Key takeaways from finance minister speech on growth measures for Indian economy
Union finance minister Nirmala Sitharaman in a press meet held on 23rd August 2019 has announced a raft of measures to boost the securities market and economy. Some of the key announcements includes the relief to the FPI from the enhanced surcharge, de-criminalization of CSR violations, and immunity to eligible start-ups and investors from angel tax.
Amendments related to Digital KYC made in Prevention of Money-laundering (Maintenance of Records) Rules
Amendments have been made in Prevention of Money-laundering (Maintenance of
Records) Rules, 2005 to allow the use of digital know your customer (KYC) verification by reporting entities including banks, telcos and regulated entities for onboarding customers. The amendment brings in the different modes through which full customer details can be captured, Aadhaar eKYC, electronic documents which are digitally signed and digital KYC.
Tamil Nadu Factories Rules amended
The Labour and Employment Department of Tamil Nadu has issued amendments to the Tamil Nadu Factories Rules, 1950. The Amendment has been brought in sub-rule 6(A) of Rule 4 and Rule 7 which specifies the Registration and grant of license for a factory and renewal of licence. Licence can be renewed up to 15 years now in place of 10 years.
Outcome of SEBI Board meeting held on 22nd August 2019
SEBI in its board meeting which was held on 22nd August, 2019 has approved several recommendations made by the HR Khan Committee to simplify and rationalise the existing regulatory framework for foreign portfolio investors (FPIs) by easing operational constraints and compliance requirements.
Form BEN-2 is likely to be revised
The Ministry of Corporate affairs on 22nd August 2019 has announced on its website that the form BEN-2 is likely to be revised on MCA21 Company Forms download page with effect from August 23rd, 2019. Therefore, Stakeholders have been advised to check the latest version before filing.
MCA clarifies Section 232(6) of Companies Act
MCA Through its circular has clarified the interpretation of the provision of Section 232(6) of the companies Act 2013 w.r.t “Appointment date” and “Acquisition date” for the purpose of Ind-AS103 to be identified under the merger scheme.
RBI released final Framework for Regulatory Sandbox
RBI has released the final framework for Regulatory Sandbox on 13th August, 2019 after incorporating all changes suggested by stakeholders.
Regulatory Sandbox usual refers to live testing of new products or services in a controlled/test regulatory environment. It allows the regulator, the innovators, the financial service providers and the customers to conduct field tests to collect evidence on the benefits and risks of new financial innovations,
GSTR-3B filing due date for July, 2019 extended to 22nd August
The Central board of Indirect Taxes, vide Notification dated 21st August 2019, has extended the due date of filing of Form GSTR-3B electronically for the month of July 2019, from 20th August 2019 to 22nd August 2019. Further, every registered person whose principle place of business is in the flood-affected districts, mentioned in the Table […]
Investors Education and Protection Fund Second Amendment Rules, 2019
The Ministry of corporate affairs, on 14th August 2019 notified the second amendment rules sanctioned for the Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund).The Amendment simplifies the process of filing certain forms with the IEPF Authority. Definition of “Company” and “corporate action” have been made broad. Three new schedules have been added and new forms IEFP 1A has been introduced. Changes have been made in existing Forms.
MCA amends Schedule III of Companies Act 2013
The Ministry of Corporate Affairs has issued a notice for the stakeholders on its website regarding amendment of Schedule III. Schedule III to Companies Act, 2013 was amended vide notification dated 11th October 2018. As per the amendment, Division III was inserted in the Schedule which provides general instructions for presentation of financial statements of […]
