Daily Updates and News

MCA

Ministry of Corporate Affairs (MCA) has recently notified that the new version of e-Form AOC -4 (Form for filing financial statement and other documents with the Registrar) is likely to be revised and shall be available by 3rd week of July, 2016. As per MCA, the changes will be made in respect of Corporate Social Responsibility (CSR) expenditure details. In the revised Form AOC-4, details of CSR expenditure are to be filled compulsorily by all the eligible companies. MCA has also requested the corporate(s) to plan their Annual filing as per revised AOC-04. Further eForm FC-2 (Return of alteration in the documents filed for registration by foreign Company), Form FC-4 (Annual Return of a Foreign Company), Form MGT-10 (Changes in shareholding position of promoters and top ten shareholders), Form SH-7 (Notice to Registrar of any alteration of share capital) and Refund Form are likely to be revised on MCA portal by 13th July 2016. 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

RBI on a review of the reporting requirements and to reduce the burden of compliance, AD Category I banks are advised to discontinue submission of report on details about invocation of bank guarantee for service imports with immediate effect. They may, however, maintain records of such invocations and furnish the required details to RBI whenever sought. As per the Master Direction No.8 dated January 01, 2016 on ‘Other Remittance Facilities’ in terms of which, AD Category-I banks were permitted to issue guarantees in favour of a non-resident service provider on behalf of their resident customers importing services, subject to the conditions laid therein and AD Category-I banks were required to report about invocation of bank guarantee for service imports.


Thanks & Regards,
Meetesh Shiroya