Corporate Updates 29 July 2014


MCA has issued the 6th Removal of Difficulty order dated 24th July and Shall come into force on the date of its publication in the Official Gazette. The ROD deals with definition of the term “related party” under section 2 of the Companies Act 2013 and provides relief for the difficulty arising due to absence of the word “relative” from certain clause of the definition resulting in disharmonious interpretation. As per the ROD, in section 2 of the Companies Act, 2013, in clause (76), in sub-clause (iv), after the word “manager”, the word “or his relative” shall be inserted.


RBI has made amendments in the Rules of Public Provident Fund Scheme, 1968 and Senior Citizen Savings Scheme, 2004. In the case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account on the same terms and conditions as specified under these rules. Provided further that in case the spouse does not continue the joint account, the account shall be closed on an application in Form-F and the deposit refunded alongwith interest as above. Further the interest shall be payable from the date of deposit to 31st March /30th June /30th September /31st December on 1st working day of April / July / October / January as the case may be, in the first instance and thereafter, interest shall be payable on 1st working day of April/July/October/January. Rules for opening of PPF account are also amended and notified.

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