MINISTRY OF CORPORATE AFFAIRS (MCA)
- Incorporation services can now be availed through NSWS portal
The stakeholders are informed that Ministry of Corporate Affairs has integrated with National Single Window System (NSWS) for the Incorporation of Companies and LLPs. Incorporation services can also be availed through NSWS portal. Read More Read more
2. Engagement of Consultants in the field of law, banking, financial Analysis, Forensic Audit and General Administration on short-term contracts in SFIO
Serious Fraud Investigation Office has been constituted u/s 211 of the Companies Act, 2013. It is a multidisciplinary Investigating Agency, wherein experts from diverse sectors like banking, capital markets regulation, corporate regulation, law, forensic audit, taxation, information technology, etc. work together to unravel corporate frauds. Read more
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
- Extension in timeline for compliance with qualification and experience requirements under Regulation 7(1) of SEBI (Investment Advisers) Regulations, 2013
Disclosures) Directions, 2021 (Master Direction) require commercial banks to present all unclaimed liabilities, where the amount due has been transferred to the Depositor Education and Awareness (DEA) Fund established under the DEA Fund Scheme, 2014, under ‘Schedule 12- Contingent Liabilities – Other items for which the bank is contingently liable’. Read more
2. Reporting on Reverse Repo transactions in Form ‘A’ Return.
Refer to Form A Return in the Master Direction – Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions – 2021 (updated as on September 25, 2023) regarding the reporting of Reverse Repo transactions by Commercial Banks. Read more
TAX
- Payment of Tax Collection at Source TCS if spending is above a certain Threshold
Payment of TCS is obligatory when annual spending exceeds a specific threshold, irrespective of whether an individual is traveling abroad, investing in foreign stocks, mutual funds, or cryptocurrencies. The revised tax collection at source (TCS) rates will become effective from October 1, 2023. Read more
the primary drivers of this surge. Out of the 349,000 units sold in India’s seven major cities during this period, approximately 84,400 units, or around 24%, were luxury residences priced at Rs 1.5 crore or more. Read more
MERGERS AND ACQUISTION
- AU Small Finance Bank poised to merge with Fincare Small Finance Bank in an all-share transaction
AU Small Finance Bank is prepared to complete an all-share acquisition of Fincare Small Finance Bank and integrate it into its operations, marking the initial consolidation among small finance banks since their inception in India’s banking landscape nearly six to seven years ago. Read more
INFORMATION TECHNOLOGY
- Tech majors seek 18 months for DPDP Act compliance
The Asia Internet Coalition, an organization comprising members such as Meta, Google, Amazon, and various other US-based tech firms, has requested a grace period of up to 18 months for the enforcement of several the supreme court refused to uphold an arbitral award of the international chamber of commerce (ICC) that had directed Antrix Corporation limited to pay damages of over US$ 560 million with interest to Devas Multimedia Private Limited (Devas Employees Fund US LLC v. Antrix Corporation Limited and ors). Read more
FOOD AND BEVERAGES
1. The Ministry of Food Processing Industries (MoFPI) takes measures to strengthen millet processing infrastructure
The Ministry of Food Processing Industries (MoFPI) has included millets as a key focus area for the incentives offered through ministry programs. To date, a sum of Rs 95.78 crore has been allocated for individual millet processing units across different states under the PMFME scheme, with a total of 1,780 loans sanctioned. Read more
3. The Food Authority has issued a directive that enumerates the officially designated laboratories for conducting tests on fortificants in fortified rice, fortified rice kernels, and premixes used for fortified rice kernels.
A total of 66 labs were notified across the country in which 42 labs were for testing fortificants including iron, vitamin B12, and vitamin B9 in fortified rice, 17 for testing fortificants in fortified rice kernels, and seven labs were notified for testing fortificants in premix for fortified rice kernels and FSSAI has re-operationalised the regulations related to The first provision to regulation 7(1) of SEBI (Investment Advisers) Regulations, 2013 has been amended with effect from September 30, 2023, vide the SEBI (Investment Advisers) (Amendment) Regulations, 2023 dated October 09, 2023. Accordingly, it is now specified that the timeline to comply with the enhanced qualification and experience requirements under regulation 7(1)is extended to September 30, 2025. Read more
2. Facilitating business operations and fostering the growth of corporate bond markets – revision of the guidelines governing fundraising through the issuance of debt securities by major corporations.
This framework is applicable with effect from April 01, 2024for LCs following April-March as their financial year. This framework is applicable with effect from January 01, 2024, for LCs which follow January-Decembers their financial year. Read more
RESERVE BANK OF INDIA (RBI)
- “Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021: Disclosure of unclaimed liabilities transferred to the Depositor Education and Awareness (DEA) Fund.”
The ‘Notes and Instructions for compilation’ given in Annex II to the Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 (Master Direction) require commercial banks to present all unclaimed liabilities, where the amount due has been.
2. Central Government Notification is Essential for DTAA Enforcement Under Section 90 of Income Tax Act, 1961
The Supreme Court held that a Double Taxation Avoidance Agreement (DTAA) cannot be given effect to by a court, authority or a tribunal unless it has been notified by the Central Government under Section 90 of the Income Tax Act. Read more
FOREIGN DIRECT INVESTMENT (FDI)
- The Uttar Pradesh Cabinet greenlights a Foreign Direct Investment (FDI) policy with exemptions for stamp duty and land.
The Uttar Pradesh Cabinet approved a fresh foreign direct investment (FDI) policy aimed at offering incentives to foreign investors. This policy encompasses exemptions related to land acquisition, stamp duty, and capital investments. Read more
REAL ESTATE
- Hyderabad takes the lead as luxury home sales experience a remarkable 115% surge in the initial nine months of 2023
Anarock, a real estate consulting company, has examined data that indicates a remarkable 115% year-over-year growth in luxury home sales in the initial nine months of 2023, with Hyderabad and Pune emerging as clauses within the Digital Personal Data Protection Act. Read more
INTELLECTUAL PROPERTY RIGHTS
- EAM Jaishankar meets WIPO director general, discusses making intellectual property more ‘Global South friendly’
During a meeting between External Affairs Minister S Jaishankar and the Director General of the World Intellectual Property Organization (WIPO), Daren Tang, they explored the imperative of enhancing the accessibility and advantages of intellectual property (IP) for nations in the Global South. Jaishankar also underscored the possibilities inherent in space technology and traditional knowledge. India is already a signatory to numerous WIPO treaties and holds the distinction of being the first country to ratify the Marrakesh Treaty. Read more
ARBITRATION
- Antrix v Devas: Supreme Court upholds setting aside of ICC order that directed Antrix to pay $560 million
standards of fortified rice kernel proposed under the draft FSS (Food Products and Food Additives) Amendment Regulations.Read more
INFORMATION AND BROADCASTING
- The Department of Telecommunication (DoT) carries out tests of emergency alerts using the cell Broadcasting System
The Indian Department of Telecommunications (DoT) has carried out numerous trial runs of nationwide emergency notifications using the Cell Broadcasting System. This initiative is geared towards bolstering public safety by delivering prompt alerts in emergency situations. These notifications, featuring a high-pitched sound on Android smartphones, serve as a means to evaluate the performance and efficacy of various telecommunications providers and cell broadcast systems.
