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Corporate Updates 05 March 2014

March 5, 2014 Leave a Comment

RBI: 

The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. It has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience whatsoever to the public. The Reserve Bank solicits the cooperation of the public in withdrawing these notes from circulation by exchanging them at a bank branch convenient to them. The Reserve Bank also clarifies that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.

RBI: 

The Reserve Bank of India has asks banks to accept e-Aadhaar as an ‘officially valid document’ under anti-money laundering rules and it has been advised to banks that, while opening accounts based on Aadhaar, if the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address. It is further clarified that, banks may accept e-Aadhaar downloaded from UIDAI website as an officially valid document. To view & download the notification, please Click Here.

Filed Under: News & Updates, RBI

Corporate Updates 04 March 2014

March 4, 2014 Leave a Comment

INCOME TAX:

CPC (TDS) has introduced the convenience of online facility of PAN Verification on TRACES. With this feature, we will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly. To avail the facility, it is requested to Login to TRACES and navigate to “Dashboard” to locate “PAN Verification” in the Quick Links menu. The functionality to download Consolidated TAN – PAN File has also been provided that includes all the PANs attached with the respective TANs. For get the detailed informatioin, please Click Here.

CUSTOMS ACT: 

CBEC amends Annexure-1 in Form A-1 (Application for Central Excise Registration), Includes ‘importer’ under Part I (Identification of business requiring registration) and also as a separate category under Serial No. 3. Further, notifies quarterly return form for registered importers w.e.f April 1, 2014 by issuing four separate notifications in this regard. To view all the four notifications, please Click Here

Filed Under: Customs, Income Tax, News & Updates

Corporate Updates 03 March 2014

March 3, 2014 Leave a Comment

FEMA: 

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: 

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.

Filed Under: FEMA, News & Updates, VAT

Corporate Updates 01 March 2014

March 1, 2014 Leave a Comment

DVAT: 

All the dealers are, directed to abide by the provisions of section 48 and Rules 42 & 19 of Delhi VAT Act & Rules and maintain and retain sufficient records, as prescribed, and for prescribed period at the designated principal place of business in Delhi and to intimate any change in its address to the Commissioner within 30 days of such change. The record may be in the form of soft/hard copy but should be readily available on demand and be able to explain all business transactions. Any non Compliance on the part of dealers are gross violation of the provision of DVAT Act and Rules, and actions can be taken against defaulting dealers. For detailed Notification, please Click here.

CUSTOMS ACT:

The Customs Baggage Declaration Regulations, 2013 will come into force with effect from 1.03.2014. All incoming international passengers will now be required to declare the content of their baggage in the Indian Customs Declarations Form prescribed in the regulation and the same will be independent of the form prescribed by the Ministry of Home Affairs. To view the copy of the circular, please Click Here.

Filed Under: Customs, News & Updates, VAT

Corporate Updates 28 Feb 2014

February 28, 2014 Leave a Comment

MCA:

  • The Ministry of Corporate of Affairs vide its Notification dated 27/02/2014 intimate that in exercise of the powers conferred by sub-section (3) of Section 1 of Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st day of April, 2014 as the date on which the provisions of Section 135 and Schedule VII of the said Act relating to Corporate Social Responsibility shall come into force.
  • The Ministry of Corporate of Affairs vide its Notification dated 27/02/2014 makes the amendments to Schedule VII of the said Companies Act, 2013 replaced all (i) to (x) activities which may be included by Companies in their Corporate Social responsibilities with new set of activities (i) to (x) having some new and detailed activities for Corporate Social responsibility. This Notification shall come into force with effect from 1st April, 2014.
  • The Ministry of Corporate Affairs vide its Notification dated 27/02/2014 , has notified the Companies (Corporate Social Responsibility Policy) Rules, 2014. These Rules shall come into force on 1st April, 2014.
Filed Under: MCA, News & Updates

Corporate Updates 27 Feb 2014

February 27, 2014 Leave a Comment

Company Law Board: 

In exercise of the powers conferred by sub-section (4B) and sub-section (6) of section 10(E) of the Companies Act 1956 (1 of 1956), the Company Law Board amended the Company Law Board Regulations, 1991, with immediate effect by inserting Regulation 51 that “there shall be no audio or video recording of the Bench proceedings by the parties”. To view & download the notification, please Click Here.

CBEC – Cenvat Credit: 

The CBEC vide its Notification dated February 24, 2014 has amended Rule 7 of the Cenvat Credit Rules, 2004 which would come in to force w.e.f. April 1, 2014. Amendment in distribution of Cenvat Credit by ISD for Services used by more than one unit exclusively engaged in exempted goods or exempted services shall not be distributed and Common input services credit to be distributed between such units which are operational in the year of distribution during the relevant period.

Filed Under: CBEC, CLB, News & Updates

Corporate Updates 26 Feb 2014

February 26, 2014 Leave a Comment

BANKING LAW: 

The advisory committee headed by former Reserve Bank of India (RBI) Governor, Sh. Bimal Jalan, which is screening the 25 bank licence applications, is expected to give its report by this weekend. RBI had constituted the Jalan committee to examine the fit-and-proper criteria, business plans, corporate governance practices, etc, of applicants. After securing RBI’s in-principle approval for a bank licence, an entity will a year and a half to set up banks, failing which their licences will be cancelled.

SEBI: 

SAT in one of the recent cases reduced the penalty imposed upon appellant company for failure to redress investors grievance and stated that penalty was reduced in view of fact that appellant had become defunct and had tried its best to redress investors grievances.

Filed Under: Banking, News & Updates, RBI, SEBI

Corporate Updates 25 Feb 2014

February 25, 2014 Leave a Comment

RBI:

It has now been decided by the RBI that all entities regulated by the Reserve Bank should report their secondary market OTC trades in Corporate Bonds and Securitized Debt Instruments within 15 minutes of the trade on any of the stock exchanges (NSE, BSE and MCX-SX). These trades may be cleared and settled through any of the clearing corporations (NSCCL, ICCL and MCX-SX CCL). This Circular is effective from April 01, 2014.

CUSTOMS ACT:

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, makes further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 21/2012-Customs, dated the 17th March, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 194(E), dated the 17th March, 2012, inserted the new serial number and entries shall be inserted after entry 83. To view and download the notification, please Click here.

Filed Under: CBEC, News & Updates, RBI

Corporate Updates 24 Feb 2014

February 24, 2014 Leave a Comment

INCOME TAX: 

The number of PAN Card holders in the country as on 17.2.2014 is 20.24 crores. Identification of bogus/duplicate PAN Card is an integral part of the data management system. In order to ensure that bogus PAN cards are not issued, the Income-tax Department has started capturing Aadhar number. So far, 9.73 lakhs PAN have been issued where Aadhar has been captured and seeded in PAN database for maintain uniqueness.

CBEC: 

As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. The Notification issued by CBEC in this context containing the Rates of Exchange is applicable from February 21, 2014.

Filed Under: CBEC, Income Tax, News & Updates

Corporate Updates 22 Feb 2014

February 22, 2014 Leave a Comment

RBI: 

RBI allows MSES to raise funds from foreign investors by allowing FDI into a Small Scale Industrial Undertakings (SSIS)/Micro & Small Enterprises (MSES) and in industrial undertaking manufacturing items reserved for SSIS/MSES vide its Circular dated 20-02-2014. An Indian Company which is a Small Scale Industrial Unit and which is not engaged in any activity or in manufacture of items included in Annex A, may issue Shares or Convertible Debentures to a person resident outside India, to the extent of 24% of its paid-up capital provided that such company may issue shares in excess of 24% of its capital if complies with the conditions provided in the circular.

IRDA / INSURANCE LAWS: 

IRDA, in order to minimize the unclaimed amount of the policy holders has instructed all the Insurance Companies that every Insurer shall endeavour to keep the Policyholder and beneficiary informed about any updates, changes and maturity details by SMS alerts or Email or any other mode as may be specified by the Authority on regular basis and all Insurers to remit claims due to policy holders through electronic mode w.e.f 1st April, 2014. To download & view the said circular CLICK HERE.

Filed Under: Insurance, News & Updates, RBI