MCA:
To make it easier for companies to do business, a committee was constituted to suggest amendments in the Companies Act, 2013. The Companies Law Committee has presented its report to make recommendations to the Government on issues arising from the implementation of the Companies Act, 2013. The report is divided into two parts, First Part has suggested amendments in the Companies Act, 2013, and the Second Part has suggested changes to Rules issued under the Act. Further, the summary of the changes proposed in the Act and the Rules as contained in the report have been tabulated at Annexure III. The Committee’s has recommended more than 100 changes in the Act & Rules. It has been decided to invite comments/suggestions on the said Report from all the stakeholders through an online facility made available on the MCA website upto 15th February, 2016. It is requested that comments/suggestions on the Report may be provided through such facility by 15th February, 2016.
RBI – FEMA:
RBI with a view to promote the ease of reporting of transactions related to Foreign Direct Investment (FDI), under the aegis of the e-Biz project of the Government of India has enabled online filing of Advance Remittance Form (ARF) which is used by the companies to report the FDI inflows to RBI; FCGPR Form which a company submits to RBI for reporting the issue of eligible instruments to the overseas investor against the above mentioned FDI inflow; and FCTRS Form which is submitted to RBI for transfer of securities between resident and person outside India. At present both the options, i.e. online filing and physical filing of abovementioned forms, are available to the users. Based on the experience it has been decided that beginning February 8, 2016 the physical filing of forms ARF, FCGPR and FC-TRS will be discontinued and forms submitted in online mode only through e-Biz portal will be accepted.
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