Volume 3 Issue No. 38 / 2011 Lexspeak July, 2011
Thought for the day
Words have meaning and names have power.
News from the Govt
International Commercial Terms
The Incoterms rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.
International Commercial Term (Incoterm)
DAT - Delivered at Terminal
The Seller delivers the goods cleared for import to the Buyer at destination. The Seller bears all costs and risks of moving the goods to destination, including the payment of Customs duties and taxes. 
Statutory Compliance Chart
July 2011
31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26  27 28   29 30 
05 July - Service Tax                 Payment
05 July - Excise Duty Payment 07 July - TDS/TCS Payment
10 July - Excise Returns                       Monthly
15 July - PF Payment
15 July - TDS Quarterly Return 20 July - VAT Payment
20 July - PT    Payment
21 July - E.S.I.C Payment
25 July - PF Return
30 July - Form 16A
             (TDS Certificate)
31 July - Filing of IT Return*
*For non corporate assessees without tax audit
Few   of  us   ever  test   our powers of deduction,  except  when filling out an income tax form
Hi All

"What's in a name? that which we call a rose by any other name would smell as sweet".... So said the Bard of Avon but the Babus (Government Officials) at MCA think otherwise ! So do entrepreneurs who want a unique name for their ventures - one that is catchy, unique, professional and can be branded well. While they spend hours to days zeroing in the 'right name' to christen their 'yet-to-be-born-babies', they would do well to be aware that the Government has prescribed detailed guidelines regarding name availability for Companies and LLPs. The onus is now on certifying professionals to justify to the ROC why the name must be allowed. Not only that, on the pretext of automatic approvals, professionals are called upon to do the Babu's job of scrutiny and clearance, sans their salaries !!!.

This issue of Lexspeak carries the MCA circular about name availability as well as select Master Circulars issued by RBI on several matters that serve as a one-point reference document. There is enough content in this issue to read and understand until we are back with the next issue by month end.

To read the earlier issues and articles Click Here

Lex Valorem Team
Master Circulars from RBI
Reserve Bank of India (RBI) has issued the much awaited Master Circulars on various subjects effective from the 1st day of July, 2011. Topics covered are Foreign Investment in India, Overseas Direct Investment, External Commercial Borrowing and lots more. Some of the relevant circulars are listed below with links.
1.Master Circular on Foreign Investment in India
2.Master Circular on Establishment of Liaison / Branch / Project Offices in India by Foreign Entities
3.Master Circular on Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad
4.Master Circular on External Commercial Borrowings and Trade Credits
5.Master Circular on Export of Goods and Services
6.Master Circular on Import of Goods and Services
7.Master Circular on Compounding of Contraventions under FEMA, 1999
8.Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin
9.Master Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals
New Name Availability Guidelines
MCA has issued consolidated and extensive guidelines for reserving names by Companies and LLPs. Superceding all previous circulars, these 'Name Availability Guidelines, 2011' are likely to be implemented from 24th July, 2011
Download Circular >
Integration of DIN with DPIN
MCA has integrated the Director's Identification Number (DIN) issued under Companies Act, 1956 with Designated Partnership Identification Number (DPIN) issued under Limited Liability Partnership (LLP) Act, 2008 with effect from 9.7.2011. Henceforth only DIN will be issued and such DIN will hold good for both Company and LLP. Persons having both DIN and DPIN should use DIN as their DPIN & DIN, and the DPIN will stand cancelled. Persons having DPIN can use the same as DIN also.
Download Circular >
Filing of Balance Sheet and Profit & Loss Account in XBRL form
MCA has clarified that Phase - I of XBRL filing will be applicable only to those companies which have the closing date of the financial statements as on or after 31.03.2011 and also that the statutory auditors must certify the financial statement in the XBRL mode.
Download Circular >
Lex Valorem India Pvt. Ltd. #405, 7th Cross, IV Block, Koramangala, Bangalore - 560 034
www.lexvalorem.com Phone : +91 80 25534374 , +91 80 25536618 Email: info@lexvalorem.com