The DPIIT clarifies about the local sourcing requirements of Single Brand Retail Trading entities under FDI policy

The Department for Promotion of Industry & Internal Trade (DPIIT) on 25 February 2020 issued a clarification about the FDI policy on Single Brand Retail Trading (SBRT). Department has received representations from various business entities regarding whether sourcing of goods from units located in Special Economic Zone (SEZ) would qualify as sourcing from India, and the clarification has answered in the affirmative.

MCA extends the time limit for existing independent directors to apply for registration.

The Ministry of Corporate Affairs Vide its notification dated 28th February 2020 has published the Companies (Appointment and Qualification of Directors) Amendment Rules, 2020 to extend the time period for independent directors to register in the online data bank and to provide exceptions to the requirement to qualify online proficiency self-assessment test.

Eligibility criteria for NBFCs for debt recovery under SARFAESI Act Altered

The Ministry of Finance vide its notification dated 24th February 2020 has notified that the Non-Banking Financial Institutions having assets worth 100 Crore rupees and above can be conferred the status of Financial institutions for the purpose of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.