Corporate Updates – 12-02-2015


The Central Council of ICSI has approved the formation of LLP’s by Practising Company Secretaries (PCS) and granted general permission to the members in practice to become designated / active partner of a limited liability partnership (LLP) the objects of which include carrying out attestation services which fall within the scope of the profession of Company Secretaries irrespective of whether or not the practising member holds substantial interest in that LLP and / or to become passive partner of LLP which is engaged in any other business or occupation provided that the practising member does not hold substantial interest in that LLP.


RBI has reviewed the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 as there is substantial increase in the number and amount of advances received for exports remaining outstanding beyond the stipulated period on account of non-performance of such exports (shipments in case of export of goods). Accordingly, AD Category –I banks are advised to efficiently follow up with the concerned exporters in order to ensure that export performance are completed within the stipulated time period and should exercise proper due diligence and ensure compliance with KYC and AML guidelines so that only bonafide export advances flow into India. A quarterly statement indicating details of such cases is also required to be forwarded to the concerned Regional Offices of RBI within 21 days from the end of each quarter.

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