Disaster management and relief added in CSR activities
Central Government by a notification dated 30th May, 2019 has amended Schedule VII of the Companies Act, 2013 to include “disaster management, including relief, rehabilitation and reconstruction activities” in the list of approved activities towards which CSR may be spent by Companies. Schedule VII provides a list of Activities which may be included by companies […]
Kerala Flood Cess levied by Kerala State Government
The given notification has been issued by the Kerala State Government for the purpose of levying the Kerala Flood Cess. The same has been passed in furtherance of the 30th Meeting of The GST Council and will be applicable from 01.06.2019 on either the value of supply of goods or services or both. The Highlights […]
Securities Exchange Board of India: Enhanced disclosure in case of listed debt securities
Securities and Exchange Board of India (SEBI) has on May 27, 2019 issued circular regarding Enhanced disclosure in case of listed debt securities. The amendments to the existing legislative framework governing Debenture Trustees (DTs) were made with the purpose of further securing the interests of investors in listed debt securities, enhancing transparency and enabling DTs to […]
Draft frameworks for Regulatory Sandbox
India’s FinTech space is going through an evolutionary phase. A Regulatory Sandbox is a controlled environment for live testing of new technology with limited Regulations and customer exposure. The innovators, the financial service providers and the customers can conduct field tests to collect evidence on the benefits and risks of new financial innovations. In order […]
Delhi Building Bye laws amended
Urban Development Department of Government of National Capital Territory of Delhi has amended Unified Building Bye Laws (UBBL) for Delhi 2016 by a notification dated 27th May, 2019. As per the amendment, a new Clause 7.31 has been inserted. Procedure for obtaining Fire NOC for guest houses which have more than four floors (excluding basement […]
FSSAI License/ Registration in case of unattended applications
The Food Safety and Standards Authority of India (FSSAI) has vide its order dated May 24, 2019, communicated its decision to issue License or Registration, for applications pending beyond the time frame provided in the FSS (Licensing and registration of Food Businesses) Regulation, 2011. This move comes after FSSAI receiving multiple representations from Food Business […]
EPFO clarifies on TDS for payment of Provident Fund
EPFO has recently issued a clarification on 20 May 2019, that Tax need not be deducted at source on payment of accumulated balance which are due and have become payable to the employee participating in recognised provident fund as per Rule 8 of Part – A Fourth schedule of the Income-tax Act, 1961 under the […]
RBI released Draft Liquidity Risk Management Framework for NBFC and CICs
The Reserve Bank of India has issued draft circular on “Liquidity Risk Management Framework for Non-Banking Financial Companies (NBFCs) and Core Investment Companies (CICs)” on May 24, 2019, for public comments. The Framework will be adopted by: all deposit taking NBFCs non-deposit taking NBFCs with an asset size of ₹ 100 crore and above all CICs registered […]
PCS Certificate on Demat Securities for unlisted public companies – Notified
The Ministry of Corporate Affairs (MCA) on May 22, 2019, has published the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019 to further amend the Companies (Prospectus and Allotment of Securities) Rules, 2014, to come into effect from September 30, 2019. The key highlights of the amendments are: In Rule 9A which talks […]
Form 15H amended, senior citizens to get higher TDS exemption on interest income
The Central Board of Direct Taxes (CBDT) has issued a notification on 22nd May, 2019 amending Form 15H to give effect to the Budget announcement of giving full tax rebate to individuals having a taxable annual income of up to Rupees 5 Lakh. As per notification, Senior citizens with a taxable income of up to Rupees […]
