Corporate Updates – 31-08-2015


Ministry of Corporate Affairs has got its new Secretary. Gujarat cadre IAS officer Mr. Tapan Ray was appointed as the new Secretary in Corporate Affairs Ministry, where he will replace Ms. Anjuly Chib Duggal who has been named as Financial Affairs Secretary. Mr. Ray, 1982 batch IAS officer and currently Additional Secretary in the Department of Electronics and Information Technology, would become Corporate Affairs Secretary after Duggal relinquishes charge of the post. Mr. Ray, a Mechanical Engineer and then a Law Graduate, is also a Post Graduate in Public Policy and International Affairs and holds diplomas in German language, international law and international business. He joins Corporate Affairs Ministry at a time when the government has identified ease of doing business as a key focus area and the new Companies Act is going through a number of changes to make it easier for the companies to do business in the country.


India has signed the Inter-Governmental Agreement (IGA) with the USA on July 9, 2015, for Improving International Tax Compliance and implementing the Foreign Account Tax Compliance Act (FATCA). India has also signed a multilateral agreement on June 3, 2015, to automatically exchange information based on Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters under the Common Reporting Standard(CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information (AEoI). In this regard, all the concerned ‘financial institutions’ should refer to the amended rules and take steps for complying with the reporting requirements. Accordingly, all the concerned financial institutions should register on the related e-filling portal of Income Tax Department as Reporting Financial Institution by submitting the requisite details. Thereafter, the reports can be submitted online by using the digital signature of the ‘Designated Director’ by either uploading the Form 61B or ‘NIL’ report. In this regard, Central Board of Direct Taxes (CBDT) is developing a schema, which would be shared with all the regulated entities shortly.

Annual Membership Fees of ICSI

The Annual Membership and Certificate of Practice fee for the year 2015-16 becomes due for payment w.e.f. 1st April, 2015 and last date for payment of the same is 31st August, 2015. 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 2015-16. The annual membership fee for ACS : Rs. 1,125/-, for FCS : Rs. 1,500/- and certificate of practice fee is Rs. 1,000/-. Fees can be paid by cash / cheque / DD in favour of “The Institute of Company Secretaries of India” or Fees can be paid online after login.

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