CBDT issues Revised Guidelines for compounding of offences under the Income-tax Act, 1961
The time limit for acceptance of compounding applications has been relaxed from the earlier limit of 24 months to 36 months now, from the date of filing of complaint. Procedural complexities have also been reduced/simplified.
PM launches National Logistics Policy
The National Logistics Policy will bring new energy to all sectors. Unified Logistics Interface Platform ULIP will bring all the digital services related to the transportation sector into a single portal, freeing the exporters from a host of very long and cumbersome processes. Similarly, under the policy a new digital platform Ease of logistics Services -E-Logs has also been started.
The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022.
As per regulation 4C, the interim resolution professional shall open an email account and use it for all correspondences with stakeholders and in the event of his replacement by a resolution professional, shall handover the credentials of the email to him. The resolution professional shall, in case of his replacement with another resolution professional or a liquidator, hand over the credentials of the email to the other resolution professional or the liquidator, as the case may be.
Food Safety and Standards (Food Products Standards and Food Additives) First Amendment Regulations, 2022
The amendment has provided following formulae for preparation of Soybean Curd.
Punjab Right to Business (Amendment) Rules, 2022
The amendment provides that every eligible enterprise applying to scrutiny committee under the Punjab Right to Business Act, 2020 for in principle approval to set up business in the state, shall submit to the district nodal agency application through electronic platform.
RBI enables Bharat Bill Payment System (BBPS) to process cross-border inbound Bill Payments
It has been decided to allow foreign inward remittances received under the Rupee Drawing Arrangement (RDA), to be transferred to the KYC compliant bank account of the biller (beneficiary) through Bharat Bill Payment System (BBPS), through electronic mode, such as, NEFT, IMPS.
DGFT permits import and export through the special rupee vostro accounts in INR
DGFT permits import and export through the special rupee vostro accounts s opened by Authorized dealer banks as per RBI circular dated 11 July 2021 in INR.
MCA revises threshold for paid up capital of “small companies”.
This definition has, now, been further revised by increasing such thresholds for paid up Capital from “not exceeding Rs. 2 crore” to “not exceeding Rs. 4 crore” and turnover from “not exceeding Rs. 20 crore” to “not exceeding Rs. 40 crore”
MoRTH Publishes the Motor Vehicles (Registration and Functions of Vehicle Scrapping Facility) Amendment Rules, 2022.
The registered owner shall apply digitally on Vahan as per Form-2 to the Registered Vehicle Scrapping Facility or the designated Collection Centre for deposit and further treatment of the vehicle.
The Electronic Duty Credit Ledger (Amendment) Regulations, 2022.
The duty credit available in the e-scrip in the ledger shall be used for payment of duties of Customs specified in the First Schedule to the Customs Tariff Act, 1975. The e-scrip shall be valid for a period of 2 years from the date of its creation in the ledger and any duty credit in the said e-scrip remaining unutilized at the end of this period shall lapse
