Daily Updates and News

RBI

RBI has issued Master Direction on Presentation, Disclosure and Reporting of Financial Statements of All India Financial Institutions (AIFI). These Directions provide for the format of the Balance Sheet And Profit & Loss Account and Preparation Of Consolidated Financial Statements to be adopted by AIFIs. Further, the directions also provide for specific disclosures to be made by AIFIs in the notes to accounts of the financial statements. RBI has clarified that with the issue of these directions, the instructions / guidelines contained in the circulars issued by the Reserve Bank listed in Annexure V of the directions stand repealed. These Directions shall be applicable to the AIFIs regulated by Reserve Bank of India viz. EXIM Bank, NABARD, NHB and SIDBI with effect from the quarter ended December 2016 and shall come into effect on the day these are placed on the official website of the Reserve Bank of India.

 

CBDT

CBDT vide Circular No. 24/2016 dated 27th of June, 2016 has issued clarifications on the Income Declaration Scheme, 2016 incorporated in the Finance Act, 2016. In a set of clarification issued on the Scheme, the CBDT has said that in case a declarant has made only part-payment of the tax, surcharge and penalty payable on undisclosed income declared under the scheme, the entire declaration will be deemed invalid and the declaration under the Scheme shall be valid only when the complete payment of tax, surcharge and penalty is made on or before 30-11-2016. Further it clarified that the scheme is valid for both resident and non-resident Indians. On whether a valuation report of an asset is mandatory, the CBDT clarified it is necessary for the declarant to obtain the valuation report but it is not mandatory for him to attach the same with the declaration made in Form-1. However, the tax officer may require the declarant to file the valuation report before issuing the acknowledgment in Form-2. In such a circumstance, it will be necessary for the declarant to make the report available to the officer concerned. Also, a person whose proceeding is pending before the Settlement Commission, is not eligible for the scheme in respect of assessment years for which proceeding is pending.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

ICAI

The Accounting Standards Board of the Institute of Chartered Accountants of India has issued FAQs clarifying the preparation of Consolidated Financial Statements. It clarified that a Company needs to consolidate the accounts of a Limited Liability Partnership and a Partnership Firm if it is its Subsidiary as Indian Accounting Standard (AS 110) requires a Company to consolidate the accounts of all the controlled entities and the word entity, hereby, includes a company as well as LLPs and partnership firms. Also, under Accounting Standard (AS) 21, an enterprise controlled by the parent is required to be consolidated and the term ‘enterprise’ includes a company and any enterprise other than a company. It further clarified that a Company which has no Subsidiaries but has investment in an associate company and a joint venture, it is required to prepare consolidated financial statements for its associate and joint venture in accordance with the applicable Accounting Standards, viz, AS 23, Accounting for Investments in Associates in Consolidated Financial Statements and AS 27, Financial Reporting of Interests in Joint Ventures.

RBI - NBFC

The "Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 has prescribed the Prudential Norms Directions. In terms of the extant instructions, all NBFCs are required to submit a certificate from their Statutory Auditors every year to the effect that they continue to engage in the business of NBFI requiring it to hold a CoR under Section 45-IA of the RBI Act. With a view to ensure consistency in the manner in which the information is received from the Auditors, it has been decided to introduce a uniform Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs. The NBFC would need to fill in the information, as applicable, in COSMOS. Thereafter, the SAC needs to be scanned and uploaded in COSMOS.

CBEC:

The Central Board of Excise and Customs has notified the conditions or limitations under the Rule 9(2) of Central Excise Rules, 2002. The Board has specified that (i) a person who is registered as a first stage dealer shall not be required to take registration as an importer or (ii) a person who is registered as an importer shall not be required to take registration as a first stage dealer.   

RBI:

The Reserve Bank of India has issued circular for Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 with respect to regulatory relaxations for start-ups. The Reserve Bank of India has decided that an Indian start-up, having an overseas subsidiary, may open a foreign currency account with a bank outside India for the purpose of crediting to the account the foreign exchange earnings out of exports/sales made by the said start-up or its overseas subsidiary. The balances held in such accounts, to the extent they represent exports from India, shall be repatriated to India within the period prescribed for realisation of exports.

Thanks & Regards,
Meetesh Shiroya

Daily Updates and News

CBEC - Service Tax

Ministry of Finance has vide notification exempted the entire service tax leviable on taxable services provided by way of transportation of goods by a vessel from outside India upto the customs station in India with respect to which the invoice for the service has been issued on or before the 31st May, 2016. However, the exemption is subject to the condition that the import manifest or import report required to be delivered under Section 30 of the Customs Act, 1962 has been delivered on or before 31st May, 2016 and the service provider or recipient produces Customs certified copy of such import manifest or import report.

  

CBDT

CBDT has clarified the issue regarding the amended provisions of Section 206C (1D) of the Income Tax Act, 1961, which provides that collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees. Further, the Board has clarified that in case the payment is received partly in cash and partly in cheque and cash receipt is less than two lakh rupees, then no tax is required to be collected at source as per section 206C (1D). 

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

BSE

BSE had issued Notices to 428 companies whose securities have been suspended from trading to either apply for Revocation of Suspension or apply for Delisting. The Companies whose securities have been under suspension for more than seven years on account of non-compliance with various clauses of listing regulations and who have failed to reply to the earlier communication sent by the BSE have now been served a Public Notice giving them a last chance of 15 working days to either give representation or otherwise bear the consequences of Compulsory Delisting. The onus is on the Promoters to give the exit to the public shareholders and provide information to pay Fair Value of their Shareholders.

 

CBDT

The Income Tax Department has clarified that certain media organisations have erroneously reported that the department is going to arrest willful tax defaulters. It is clarified that no such statement has been authorised by the Income Tax Department and Tax Recovery Officers (TROs). Though the provisions for arrest and detention by the Tax Recovery Officers in respect of the non-compliant tax defaulters are contained in the Income-tax Act, however all officers shall use the provisions of the Income Tax Act, 1961 regarding arrest and detention with utmost care.

 RBI:

The Reserve Bank of India has issued Master Direction for Reserve Bank of India (Financial Statements of All India Financial Institutions - Presentation, Disclosures and Reporting) Directions, 2016. These Directions shall be applicable to the All India Financial Institutions (AIFIs) regulated by Reserve Bank of India viz. EXIM Bank, NABARD, NHB and SIDBI with effect from the quarter ended December 2016. These Directions shall come into effect on the day these are placed on the official website of the Reserve Bank of India.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

MCA

MCA has issued a Clarification that HUF cannot be a Partner/Designated Partner but its Karta or any individual of HUF can be a partner in a partnership firm/Limited Liability Partnership in its individual capacity and not the HUF.  MCA took the view from Rashiklal & Co. vs Commissioner Of Income Tax where the Hon'ble Supreme Court has held that even if a person nominated by the HUF joins a partnership, the partnership will be between the nominated person and the other partners of the firm and if a Karta or any other member of the HUF joins a partnership, he can do so only as an individual. His rights and obligations vis-a-vis other partners are determined by the Partnership Act and not by Hindu law.

MCA

Ministry of Corporate Affairs has notified that following e-forms are likely to be revised on MCA21 Company Forms Download page w.e.f 25th June 2016- Forms AOC-4 XBRL(Form for filing XBRL document in respect of financial statement and other documents with the Registrar), GNL-1 (Applications made to Registrar of Companies), INC-6 (One Person Company - Application for Conversion),INC-2 (One Person Company- Application for Incorporation) and CRA-2 (Form of intimation of appointment of cost auditor by the company to Central Government). Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

MCA

MCA vide its office order dated 22/06/2016 reshuffles with immediate effect the top level officers from one post to another. The major reshuffle includes Shri. A. K. Chaturvedi (RD, Northern Region) who has been transferred to take charge as Regional Director, Western Region. Shri. K.L. Kamboj, Regional Director, Western Region is now transferred to Manesar as Director, ICLS Academy, IICA, and Shri. N.K. Bhola (Director in O/ o DGCoA, New Delh) who has been transferred to take charge as Regional Director RD, Northern Region. 

SEBI 

SEBI has issued a consultation paper proposing changes to regulations regarding portfolio managers to enable fund managers to handle foreign money from Indian shores. The amendments were approved by SEBI's board at a meeting held on June 17. Within the consultation paper, SEBI has proposed to insert offshore fund managers (OFMs) or eligible fund managers (EFMs) as a new chapter in the existing norms. The change may allow SEBI registered portfolio managers to act as offshore fund managers with prior intimation to SEBI. Among other changes, they have to also declare compliance under provisions of Section 9 A of the Income Tax Act, that is, fund management activity carried out through an EFM located in India and acting on behalf of an EIF would not constitute a business connection in India.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

FDI:

The Government has relaxed the Norms for Foreign Direct Investment in Single Brand Retail, Aviation, Pharma, Defence, animal husbandry and food products. In Single Brand Retail, Local sourcing norms eased for three years and a relaxed sourcing regime introduced for five years.

In Civil Aviation Sector, foreign investment up to 49% is allowed under automatic route in Scheduled Air Transport Service/ Domestic Scheduled Passenger Airline and regional Air Transport Service. It has now been decided to raise this limit to 100%, with FDI up to 49% permitted under automatic route and FDI beyond 49% through Government approval.

In Pharma, the Government has decided to permit upto 74% FDI under automatic route in brownfield projects and beyond 74% though approval route.

In Defence, 100% Foreign Direct Investment (FDI) through the approval route and The Government has done away with “state of the art” technology clause.

FDI in Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture and Apiculture is allowed 100% under Automatic Route under controlled conditions.

100% FDI under Government approval route for trading, including through e-commerce, in respect of food products manufactured or produced in India.     

PPF:

The Central Government has amended Public Provident Fund Scheme, 1968. This Scheme may be called Public Provident Fund (Amendment) Scheme, 2016. It shall come into force on the date of its publication in the Official Gazette. The Government changed the norms for Public Provident Fund deposits, allowing the subscribers of the scheme to prematurely close their accounts and withdrawal the complete amount after five years. However, the withdrawal will be allowed for expenditure towards higher education or medical treatment. Currently, the lock-in-period for complete withdrawal from PPF accounts is 15 years.      

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

MCA

Ministry of Corporate Affairs has notified that Annual Filing Forms for Companies Act, 1956 - 23AC (Form for filing balance sheet and other documents with the Registrar), 23ACA (Form for filing Profit and Loss account and other documents with the Register), 23B (Information to the Registrar by company for appointment of auditor), 20B (Form for filing annual return by a company having a share capital with the Registrar), 21A (Particulars of annual return for the company not having share capital) are likely to be available on MCA21 portal by mid-August 2016. The Ministry had earlier removed these e-forms due to maintenance of the website. Stakeholders are requested to plan accordingly.

MCA

MCA has issued FAQs on CRC (Central Registration Centre) relating to name availability and incorporation. CRC is presently tasked to process applications for name availability (INC-1) and forms related to new companies incorporations (INC-2/INC-7/INC-29/INC-22 and DIR-12. An attempt has been made to settle the issues of routine nature including what are the steps for incorporating a Section 8 Company? and How many times 'Resubmission / Pending for User Clarification (PUCL)' is allowed in INC-1/INC-2/INC-7 and INC-29.

Thanks & Regards,

Meetesh Shiroya

FDI

The NDA government on Monday announced relaxed foreign direct investment (FDI) norms in single brand retail, civil aviation, airports, pharmaceuticals, animal husbandry and food products. It has allowed up to 100% foreign direct investment (FDI) in defence through the approval route, 100% FDI in food product e-commerce, 100% FDI in greenfield pharma via the automatic route, 100% in browfield pharma - of which 74% will be through automatic route - 100% FDI in scheduled airlines, and up to 49% FDI in airlines through automatic route. While FDI in defence beyond 49% was already allowed through approval route and up to 49% through automatic route, the new norms have done away with the condition of access to ‘state-of-art’ technology in the country for FDI more than 49%.

 CBDT

Central Board of Direct Taxes has notified tax exemption on investments above fair market rate for startups. By virtue of the said notification, startups getting investment from resident angel investors, family offices or funds which are not registered as venture capital funds, will not be taxed even if the investment is made in excess to the fair value. Angel investor is among an entrepreneur's family and friends who invest or injects money in small startups. Presently, funds raised by angel investors are taxed at 30% under the head "income from other sources".

RBI:

The Reserve Bank of India has decided to simplify and rationalise the process of registration of NBFC. The application Form for registration of new NBFCs and the check-list of documents to be submitted have been revised. The new application forms will be simpler and the number of documents required to be submitted will be reduced to a minimum. The number of documents to be submitted by the NBFC applicants has been reduced from existing set of 45 documents to 7-8 in the revised process.

There would be two different types of applications for non-deposit taking NBFCs (NBFC-ND) based on Sources of Funds & Customer Interface as follows:

1. Type I - NBFC-ND not accepting public funds not intending to accept public funds in the future and not having customer interface/ not intending to have customer interface in the future.
2. Type II - NBFC-ND accepting public funds/ intending to accept public funds in the future and/or having customer interface/ intending to have customer interface in the future.

Thanks & Regards,

Meetesh Shiroya

 

Daily News and Updates

IRDA

IRDA has released an exposure draft of Guidelines for Listed Indian Insurance Companies. The draft guidelines are divided into three parts. Part A contains definitions, Part B contains shareholding and voting rights limits in insurers and Part C contains Foreign Holding and Other requirements. These Guidelines shall be applicable to all insurers who have listed their equity shares or are in the process of getting their shares listed on the stock exchanges in relation to transfer or proposed transfer of shares and shall be in addition to IRDAI (Issuance of Capital by Indian Insurance Companies transacting Life Insurance Business) Regulations, 2015 and IRDAI (Issuance of Capital by Indian Insurance Companies transacting other than Life Insurance Business) Regulations, 2015. The comments/ suggestions on the proposed guidelines can be given by 22^nd June, 2016.

RBI – NBFC

To ease the process for forming new finance companies, the Reserve Bank reduced the number of documents required for registration from the existing Forty-Five (45) documents to eight (8). This has been done to make the process of registration of new non-banking financial companies (NBFC) smoother and hassle-free. Also, there would be two types of applications for non-deposit taking NBFCs, based on sources of funds and customer interface. Applications from those not having access to public funds would be fast-tracked. These companies will be prohibited from accessing public funds and having customer interface. If they intend to later do either, the'd need RBI approval. RBI may also call for any further documents to satisfy itself on the eligibility of a company seeking registration as an NBFC. If it does, the applicant must respond within a month.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

IRDA:

The Insurance Regulatory and Development Authority of India issued draft Guidelines for Listed Indian Insurance Companies. These Guidelines shall be applicable to all insurers who have listed their equity shares or are in the process of getting their shares listed on the stock exchanges in relation to transfer or proposed transfer of shares. The IRDA has invited Suggestions/ Comments on the draft guidelines. 

DVAT

Department of Trade and Taxes has introduced new reward scheme for highest tax paying dealers. The department has also provided a list of dealers who shall be eligible for the rewards under the said scheme which includes dealers having the specified turnover and who have paid the highest tax during the said period. The order also provides for the eligibility criteria for the scheme. The scheme shall be implemented on the basis of recommendations received from zonal joint/additional commissioners and tax figures compiled by system branch. A reward evaluation committee shall be constituted for the purpose which shall work out the claims of the winners for reward/appreciation under the scheme. The objective of the scheme is to acknowledge the efforts of better performing dealers so as to further encourage them to continue their efforts for better tax compliance and also to set examples for other dealers.

CDSL

Central Depository Services (India) Limited [CDSL] has launched a new mobile application for e-voting that would enable Android based smart phone users to cast their vote on company resolutions even while they are on the move and can also be used for voting at the AGM/EGM venue, which can be downloaded from Google Play Store for Android based phones. The app for iPhone and Windows Phone would be released shortly and can be downloaded from the App Store and Windows Phone Store, respectively. CDSL has also introduced a Single Sign On facility which enables clients of registered Proxy Advisory Firms, Depository Participants and stock brokers to vote directly from their registered login and both these facilities, that is,  m-Voting and Single Sign On, are currently being offered free of cost to investors. This would provide greater flexibility to the investors and they can vote from a place and time of their convenience.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

CBEC

Ministry of Finance has issued a circular clarifying that present levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name is not on all readymade garments and made ups, and is restricted only to readymade garments and made up articles of textiles bearing a brand name or sold under a brand name and having retail sale price (RSP) of Rs. 1000 or above. Also such retailer shall not be liable to pay excise duty if the aggregate value of clearances for home consumption by such person is less than Rs. 1.5 crore in a year [provided aggregate value of clearances during previous financial year was less than Rs. 4 crore] Further, to avoid disputes and minimize duty evasion, it has also been provided that affixing a brand name on the product, labeling or relabeling of its containers or repacking from bulk packs to retail packs or the adoption of any other treatment to render the product marketable to the consumer, shall amount to manufacture. The circular also provides the definition of ‘brand name’.

RBI - FEMA

Reserve Bank of India (RBI) has notified Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015. The regulation imposes restriction on holding foreign currency account by a person resident in India. As per the regulations a person resident in India may open and maintain Foreign Currency Account with an authorised dealer in India, to be known as Exchange Earners’ Foreign Currency (EEFC) Account. Further, a Special Economic Zone (SEZ) may open Foreign Currency Account in which funds received by the unit in the Special Economic Zone (SEZ) are to be credited. The regulation also specifies the requirements for startups to maintain Foreign Currency Account.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

MCA

Ministry Of Corporate Affairs has notified Limited Liability Partnership (Second Amendment) Rules 2016. The amended rules shall come into force on the date of their publication in the official Gazette. In the said amendment, Form 2, Form 3, Form 4 and Form 11 have been amended. Among the many amendments, in Form 2 and Form 4, the words ‘Name of Nominee’ has been substituted in place of the words ‘Name of Partner’ under the heading ‘Name and particulars of the person signing on behalf of the body corporate as nominee’ and ‘Addendum to Form 2’. Also, in Form 3 and Form 11, details to be provided under the heading ‘Particulars of penalties imposed’ stand amended.

GST

On June 14, 2016 the Finance Ministry has released the 'Model GST Law'. It outlines the structure of the GST regime. Further, the draft of 'Integrated GST Bill, 2016' is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. "CGST" is the tax levied under the Central Goods and Services Tax Bill, 2016. "IGST" is the tax levied under the Integrated Goods and Services Tax Bill, 2016. Draft GST law has been uploaded on Finance Ministry's site. PCS is entitled to appear before GST authorities and tribunal.

Happy PCS Day...!!!

Thanks & Regards,

Meetesh Shiroya 

Daily Updates and News

MCA

The Ministry of Corporate Affairs has modified the e-Forms and new version of e-forms NDH-2 (Application for extension of Time for Nidhi Companies), FC-3 (Annual accounts along with the list of all principal places of business in India established by foreign company), MSC-3 (Return of dormant companies), INC-24 (Application for approval of Central Government for change of name), INC-3 (One Person Company- Nominee consent form), CHG-8 (Application to Central Government for extension of time for filing particulars of registration of creation / modification / satisfaction of charge OR for rectification of omission or misstatement of any particular in respect of creation/ modification/ satisfaction of charge), CHG-9 (Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures) and SH-9 (Declaration of Solvency) are available w.e.f. 12^th June, 2016, on the portal of MCA. Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

MCA - NCLT

The Ministry of Corporate Affairs (MCA) vide a notification dated 1 June 2016 has constituted the National Company Law Tribunal (NCLT) and its appellate authority, the National Company Law Appellate Tribunal (NCLAT) with effect from such date. The principal bench of the NCLT is to be located at New Delhi, with ten other benches at New Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Chandigarh, Allahabad, Ahmedabad, Hyderabad and Guwahati. The location and complete postal address of all benches are now notified.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

CBDT

CENTRAL BOARD OF DIRECT TAXES (CBDT) has made further amendment the Income Tax Rules, 1962 by issuing the Income Tax (14th Amendment) Rules, 2016. The Rules focuses on the expenditures which does not form part of the total income of an assessee. Such expenditure includes aggregate of amount of expenditure directly relating to income which does not form part of total income and further an amount equal to one per cent of the annual average of the monthly averages of the opening and closing balances of the value of non relevant investment whose income does not form part of total income.

CBEC - Service Tax

Ministry of Finance has amended the Service Tax Rules, 1994 by issuing The Service Tax (Fourth Amendment) Rules, 2016. The amended rule provides an exemption for the legal services provided by “senior advocates” to a business entity with a turnover up to rupees 10,00,000 (Ten Lakh) in the preceding Financial Year. Further a firm of advocates or an advocate which is not a senior advocate has been covered under the ambit of Service Tax who provide representational services before any court, tribunal or authority, directly or indirectly, to any business entity located in the taxable territory.

MCA:

The Ministry of Corporate Affairs has modified the LLP e-Forms Form 2A, Form 4, Form 4A, Form 5, Form 23, Form 31 and Form 32. The new version of LLP e-Form 2A (Details in respect of designated partners and partners of Limited Liability Partnership), Form 4 (Notice of appointment, cessation, change in name/ address/ designation of a designated partner or partner. and consent to become a partner/ designated partner), Form 4A (Notice of appointment, cessation, change in particulars of a partners), Form 5 (Notice for change of name), Form 23 (Application for direction to Limited Liability Partnership (LLP) to change its name to the Registrar), Form 31(Application for compounding of an offence under the Act) and Form 32(Form for filing addendum for rectification of defects or incompleteness) available w.e.f. 9^th June, 2016. Only new version of e-form will be acceptable and stakeholders are requested to plan accordingly.

SEBI:

The Securities and Exchange Board of India has issued circular in respect of “Investor Protection Fund (IPF) of Depositories”. SEBI (Depositories and Participants) (Amendment) Regulations, 2012 require every depository to establish and maintain an Investor Protection Fund (IPF). Pursuant to the aforesaid committee recommendations, the SEBI (Depositories and Participants) Regulations were amended mandating the depositories to credit five per cent or such percentage as may be specified by the Board, of its profits from depository operations every year to the IPF. The guidelines or circular provides utilization of the IPF, Constitution and Management of the IPF, Contribution to the IPF and Investments of Fund.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

FEMA

RBI has issued the amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventh Amendment) Regulations, 2016. As per the amended Regulations, In case of transfer of shares between a resident buyer and a non-resident seller or vice-versa, a maximum of 25% (twenty five per cent) of the total consideration can be paid by the buyer on a deferred basis within a period not exceeding eighteen months from the date of the transfer agreement. For this purpose, an escrow management may be made between the buyer and seller. The Regulation further state that total consideration finally paid for the shares must be compliant with the applicable pricing guidelines.

SEBI

SEBI cautions investors not to invest in Schemes offered by entities barred by SEBI from raising money or entities not registered with SEBI. Certain Collective Investment Scheme(s) (CIS) have come to the notice of SEBI, which are offered by entities which are neither registered with SEBI nor offer document of such schemes have been filed with SEBI. Appropriate actions have been taken against such entities and its Directors and since January 01, 2011, SEBI has passed orders against 91 entities and its Directors, carrying on unregistered CIS. Investors and general public are hereby cautioned that other than "GIFT Collective Investment Management Company Limited" no other entity is registered with SEBI under the CIS Regulations.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

MCA

The Ministry of Corporate Affairs has modified the e-Forms and new version of e-forms MR-1 (Return of appointment of MD/ WTD/ Manager), CHG-1 (Application for registration of creation, modification of charge (other than those related to debentures)), CHG-4 (Particulars for satisfaction of charge thereof) and MGT-14 (Filing of Resolutions and agreements to the Registrar) are available w.e.f. 7^th June, 2016 and eForm 11 LLP (Annual Return of Limited Liability Partnership) is likely to be revised w.e.f 8th June 2016, on the portal of MCA. Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

CBEC

Ministry of Finance, has issued Indirect Tax Dispute Resolution Scheme Rules, 2016. The rule prescribes Forms for declaration the amount due towards departments. The Rules requires an assessee to make the declaration under Sub Section (1) of Section 214 of Indirect Tax Dispute Resolution Scheme, 2016 in Form 1. After the declaration of the amount, assessee has to deposit the amount within 15 (fifteen) days. Further, the designated authority shall issue the discharge order against the amount due within fifteen days of receipt of the information about the deposit made.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

MCA

Ministry of Corporate Affairs (MCA) has recently updated and notified new version of e-Forms Form AOC -4 (Form for filing financial statement and other documents with the Registrar), INC-6 (One Person Company- Application for Conversion), INC-12 (Application for grant of License under section 8), INC-29 (Integrated Incorporation Form), SCP (Serious Complaint Form), ADJ (Memorandum of Appeal). Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

RBI - Cyber Security Framework in Banks

Reserve Bank of India (RBI) has issued Cyber Security Framework putting in place an adaptive Incident Response, Management and Recovery framework to deal with adverse disruptions. The framework requires the Banks to place a Cyber Security Framework duly approved by the Board to combat Cyber threats and acceptable level of risk. It is mandated that a SOC (Security Operations Center) be set up which ensures continuous surveillance and self-update. Banks are further required to take suitable steps for spreading awareness about Cyber security Framework among general public.

Thanks & Regards,

Meetesh Shiroya

Daily Updates and News

MCA

Ministry of Corporate Affairs (MCA) has amended Companies (Authorised to Register) Rules, 2016 by issuing Companies (Authorised to Register) Amendment Rules, 2016. As per the amended rules, a Partnership Firm has to follow the same compliance which were earlier used to be followed by Limited Liability Partnership (LLPs) at the time of their conversion into a company. Now the partners of the converting firm have to get the consent from secured creditors and a statement of assets and liabilities of the partnership firm duly certified by a practicing Chartered Accountant to be filed with Registrar of Companies (ROC). Firms are also required to file a copy of latest income tax return of the firm.

NCLT

There will be vacation in The National Company Law Tribunal from 06-06-2016 to 01-07-2016. However the Vacation Bench shall be available for urgent hearing as per the following schedule: from 06-06-2016 to 10-06-2016 Justice Shri M.M. Kumar, Hon,ble President NCLT, and from 14-06-2016 to 17-06-2016 Shri B.S.V. Prakash Kumar, Hon,ble Member (J). Further, there will be no work period from 20-06.2016 to 01-07-2016. However, for any emergency hearing the Tribunal shall remain open subject to the availability of Bench.

Thanks & Regards,

Meetesh Shiroya