Corporate Updates – 17-03-2015


RBI has made Amendments to Section 13(2) of Prevention of Money laundering Act (PMLA) 2002, wherein NBFCs were advised to nominate a Director on their Boards as “Designated Director” to ensure compliance with the obligations under the Prevention of Money Laundering (Amendment) Act, 2012. In this connection, it is clarified that NBFCs can also designate a person who holds the position of senior management or equivalent as a “Designated Director”. However, in no case, the Principal Officer should be nominated as the “Designated Director”.


DVAT Authorities have added various new facilities in their online portal for the benefit of the stakeholders. These new application includes issuance of online Notice under Section 59(2) sent to all such dealers who have made affected their sales through e-tailers (M/s Snap Deal, Amazon & Flipcart) and data is mismatched. Another very useful facility is TIN to TIN challan transfer, wherein the dealer has wrongly deposited the Tax in wrong TIN/TAN, a detailed procedure has been developed to redress such issues.

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