Corporate Updates – 14-05-2015

Secretarial Standards / Secretarial Audit Report

The ICSI has issued Clarification on the applicability of Secretarial Standards (SS) for the financial year 2014-15 and reporting of its compliance in the Secretarial Audit Report. The Secretarial Audit Report issued pursuant to the provisions of Section 204 (1) of the Act, shall be in Form No. MR-3 and shall inter-alia mention about the examination conducted by the Secretarial Auditor w.r.t. Secretarial Standards. The Institute clarifies that the Secretarial Audit Report for the Financial Year 2014-15 need not report specific non-compliances / observations / audit qualification, reservation or adverse remarks in respect of compliance with SS-1 and SS-2 as these will become effective from 01st July, 2015. Further, other Secretarial Standards issued by ICSI in line with the provisions of the Companies Act, 1956 are under revision to align with the provisions of the Companies Act, 2013 such Standards are not applicable presently.

Foreign Trade Policy

The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, has issued the Consolidated FDI Policy which is effective from May 12, 2015. The present consolidation subsumes and supersedes all Press Notes / Press Releases / Clarifications / Circulars issued by DIPP, which were in force as on May 11, 2015 and reflects the FDI Policy as on May 12, 2015. However, Press Note 4 of 2015, dated April 24, 2015, regarding policy on foreign investment in pension sector, will remain effective. This Circular accordingly will take effect from May 12, 2015 and will remain in force until superseded in totality or in part thereof. Reference to any statute or legislation made in this Circular shall include modifications, amendments or re-enactments thereof.

Corporate Updates 03 March 2014


RBI has issued Circular under section 10(4) and section 11(1) of the FEMA, 1999 (42 of 1999) in terms of which a comprehensive IT- based system called Export Data Processing and Monitoring System (EDPMS) has been developed for better monitoring of export of goods and software and facilitating AD banks to report various returns through a single platform. It is now advised that EDPMS has been operationalized with effect from February 28, 2014 and the same would be available to AD banks with effect from March 01, 2014.


D-VAT notifies that Online details of Invoice& GR (T-2 Form) in respect of all goods procured / purchased or received as stock transfer or received on consignment agreement from outside Delhi shall be submitted online by dealers, using their login id and password, before the goods physically enter the boundary of Delhi. This Notification shall come into force with effect from the 15th March, 2014. Click here to read and download Notification.

Corporate Updates 13 Feb 2014


RBI has made Amendments in the provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations 2000 for Foreign Direct Investments. Further to capture the granular details of FDI as regards Brownfield/Greenfield investments and the date of incorporation of investee company, Form FC-GPR has been revised (Copy attached) through the said notification. The detailed notification can be viewed at


CPC (TDS) has introduced the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to breeze through submitting revisions with ease and confidence when you complete your transactions on TRACES portal. e facility, you have to to Login to TRACES and navigate to “Defaults” tab to locate “Request for Correction” from the drop-down list.

Corporate Updates 06 Feb 2014


SEBI on 04-02-2014 has notified SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2014 and paves way for issuer to make IPO’s without any grading mandate. Detailed Notification can be downloaded from


Ministry has Amended Consolidated FDI Policy Circular 1 of 2013 – Policy on foreign investment in Insurance Sector – Amendment is being made in Paragraph of said Circular and now FDI in insurance related activities can also be available for FIIs & NRIs but subject to the overall limit of 26%. FDI cap of 26% on insurance will remain the same. Detailed Press Note can be downloaded from

Corporate Updates – 27 Jan 2014


· NRI’s close relative can be joint account holder in Existing / New resident bank accounts subject to conditions. [AP (DIR Series) Circular 87 of 09-01-2014].

· RBI has clarified that a foreign investor is free to remit funds through any bank of its choice for any transaction permitted under FEMA, 1999 or the Regulations / Directions framed there under. The funds thus remitted can be transferred to the designated AD Category -I custodian bank through the banking channel.


· CBDT has clarified vide Circular No. 1/2014 dated 13-1-2014 -that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/ payable without including such service tax component.

· Last date 31-01-2014 for availing DVAT Amnesty Scheme. Filing Q3 returns with Block R 10 in CST Form 1. Filing Form AR-I for FY 2012-13 for specified dealers fulfilling the criteria as prescribed by the Delhi VAT Authorities.