in G-secs. All other terms and conditions of the extant IRF directions will remain unchanged. ...Read More

  • 23-02-18 - Designated website for publishing Forms under the Regulations

    The Insolvency and Bankruptcy Board of India (Board) has specified Forms for publishing Public Announcements and Brief Particulars of Invitations of Resolution Plans on the website, if any, designated by the Board for the purpose under the Insolvency and Bankruptcy Code, 2016 (Code) and the regulations made thereunder. The Board hereby designates the website www.ibbi.gov.in and details of the manner of publishing such Forms on the designated website. ...Read More

  • 26-02-18 - Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market

    RBI has issued Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market. Currently, persons resident in India and FPIs are allowed to take a long (bought) or short (sold) position in USD-INR upto USD 15 million per exchange without having to establish existence of underlying exposure. In addition, residents & FPIs are allowed to take long or short positions in EUR-INR, GBP-INR and JPY-INR pairs, all put together, upto USD 5 million equivalent per exchange without having to establish existence of any underlying exposure. It has now been decided to permit persons resident in India and FPIs to take positions (long or short), without having to establish existence of underlying exposure, upto a single limit of USD 100 million equivalent across all currency pairs involving INR, put together, and combined across all exchanges. Further, the onus of complying with the provisions of this circular rests with the participant in the ETCD market and in case of any contravention the participant shall be liable to any action that may be warranted as per the provisions of Foreign Exchange Management Act, 1999 and the regulations, directions, etc. issued thereunder. These limits shall also be monitored by the exchanges, and breaches, if any, may be reported to the Reserve Bank of India. ...Read More

  • 22-02-18 - Manner of achieving minimum public shareholding

    With a view to further facilitate listed entitiestocomply with theminimum public shareholding requirements, the additional methods are allowed. ...Read More

  • 20-02-18 - Acceptance of Bank Guarantees by Clearing Corporations in International Financial Services Centre (IFSC)

    Clearing corporations in IFSC shall be permittedto accept cash and cash equivalents (which shall include major foreign currencies as may be decided by the clearing corporation from time to time,term deposit receipts and bank guarantees issued by bank branches located in IFSC), Indian securities held with foreign depositories, foreign securities including units of liquid mutual funds and gold, as eligible collateral for trades in all product categories. However, cash and cash equivalents shall form at least 50% of the total liquid assets at all times. ...Read More

  • 20-02-18 - Computation of Daily Contract Settlement Value –Interest Rate Futures

    ased on the consultations held with the stakeholders, it has been decided to provide flexibility to the exchanges with regardsthe computation methodology of Daily Contract Settlement Value of Interest Rate Futures. ...Read More

  • 15-02-18 - Easing of Access Norms for investment by FPIs

    SEBI in consultation with stakeholders has decided to make some changes in extant regulatory provisions to ease the access norms for investment by Foreign Portfolio Investors. ...Read More

  • 15-02-18 - Compensation to Retail Individual Investors (RIIs)in an IPO

    While the process of Applications Supported By Block Amount (ASBA) has resulted in almost complete elimination of complaints pertaining to refunds, there have been instances where the applicants in an Initial Public Offeringhave failed to get allotment of specified securities and in the process may have suffered an opportunity loss due to the some factors. ...Read More

  • 07-02-18 - Enhancing fund governance for Mutual Funds

    Based on representations received from the Mutual Fund (MF) industry and in order to ensure smooth transition decisions have been taken. ...Read More

  • 05-02-18 - Total Expense Ratio–change and disclosure

    It is observed that there are frequent changes carried out in Total Expense Ratio (TER) and such changes are not prominently disclosed to investors. ...Read More

  • 02-02-18 - Charging of additional expenses of upto 0.20% in terms of Regulation 52 (6A) (c) of SEBI (Mutual Funds) Regulations, 1996

    Regulation 52 (6A) (c) of SEBI (Mutual Funds) Regulations, 1996, allows an AMC to charge additional expenses, incurred towards different heads mentioned under Regulation 52 (2) and Regulation 52 (4), not exceeding 0.20 percent of daily net assets of the scheme ...Read More

  • 02-02-18 - Review of additional expenses of up to 0.30% towards inflows from beyond top 15 cities (B15)

    Presently, in terms of para A(1) of SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012, additional TER can be charged up to 30 basis points on daily net assets of the scheme as per regulation 52 of SEBI (Mutual Funds) Regulations, 1996,if the new inflows from beyond top 15 cities are at least (a) 30% of gross new inflows in the scheme or (b) 15% of the average assets under management (year to date) of the scheme, whichever is higher ...Read More

  • 29-01-18 - Online Registration Mechanism and Filing System for Stock Exchanges

    In order to ease the process of application for recognition / renewal, reporting and other filings in terms of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and other circulars issued from time to time, SEBI has introduced a digital platform for online filings related to Stock Exchanges ...Read More

  • 29-01-18 - Online Registration Mechanism and Filing System for Depositories

    In order to ease the process of application for recognition / renewal, reporting and other filings in terms of Securities and Exchange Board of India(Depositories and Participants) Regulations, 1996 and other circulars issued from time to time, SEBI has introduced a digital platform for online filings related to Depositories ...Read More

  • 15-02-18 - Employees’ Deposit Linked Insurance (Amendment) Scheme, 2018

    Ministry of Labour and Employment has notified scheme, further to amend the Employees’ Deposit Linked Insurance Scheme, 1976 under the provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. This Scheme may be called the Employees’ Deposit Linked Insurance (Amendment) Scheme, 2018 and it will come into force from the date of its publication in the official gazette. In the Employees’ Deposit Linked Insurance Scheme, 1976, the average monthly wages drawn (subject to a maximum of Rs.15000), during the 12 months preceding the month in which he died, multiplied by 30 times plus 50% of the average balance in the account of the deceased in the Fund or of a provident fund exempted under section 17 of the Act or under paragraph 27 or 27A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding 12 months or during the period of his membership, whichever is less subject to a ceiling of Rs.1,50,000. Provided that the assurance benefit shall not be less than Rs. 2,50,000. Provided further that the assurance benefit shall not exceed Rs. 6,00,000. ...Read More

  • 15-02-18 - Employees’ Deposit Linked Insurance (Amendment) Scheme, 2018

    Ministry of Labour and Employment has notified scheme, further to amend the Employees’ Deposit Linked Insurance Scheme, 1976 under the provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. This Scheme may be called the Employees’ Deposit Linked Insurance (Amendment) Scheme, 2018 and it will come into force from the date of its publication in the official gazette. In the Employees’ Deposit Linked Insurance Scheme, 1976, the average monthly wages drawn (subject to a maximum of Rs.15000), during the 12 months preceding the month in which he died, multiplied by 30 times plus 50% of the average balance in the account of the deceased in the Fund or of a provident fund exempted under section 17 of the Act or under paragraph 27 or 27A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding 12 months or during the period of his membership, whichever is less subject to a ceiling of Rs.1,50,000. Provided that the assurance benefit shall not be less than Rs. 2,50,000. Provided further that the assurance benefit shall not exceed Rs. 6,00,000. ...Read More

  • 12-02-18 - Conduct of Assessment Proceedings in scrutiny cases electronically

    CBDT has issued instructions w.r.t Conduct of Assessment Proceedings in scrutiny cases electronically. Section 2(23C) of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate conduct of assessment proceedings electronically, vide letter dated 23.06.2017, in file of even number, Board had issued a revised format of notice(s) under section 143(2) of the Act. In accordance with the procedure outlined in revised 143(2) notice(s) for conduct of assessment proceedings electronically, it is hereby directed that except for search related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the `E-Proceeding’ functionality in ITBA/E-filing. However, in cases where the concerned assessee objects to conduct of assessment proceedings electronically through the ‘E-Proceeding’ facility, such cases, for the time being, may be kept on hold. However, in assessment proceedings being carried out through the ‘E Proceeding’ facility, a particular proceeding may take place manually where manual books of accounts or original documents have to be examined, where examination of witness is required to be made by the concerned assessee or the Department, where a show-cause notice contemplating any adverse view is issued by the Assessing Officer and assesse requests for personal hearing to explain the matter. Further, cases being assessed through ‘E-Proceeding’, from now on, as far as possible, case-records as well as note sheet of proceedings shall be maintained electronically. ...Read More

  • 12-02-18 - Resolution of Stressed Assets – Revised Framework

    The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time. In view of the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC), it has been decided to substitute the existing guidelines with a harmonised and simplified generic framework for resolution of stressed assets. In a major overhaul for resolution of NPAs (non-performing assets), the Reserve Bank of India has revised the new stressed assets framework asking banks to resolve defaults within 180 days. For accounts with an exposure of Rs 2,000 crore or more, banks will have to ensure that a resolution plan is in place within 180 days after a ‘default’. If not implemented within the timeframe, the account must be referred to the insolvency courts within 15 days. The RBI has withdrawn the existing resolution frameworks and the Joint Lenders' Forum (JLF) also stands discontinued with immediate effect. Further, the Lenders shall identify incipient stress in loan accounts, immediately on default, by classifying stressed assets as special mention accounts (SMA). ...Read More

  • 15-02-18 - Revision of E-Forms

    Revision of E-Forms PAS-3,DPT-3,MGT-6,MGT-15,MGT-14,ADT-1,ADT-2,SH-7 and URC-1 ...Read More

  • 09-02-18 - Amendment to the Companies (Registered Valuers and Valuation) Rules, 2017

    The Ministry of Corporate Affairs has made amendments to the Companies(Registered Valuers and Valuation) Rules, 2017. Amendments are carried out to extend the time limits prescribed in Rule 11 of the said Rules which deals with the Transitional Arrangements. Accordingly, A person who is allowed under any provision of the Act or rules made thereunder or under any other law to act as a registered valuer may continue to act as such, without getting registered under these Rules, can continue to act as such upto the extended period of 30th September, 2018 instead of 31st March, 2018. ...Read More

  • 09-02-18 - Notification for Commencement of the provisions of The Companies (Amendment) Act, 2017

    The Ministry of Corporate Affairs has appointed 9th February,2018 as the date on which many of the provisions of Companies (Amendment) Act,2017 shall come into force, vide notification dated 9th February, 2018. The Companies (Amendment) Act, 2017 which was passed by the Lok Sabha on July 27, 2017 and by the Rajya Sabha on December 19, 2017, has received the assent of the President of India on January 3, 2018 and subsequently published in the Gazette of India. The amendments under the Companies (Amendment) Act, 2017, are broadly aimed at addressing difficulties in implementation owing to stringent compliance requirements; facilitating ease of doing business in order to promote growth with employment; harmonisation with the Accounting Standards, the Securities and Exchange Board of India Act, 1992 and the regulations made thereunder, and the Reserve Bank of India Act, 1934 and the regulations made thereunder; rectifying omissions and inconsistencies in the Act. ...Read More

  • 06-02-18 - Advise to exporters to promptly check Shipping Bill Transmission status on ICEGATE and DGFT Websites

    DGFT has issued advise to exporters to promptly check shipping bill transmission status on ICEGATE and DGFT websites. It has come to notice of this directorate that when exporters login into DGFT system for MEIS application, sometimes Shipping Bill data is not available in DGFT system. It generally takes considerable time to get the SB date as available in DGFT system and due to which availing of FTP benefits, like MEIS by exporter is delayed. To overcome the said issue, all exporters are advised to check the Shipping Bull transmission status first in ICEGATE and then on DGFT website after 72 hours from integration if SB with ICEGATE. In case the data is not available on ICEGATE or DGFT, the issue should be flagged and reported to the concerned authorities ...Read More

  • 05-02-18 - Amendment in the procedure of seeking modification in Import Export Code (IEC)

    The DGFT has issued a public notice to notify the amendment in the procedure of seeking modification in Import Export Code (IEC). When an IEC holder seeks modification / change of Head Office / Registered Office address in its IEC and which involves a shift in its jurisdictional RA, a request to that effect will have to be made to the new RA, to whose jurisdiction the applicant is shifting its office. The new RA shall make appropriate amendments, based on documents submitted to it by the applicant. the new RA will also separately inform the RA, who had initially issued the IEC, of the changes made in the concerned IEC. Thereafter, the new RA shall allow the applicant to carry out necessary functions and also apply for eligible benefits as per FTP through its office. ...Read More

  • 04-02-18 - Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg.

    CBDT has issued Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018. The Finance Bill, 2018 has proposed to withdraw the exemption under Section 10(38) and to introduce a new section 112A in the Income-tax Act, 1961 vide clause 31 of the Finance Bill, 2018 so as to provide that long-term capital gains arising from transfer of such long-term capital asset exceeding one lakh rupees will be taxed at a concessional rate of 10 percent. Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different forum on various issues relating to the proposed new tax regime for taxation of long-term capital gains. ...Read More

  • 06-02-18 - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (AMENDMENT) REGULATIONS, 2018

    IBBI has issued notification to amend the CIRP process, which may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment)Regulations, 2018 and shall come into force on the date of their publication in the Official Gazette. The resolution professional shall within seven days of his appointment, appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor in accordance with regulation 35 subject to condition as prescribed in the Regulations. The resolution professional shall submit the information memorandum in electronic form to each member of the committee of creditors within two weeks of his appointment as resolution professional and to each prospective resolution applicant latest by the date of invitation of resolution plan, on receiving confidentiality undertaking. The resolution professional shall submit the resolution plan approved by the committee of creditors to the Adjudicating Authority, at least 15 days before the expiry of the maximum period permitted for the completion of the corporate insolvency resolution process. ...Read More

  • 05-02-18 - Exemption to Government Companies and NBFC Companies, from the provisions of Accounting Standard 22 or Indian Accounting Standard 12

    The Central Government has exempted Government Companies and NBFC Companies, from the provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability for seven years with effect from the 1st April, 2017. MCA directs that the provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years with effect from the 1st April, 2017, to a Government company which is a public financial institution under sub-clause (iv) of clause (72) of section 2 of the Companies Act, 2013 or is a Non-Banking Financial Company registered with the Reserve Bank of India under section 45-IA of the Reserve bank of India Act, 1934 and is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government. ...Read More

  • 07-02-18 - Amendments to the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

    IBBI has notified the Amendments to the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. According to the amendments, the resolution professional shall appoint registered valuers to determine the fair value and the liquidation value of the corporate debtor. After the receipt of resolution plans, the resolution professional shall provide the fair value and the liquidation value to each member of the committee of creditors in electronic form, on receiving a confidentiality undertaking. The resolution professional and registered valuers shall maintain confidentiality of the fair value and the liquidation value. The resolution professional shall submit the information memorandum in electronic form to each member of the committee of creditors within two weeks of his appointment. Finally, the resolution professional shall submit the resolution plan approved by the committee of creditors to the Adjudicating Authority, at least 15 days before the expiry of the maximum period permitted for the completion of the fast track corporate insolvency resolution process. ...Read More

  • 07-02-18 - Relief for MSME Borrowers registered under Goods and Services Tax (GST)

    RBI has announced Relief for MSME Borrowers registered under Goods and Services Tax (GST). It has been decided that the exposure of banks and NBFCs to a borrower classified as micro, small and medium enterprise under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, shall continue to be classified as a standard asset in the books of banks and NBFCs subject to the prescribed conditions including the borrower is registered under the GST regime as on January 31, 2018 and having an aggregate exposure, including non-fund based facilities, of banks and NBFCs, to the borrower does not exceed ₹ 250 million as on January 31, 2018. Further, the borrower’s account was standard as on August 31, 2017 and the amount from the borrower overdue as on September 1, 2017 and payments from the borrower due between September 1, 2017 and January 31, 2018 are paid not later than 180 days from their respective original due dates. The additional time is being provided for the purpose of asset classification only and not for income recognition, i.e., if the interest from the borrower is overdue for more than 90/1202 days, the same shall not be recognised on accrual basis. ...Read More

  • 22-12-17 - Exemption application under Regulation 11 (1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

    Regulation 11(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations), gives power to the Board to grant exemption from the obligation to make an open offer for acquiring shares. ...Read More

  • 22-01-18 - Role of the Independent Oversight Committee for Product Design

    SEBI vide its circular CIR/CDMRD/DEA/03/2015dated November 26, 2015,has prescribed “Timelines for compliance with various provisions of securities laws bycommodity derivatives exchanges”. ...Read More