Corporate Updates – 09-11-2016


In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced by RBI. High denomination notes have been misused by terrorists and for hoarding black money. The legal tender character of the notes in denominations of ₹ 500 and ₹ 1000 stands withdrawn. In consequence thereof withdrawn old high denomination (old) notes cannot be used for transacting business and/or store of value for future usage. The old notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the Bank branches or at any head Post Office or Sub-Post Pffice. Further, the balances in bank accounts can be used to pay for other requirements by cheque or through electronic means of payments such as internet banking, mobile wallets, imps, credit/debit cards etc.


MCA has notified the Companies (Registration Offices and Fees) Second Amendment, Rules, 2016. They shall come into force from the date of their publication in the Official Gazette. Earlier, in Rule 8(12)(a)(iv) of the Companies (Registration Offices and Fees) Rules, 2014, it was stated that AOC-4 shall be certified by Chartered Accountant in whole-time practice. But, with aforesaid notification, the Rules have included the Company Secretary in whole time practice or the Cost Accountant in whole time practice to certify the Form AOC-4. The Rules have been further modified to include the fees applicable for Surrender of DIN under Rule 11(f) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

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