I woke up to the thoughts “today is my birthday”…. I have been waiting for this day to celebrate my birthday for 364 days! I was eager to receive the day – my child like mind was looking forward for the wishes, the gifts and the love from scores of people. I was dreaming about the day, when a tiny bird perched on the tree next to my bedroom window, chirped – loud and intense as if to say – “see how beautiful the sky is” …. I sat up in bed, leaned forward and opened the window. I looked outside. It was still dark, and I could hardly see anything. It was just 5.00 a.m. The trees were still. The bird screeched again, now coming closer to the window….”see…see there, the moon is smiling at you”….yes, indeed the moon was smiling. Having admired the moon for a few seconds, I thought I should get down to the day’s routine. I thought I will get the little bird a few grains to feed and turned to go to the kitchen. “No …no …no” screeched the bird…I don’t want food, I know to get mine… see … cant you see that tiny star glittering …remember your nursery rhyme, ‘like a diamond in the sky’… Yes! so many diamonds , nice to admire….but I was getting restless, with the “to do list”. Mundane jobs of the day over powered my desire to admire the stars. Yet , something magnetic made me to gaze at the sky a little longer…. Ya…there I could see something bright…. was it a mobile TV tower signal …no ….it was the planet Venus, seemed to appear and disappear amidst the clouds.. so majestic…. “so full of energy rotating at dizzy speed” and then a bout of clouds seemed to cover the whole sky, and take away the feeling of beauty and joy I was experiencing. A momentary disappointment…
By then I was distracted when the mobile beeped with the wake up call…it seemed to tell me louder “get up and go, so much to do, don’t waste time, cook, exercise, be behind the maid, get ready, make calls, drive, send mails…oh god”. I attempted to get out of the room, driven by the duties of the household… but the little wonder bird, now into my room through the window, flying across the room, made a high pitched cry “Wait” !
What now ? I thought the clouds have come and covered the sky, what more ? may be he is hungry? …. As I turned to get down and offer a few grains out of great feeling of ‘giving’….. lo ! in the corner of my eye was a wonderful sight …… in the far east , an invisible artist seemed to stroke the canvas …bright orange …a beautiful ball of fire……and slowly coming up . ..frozen in its beauty, every moment was giving a feeling of expansion – a sense of inexplicable joy. Within minutes, streaks of white lines spread out from the orange ball… generously giving, life-kindling- vibrant light into the horizon and gently touching everything that came its way. The creator’s purity lit up and brightened the whole place in an instant. Yes, the tender morning rays of the rising sun engulfed one and all with warmth and care. In a moment everything seemed to come alive …… In fact, I realized Life came alive …. feelings of joy, peace, love, light – life came alive, all in a platter. In that instant I realized that the biggest gift of my life – LIFE ITSELF. While I would cherish every little gift that would come my way for the birthday, nothing would equal the gift of the daily sun rise. The daily promise of life.
Full of gratitude, I looked around for the little bird to say “thank you”. Oh! Where did it disappear….? There seemed to be no one around. Who is this little wonder who gave me such a wonderful message for my birthday ? Was it my soul mate, or my Guru or was it my inner voice ? Let us not get drowned in the routine of life’s activities. Experience the joy of every sun rise. Relish every moment of life with life…. Listen to the call of that chirping bird in you ….
This contribution is a simple but clarion call from my friend and fellow Company Secretary, V Chenthamarai from Bangalore. On the eve of Samhita turning 11, I thought what better way to celebrate the birthday than carrying a reader’s thoughts that resonate with mine. In these life-threatening pandemic times when we hear news about death of so many ordinary and extraordinary lives (as if death knows or cares about this !) day in and day out, isn’t it beautiful to just celebrate LIFE ITSELF ? On behalf of my entire team, I wish to thank all of you for patronizing Samhita since November, 2009 in different ways. We pledge to continue the journey of sharing for as many years as possible.
While we celebrate Life in general, to appraise you of the ‘life in the regulatory world’ during the last fortnight, this 249th issue of Samhita carries news updates from SEBI, GST, IT, IBBI & RBI. Check out “Let’s excel in English” if you want to test your proficiency in spoken and written English. For any previous issues of Samhita and thereaders’ feedback, please visit https://sharadasc.com/resource-center/.
How to check my level of proficiency?
writeandimprove.com is a free website to check your proficiency in English (for writing). It allows you multiple attempts to edit and recheck your level. You have options to create your own workbook and write on topics of your choice. You may also write on topics provided by them. speakandimprove.com is another useful website. It’s not robust enough as write and improve because they have got only 5 topics you could speak on. Inspite of that, it is a good tool to check our level.
Foreign law firms barred from setting up office in India
Vide Circular dated 23.11.2020 RBI has directed AD Banks not to grant any approval to foreign law firms to set up any branch office, project office, liaison office or any other place of business in India under FEMA for the purpose of practicing legal profession in India. The Supreme Court has held that only advocates enrolled under the Advocates Act, 1961 are permitted to practice the profession of law in India. In view of this and also considering other factors, RBI has directed AD Banks not to grant the approval pending policy review.
IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020
IBBI, notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020 on 13.11.2020. Highlights of the amendments are:
The financial creditor, along with the application to initiate CIRP is required to furnish “record of the default along with the information utility or such other record or evidence of default as may be specified”. IBBI amended the Regulations to specify such other record or evidence to mean certified copy of entries in the relevant account in the bankers’ book and order of a court or tribunal that has adjudicated upon the non-payment of a debt.
The Resolution Professional shall intimate each claimant within 15 days of the NCLT order approving a resolution plan, for payment of debts under such resolution plan.
Uniform fine structure – non-compliance of continuous disclosure- NCRS & NCDs
SEBI, has in the past vide various circulars standardised the fines applicable on listed entities for non-compliance of provisions w.r.t. continuous disclosure for various securities including specified securities (i.e. equity shares and convertible securities). On similar lines a uniform structure for imposing fines for non-compliance with continuous disclosure requirements for Non-Convertible Debentures, Non-Convertible Redeemable Preference Shares and Commercial Papers has been notified vide Circular dated 13.11.2020.
After consultation with stakeholders SEBI has notified that, UPI shall be introduced as a specified mode to block funds under ASBA to apply for issue of debt securities through the app / web interface of the Stock Exchanges, up to Rs. 2 Lakhs, by individuals and intermediaries w.e.f. 01.01.2021. The new entities permitted are National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) and Sponsor banks.
IT relief for Real-estate Developers and Home Buyers
Presently, if the difference between the sale consideration and sub-registrar or Circle value is more than 10% the entire difference is taxable in the hands of the seller as capital gains and in the hands of the buyer as other income. This is now proposed to be enhanced to 20% but only in the case of primary sale of property by builders. Secondary sale of property will continue to be subject to tax in the hands of buyers and sellers if the difference is 10% or more. Official notification is awaited.
Registered persons having an aggregate turnover of up to Rs. 5 crores in the preceding financial year and who have opted for quarterly return filing under Rule 61A can furnish quarterly GSTR-3B provided:
1. The return for the preceding month, as due on the date of exercising such option, has been furnished;
2. Once exercised, such option shall continue unless revised by the registered person.
Default migration has been prescribed for registered persons who have furnished the return for the tax period October, 2020 on or before 30.11.2020. Such default option can be changed from 05.12.2020 to 31.01.2021.
Two options are prescribed for monthly payment of taxes in case of quarterly return filers.
Fixed Sum Method: A facility is being made available on the portal for generating a pre-filled challan in FORM GST PMT-06 for an amount equal to 35% of the tax paid in cash in the preceding quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately preceding quarter where the return was furnished monthly.
Self-Assessment Method: The said persons, in any case, can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available, in FORM GST PMT-06.
In case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the tax due for the first month of the quarter or where there is nil tax liability, the registered person may not deposit any amount for the said month. Similarly, for the second month of the quarter, in case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the cumulative tax due for the first and the second month of the quarter or where there is nil tax liability, the registered person may not deposit any amount.
E-Invoicing in terms of rule 48(4) of the CGST Rules, 2017 in respect of supply of goods or services or both to a registered person (B2B) made mandatory for registered persons with aggregate turnover exceeding Rs.100 crore w.e.f. 01.01.2021.
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.
S. C. Sharada & Associates,
Company Secretaries. #405, 7th Cross, IV Block, Koramangala, Bangalore – 560 034.
sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email:[email protected]