Archives for 2017

Corporate Updates – 05-01-2017

MasterClasseson Insolvency & Bankruptcy Code, 2016

Registration open for "Master Classes – Insolvency & Bankruptcy Code, 2016 to be held from 9th January, 2017 to 13th January, 2017 daily from 5:30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.

RBI

RBI has extended the Facility for exchange of Specified Bank Notes (SBNs) which is made available for the resident and non-resident citizens who could not avail the facility from November 10 to December 30, 2016 on account of their absence from India during the aforementioned period. This facility will be made available through five of the offices of the Reserve Bank viz. the Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. Further, the facility can be availed only by Indian citizens in their individual capacity and only on one occasion during the period. No third party tender is permissible under the facility. In particular, the above facility is available only to those tenderers whose accounts are KYC compliant and those who have not deposited SBNs into their accounts from November 10 to December 30, 2016.

SEBI

Securities and Exchange Board of India (SEBI) has issued Guidelines for facilitating and regulating financial services relating to securities market in an International Financial Services Centre (IFSC). As per the guidelines, Foreign Portfolio Investors (FPIs) proposing to operate in IFSC shall be allowed without any additional documentation. SEBI further declared that Eligible Foreign Investors (EFIs) which are not registered with SEBI but intending to operate at IFSC may operate after a due diligence carried out by a bank, which is permitted by RBI to operate in IFSC, during the account opening process of EFI.

Corporate Updates – 04-01-2017

MasterClasseson Insolvency & Bankruptcy Code, 2016

Registration open for "Master Classes – Insolvency & Bankruptcy Code, 2016 to be held from 9th January, 2017 to 13th January, 2017 daily from 5:30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.

SEBI

Securities and Exchange Board of India has established its own Investor Protection & Education Fund (IEPF). The fund has been established in pursuant to notification of SEBI (Investor Protection and Education Fund) Regulations, 2009. According to the circular any proceeds occurring due to Disinvestment due to write off of securities held by Foreign Portfolio Investors/deemed Foreign Portfolio Investors and Corporate Benefits received in form of cash to be credited to Investors Protection and Education Fund of SEBI within 7 days from the date of receipt of funds.

RBI

Reserve Bank of India (RBI) has issued instruction to all Banks having currency chests to step up issuance of fresh notes to ruralbranches of banks ATMs and post Offices on priority basis in proportion of rural and urban mix to ensure that at least 40% bank notes are supplied to rural areas. Currency chests are further instructed to issue weekly summary of daily issuance to their Link Offices (LO) who would in turn forward it to the RBI’s Regional Office concerned for a review.

New from NIRC of ICSI

Workshop on Merger & Amalgamation

Registration open for NIRC’s Workshop on "Merger & Amalgamation" on Saturday, the 7th January, 2017 from 10 AM onwards (Registration starts at 9.00 AM) at NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi – 110 005. Fee : Rs. 400/- for online and Rs. 500/- on the spot for all participants including Corporate Members of NIRC; Online Payment /Registration Facility Available; Free For Members of Yuva Corporate Membership Scheme of NIRC; Program Credit Hours: 04.

Corporate Updates – 03-01-2017

MasterClasseson Insolvency & Bankruptcy Code, 2016

Registration open for "Master Classes – Insolvency & Bankruptcy Code, 2016 to be held from 9th January, 2017 to 13th January, 2017 daily from 5:30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.

RBI

RBI has provided Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances. It has been decided to Provide 30 days, in addition to the 60 days provided earlier and to permit all Regulated Entities to defer the down grade of an account by 90 days that was standard as on November 1, 2016 but would have become NPA for any reason during the period November 1, 2016 to December 31, 2016 in respect of Running working capital accounts (OD/CC)/crop loans, with any bank, the sanctioned limit whereof is ₹1 crore or less and Term loans for business purposes, secured or otherwise, the original sanctioned amount whereof is ₹1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI). This shall include agriculture loans. However, this dispensation will apply to dues payable between November 1, 2016 and December 31, 2016.

CBDT

Ministry of Finance (Department of Revenue) has issued Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax (Amendment) Rules, 2016 which shall come into force on the date of their publication in the Official Gazette. Amendment is made to insert Rule 13 regarding Payment of sum under sub-sections (2) or (5) of section 32 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Rule 14 regarding Service of notice, summons, requisition, order or any other communication under section 74, Rule 15 regarding Application for Approved valuer under section 77. The Rules also provide Form 8 for Application for registration as an approved valuer under sub-section (1) of section 77 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Corporate Updates – 02-01-2017

Study Session on the topic “Success Through Goal Planning”

Today, 2nd January, 2017, NIRC of ICSI is organizing a Study Session on the topic “Success Through Goal Planning”by CS Rahul Jain, Director, Bizwiz Learning, from 5.30 PM onwards at NIRC Auditorium, 4, Prasad Nagar Institutional Area, New Delhi-110005. Participation is FREE: PCH – 2.

PCS INDUCTION PROGRAM

Registration open for Practicing Company Secretaries who have obtained Certificate of Practice in last 2 years and Company Secretaries who intend to obtain the Certificate of Practice for TWO DAYS PCS INDUCTION PROGRAM (PIP) being organised by NIRC of ICSI on 3rd & 4th January, 2017 (Tuesday & Wednesday) at 9.30 AM onwards at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi to support & build the capacities of young entrants into practice. Certification of Participation will be awarded to all participants. Fee: Rs. 500/- per delegate inclusive of Service Tax: PCH : 08. Online Registration facility available.

MCA

MCA has notified the Companies (Incorporation) Fifth Amendment Rules, 2016 which shall come into force on 1st January, 2017. Through these Rules, Form INC-2 is deprecated and Form INC-7 shall be used for incorporating Part I Companies and companies with more than seven subscribers only. The revised INC-7 shall be made available on the portal for filing purposes w.e.f 15th January 2017. For incorporating OPCs and Companies (with up to seven subscribers), only SPICe (INC-32) should be used henceforth. The filing fee for SPICe has also been reduced from Rs.2000 to Rs.500 and number of resubmissions from three to two. Further, Form lNC-22 shall not be required to be filed in case the proposed company maintains its registered office at the given correspondence address.

SEBI

The SEBI has issued a Circular under Regulation 23 of the SEBI (Real Estate Investment Trusts) Regulations, 2014 (‘the REIT Regulations’) prescribe disclosures to be made by a REIT to the Stock Exchange(s) where its units are listed. The said disclosures, inter-alia, include disclosures for financial as well as non-financial information. With reference to the aforesaid Regulations, the requirements for disclosure of financial information and pertinent compliances on continuous basis and the requirements for disclosure of non-financial information and pertinent compliances on continuous basis are prescribed in separate Annexures.

News from NIRC of ICSI

MasterClasseson Insolvency & Bankruptcy Code, 2016

Registration open for "Master Classes – Insolvency & Bankruptcy Code, 2016 to be held from 9th January, 2017 to 13th January, 2017 daily from 5:30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.