CBEC:
The Central Board of Excise and Customs has specifies conditions and safeguards for furnishing a Letter of Undertaking in place of a Bond by a registered person who intends to supply goods or services for export without payment of integrated tax. All registered persons who intend to supply goods or services for export without payment of integrated tax shall be eligible to furnish a Letter of Undertaking in place of a bond except those who have been prosecuted for any offence under the Central Goods and Services Tax Act, 2017 or the Integrated Goods and Services Tax Act, 2017 or any of the existing laws in force in a case where the amount of tax evaded exceeds two hundred and fifty lakh rupees. Further, the Letter of Undertaking shall be furnished on the letter head of the registered person, in duplicate, for a financial year in the annexure to FORM GST RFD – 11 and it shall be executed by the working partner, the Managing Director or the Company Secretary or the proprietor or by a person duly authorised by such working partner or Board of Directors of such company or proprietor. The provisions of this notification shall mutatis mutandis apply in respect of zero-rated supply of goods or services or both made by a registered person (including a Special Economic Zone developer or Special Economic Zone unit) to a Special Economic Zone developer or Special Economic Zone unit without payment of integrated tax.
RBI – NBFC
RBI has issued the Master Directions – Non-Banking Financial Company – Peer to Peer Lending Platform(Reserve Bank) Directions, 2017 which shall come into force with immediate effect. These Directions shall apply to every Non-Banking Financial Company- Peer to Peer Lending Platform (NBFC-P2P) as defined in these Directions. The objective of these Directions is to provide a framework for the registration and operation of NBFC-P2Ps in India. "Peer to Peer Lending Platform” means an intermediary providing the services of loan facilitation via online medium or otherwise, to the participants. No NBFC-P2P shall commence or carry on the business of a Peer to Peer Lending Platform without obtaining a Certificate of Registration (hereinafter referred to as “CoR”) from the Bank. Every company seeking registration with the Bank as an NBFC-P2P shall have a net owned fund of not less than rupees twenty million or such higher amount as the Bank may specify. A detailed procedure for registration by the existing and prospective NBFC-P2P is provided through these directions.
News from NIRC of ICSI
NIRC of ICSI is organising an One Day Workshop on the topic "Process for Revival of the Companies under Section 252 of the Companies Act,2013 & Remedial measures for disqualification of Directors u/s 164(2) of Companies Act, 2013" on Saturday, the 7th October, 2017 from 10.00 AM onwards at ICSI-NIRC Building Auditorium, 4 Prasad Nagar Institutional Area, New Delhi. Fee: Rs.500/- per delegate (inclusive of GST) (Including Corporate Members of NIRC of ICSI). Registration through PayTM is alsoavailable. PCH – 4.
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