All pending cases of the default in meeting Export Obligation (EO) can be regularised by the authorisation holder on payment of applicable customs duty, corresponding to the shortfall in export obligation, along with interest on such customs duty; but the interest component to be so paid shall not exceed the amount of customs duty payable for this default.
The Board has approved the proposal to declare illegal mobilization of funds without obtaining a certificate under the SEBI (Collective Investment Schemes) Regulations, 1999 as a fraudulent and unfair trade practice. As such, it has been decided to amend the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, accordingly.
Of late, we have been receiving a number of applications for compounding of contraventions of FEMA, 1999 which are submitted without obtaining proper approvals or permission from the concerned authorities leading to avoidable correspondence with the applicants and also return of applications. In case the application has to be returned for this reason or any other reason, the application fees of Rs.5000/- received along with the application fees is also returned.
The subsequent reversal of the legal position by the judgment of Hon’ble Supreme Court does not authorize the department to reopen the assessement which stood closed on the basis of the law, as it stood at the relevant time.”
VARIOUS REQUIREMENTS, for Deemed Conveyance: a) Duly Registered & Stamp duty paid, Sale-Purchase Agreement, of all members. b) Documents about the plot of land from the Tahsildar /Collectors office c) Sanctioned Documents from Municipal authorities d) Relevant documents of the Society, Balance sheets, Resolutions and so on ….
Section 3(38) of General Clauses Act 1897 defines ‘offence’ as ‘any act or omission made punishable by any law for the time being in force’. Section 2(n) of Criminal Procedure Code 1973 (‘CrPC’) also defines ‘offence’ similarly.
The salient features of the new Companies law are: Business friendly corporate Regulation/ pro-business initiatives; e-Governance Initiatives; Good Corporate Governance and CSR; Enhanced Disclosure norms; Enhanced accountability of Management; Stricter enforcement; Audit accountability; Protection for minority shareholders; Investor protection and activism; Better framework for insolvency regulation; and Institutional structure. Other important features of the Companies Bill, 2012 are:
• The Bill has 470 clauses as against 658 Sections in the existing Companies Act, 1956. • The entire bill has been divided into 29 chapters.• Many new chapters have been introduced, viz., Registered Valuers (ch.17); Government companies (ch. 23); Companies to furnish information or statistics (ch. 25); Nidhis (ch. 26); National Company Law Tribunal & Appellate Tribunal (ch. 27); Special Courts (ch. 28).
Union Finance Minister Shri. P. Chidambaram released a booklet containing Frequently Asked Questions (FAQ) on Service Tax Voluntary Compliance Encouragement Scheme, 2013 in New Delhi today in the presence of Revenue Secretary, Chairperson and other members of Central Board of Excise & Customs and media. He also released a Logo of Service Tax Voluntary Compliance Encouragement Scheme, 2013 on the occasion.
CMA Suresh Chandra Mohanty, President of The Institute of Cost Accountants of India, congratulated the Honourable Union Minister of Corporate Affairs Shri Sachin Pilot ji, for passing the landmark Companies Bill 2013 in Rajya Sabha thus completing a great saga in modernizing the Corporate Legislation, which has been facing ups and downs for more than a decade.
