International Commercial Terms

With this 24th issue, Lexspeak turns ONE !! As we step into our 2nd year, we pledge to continue, to change and to grow even while retaining the basic essence of this newsletter which is knowledge sharing. The measure of our success is the value we add to you.

Change, however small it may be, infuses freshness and draws attention. This issue onwards we shall carry the
‘International Commercial Terms (INCOTERMS)’ in place of
‘Legal maxim’. It is an attempt to familiarize all of us with the trade terms that are used so regularly in domestic and international trade to minimize
/ remove the ambiguity arising from different interpretations of such terms in different countries. Published by International Chamber of Commerce (ICC), INCOTERMS are a series of trade terms that are accepted by governments, practitioners, businessmen, legal authorities etc. globally. The current version of INCOTERMS 2000 consists of 13 terms and is set to change w.e.f January 1, 2011 when INCOTERMS 2010 becomes applicable.

Along with other updates / changes from various government quarters, do read the article on
‘Merchanting Trade’ contributed by Student Company Secretaries.

To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team

Revised ROC E-Forms w.e.f 5th December, 2010
MCA has notified changes to DIN1, DIN3, Form 1 and Form 32 requiring certain declarations / affirmations by Promoters / Directors of Companies.
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Download Notification 1
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Download Notification 2

MCA to increase additional fee from 5th December, 2010
Delay in ROC filing is set to cost us dearly. Delay of upto 30 days to 90+ days entails additional filing fee of 2 times to 9 times the normal filing fee w.e.f 5th December, 2010 as against the current structure of 2 times to 10 times additional fee for delays of upto 30 days to 720+ days. Both the fee structures are tabulated for reference.
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Download Table

Revised filing of Annual Accounts with ROC subject to certain conditions
ROCs told to keep a watch on repeat filings of annual accounts which will not be accepted except in accordance with provisions of section 220 read with Ministry’s General Circular 1/2003.
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Download Circular 1/2003
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Download Circular 5/2010

Export related receipts facilitated by Online Payment Gateways
RBI has reviewed the service model provided by Online Payment Gateway Service Providers (OPGSPs) to exporters which allows them to retain the export proceeds abroad without repatriation resulting in violation of the provisions of FEMA, 1999. RBI has issued certain guidelines to regulate the same including mandatory opening of Liaison office by the OPGSPs.
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Environmental Accounting & Reporting set to become mandatory
As part of CSR Guidelines, the Government will make it mandatory for Companies to report measures taken to prevent environmental damage. ICAI is working on a comprehensive Accounting Standard for environmental reporting and the Government is all set to make it mandatory by the end of Financial Year 2011.
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Provident Fund for EXPATs not before retirement at 58 years
EXPAT workers can now withdraw the amount in Provident Fund account only after retirement at the age of 58 years subject to some exceptions. If an EXPAT completes his employment before attaining such retirement age then the money in his Provident Fund account will be held up till he attains the age of 58 years in a bank account which will be maintained in India. This provision will not be applicable to international workers from countries that have signed social security or totalisation agreements with India.
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For FAQs on PF provisions for International Workers             …

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Merchanting Trade simplified
Student Company Secretaries have penned an article demystifying Merchanting Trade and explaining the applicability of FEMA provisions to the same.
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