This Ministry has received many representations regarding various difficulties arising out of implementation of section 180 of the Companies Act, 2013 with reference to borrowings and/or creation of security, based on the basis of ordinary resolution. The matter has been examined in the Ministry and it is hereby clarified that the resolution passed under section 293 of the Companies Act, 1956 prior to 12.09.2013 with reference to borrowings.
This circular is being issued to facilitate dealers to make necessary changes in their systems so as to accustom them to file annexures and returns by the due dates she filing of annexures of sales and purchases has been proposed to be made mandatory soon.
The Committee has further suggested that providing customers with a free copy of their CIRs would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind, help detect identity theft at an early stage, help CICs correct and validate their database and increase their business in the long run.
The extant guidelines for Portfolio Investment Scheme for Foreign Institutional Investor (FII) and Qualified Foreign Investor (QFI) have since been reviewed and it has been decided to put in place a framework for investments under a new scheme called ‘Foreign Portfolio Investment’ scheme.
To grant facility of VAT exemption/refund to High Commission of the Republic of Malawi in favour of official purchases as well as personal purchases of its diplomats and Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) in New Delhi on purchase of goods
Clause 24(i) of the Listing Agreement requires that the company, while filing for approval of any draft Scheme of amalgamation / merger / reconstruction, etc. with the stock exchange under Clause 24(f), shall also file an auditors’ certificate to the effect that the accounting treatment contained in the scheme is in compliance with all the Accounting Standards specified by the Central Government in Section 211(3C) of the Companies Act, 1956.
Since the investments in short term deposits of scheduled commercial banks is allowed pending deployment of funds of a scheme the same shall also be excluded while calculating sector exposure.
However, the whole process of DPC is getting delayed due to deficiency of ACR folders of officers. In this regard, attention is drawn to DOP&T’s OM No,,21011/02/2009-Estt. dated 16.02.2099 which emphasizes on timely completion and maintenance of ACRs within the prescribed time period. The OM also elaborates procedure for appending the No Report Certificate in cases where the ACR is not available
Lead pencil is covered by entry no. 76 of the Third Schedule appended to the DVAT Act, 2004. Further, the coloured pencil is not covered under any of the entry of any of the Schedules appended to the DVAT Act, 2004, hence, is an unspecified item covered under section 4(1)(e) of the Act and is taxable @ 12.5%.
While processing refunds of Embassies, High Commissions and International Organizations certain discrepancies were observed and due to this reason amount of VAT Involved in the invoices were disallowed. The discrepancies observed in certain cases are as under:
