MCA:

MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 to give effect to the much awaited provisions relating to the intimation of DIN of directors to the concerned Registrar of Companies by the company. New Rule 10A has been inserted by this notification and new Forms DIR-3B (earlier DIN – 2) and DIR – 3C (earlier DIN – 3) have been introduced to give effect the said provisions. Further in Rule 10(1) the facility of allotment of provisional DIN is now dispensed with and accordingly application number has been inserted in the rules.

RBI:

RBI has now dispensed the requirement of forwarding of government cheques in physical form to Government, accordingly Modification in the Memorandum of Instructions for reporting of government transactions are proposed to be effective from 01-10-2014. The government cheques would be paid in CTS clearing based on their electronic images. In case any drawee bank desires to verify the government cheque in physical form before passing it for payment, the image would be returned unpaid under the reason “present with documents”. The presenting banks are required to preserve the physical cheques in their custody securely for a period of 10 years as required under CTS. In case some specific cheques are required for the purpose of any investigation, enquiry, etc., under the law, they may be preserved beyond 10 years.

MCA

MCA proposes to initiate a new central sector plan scheme "Corporate Data Management" during the current plan period With a total cost of the proposal over the proposed duration will be Rs. 33.94 Crore to be spent over 3 year period (2014-2017). NCA has been implementing an e-governance project, “MCA21” since 2006. It has fully automated the process of working and administration of the Companies Act. However, the utilization of the electronic information available in MCA repository is very limited. Only few Government organizations access some customized corporate sector data in response to their specific requests on ad-hoc/ felt-need basis from time to time. Clearly, therefore, this wealth of information is woefully underutilized. The draft memorandum for the standing finance committee for the scheme has been circulated to concerned ministries/departments for their comments, suggestions, etc. On the proposed scheme are invited from all stakeholders for consideration by the ministry.

RBI

RBI has decided that the all-in-cost ceiling as specified under External Commercial Borrowing (ECB) Policy will continue to be applicable till December 31, 2014 and is subject to review thereafter and all other aspects of ECB policy remain unchanged. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

News from NIRC of ICSI

Today, the 4th August, 2014, NIRC of ICSI is organising Half Day Seminar on “APPLICABILITY OF VARIOUS LAWS – PLEADINGS & PRACTICE BEFORE CLB/NCLT UNDER COMPANIES ACT, 2013” at 3:00 PM to 07:00 PM at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : NIL; PCH – 2.

MCA: 

MCA has amended the Companies(Miscellaneous) Rules, 2014, which shall come into force from the date of their publication in the Official Gazette. Through this amendment much need relief is granted to the various stakeholders whose applications are pending at various levels for the want of clarity. According to the amended Rules, any application or form filed with the Central Government or Regional Director or Registrar prior to the commencement of these rules but not disposed of by such authority for want of any information or document shall, on its submission, to the satisfaction of the authority, be disposed of in accordance with the rules made under the Companies Act, 1956.

RBI: 

RBI has delegated the work related to Money Transfer Service Scheme (MTSS) to the Regional Offices. The application for necessary permission to act as an Indian Agent under MTSS is now be made to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

MCA:

Version of the e-Form MGT-14 has been revised w.e.f today the 21st July, 2014. The version of MGT – 14 is changed to give effect to the MCA’s circular through which said form will be processed and taken on record using the Straight Through Process (STP) mode. All E-Form MGT – 14 except for change of name, change of object, resolution for further issue of capital and conversion of companies will be processed and taken on record using the Straight Through Process (STP) mode. Only new version of these eForms will be acceptable, stakeholders are requested to plan accordingly and ensure that you have downloaded the latest version for filing and uploading the latest version only.

RBI:

RBI has decided to introduce a uniform State and District code list for reporting of details of Foreign Direct Investment by Indian companies in Form FCGPR & FCTRS. Ministry of Commerce and Industry, Government of India has, vide Press Note 4 (2014 Series) dated June 26, 2014 decided to switch over to the National Industrial Classification 2008 (NIC 2008) from the NIC 1987 version, for the purpose of classification of activities under the industrial classification system. Indian companies are required to report the NIC Codes in the FCGPR and FCTRS forms as per the NIC 2008 version, henceforth. To download & view the list, please Click Here.