The Companies (Indian Accounting Standards) Amendment Rules, 2020
The Ministry of Corporate Affairs on 24th July, 2020 notified the Companies (Indian Accounting Standards) Amendment Rules, 2020, thereby amending the Rules of 2015. The entities must apply these amendments to business
combinations, whose acquisition date is on or after the start of the first annual reporting period beginning on 1st April, 2020 and to asset acquisitions that take place on or after that period.
The Central Government extends Operational Period of Small Accounts under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005
Ministry of Finance issued a notification on 24th July, 2020 extending the period for which a small account shall remain operational till 30th September, 2020 in terms of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
FSSAI has granted extension of date for enforcement of direction on display of best before date on non-packaged/loose sweets
A final extension to the date of enforcement of earlier direction on the display of manufacturing date and best before date on non-packaged/loose sweets on their container/tray at the outlet for sale from 1st August 2020 to 1st October 2020.
The government of Karnataka constitutes a medical experts committee to supervise Covid-19 hosptials
The Committee shall regularly monitor and supervise all COVID-19 institutions and shall ensure that ambulance, emergency. Laboratory, clinical, reporting machinism and other essential Covid services are efficient.
IRDAI allows insurers to offer Arogya Sanjeevani policy as group health insurance product
The Insurers are allowed to set their own minimum and maximum sum limits under this group policy, subject to the board approved underwriting policy. The mandate of offering sum insured in multiples of Rs 50000 (Rupees fifty thousand only) is not insisted for the group product and they may determine the price keeping in view the cover proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified thereunder.
IRDAI extends the timeline for the Hospitals in the Provider Network to comply with the Standards and Benchmarks
The Network Providers or Hospitals were directed to register with Registry of Hospitals in the Network of insurers maintained by insurance information Bureau and to obtain either NABH Entry Level Certification or State Level Certificate by 26th July 2020. However, through this notification it has now been extended for a period of one year.
