Daily Updates

Customs: Exports by Post (Amendment) Regulations, 2022 notified for substitution of words ‘international credit and debit cards and as specified’ with the words “various electronic means and in accordance with the guidelines issued”. [Notification No. 103/2022- Customs (N.T.) dated 9th Dec 2022]

SEBI: Guidelines & procedure prescribed for raising funds by Alternative Investment Funds from any investor whether Indian, foreign or non-resident Indians, by way of issue of units. [CIRCULAR NO. SEBI/HO/AFD-1/PoD/P/CIR/2022/171 dated 9th Dec 2022]

SEBI: It is clarified that the  provisions  of  the Scheme(s)  of  Arrangement  by  entities  who  have  listed  their  Non-convertible  Debt  securities  (NCDs)/  Non-convertible  Redeemable  Preference  shares (NCRPS) (‘debt listed entities’) shall  not apply to a Scheme of Arrangement which solely provides for an arrangement between a debt listed entity and its unlisted wholly owned subsidiary. …

SEBI: It is clarified that the  provisions  of  the Scheme(s)  of  Arrangement  by  entities  who  have  listed  their  Non-convertible  Debt  securities  (NCDs)/  Non-convertible  Redeemable  Preference  shares (NCRPS) (09.12.2022) Read More »

Company Law: ROC, Karnataka imposed penalty of Rs. 5 Lacs on Company for not appointing a whole-time company secretary. [Order No. ROCB/Adj.454-203/CONNECTWISE/Co.No.116999 /2022/ SRN 100078416 Dated: 07.11.2022]

Company Law: ROC, Karnataka imposed penalty for CIN (Corporate Identification Number) not mentioned on letter head amounting to Rs.43,500/- (Rs.14,500/-each on company and 2 Directors) [Order No. F. No. ROCB/Adj. 454/Co. N o.52650/Section 12 (3) (c)/GoAudits/2022 Date: 09.11.2022]

Company Law: ROC, Karnataka imposed penalty on company for non-filing of Significant Beneficial Owners Declaration in e-form BEN-2 amounting to Rs.2,96,700/- (Rs.1,81,500/- on company and Rs.57,600/- each on 2 Directors) [Order No. F. No. ROCB/ADLORDER/SECTION 90(4)/CONTLO/Co.No.152010/2022(SRN 100078414) Date: 09.11.2022]

Company Law: ROC, Karnataka imposed penalty for Company not located at registered office premises amounted to Rs.1,23,000/- (Rs.41,000/- each on Company & 2 Directors) [Order No. F. No. ROCB/ Adj.454/Co.No.20354/Section 12/2022 Date: 16.11.2022]

Company Law: ROC Karnataka imposes penalty for 2 days default in holding Board Meeting of Rs.25,000/- on Company Secretary bring officer in default. [Order F. No. ROCB/ADJ.ORDER/SECTION 173/Co.No.59719/2022(SRN 100078413) Date: 04.11.2022]

Customs: Land Customs Stations removal of seasonal limit for trade and item restriction for import and export through Nagarkata and Kulkuli LCS by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994. [Notification No. 102/2022-Customs (N.T.) dated 8th Dec 2022]

DGFT: Western UP Chamber of Commerce & Industry, Meerut is enlisted under Appendix 2E of FTP for issuing Certificate of Origin Non-Preferential. [Public Notice No.42/2015-2020 dated 8th Dec 2022]

DGFT: Revision / updation of Appendix -2J – List of State Trading Enterprises (STEs) for FTP purpose and eligible STEs for allocation of quota for import under the Tariff Rate Quota (TRQ). [Public Notice No.40/2015-2020 dated 8th Dec 2022]

DGFT: Annual Exports quota for red sanders (Pterocarpus santulinus) for Andhra Pradesh is notified. [[Notification No.49/2015-2020 dated 9th Dec 2022]

DGFT: MMTC has been de-notified as a STE. Import of Copra under HS Code 12030000 shall be allowed through NAFED. [Notification No.48/2015-2020 dated 8th Dec 2022]

Others: Constitution of Working Group for suggesting the regulatory framework for post de-notification of the existing tariffs. [Order Ref No: IRDAI/NL/ORD/MISC/242/12/2022 dated 7th Dec, 2022]

Others: Insurance Regulatory Development Authority of India (Other Forms of Capital) Regulations, 2022 notified with the objective to provide for effective regulatory framework for issuance of Other Forms of Capital by Insurers other than a Foreign Re-insurer’s Branch and to specify minimum reporting and disclosure norms. [IRDA Notification F. No. IRDAI/Reg/8/187/2022 dated 5th Dec 2022]

Income Tax: Circular issued with all consolidated provisions and its clarifications w.r.t. Deduction of Tax at Source, Income Tax Deduction from salaried under provisions of Section 192 of Income Tax Act, 1961 during the Financial Year 2022-23. [Circular No.24/2022 dated 7th Dec 2022]

RBI: As announced in the Monetary Policy Statement 2022-23, it has been decided by the Monetary Policy Committee (MPC) to increase the policy repo rate under the Liquidity Adjustment Facility (LAF) by 35 basis points from 5.90 per cent to 6.25 per cent with immediate effect. Accordingly Standing Liquidity Facility provided to Primary Dealers (PDs) …

RBI: As announced in the Monetary Policy Statement 2022-23, it has been decided by the Monetary Policy Committee (MPC) to increase the policy repo rate under the Liquidity Adjustment Facility (LAF) (08.12.2022) Read More »

DGFT: Additional export sectors / items falling under Chapter 28 (Inorganic chemicals, organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes), 29 (Organic Chemicals), 30 (Pharmaceutical Products) & 73 (Articles of Iron & Steel) are added in Appendix 4R for RoDTEP for exports made from 15.12.2022 till 30.09.2023. …

DGFT: Additional export sectors / items falling under Chapter 28 (Inorganic chemicals, organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes), 29 (Organic Chemicals), 30 (Pharmaceutical Products) & 73 (Articles of Iron & Steel) are added in Appendix 4R for RoDTEP for exports made from 15.12.2022 till 30.09.2023. (08.12.2022) Read More »

Others: Govt notifies NPCI (National Payments Corporation of India) for Aadhaar authentication under PMLA (Prevention of Money-Laundering Act, 2002). [Notification No. S.O. 5683(E ) dated 6th dec 2022]

Others: Time limit for furnishing quarterly returns is modified from 5 days to 20 days for as per clarifications by Insurance Regulatory and Development Authority of India. All quarterly returns shall be furnished within 20 days from the close of the reporting quarter. These norms are applicable with immediate effect and are applicable to all …

Others: Time limit for furnishing quarterly returns is modified from 5 days to 20 days for as per clarifications by Insurance Regulatory and Development Authority of India. (08.12.2022) Read More »