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United India Fire and General Insurance Company Limited (Merger) Amendment Scheme, 2022

April 13, 2022 630 Views 0 comment Print

(1) This Scheme may be called the United India Fire and General Insurance Company Limited (Merger) Amendment Scheme, 2022. (2) It shall come into force on the date of its publication in the Official Gazette.

Filing of patents increases by more than 50% in the last 7 years

April 12, 2022 813 Views 0 comment Print

For the first time in 11 years, the number of domestic patent filing surpasses the number of international patent filing in India during Jan-Mar 2022 Shri Piyush Goyal appreciates consistent efforts made by DPIIT to strengthen the IPR regime in India The coordinated efforts by Department for Promotion of Industry and Internal Trade (DPIIT) and […]

Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022

April 12, 2022 18546 Views 0 comment Print

(1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette.

GST on Composite supply of works contract involving predominantly earth work

April 12, 2022 4059 Views 0 comment Print

In re Mahalakshmi BT Patil Honai Construction (JV) (GST AAR Maharashtra) The first question raised by the applicant is whether the impugned contract is covered under the term ‘Earth Work’ and therefore covered under SI No 3A- Chapter No. 9954 as per Notification No. 12/2017-C.T. (Rate) dated 28.06.2017, as amended by Notification No. 2/2018-C.T. (Rate) […]

‘Anna Malai Mithai’ classifiable under HSN 2106 90 as ‘Sweetmeat’

April 12, 2022 6762 Views 0 comment Print

In re Anand Products (GST AAR Madhya Pradesh) Whether the product ‘Anna Malai Mithai’, manufactured and supplied by the applicant containing the ingredients Sugar, Vegetable Fat, Skimmed Milk Powder, Whey Powder, Emulsifier and other permitted Flavour’s, which is identical to the commonly known Indian sweet ‘Rabdi’, should be classified under the Tariff Heading 2106 as […]

Peer Review Mandate – Roll Out – (Revised)

April 12, 2022 3363 Views 0 comment Print

It was clarified that holding a valid Peer Review certificate by Practice Units (referred to as ‘firms’ in the Announcement dated 12.02.2022) should be a pre requisite for undertaking audit of all entities falling under phase I; II; III and IV of the mandate from respective dates of mandate becoming operative.

Compliance Function & Role of Chief Compliance Officer (CCO) – NBFCs

April 11, 2022 6930 Views 0 comment Print

As part of the overall structure for Corporate Governance, Compliance Function serves a critical role. Accordingly, it has been decided to introduce certain principles, standards and procedures for Compliance Function in NBFC-UL and NBFC-ML, keeping in view the principles of proportionality.

GST on supply of supply of fortified rice to different Rice Millers

April 11, 2022 5151 Views 1 comment Print

In re AS Bharat Refinery (India) Private Limited (GST AAR Uttarakhand) AAR observed that the designated Rice Millers have been requisitioned for supply of the fortified rice and the applicant has neither been supplying the said goods for free distribution to the economically weaker sections of the society under a programme duly approved by the […]

Risk value of commodities for risk-o-meter

April 11, 2022 588 Views 0 comment Print

For evaluation of risk value of commodities in which mutual funds are permitted to invest, in terms of para 2(d) of SEBI circular on ‘Product Labeling in Mutual Fund schemes – Risk-o-meter’, it has been decided that investment in commodities by mutual fund schemes shall be assigned a risk score corresponding to the annualized volatility of the price of the said commodity.

IBBI clarifies on Temporary Surrender of Professional Membership

April 11, 2022 1038 Views 0 comment Print

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CLARIFICATION No. IBBI/IP/2022 | Dated: 11th April 2022 To All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam/Sir, Subject: Clarifications with respect to Temporary Surrender of Professional Membership In view of the provisions […]

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