On a review, it has been decided to notify a Limited Liability Partnership (LLP), registered under the Limited Liability Partnership Act, 2008 (6 of 2009), as an “Indian Party” under clause (k) of Regulation 2 of the Notification ibid. Accordingly, an LLP, may henceforth undertake financial commitment to / on behalf of a JV / WOS abroad in terms of the extant FEMA provisions under Regulation 6 (and regulation 7, if applicable) of the Notification ibid.
Services for incorporation of companies were not available on the MCA 21 portal to stakeholders from 1st April, 2014 to 28th April, 2014 because of the deployment requirements for new E-forms. Many stakeholders had reserved names for the purpose of Company incorporation with 60 days prescribed validity expiring during the above mentioned period.
Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement.
2. The statutory function under section 264 of the Act performed by the CIT is required to be reported by the CIT and also appraised by the supervisory Officers. Therefore, it has been decided to issue the following guidelines to be complied forthwith in respect of orders passed under section 264 of the Act:- a) The CIT shall prepare a brief of the orders passed under section 264 of the Act and report the same to the Principal Chief Commissioner of Income Tax/ Chief Commissioner of Income Tax (CCIT) in the monthly DO letter along with a copy of such order.
As per the extant ECB policy, ECBs from direct foreign equity holders (FEHs) are considered both under the automatic and the approval routes, as the case may be. ECBs from indirect equity holders and group companies and ECBs from direct FEH for general corporate purpose are, however, considered under the approval route. Further, any request for change of the ECB lender in case of FEH requires RBI’s approval.
I am directed to draw your attention to Circular No. 924/14/2010-CX dated 19.05.2010 on the subject of classification of rice par-boiling machinery under the Central Excise tariff. References have been received from trade and field to re-examine the circular consequent to the judgement of the Hon’ble Tribunal in case of M/s Jyoti Sales Corporation [2011(272) E.L.T. 689 (Tri – Del) & 2011 – TIOL – 1498 – CESTAT-DEL]. The circular has since been re-examined.
Custodians / DDPs shall provide necessary details related to FPIs, including categorisation of FPIs, to the stock exchanges for the purpose of implementing the aforementioned provisions.
On attaining majority, the erstwhile minor should confirm the balance in his/her account and if the account is operated by the natural guardian / legal guardian, fresh operating instructions and specimen signature of erstwhile minor should be obtained and kept on record for all operational purposes.
Eligible Indian companies will not be permitted to raise ECB from overseas branches / subsidiaries of Indian banks for the purpose of refinance / repayment of the Rupee loans raised from the domestic banking system in respect of the following:
As a measure of simplification of the existing procedures, it has been decided to delegate the power to the designated AD Category – I bank to allow re-schedulement of ECB due to changes in draw-down schedule and / or repayment schedule with the following conditions:
