All,Every day is a gift to be opened, to be enjoyed, to be celebrated and to be shared. There can be no better thing to share than sharing knowledge which multiplies when shared and diminishes when concealed.Apart from the complete details about the Easy Exit Scheme (ESS2010) announced by the Ministry of Corporate Affairs, this issue includes two simple, easy-to-understand articles on Visas for Foreign Nationals and Surrogacy in India. We are sure you will find them interesting.We thank some of our keen readers who had pointed out certain errors in the due dates listed in our Statutory Compliance Chart for May, 2010 carried in our previous issue. We regret the errors and assure better vigilance internally.
Easy Exit Scheme, 2010
Defunct / inoperative Companies that want a quick legal, exit route can breathe easy now. Ministry of Corporate Affairs has introduced the ESS, 2010 which shall be open from 30th May, 2010 to 31st August, 2010. This is intended to enable defunct companies to get their names struck off from the Register of Companies expeditiously.
India Investor Week
Ministry of Corporate Affairs is organizing Investor Awareness Programmes pan India during the current financial year with the support of the three professional institutes, trade bodies and national stock exchanges.
Classification of rice parboiling machinery
CBEC has examined the issue of classification of rice parboiling machinery under two different tariff headings 8419 and 8437 and clarified the correct tariff heading applicable. This is likely to be of interest to our clients from the rice milling industry as also to other professionals.
Filing of Excise Returns electronically
The Central Excise Rules, 2002 have been amended w.e.f. 1st June, 2010 to provide for assesses with more than Rs. 10 lacs of duty payment in the preceding financial year to file returns / annual information statements electronically.
Note on Visa Regulations
This article is limited to the types of Indian Visas issued for work related purposes being Employment Visa and Business Visa.
Overview of Surrogacy in India
Due to the absence of a specific legislation for surrogacy, the intended parents being the couple seeking surrogacy and the surrogate normally proceed with the surrogacy on an oral agreement/understanding which invariably leads to various legal and other complications. This article highlights a few such issues and suggests legally binding agreements to overcome the same.
Note: The contents
of this News Letter 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. Lex Valorem disclaims all
liability on action taken without professional advice