“Listen to the inner voice that allows you to be you.” said Elvis Stojko. 250 fortnights ago, that is what I did – write my first editorial thoughts for this e-newsletter (earlier named Lexspeak). Now it has become a habit to write every fortnight wherever I am and whatever I am busy with – work, family wedding, vacation, my own illness, some other event, a family tragedy, other professional responsibilities et al. I am being me. Just listening to my inner voice. Can you find the inner voice talking to you ? Do you listen to it ? Are you able to declutter, cut through the din to listen ? Many a times it is so feeble that it may die as a whimper. Why allow that to happen when it is your life and you have only one opportunity to LIVE IT fully ?
Apart from writing, my inner voice has been prompting me to go, find a platform to moderate events. Events different from the ones I normally speak at or moderate – company secretaries, students, startups, business forums, corporates, cancer awareness etc. However, last week when I got a call from my good friend and author Tony Francis asking me to moderate a literary talk with 3 different authors at a Book Club, I hesitated. Should I say yes or should I say no ? Am I competent to handle this ? I have never been in such unfamiliar setting with a new audience – all extremely well-read senior citizens who were eager to attend a live session after 9 months of pandemic. Will I be able to match their expectations ? The usual devil of doubts started dancing in my head. But somewhere, deep within was my inner voice telling me to go for it. Take a chance. Try. Try to give my best. Go beyond my comfort zone. On the other hand was my ‘practical voice’ reminding me of the umpteen number of work-related activities at hand, the utter lack of time due to many commitments. The usual internal tussle in my mind played out but Tony’s persistent voice saying “Yes, you can do it” and my inner voice adding “Hey, what are you waiting for ? Carpe Diem, seize the opportunity !” were overpowering enough to drown the devil saying No. I said Yes and plunged into the preparation for the event with just 3 days notice. I am glad I heard to the inner voice and took on the challenge. To begin with, I set the theme and redrew the event agenda. I made sure the 3 authors representing 3 different genres of writing – Abhijit Bhaduri (#Dreamers & Unicorns – How Leadreship, Talent & Culture are the new growth drivers), Maitreyee Chowdhury (#The Hungryalists – the poets who sparked a revolution) & Tony Francis (#The Autograph Seeker) got ample time to speak about their books, their writing experiences, their thoughts & lives through a lively conversation. I managed to also accommodate an enthusiastic club member who was insistent on asking a few questions to the authors despite the tight time schedule. The event evoked good response from the audience with one 85 year old member sharing her insights from the life of her late husband who was a war veteran and her son talking about his book on the 150 years history of his school. During the audience Q and A and post the event, I saw how connected everyone felt – to the authors, to each other, to the joy of writing and reading books. I thanked my ‘inner voice’ when quite a few walked up to me and said “You made the session lively and interactive. Liked the natural flow of thoughts and words”. The authors were happy that it went well and so was I. Best part was the physical event (yes there was mask and social distancing in seating) which had its own charm and allowed a lot of ‘small talk’ amongst the members and authors. I realised how much we miss all of this in a virtual world. The Big Joy we experience, the Deep connects we make, the Invaluable insights we draw from such Small Talks in a real world are incredibly invaluable. Hope 2021 allows us to reclaim such a life back !
Whether it is a literary event or publishing 250 issues of Samhita since 2009 – nothing can ever be achieved alone. I would like to thank CA Naveen Bhat (for promptly confirming the Statutory Calendar month after month), CA Krishnamurthy (for religiously sharing the tax summary since the advent of GST) and the English Teacher Balaji Ramaswamy (for his series “Let’s Excel in English”). Last but not the least is our own team member Poornima Jayarao who brings a professional project approach to the fortnightly publication ensuring coordination with several internal and external stakeholders – reminding, chasing, checking, verifying, rectifying and confirming until the final version is ready to be published. Her job for the next issue begins the day an issue is released. Big thanks to you dear readers for being with me through the journey – I never felt I was alone. I have had my ‘small talk’ with all of you through Samhita, which incidentally reflects my ‘inner voice’ many a times.
This 250th issue of Samhita carries some updates from the world of RBI, IBBI, GST, SEBI. Right on top is the update on Digital Signature Certificates – no more class 2 DSCs from 1st Jan, 2021. Let’s Excel in English by Balaji teaches us the power of synonyms in everyday conversation as well as a new sunny of saying “Happy Birthday”. For any previous issues of Samhita and the readers’ feedback, please visit https://sharadasc.com/resource-center/.
Here’s an interesting use of vocabulary to wish someone a happy birthday
Cheers to another year around the sun
Spouse: Honey, please don’t do that. You know *I detest watching that channel*
Spouse: “I am not a big fan of it” either. However, bear with me. There’s some important information
Spouse: I get it. But why wouldn’t you do what l *loathe* when I am away.
No dividend payments by banks for FY ended 31.03.2020
In view of the ongoing stress and heightened uncertainty on account of COVID-19, RBI has notified on 04.12.2020, that banks will not make any dividend payment on equity shares from the profits pertaining to the FY ended 31.03.2020.
RBI has notified vide Circular dated 04.12.2020 that RTGS system shall be available 24/7 all days of the year, from 14.12.2020 (12:30 A.M. onwards). The Circular also contais guidelines in this regard to the Banks.
Vide Circular dated 17.11.2020, it has been notified that:
The compounding powers for following contraventions listed in the Master Directions stand delegated to the Regional Offices / Sub Offices of the Reserve Bank:
FEM (Non –Debt Instruments) Rules, 2019 dtd. 17.10.2019
Rule 2(k) read with Rule 5
Permission required for Foreign investment which is subject to sectoral cap, entry route and investment limits
Pricing Guidelines w.r.t. issue and transfer of securities for listed and unlisted companies
Paragraph 3(b) of Schedule I
Sectoral caps for purchase / sale of equity instruments of an Indian company by a person resident outside India
Restriction on receiving foreign investment by an Indian entity / Investment Vehicle / VC / AOP/ proprietary concern or taking on record transfer of shares by Investee Company
Gift of equity instruments by resident to non-resident
Gift of equity instruments by NRI or OCI to non-resident
FEM (Mode of Payment and Reporting of Non-Debt Instruments) Regulations dtd. 17.10.2019
Regulation 3.1 (I) (A)
Mode of payment
Reporting Requirements- Form Foreign Currency – Gross Provisional Return (FC-GPR)
Reporting Requirements- Annual Return on Foreign Liabilities and Assets (FLA)
Reporting Requirements – Form Foreign Currency-Transfer of Shares (FC-TRS)
Reporting Requirements – Form LLP (I) (Amount of consideration for capital contribution and acquisition of profit shares)
Reporting Requirements – Form LLP (II) (Disinvestment / transfer of capital contribution or profit share between a resident and a non-resident or vice versa)
Reporting Requirements – Downstream Investment
The classification of a contravention under FEMA by the Reserve Bank as ‘technical’ or ‘material’ or ‘sensitive / serious in nature’ has been discontinued. The contravention classified as ‘technical’ and dealt with by way of an administrative/ cautionary advice shall now be liable to minimal compounding amount as per the compounding matrix contained in the Master Direction – Compounding of Contraventions under FEMA, 1999 dated 01.01.2016.
All Compounding Orders passed w.e.f. 01.03.2020 shall only be displayed on RBI’s website in a summary format as against the disclosure of complete Compounding Order being done so far.
Under SEBI (LODR) Regulations, 2015, listed entities are required to provide remote e-voting facility to all their shareholders. Due to low outcome of voting from shareholders other than public institutional shareholders / retail shareholders, SEBI has come out with a process which will be implemented in a phased manner. Under Phase 1 of the process each DEMAT account holder will be given a single login id and password. DEMAT account holders would be able to cast their vote without having to register again with the E-voting Service Providers, making it easier and more convenient to cast their vote.
Phase 2 of the process will be to enhance the security of e-voting by enabling two-factor authentication such as Email or Mobile based OTP. This will be completed within 12 months of implementation of Phase 1.
Insolvency Resolution Professionals (IRPs) are required to file certain forms listed under Regulation 40B of the IBBI (CIRP Regulations), to initiate the Corporate Insolvency Resolution Process. The Regulation also mentions the timeline within which the filing is to be completed. IBBI has clarified that any delay in filing or any revisions made to the Forms post the due date shall attract a fee of Rs.500 for the time lapse from the due date or 01.10.2020, whichever is later.
Wherever excess fee has been paid on account of technical glitch or double payment, the amount will be refunded.
List of Creditors to be filed with IBBI and displayed on the website
The IBBI (CIRP Regulations) requires IRPs / RPs to verify every claim as on the insolvency commencement date and maintain a list of creditors, with specified details and update it. The list of creditors is to be filed with the Adjudicating Authority and shall also be on display on the website of the corporate debtor.
IBBI has notified vide Circular dated 27.11.2020 that for all ongoing CIRPs as on 13.11.2020 or commencing thereafter, the list of creditors is also required to filed with IBBI which will then be disseminated on their website.
The purpose of this is to improve transparency and enable stakeholders to ascertain the details of their claims at a central platform.
Tax Invoices are required to have an 8 digit HSN code on specified products classifying under various tariff items of Chapter 28, 29, 38 & 39 of CTA (Mainly Chemicals and Plastic items) w.e.f. 01.12.2020.
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.
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