Volume 2 Issue No. 24 / 2010 Lexspeak   November – 2010
Thought for the day
Continuity gives us roots; change gives us branches, letting us stretch and grow and reach new heights.
~ Pauline R. Kezer
News from the Govt

MCA

RBI

Others
Articles

Merchanting Trade
INCOTERMS 2000

   International Commercial Terms


The Incoterms® rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.



EXW

Ex Works ……… Named Place


Meaning


Risk and expenses are borne by the buyer, including payment of all transportation and insurance costs from the seller’s door. EXW is used for any mode of transportation.

Statutory Compliance Chart


December 2010

S

M

T

W

T

F

S

1

2

3

4

5

6

7

8
9
10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

Reminders

05 Dec – ServiceTax Payment
– Monthly
07 Dec – TDS/TCS Payment

10 Dec – Excise Return

– Monthly

15 Dec – PF Monthly Payment

15 Dec
Advance Tax
Payment

20 Dec – PT Payment

20 Dec – VAT Payment
21 Dec – ESIC Payment

25 Dec – PF Return
– Monthly


Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

Hello All,

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.


Download Notification 1



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.


Download Notification



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.


Download Circular 1/2003



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.


Download Circular


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.


Download Article


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.


Download Article


For FAQs on PF provisions for International Workers             …

Read More


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


Read More

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
Lexx Valorem India Pvt. Ltd.
#405, 7th Cross, IV Block, Koramangala, Bangalore –
560 034

sharadasc.com
Phone : +91 80 25534374 , +91
80 25536618 Email:

[email protected]