Corporate Law Reporter - The Daily Journal

Union Budget 2017 Highlights – Live from FM’s speech

Macro Economic Forex Reserves at healthy 361 b $ representing 12 months of imports IMF GDP growth forecast at 7.2% in 2017 and 7.7% in 2018 Demo and GST to have an affirmative impact in the long term 3 Changes for this Budget Budget date advanced to 1st Feb to enable approval of the Bill… Read More

Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante

RBI/2016-17/217 DCM (Plg) No. 2905/10.27.00/2016-17 January 30, 2017 The Chairman / Managing Director / Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks, Regional Rural Banks / Urban Co-operative Banks, State Co-operative Banks / District Central Co-operative Banks Dear Sir/Madam, Limits on Cash withdrawals from Bank accounts and ATMs - Restoration… Read More

Companies (Incorporation) Amendment Rules, 2017

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 25 th January, 2017 G.S.R (E)- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central… Read More

FAQs on Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500 and ₹ 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 (Updated as on January 24, 2017)

Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500 and ₹ 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 (Updated as on January 24, 2017) 1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of… Read More

Employees’ State Insurance (Central) Amendment Rules, 2017

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 20th January, 2017 G.S.R. 62(E).—Whereas draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) vide number G.S.R. 958(E), dated the 6th October, 2016, as required under sub-section (1) of section… Read More

CBDT issues Guiding Principles for determination of Place of Effective Management (POEM) of a Company

Ministry of Finance The concept of Place of Effective Management (POEM) for deciding the Residential Status of a company was introduced by the Finance Act, 2015. It is effective from 01.04.2016 and accordingly shall apply from assessment year 2017-18 onwards. The guidelines for determining the POEM has been uploaded on website of the Income-tax Department… Read More

Ministry of Labour and Employment notifies Minimum rates of wages for Scheduled Industry.

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 19th January, 2017 S.O. 186(E).—Whereas the draft proposal to revise the minimum rates of wages per day payable to the Schedule mentioned categories of employees engaged in the employment of Agriculture was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii),… Read More

BIS issues order for Energy Efficient Induction Motors

MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) ORDER New Delhi, the 18th January, 2017 S.O. 178(E).—In exercise of the powers conferred by section 14 of the Bureau of Indian Standards Act, 1986 (63 of 1986), the Central Government, after consulting the Bureau of Indian Standards, is of the opinion that it… Read More

eForm INC-32(SPICe) to be revised w.e.f 21st January 2017

As part of the Ministry’s efforts towards providing greater Ease of Doing Business to stakeholders, Form SPICe (INC-32) will be revised w.e.f 21 January 2017 so as to include the functionality of applying for Company PAN and first TAN (allotted by Income Tax Deptt) in the Incorporation for itself. Applying for PAN / TAN will… Read More

FAQs on Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of 500 and 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016

(Updated as on January 17, 2017) 1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500 and ₹ 1000 introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes,… Read More

New Indian Standards notified

MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLICATION DISTRIBUTION (Department of Consumer Affairs BUREAU OF INDIAN STANDARDS New Delhi, the 13th January, 2017 S.O.133(E).—In pursuance of clause(b) of sub-rule (1) of Rule 7 of the Bureau of Indian Standards Rules,1987,the Bureau of Indian Standards hereby notifies that the Indian Standards, particulars of which are given… Read More

4 Indian Standards cancelled by BIS

O. 134(E).—In pursuance of clause(b) of sub-rule (1) of Rule 7 of the Bureau of Indian Standards Rules,1987 it is, hereby notified that the Indian Standard, particulars of which are given in the second column of the Schedule hereto annexed has been cancelled on the date against it in the third column and stands withdrawn.… Read More

Enhancement of withdrawal limits from ATMs and Current Accounts

RBI/2016-17/213 DCM (Plg) No.2559/10.27.00/2016-17 January 16, 2017 The Chairman / Managing Director / Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/District Central Co-operative Banks Dear Sir, Enhancement of withdrawal limits from ATMs and Current Accounts Please refer to… Read More