MCA
Ministry of Corporate Affairs has notified the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2016. Ministry has amended the proviso to the said rules to exempt housing finance companies from filing financial statements in XBRL mode. The amended rules shall come into force on the date of their publication in the Official Gazette. Now the exemption from filing of financials in XBRL mode is extended to the companies in the following sector: banking, insurance, power sector, non-banking financial companies and housing finance companies.
RBI
Reserve Bank of India has issued new norms for opening of a branch office or liaison office or project office in India that is Foreign Exchange Management(Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016. The list of Permissible activities has been amended. Further a new definition on Stand-alone basis has been introduced. The new regulations shall come into force from the date of their publication in the Official Gazette. Through this regulations Reserve Bank of India will prohibit, restrict and regulate establishment in India of a branch office or a liaison office or a project office or any other place of business by a person resident outside India.
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