Corporate Updates – 30-06-2017

Annual Membership Fees of ICSI

The Annual Membership and Certificate of Practice fee for the year 2017-18 becomes due for payment w.e.f. 1st April, 2017 and last date for payment of the same is today i.e 30th June, 2017. Members are requested to pay the fee on urgent basis. The Certificate of Practice fee must be accompanied by an application for renewal of Certificate of Practice in the revised Form-D duly completed in all respects and signed for renewal of Certificate of practice for the year 2017-18. The annual membership fee for ACS : Rs. 2,500/-, for FCS : Rs. 3,000/- and certificate of practice fee is Rs. 2,000/-. Fees can be paid by cash / cheque / DD in favour of “The Institute of Company Secretaries of India” or Fees can also be paid online.


Reserve Bank of India (RBI) has permitted Non Resident Indians (NRIs) to participate in the exchange traded currency derivatives market to hedge the currency risk arising out of their investments in India under FEMA, 1999. NRIs are now permitted to trade in the currency derivatives segment of stock exchanges, subject to terms and conditions mentioned in the aforesaid RBI circular. NRIs shall take position in the currency derivatives segment of a recognised stock exchange and shall designate an Authorised Dealer Category -I bank who is also a clearing member of the stock exchange / clearing corporation for the purpose of monitoring and reporting their combined positions in the OTC and ETCD segments. Further, NRIs may take positions in the currency futures / exchange traded options market to hedge the currency risk on the market value of their permissible (under FEMA, 1999) Rupee investments in debt and equity and dividend due and balances held in NRE accounts. The onus of complying with the relevant provisions of the RBI shall rest with the NRI and in case of any contravention, the NRI shall render itself liable to any action that may be warranted by RBI as per the provisions of Foreign Exchange Management Act, 1999


The Central Board of Direct Taxes has notified the rules further to amend the Income-tax Rules, 1962, namely which may be called the Income –tax (17th Amendment) Rules, 2017 and shall come into force from the 1st day of July, 2017. In Rule 114, (5), it has been mandated that every person who has been allotted permanent account number as on the 1st day of July, 2017 and who in accordance with the provisions of Section 139AA(2) is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the Principal Director General of Income-tax (Systems) or Director- General of Income-tax (Systems) or the person authorised by the said authorities. Further, the Principal Director General of Income-tax (Systems) or Director- General of Income-tax (Systems) shall specify the formats and standards alongwith procedure, for the verification of documents filed with the application under sub-rule (4) or intimation of Aadhaar number in sub-rule (5), for ensuring secure capture and transmission of data in such format and standards and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing of the application forms for allotment of permanent account number and intimation of Aadhaar number.

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