Volume 3 Issue No. 34 / 2011 Lexspeak May, 2011

Thought for the day
” The secret
of success is to know something nobody else knows. ”

News from the
Govt

MCA
RBI

Article

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)
DEQ
Delivered Ex Quay
Meaning
Risk passes to buyer when delivered on board
the ship at the destination point by the seller, who
delivers goods on dock at destination point cleared for
import. Used for sea or inland waterway
transportation.

Statutory Compliance
Chart
May 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 31

Reminders
05 May
– Service Tax     Payment
05
May – Excise Duty Payment
07 May –
TDS/TCS Payment
10 May – Excise Returns
Monthly
15 May – PF Payment
15 May – TDS –
Quarterly Return 15 May –
Income Tax Annual
Salary Return
20 May
– Professional Tax

Payment
20 May – VAT Payment
21 May –
ESIC Payment
30 May – Issue Form 16A

ForQ4     (IT)
31 May –
Luxury Tax Annual

Return
31 May – Issue of Form16 to

employees

Next to being shot at and missed,
nothing is quite as satisfying as an income tax refund.

Hi All
RBI and MCA seem to be in a neck-to-neck race in
constantly issuing notifications/ circulars/ regulations all
with an objective of simplifying/ liberalizing the existing
regulatory scenario in the country. This issue of Lexspeak
carries most of them that have been issued during the
fortnight.
An article on the Charter documents of a
Company and certain practices followed by ROCs at the time of
registration of a Company makes interesting reading. You can
find all the earlier issues of Lexspeak under Resource Centre
in our website sharadasc.com

To
read the earlier issues and articles Click Here

Sincerely
Lex Valorem Team

Annual Report of the Company in Electronic
mode
MCA has authorised
Companies to issue the Balance Sheet, Profit and Loss Account,
Directors Report, Auditors Report etc to their members in
electronic mode subject to certain prior requirements w.e.f
29th April, 2011.
Download Circular
>
Changes in e-forms by MCA
MCA has effected
certain changes in e-form 2, 3, 18, 23C, 24A and 32 through
Companies (Central Government’s) General Rules and Forms
(Amendment) Rules, 2011 w.e.f. 1st May, 2011.
Download
Notification >
Marking a Company as “having management dispute”
by ROC under MCA-21 system
MCA has authorised
ROC to mark the status of a Company as “having management
dispute” on the basis of complaints received in his office.
Any forms filled with ROC by the Companies with such status
will not be approved till the status is changed to
“Active”.
Download
Circular >
Authorised agencies for electronic voting
MCA recognises
voting by members in electronic mode. In order to make the
process secure and accurate only agencies authorised by MCA
for this purpose must be used.
Download
Circular >
Opening of Escrow Accounts for FDI
transactions
RBI has permitted
AD Category – I banks to open and maintain Escrow Accounts in
India without its prior approval on behalf of residents and/or
non-residents towards payment of share purchase consideration
as part of FDI transactions subject to certain terms and
conditions. Similarly SEBI authorised Depository Participants
have been authorised to open Escrow Accounts in case of
securities’ accounts.
Download
Circular >
Pledge of shares for business purposes
RBI has been
decided to delegate powers to the AD Category – I banks to
allow pledge of shares of an Indian company held by
non-resident investor/s in accordance with the FDI policy with
some conditions.
Download
Circular >
The Foreign Contribution (Regulation) Act, 2010
introduced
The Government of
India has brought into force The Foreign Contribution
(Regulation) Act, 2010 to consolidate the law regulating the
acceptance and utilization of foreign contributions in
India.
Download
Notification >
Approval for FDI in Limited Liability
Partnership firms
The Cabinet
Committee on Economic Affairs has approved to amend the policy
on allowing Foreign Direct Investment (FDI) in Limited
Liability Partnership (LLP) firms subject to certain
conditions.
Download
Press Release >
 Article
Charter Documents of a Company
Ms. Jayashri Murali, Advocate analyses the
provisions of section 26 and 27 of the Companies Act,
1956 in relation to incorporation of a Company.
Download
Article >
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