Corporate Updates – 18-04-2016


Directorate General of Foreign Trade has introduced a new definition of e-commerce in Chapter 9 of the Foreign Trade Policy. The new definition reads as follows:- “e-commerce means buying and selling of goods and services, including digital products, conducted over digital and electronic network. For the purposes of Merchandise Exports from India Scheme (MEIS) e-commerce shall mean the export of goods hosted on a website accessible through the internet to a purchaser. While the dispatch of goods shall be made through courier or postal mode, as specified under the MEIS, the payment for goods purchased on e – commerce platform shall be done through international credit/debit cards and as per the Reserve Bank of India norms.


RBI vide Circular dated April 13, 2016 has resolved the ambiguity under section 160 of the Companies Act, 2013, where it is provided that a person who intends to nominate himself or any other person as a director in an Indian company is required to place a deposit with the said company and clarified in this regard that deposits with an Indian company by persons resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank.

News from NIRC of ICSI

1. Today, on Monday, the 18th April, 2016, NIRC of ICSI is organising a Meeting of Practising Company Secretaries on the topic “THREATS & SOLUTIONS – CYBER LAWS” from 5:30 PM at ICSI-NIRC Auditorium, 4, Prasad Nagar Institutional Area, New Delhi-110005, Participation is Free; PCH – 2.

2. The NIRC of ICSI has come out with an unique Corporate Membership for Young Members of ICSI. The whole idea behind the scheme was to build the capacity of our young members and to give them a fair chance to attend the seminars of professional interest at a reasonable cost. The scheme is named as YUVA Corporate Membership of NIRC-ICSI. The YUVA Corporate Membership Scheme for young members of NIRC of ICSI for the Financial Year 2016-17 is open for members who have awarded the membership on or after 1st January, 2014. Only First 300 members will be enrolled for the YUVA Corporate Membership Scheme. The Cheque/DD towards the YUVA Corporate Membership Fee for Rs. 3,000/- be drawn in favour of “NIRC of the ICSI”. ONLINE PAYMENT FACILITY also available.

Speak Your Mind