Legal Updates - Corporate Law Reporter

Insurance Schemes for unorganized sector persons living below the poverty line

Insurance Schemes for unorganized sector persons/people living below the poverty line The Social Security Scheme namely, Aam Aadmi Bima Yojana (AABY) caters to unorganised sector persons under 48 various vocational groups such Beedi Workers, Brick Kiln Workers, Rickshaw Pullers/Auto Drivers etc. The scheme provides insurance cover of Rs.30,000/- on natural death, Rs.75,000/- on death due… Read More

Investments by NRIs as FDI and in stock changes

Investments by NRIs as FDI and in stock changes Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: As per Regulations 5(1), NRIs may invest… Read More

MCA amends Incorporation Rules w.r.t. shifting of registered office

Ministry of Corporate Affairs vide its notification MCA dated 27th July, 2017, has amended the Companies (Incorporation) Rules, 2014 and changes has been made in Rule 28-Shifting of Registered Office within the same State and Rule 30-Shifting of Registered office from one State or union Territory to another State. Further, as per amended Rule 30,… Read More

Foreign Trade (Exemption from application of Rules in certain cases) Amendment Order, 2017

MINISTRY OF COMMERCE (DIRECTORATE GENERAL OF FOREIGN TRADE) ORDER New Delhi, the 25th July, 2017 S.O. 2322(E).—In exercise of the powers conferred by section 3, read with section 4, of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992), as amended by the Foreign Trade (Development and Regulation) Amended Act, 2010 the Central… Read More

Govt. discontinues imposition of Anti-dumping duty on imports of ‘Soda Ash’

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF ANTI-DUMPING & ALLIED DUTIES) NOTIFICATION New Delhi, the 22nd July, 2017 Sub. : Order issued for annulment of Sunset review Anti-Dumping Initiation Notification No. 7/5/2017-DGAD, dated 16.6.2017—reg. F. No. 7/5/2017-DGAD.—1. Whereas, a Sunset review anti-dumping investigation concerning imports of ‘Soda Ash’, originating in or… Read More

Appointment of Statutory Central Auditors (SCAs) – modification of rest period: RBI

RBI/2017-18/29 DBS.ARS.BC.04/08.91.001/2017-18 July 27, 2017 The Chief Executive Officers All Indian Private Sector Banks/ All Foreign Banks operating in India Dear Sir/Madam, Appointment of Statutory Central Auditors (SCAs) – modification of rest period Please refer to DBS.No.ARS.BC.8/08.91.001/2000-2001 dated January 30, 2001 addressed to private sector banks in terms of which, inter alia, an audit firm,… Read More

SEBI amends International Financial Services Centres Guidelines, 2015

Securities and Exchange Board of India CIRCULAR SEBI/HO/CIR/P/2017/85 July 27, 2017 To, 1. All Recognised Stock Exchanges/ Clearing Corporations in International Financial Services Centre (IFSC) 2. All Recognised Stock Exchanges, Clearing Corporations and Depositories 3. All Registered Intermediaries Dear Sir / Madam, Subject: Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015… Read More

Govt. notifies Andaman and Nicobar islands Value Added Tax Regulation, 2017

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 26th July, 2017/Shravana 4, 1939 (Saka) THE ANDAMAN AND NICOBAR ISLANDS VALUE ADDED TAX REGULATION, 2017 CHAPTER I PRELIMINARY 1. (1) This Regulation may be called the Andaman and Nicobar Islands Value Added Tax Regulation, 2017. (2) It extends to the whole of the Union… Read More

CBDT vide order dt. 26 July 2017 directs designated officer to furnish bulk info. to MCA

F.No. 225/252/2017/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, the 26th of July, 2017 Order In exercise of powers conferred under section 138(1)(a) of Income tax Act, 1961 (‘Act’), the Central Board of Direct taxes hereby directs that Principal Director General of Income-tax (Systems), New-Delhi (Pr. DGIT(Systems)) shall be the… Read More

Govt. directs CBDT to furnish specified information to MCA

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PARTII, SECTION 3 SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT FO REVENUE CENTRAL BOARD OF DIRECT TAXES New Delhi, the 26th of July, 2017 NOTIFICATION In pursuance of sub- clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-Tax… Read More

Govt. takes action to address the problem of Benami Transactions Across India

Benami Transactions Across the Country The Government of India has taken several steps to address the problem of benami transactions across the country. (i) The Benami Transactions (Prohibition) Act, 1988 (the Act) was comprehensively amended through the Benami Transactions (Prohibition) Amended Act, 2016 to provide for an effective regime for prohibition of benami transactions. The… Read More

Cabinet approves Labour Code on Social Security, 2017

Labour Code on Social Security, 2017 The Second National Commission on Labour has recommended that the existing Labour Laws should be broadly grouped into four or five Labour Codes on functional basis. Accordingly, the Ministry has taken steps for drafting four Labour Codes on Wages; Industrial Relations; Social Security & Welfare; and Safety and Working… Read More

GST Council forms a Selection Committee for appointment under National Anti-profiteering Authority

GST Council forms a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as the Chairman and Members of the National Anti-profiteering Authority under GST The GST Council has formed a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as… Read More