Corporate Updates – 21-12-2016


Registration open for Practicing Company Secretaries who have obtained Certificate of Practice in last 2 years and Company Secretaries who intend to obtain the Certificate of Practice for TWO DAYS PCS INDUCTION PROGRAM (PIP) being organised by NIRC of ICSI on 3rd & 4th January, 2017 (Tuesday & Wednesday) at 9.30 AM onwards at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi to support & build the capacities of young entrants into practice. Fee: Rs. 500/- per delegate inclusive of Service Tax: PCH : 08. Online Registration facility available.


RBI has notified that Deposit of ₹ 500/- and ₹ 1000/-Bank Notes into bank accounts in excess of ₹ 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. Tenders of SBNs up to ₹ 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016. If tenders smaller than ₹ 5000 are made in an account and such tenders taken together on cumulative basis exceed ₹ 5000 they may be subject to the procedure to be followed in case of tenders above ₹ 5000. Tenders of SBNs in excess of ₹ 5000 shall be credited to only KYC compliant accounts and if the accounts are not KYC compliant credits may be restricted up to ₹ 50,000. The above restrictions shall not apply to tenders of SBNs for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.


Ministry of Finance (MOF) vide press release has notified to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash. Legislative amendment in this regard shall be carried out through the Finance Bill, 2017.

News from NIRC of ICSI

1. ICSI – NIRC is organizing 2nd Convocation of Northern Region – 2016 for awarding the certificate of membership to the Associate members admitted during the period from 1st April, 2016 to 30th September, 2016 on Friday, 6th January, 2017 at Manekshaw Centre, Khyber Lines, Delhi Cantonment, New Delhi. The eligible members to participate in the Convocation of the Northern Region can verify their details from the List of Eligible members Session 1 and List of Eligible Members Session 2 and are requested to confirm their participation Latest by today EOD 21st December, 2016.

2. NIRC – ICSI announces niro and also through signed hard copy addressed to The Chairman, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, New Delhi – 110005). Three best entries shall be awarded with a Citation, Trophy, Cash Prize & Publications.

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