"19 January 2023" Archive

Can NRI (Non Resident India) purchase Commercial property in India?

ALL ABOUT THE PROVISIONS TO BUY THE COMMERCIAL PROPERTY BY NRI IN INDIA:- Article answers if NRIs buy Commercial property in India, What are the types of properties that NRIs/PIOs can buy, What are the types of properties that NRIs/PIOs cannot buy, What Procedures should be followed by NRI to buy a property in India, […]...

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Posted Under: Fema / RBI |

Amendment In Import-Export Code (IEC) Provisions

1. The Central Government has made some amendments under Foreign Trade Policy, 2015-2020, under Chapter 1 and Chapter 2 of FTP, 2015-2020, through the Notification dated 12th February, 2021. 2. Following are the amendment under FTP, 2015-2020:- FTP Para no. Pre- Amendment Post Amendment 1.11 Issue of e-IEC (Electronic –Importer Exporter...

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Posted Under: Fema / RBI |

Registration of Partnership Firm: A Detailed Analysis

Until the Indian Law of Partnership came into force, the Indian Courts used to deal with disputes between business partners in accordance with the customs and usages then prevalent in the country....

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Posted Under: Fema / RBI |

Clarification on classification of shares issued by virtue of demerger to Insurance Companies

Circular No. REF: IRDAI/F&I/CIR/INV/20/1/2023 19/01/2023

It is clarified that dividend criteria as stipulated under Regulation 3(a)(4) and 3(a)(5) of IRDAI (Investment) Regulations, 2016 read with Clause 1.11 of IRDAI Investment Master Circular dated October 27, 2022 applicable to Demerged Company...

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Guidelines on Insurance claims of victims of Landslides in Joshimath, Uttarakhand

Circular no: IRDAI/NL/CIR/MISC/21/01/2023 19/01/2023

As you are aware, Subsidence and Landslide have caused loss to property in some areas in the State of Uttarakhand. There is an urgent need for the general insurers to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims....

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Penalty imposed for non-filing of Special resolution in MGT-14

ROC-G /ADJ-Order/Sec. 454/ EASY PAY/2022-23/6127 to 31 16/01/2023

MCA concluded that the company and its Officers in default are liable for penalty under Section 117(2) of the Companies Act, 2013 for non-filing of Special resolution in MGT-14, which attracted non compliance of the provisions of Section 117(1) of the Companies Act, 2013 and the undersigned has reasonable cause to believe that the company...

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Company and its officers failed to maintain its registered office – Penalty imposed

No. ROC-GJ/ ADJ-Order/Sec.454 (3)/ Prabhav Industries/ 2022-23/6818 to 20 16/01/2023

MCA imposes penalty as company and its officers have failed to maintain its registered office as per Section 12(1) of Companies Act, 2013....

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Draft Explosives (Amendment) Rules, 2022

Shiva Jyoti Construction Vs The Chairperson, Central Board of Excise & Customs and others (Orissa High Court)Notification No. G.S.R. 31(E). 17/01/2023

Third Party Inspection Agency means a professional organization recognized by Chief Controller of Explosives to carry out inspection and safety audit of major accident hazards premises as defined under the Manufacture, Storage and Import of hazardous Chemicals Rules, 1989, and having minimum three persons with minimum qualification of mas...

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IBBI warns ACVA to be extremely careful & diligent in its organizational processes

IBBI/Valuation/RVO/04/2023 18/01/2023

The valuation profession thrives on the trust of the market and stakeholders. A registered valuer organization being the frontline regulator for valuation profession has crucial responsibility to retain and improve this trust. In order to impart justiciability to its functions, a registered valuer organization must have requisite infrastr...

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Disclosures by Fund Management Entities for Environmental, Social or Governance (ESG) Schemes

F. No. 756/IFSCA/ESG Schemes/2022-23 18/01/2023

In order to promote consistency, comparability and reliability in disclosures concerning ESG schemes and ensure ESG schemes in IFSC are true to their label, IFSCA has issued a circular today requiring ESG schemes to make certain initial and periodic disclosures....

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January 2023