Daily Updates

Corporate Law: CA, CMA and CS (Amendment) Act, 2022 assented by President [Ministry of Law & Justice Notification dtd 18th April 2022]

Corporate Law: Central Government amends Nidhi Rules, 2014 to safeguard the interest of general public. Rules provide that Public Companies desirous to function as Nidhis must obtain prior declaration from the Central Government before accepting deposits [MCA Notification G.S.R. 301(E). dtd 19th April 2022]

GST: Salient features of Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2022 [Trade Circular No. 01T of 2022 dtd 20th April 2022]

DGFT: Applications for allocation of TRQ under India-Mauritius CECPA for FY 2022-23 [Public Notice No. 04/2015-2020-DGFT dtd 20th April 2022]

Income Tax: CBDT notifies NBFID under section 10(48D) of Income Tax Act, 1961. [Notification No. 31/2022 – Income Tax dtd 18th April 2022]

SEBI: SEBI issues operational guidelines for “Security & Covenant Monitoring using Distributed Ledger Technology (DLT). [Press Releases No. 13/2022 dtd 18th April 2022]

DGFT: Important amendments in Chapter 5 of Handbook of Procedure 2015-20 related to Export promotion Capital Goods Scheme to reduce “Compliance Burden” and enhance “Ease of doing business”. Block wise fulfilment of EO even after validity EPCG Authorisation and completion of EO period by payment of specified composition fees. Submission of Annual report for EO …

DGFT: Important amendments in Chapter 5 of Handbook of Procedure 2015-20 related to Export promotion Capital Goods Scheme to reduce “Compliance Burden” and enhance “Ease of doing business”. (15.04.2022) Read More »

Customs: Tariff value of specified goods has been notified. [Notification No. 33/2022- Customs (N.T.) dtd 13th April 2022]

Customs: BIC exempts BCD and AIDC on import of Raw Cotton for a specified period [Notification No. 21/2022-Customs dtd 13th April 2022]  

RBI: As part of the overall structure for Corporate Governance, Compliance Function serves a critical role. Accordingly, it has been decided to introduce certain principles, standards and procedures for Compliance Function in NBFC-UL and NBFC-ML, keeping in view the principles of proportionality. [RBI/2022-23/24 Ref.No.DoS.CO.PPG./SEC.01/11.01.005/2022-23 April 11, 2022]

SEBI: Filings of statement of redressal of investor grievance under (Regulation 13 (3)) should be done by all listed companies, in XBRL mode only. The Excel Utility for filing the statement of redressal of investor grievance in the prescribed Format in the XBRL mode has been made available in XBRL section of the Listing Centre. …

SEBI: Filings of statement of redressal of investor grievance under (Regulation 13 (3)) should be done by all listed companies, in XBRL mode only (15.04.2022) Read More »

Income Tax: CBDT notifies Somnath Temple as place of historic importance and a place of public worship of renown under section 80G of  Income-tax Act, 1961 [Notification No. 29/2022-Income Tax Dated: 11th April 2022]

Income Tax: CBDT notifies Rajasthan Electricity Regulatory Commission [Notification No. 30/2022-Income Tax dtd. 11th April 2022]

DGFT: Scrip Transfer Recording Module has been amended incorporating additional feature of time-lag of transfer of scrip from one person to another to avoid fraudulent activity. [Trade Notice No. 01/2022-23-DGFT dtd 11th April 2022]

Labour Law: Nomination by pensioners under Payment of Arrears of Pension (Nomination) Rules, 1983 [Notification No. No. 1/2(40)/2022-P&PW (E) dtd 6th April 2022]

IBBI: IBBI bars IP for 2 years for not conducting CIRP as per IBC 2016 provisions [Order No. IBBI/DC/91/2021 | Dated: 8th April, 2022]

Corporate Law: Companies (Incorporation) Amendment Rules, 2022 w.r.t. incorporation of Nidhi Company inserting proviso to Rule 12 and substituting New Form FORM No. INC.20A, FORM No.INC-32 (SPICe+), in Part-B

SEZ: SEZ Rules 2006 have been amended for incorporating some amendments w.r.t. gems and jewellery under Rule 41(1)(a) and Rule 42(1)(ii)(h). [SEZ Notification No. GSR 288(E) dtd 8th April 2022]

Others: No violation if IRP allowed higher interest rate as per RERA Court order   [Order No. IBBI/DC/87/2022 Dated: 6th April, 2022]

Others: No contravention of IBC Code of Conduct by RP if he takes Insurance cover for himself & insolvency professional entity [IBBI Order No. IBBI/DC/88/2022 | Dated:  7th April, 2022]