Legal Updates - Corporate Law Reporter

MCA Clarifies- Now send Annual Accounts under Section 219 via e-mail

The Ministry of Corporate Affairs (MCA), has made certain elucidation vide Circular no. 18/ 2011 dated 29th April 2011 with regard to the Green Initiative in the Corporate Governance wherein, the Companies are now allowed to send the Balance sheet, Profit& Loss A/C, Auditor's Report, Director's Report and Explanatory Statement etc. via e- mode in accordance with MCA Circular… Read More

SEBI Circular for ASBA facility

CIRCULARCIR/CFD/DIL/1/2011 April 29, 2011 CLR Note: Application Supported by Blocked Amount(ASBA) is an applicationcontaining an authorization to block the application money in the bank account, for subscribing to an issue. If an investor is applying through ASBA, his application moneyshall be debited from the bank account only if his/her application is selected forallotment after the… Read More

Notification on SARFAESI (Central Registry) Rules 2011

CLR Note:- The Central Registry constituted under SARFAESI Act, 2002, vide announcement made by the Finance Minister in his Budget Speech 2011-12, has already been effective since 31st March 2011. The Central Registry will definitely help to to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. RBI /2010-11/484… Read More

High Value Transactions might be added in AIR list

The Finance Ministry is planning to add high-value transactions in Annual Information Returns (AIRs) of revenue department for driving out tax evasion. This is in addition to lowering the existing limits in case of some transactions. In AIRs, intermediaries, such as banks, are supposed to report high-value transactions to the tax department so that… Read More

SEBI reviews Annual Issuers’ Charges

CIR/MRD/DP/ 05 /2011 To, All Depositories/ all Stock Exchanges Dear Sir/Madam, Sub: Review of Annual Issuers™ charges 1. Please refer to SEBI Circulars No. MRD/DoP/SE/Dep/Cir-4/2005 dated January 28, 2005 and No. MRD/DoP/SE/Dep/Cir-2/2009 dated February 10, 2009 on the captioned subject matter. 2. In partial modification to the above circulars, it has been decided to modify the methodology of… Read More

Guidelines on Advanced Measurement Approach (AMA) for computation of Operational Risk under BASEL II norms

Implementation of the Advanced Measurement Approach (AMA) for Calculation of Capital Charge for Operational Risk RBI/2010-11/488 DBOD.No.BP.BC. 88 /21.06.014/2010-11 The Chairman and Managing Directors / Chief Executive Officers of All Commercial Banks (Excluding Regional Rural Banks and Local Area Banks) Dear Sir, Implementation of the Advanced Measurement Approach (AMA) for Calculation of Capital Charge… Read More

CBDT notifies revised procedure for refund of excess amount of TDS deducted/paid

CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)] The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax… Read More

CBEC Notifies Exchange Rate for May 2011

Notification No.32/2011 - Customs (N.T.) GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS 7 Vaisakha, 1933(SAKA) S.O. (E). In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry… Read More

A sparkling fresh start for CAs, as MNCs bring lucrative offers

According to the Institute of Chartered Accountants of India (ICAI), 5375 newly qualified CAs registered with the Institute for February-March 2011 placements. 73 Interview teams participated in place one of the placements at 11 smaller centers. Over 1710 candidates were short listed through Interviews and 528 candidates were offered jobs. This year the highest salary offered… Read More

Deregulating the Saving Bank Deposit Rate- Good or Bad, Decide

CLR Note: The Reserve Bank of India has released a Paper on Deregulation of Savings Bank Deposit Rate, asking for feedback from the public based on the questions specified below, within May 20th, 2011. As indicated in the Second Quarter Review of Monetary Policy 2010-11 on November 2, 2010, the Reserve Bank of India has today released… Read More

Unique Protection to Chartered Accountants – Insurance for Practicing Members & CA Firms

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI ( CCBCAF & SMP ) has taken a major step for arranging Insurance cover against Professional Indemnity through New India Assurance Co. Ltd., Mumbai. An MOU has been signed by ICAI with New India Assurance Co. Ltd., on the 10th February… Read More

Quick Refunds expected by CBDT – An achievement

The Central Board of Direct Taxes has taken a commendable initiative, of refunding nearly 40,000 crore by the end of April 2011. This comes as a huge relief for the tax payers as the entire refunding process will be completed in the first month of the financial year itself, where earlier it was received only in the last three… Read More

Notification by RBI pertaining to Opening of Small Accounts

RBI/2010-11/487 RPCD.CO.RCB.AML.BC. No.63/07.40.00/2010-11 April 26, 2011 The Chairmen / CEOs of All State and Central Co-operative Banks Dear Sir, Opening of "Small Account" Please find enclosed a copy of the Government of India, Notification No. 14/2010/F.No.6/2/2007-E.S. dated December 16, 2010, amending the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the… Read More