Volume 3 Issue No. 38 / 2011 Lexspeak July, 2011

Thought for the day
Words have meaning and names have

News from the



International Commercial

The Incoterms rules are the International
Chamber of Commerce (ICC) rules for the use of domestic
and international trade terms.
International Commercial
Term (Incoterm)
DAT – Delivered at
The Seller delivers the goods cleared for
import to the Buyer at destination. The Seller bears all
costs and risks of moving the goods to destination,
including the payment of Customs duties and

July 2011

31 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

05 July – Service
05 July – Excise Duty Payment 07 July –
TDS/TCS Payment
10 July – Excise

15 July – PF Payment
15 July – TDS Quarterly
Return 20 July – VAT Payment
20 July – PT

21 July – E.S.I.C Payment
25 July – PF
30 July – Form 16A

31 July – Filing of IT Return*
*For non corporate assessees without tax

Few   of  us
ever  test   our powers of deduction,
except  when filling out an income tax

Hi All

“What’s in a name?
that which we call a rose by any other name would smell as
sweet”…. So said the Bard of Avon but the Babus
(Government Officials) at MCA think otherwise ! So do
entrepreneurs who want a unique name for their ventures – one
that is catchy, unique, professional and can be branded well.
While they spend hours to days zeroing in the ‘right name’ to
christen their ‘yet-to-be-born-babies’, they would do well to
be aware that the Government has prescribed detailed
guidelines regarding name availability for Companies and LLPs.
The onus is now on certifying professionals to justify to the
ROC why the name must be allowed. Not only that, on the
pretext of automatic approvals, professionals are called upon
to do the Babu’s job of scrutiny and clearance, sans
their salaries !!!.

This issue of Lexspeak carries the
MCA circular about name availability as well as select Master
Circulars issued by RBI on several matters that serve as a
one-point reference document. There is enough content in this
issue to read and understand until we are back with the next
issue by month end.

To read the earlier issues and
articles Click Here

Lex Valorem

Master Circulars
from RBI
Reserve Bank of
India (RBI) has issued the much awaited Master Circulars on
various subjects effective from the 1st day of July, 2011.
Topics covered are Foreign Investment in India, Overseas
Direct Investment, External Commercial Borrowing and lots
more. Some of the relevant circulars are listed below with
1.Master Circular on Foreign
Investment in India
2.Master Circular on
Establishment of Liaison / Branch / Project Offices in India
by Foreign Entities
3.Master Circular on Direct
Investment by Residents in Joint Venture (JV) / Wholly Owned
Subsidiary (WOS) Abroad
4.Master Circular on External
Commercial Borrowings and Trade Credits
5.Master Circular on Export
of Goods and Services
6.Master Circular on Import
of Goods and Services
7.Master Circular on
Compounding of Contraventions under FEMA, 1999
8.Master Circular on
Acquisition and Transfer of Immovable Property in India by
NRIs/PIOs/Foreign Nationals of Non-Indian Origin
9.Master Circular on
Remittance Facilities for Non-Resident Indians / Persons of
Indian Origin / Foreign Nationals
New Name
Availability Guidelines
MCA has issued
consolidated and extensive guidelines for reserving names by
Companies and LLPs. Superceding all previous circulars, these
‘Name Availability Guidelines, 2011’ are likely to be
implemented from 24th July, 2011
Circular >
Integration of DIN
with DPIN
MCA has integrated
the Director’s Identification Number (DIN) issued under
Companies Act, 1956 with Designated Partnership Identification
Number (DPIN) issued under Limited Liability Partnership (LLP)
Act, 2008 with effect from 9.7.2011. Henceforth only DIN will
be issued and such DIN will hold good for both Company and
LLP. Persons having both DIN and DPIN should use DIN as their
DPIN & DIN, and the DPIN will stand cancelled. Persons
having DPIN can use the same as DIN also.
Circular >
Filing of Balance
Sheet and Profit & Loss Account in XBRL
MCA has clarified
that Phase – I of XBRL filing will be applicable only to those
companies which have the closing date of the financial
statements as on or after 31.03.2011 and also that the
statutory auditors must certify the financial statement in the
XBRL mode.
Circular >
Lex 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]