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Presently Authorized Dealers Category- I bank (AD) is permitted to open Escrow account and Special account on behalf of non-resident corporates for acquisition / transfer of shares / convertible debentures of an Indian company through open offers / delisting / exit offers, subject to compliance with the relevant SEBI [Substantial Acquisition of Shares and Takeovers] Regulations, 1997 and other applicable SEBI regulations. In all other cases, opening / maintaining of Escrow accounts for FDI related transactions required prior approval from RBI.
The Government of India has issued updates to the FAQ on Provident Fund [PF] for international workers [IWs] on 6 May 2011 with a view to provide greater clarity on the applicability of PF regulations. This FAQ addresses few of the open issues that were present after the earlier notification tightening PF withdrawal provisions. This article sets out the key clarifications provided in the FAQ whilst highlighting the open issues.
– Cabinet Committee on Economic Affairs of the Government of India have decided to permit Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) which are formed under the Limited Liability Partnership Act, 2008 [LLP Act]. Presently, FDI is allowed in Indian companies. It is allowed in a firm or a proprietary concern, subject to certain conditions. FDI in a trust is also allowed with prior Government approval, provided it is a Venture Capital Fund (VCF) registered with Securities and Exchange Board of India [SEBI]. LLP Act permits setting up of hybrid entity, which has the features of a body corporate and a partnership for the purpose of undertaking business in India.
06 Months Training at Registrar of Companies/ Official Liquidator/Regional Directors – Ministry of Corporate Affairs has agreed to provide part of training( 6 Months ) of 15 Months training in its various offices RD/ROC/OL at the stipend of Rs. 10000/ and Rs. 7000/- per month for Professional Pass and Executive Pass students respectively.
The Central Government plans to conduct the Sixth Economic Census as a Central Sector Plan Scheme during 2012. The Ministry of Statistics and Programme Implementation plans to carry out the fieldwork of this Census during January to June 2012, in collaboration with all State and Union Territory Governments. Dr. M. S. Gill, Union Minister of Statistics and Programme Implementation has reviewed the plan of action for the conduct of the Sixth Economic Census.
Competition watchdog CCI has issued a show cause notice to the National Stock Exchange (NSE) asking why a penalty should not be imposed for its unfair trade practices in connection with currency derivatives trading . The commission has found NSE guilty of violating Section 4 of the Competition Act, which is abuse of dominant position, according to a source in the CCI.
The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been rectified as under:
India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on behalf of the Government of India and by Mr. Juan Alfredo Pinto Saavedra, Ambassador of the Republic of Colombia to India, on behalf of the Republic of Colombia.
Government has released the Quarterly Report on debt management pertaining to the quarter Jan-March 2011, here today. The Middle Office (MO), Department of Economic Affairs in the Ministry of Finance has been bringing out the Quarterly Report on debt management since September 2010. This Report for the quarter Jan-March 2011 is the fourth such report in the series. The report has been placed on the website of Ministry of Finance i.e. www.finmin.nic.in .
Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release. The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64th Batch of Probationer Officers of Indian Revenue Service (IRS) at Haryana Raj Bhavan here today, said the release.
