He, he, he ☺ I can see all of you craning your necks in painful angles to read what is on the banner. To know what is this ‘Seed Post’. Any guesses ?? Well, here it is….
“Soak this post-card overnight and sow it in soil, water it regulary. After a few weeks the seeds inside the card will start germinating. You will get surprising plants from this ‘Seed Post’. The thought in similar way travels and propagates in our minds.”
I got this innovative card from someone who attended the Kochi-Muziris Biennale Collateral 2018, courtesy Vaishali Oak (INDIA). Wow ! what an innovative way of sharing seeds, encouraging planting and spreading ‘go green’. The last line is so thought-provoking and refreshing. All the more reason to think good, do good, see good, share good and spread goodness all around during these turbulent times. Sowing seeds of goodness is not optional !
If someone has chosen a simple, old-world style post card for seeding, this year’s Padmashri awardee, 107 year old Salumarada Thimmakka did it the real, earthy style. I recall many, many issues back I had written about her which I am sharing once again. Though denied children by Him, she adopted hundreds of Banyan trees and cared for them as her own children. Instead of lamenting on her barrenness, Thimmakka and her husband went on a tree-planting mission in Hulikal, about 70 kms away from Bangalore and planted over 400 banyan trees over 50 years and 8000 other trees. No wonder she is fondly called Saalumarada Thimmakka after the row trees planted and has also received innumerable awards and recognition for her simple, yet effective answer to deforestation. She could not beget children but she found her life’s calling – nurturing hundreds of shade-giving banyan trees that have long, long lives. She didn’t get, but she didn’t stop giving !! Salutions to the Real Mother Earth !!!
Through Samhita, we continue our humble efforts to seed the right kind of information and insights fortnight after fortnight, hoping germination of ‘enlightened minds’ and ‘giving hearts’. For a change, there are not too many changes made by the regulators this fortnight. The highlight of this issue, no doubt is the Story of 2 Friends-turned-Founders of a Startup who raise angel investment and run the company for a while, only to result in a dispute that almost takes them to the Court………….I said almost. Because the litigation was averted. How ? Don’t miss reading this edition in our Mediation series to find out how Mediation helped the 2 Founders resolve their dispute and walk away with a win-win solution. Conceptualised and drafted by Saradha Kumar, Lawyer & Mediation expert, the article is an eye-opener on ‘Mediation for Startups’.
As FY18-19 draws to a close, a new demanding one begins on 1st April. Let’s welcome it with renewed vigour and commitment to carry on our businesses and professions with integrity, diligence and a sense of responsibility to the society. Let’s resolve to post the right ‘seeds’ so that the right ‘produce’ germinates ! For any previous issues of Samhita and the readers feedback, please visit https://sharadasc.com/resource-center/
MCA Updates :
National Guidelines on Responsible Business Conduct
The MCA has released the National Guidelines on Responsible Business Conduct (NGRBC) in order to align the previous guidelines (National Voluntary Guidelines) with the Sustainable Development Goals (SDGs) and the ‘Respect Pillar’ of the United Nations Guidance Principles (UNGP).
The following are the Principles issued through the NGRBC to help all types of organizations to conduct their business in a responsible and sustainable manner :
Two friends A and B started an IT related service company to provide some innovative software solutions to the IT industry in Bangalore. They had worked in the software industry for a few years and decided to start a company on their own. They had…Read more
➢ Businesses should conduct and govern themselves with integrity, and in a manner that is ethical, transparent, and accountable.
➢ Businesses should provide goods and services in a manner that is sustainable and safe.
➢ Businesses should respect and promote the well-being of all employees, including those in their value chains.
➢ Businesses should respect the interests of and be responsive to all its stakeholders.
➢ Businesses should respect and promote human rights.
➢ Businesses should respect and make efforts to protect and restore the environment.
➢ Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.
➢ Businesses should promote inclusive growth and equitable development.
➢ Businesses should engage with and provide value to their consumers in a responsible manner.
RBI Updates :
Master Direction – ECB, TC & SO
RBI has issued Master Direction on External Commercial Borrowings (ECB), Trade Credit (TC) and Structural Obligations (SO) on 26.03.2019 which consolidates all the provisions relating to regulatory framework on ECB, TC & SO under FEMA including the latest circular issued on 13.03.2019. This circular is a Revised Framework for Trade Credit (Buyer’s and Supplier’s credit) on parameters such as exchange rate, hedging, period of credit, recognised lenders, reporting requirements and role of Authorized Dealers.
DGFT Updates :
Extension of IGST and Composition Cess exemption
Integrated Goods and Service Tax (IGST) and Composition Cess exemption under Advance Authorization, EPCG and EOU scheme has been extended upto 31.03.2020. Accordingly to give effect to this extension, Foreign Trade Policy (FTP) 2015-2020 has been amended.
GST updates :
Correct valuation methodology for ascertainment of GST on TCS
It is clarified that for the purpose of determination of value of supply under GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax.
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.