Corporate Updates – 30-08-2017

Annual Membership Fees of ICSI (Last 2 Days)

The Annual Membership and Certificate of Practice fee for the year 2017-18 becomes due for payment w.e.f. 1st April, 2017 and extended last date for payment of the same is 31st August, 2017. Members are requested to pay the fee before the last date. 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. 1,500/- (admitted on or after 01.04.2015)and Rs. 2,500/- for others, for FCS : Rs. 3,000/- and certificate of practice fee is Rs. 1,500/- (admitted on or after 01.04.2015) and Rs. 2,000/- for others. Fees can be paid by cash / cheque / DD in favour of “The Institute of Company Secretaries of India” or Fees can be paid be paid online after login. GST@18% to be levied over and above the prescribed fee of Membership & COP Renewal fee w.e.f 01-07-2017.


The government has notified the Banking Regulation (Amendment) Act which may come into force from 4th day of May, 2017 and the Banking Regulation (Amendment) Ordinance, 2017 is hereby repealed. According to the Amendments, the Government now can authorise the RBI to issue directions to banks to initiate insolvency resolution process to recover bad loans. Earlier this month, Parliament had approved the Act, which replaced an ordinance in this regard. The government in May had promulgated an ordinance authorising the Reserve Bank of India (RBI) to issue directions to banks to initiate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. Under the Banking Regulation (Amendment) Act, 2017, the RBI can issue directions to banks for resolution of stressed assets. The RBI can specify authorities or committees to advise banks on resolution of stressed assets. The members on the committees will be appointed or approved by the RBI. Further, “default” has the same meaning assigned to it in clause (12) of section 3 of the Insolvency and Bankruptcy Code, 2016.

CBEC – Customs

The CBEC has issued the process for Electronic Sealing for Containers by exporters under self-sealing procedure which has been approved by the Board. The exporters who were availing sealing at their factory premises under the system of supervised factory stuffing, will be automatically entitled for self-sealing procedure. All exporter AEOs will also be eligible for self-sealing. It is clarified that all those exporters who are already operating under the self-sealing procedure need not approach the jurisdiction Customs authorities for the self-sealing permission. The permission to self-seal the export goods from a particular premise, under the revised procedure, once granted shall be valid unless withdrawn by the competent authority. Under the new procedure, the exporter will be obligated to declare the physical serial number of the e-seal at the time of filing the online integrated shipping bill or in the case of manual shipping bill before the container is dispatched for the designated port/ICD/LC. The electronic seal shall be an "RFID tamper proof one-time-bolt seal", each bearing a unique serial number. The exporters shall be responsible for procuring the seals at their own cost for use in self-sealing. The new self-sealing procedure shall come into effect from 1st Oct, 2017. Till then the existing procedure shall continue.

News from NIRC of ICSI

NIRC of ICSI will be organising an One Day Seminar on Contemporary Issues Under Insolvency & Bankruptcy Code (IBC) on Thursday, the 31st August, 2017, from 9.00 AM onwards, at Hotel Holiday Inn, 13A, Mayur Vihar, District Centre, Delhi 11 00 91 (Near New Ashok Nagar Metro Station). Fee: Rs.1600/- per delegate inclusive of GST; FREE for Corporate Members of NIRC. The fee may also be paid through Paytm. Credit Hour:04

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