Volume 3 Issue No. 31/2011


Volume 3 Issue No. 31 / 2011	Lexspeak	April, 2011

Thought for the day

“Almost overnight, the Internet’s gone
from a technical wonder to a business
must“


	News from the Govt


	MCA

	RBI

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.

International
Commercial Term (Incoterm)

CIP
– Carriage Paid to…….named
place

Meaning

Risk passes to buyer when delivered to
carrier by seller, who pays transportation and
insurance costs to destination. Used for any mode
of transportation.

Statutory Compliance
Chart

April 2011

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

Reminders 10 Apr – Excise Return filing 15 Apr – PF Payment 20 Apr – Professional Tax Payment 20 Apr – VAT Payment 21 Apr – ESIC Payment 25 Apr – PF Return Filling 25 Apr – Service Tax Returns 30 Apr – Remittance of TDS

We must care for each other more, and tax each other less.

Hi All

It is 2011 and Corporate India is still
awaiting passing of the Companies Bill, 2009 !!!!!!

A few changes seem to be trickling in thanks to a
deluge of Circulars and Notifications issued by MCA to
promote e – filing, e – payment, delegation of
powers etc. It even holds promise to incorporate
Companies the Singapore way – one day approval.

RBI’s moves to amend FDI Policy relating to pricing of
convertibles is a step in the right direction. The
country is slowly but surely on the e – highway.

To read the earlier issues and articles Click Here

Sincerely,
Lex Valorem
Team

DIN process
simplified

In
order to speed up the process of getting DIN, MCA
has decided to make it mandatory to apply for DIN
online.This may facilitate getting DIN
in a single day. Effective date yet to be
notified.

Download
Circular >

Companies
Name Availability Rules simplified

MCA has
decided to replace the existing name availability rules with
Companies (Name Availability) Rules, 2011. The new rules would
cast more responsibility on the professionals and reduce
the time taken in the process of getting the name.
Effective
date yet to be notified.

nbsp; Download
Circular >

E-Payment mandatory for MCA
transactions

MCA with a view to improving service
delivery time, has decided to accept payments of value upto
Rs.50,000, for MCA 21 services, only in electronic mode w.e.f
27th March, 2011. Applicants can make both online or physical
challans payment for value more than Rs.50,000 till 1st
October’2011 from which date making online payment will become
compulsory for all kinds of payments.

Download Circular
>

Incorporation
made easy!!!

MCA is set to
reduce the time taken to incorporate a Company to one day by
giving highest priority of ROC approval to Form 1. The other
forms like Form 18 and Form 32 will be processed by the system
online. The same provision is applicable to Foreign company
incorporating a subsidiary in India (Form 44).
Effective date yet to be
notified.

Download
Circular
>

Payment of
commission to non whole time
Directors

MCA has
clarified that no Govt. approval is required to pay commission
to non whole time Directors when the total commission payable
is less than 1% of the net profit of the company if the
company has Managing Director or is less than 3% if the said
Company does not have any Managing
Director.

Download
Circular
>

Delegation of Powers by
MCA

By two
seperate notifications which will come into force from the date
of their publication in the Official Gazette, the Central
Government has delegated some of its powers under the
Companies Act, 1956 to the Regional Directors and the Registrar of
Companies.

Download Notification1>
Download Notification2>

Annual return on Foreign Liabilities and Assets to
replace Part B of form FC-GPR

RBI
in order to get complete statistics of inward and outward remittance
of FDI has replaced FC-GPR part B with Annual return on Foreign
Liabilities and Assets with immediate effect. The return should be
filed before 15th of July every year with Director, Dept. of
Statistics, RBI, Mumbai.

Download Circular
>

Cos Get Price Leeway for Convertibles

RBI
has agreed to amend Foreign Direct Investment (FDI) policy which
will give companies limited flexibility in pricing of convertible
instruments to raise funds overseas. This is set to change the
current policy which requires that the price at which convertible
instrument is to be traded for equity shares should be locked at the
time of issue. This denies the issuer the benefit of getting
better conversion terms if the business does well in future.