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Stamp duty on increased authorized share capital optional in Delhi |
Following a Delhi High Court judgment, stamp duty on “Increased Authorised Capital” has been made optional for companies in Delhi and accordingly e-Form 5 has been revised w.e.f. 25th September, 2011. |
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Time bound action by ROC |
Companies (Amendment) Regulations, 2011, effective from 25th September, 2011, provides for time bound action (within 60 days of filing) by Registrar of Companies (ROC). |
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Filing by Defaulting Companies |
Effective date for earlier Circular No.63/2011 enabling filing of certain forms by defaulting Companies has been shifted from 18th September, 2011 to 25th September, 2011 |
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Term “debt” to be replaced with “ECB liability” |
A new RBI Circular replaces the term ‘debt’ in the debt-equity ratio with ‘ECB liability’ w.r.t. ECB from foreign equity holders. It also contains specific guidelines on ECB under approval route. |
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ECB limit enhanced |
As a boost to the infrastructure sector, RBI has enhanced the ECB limit to USD 750 million from the present limit of USD 500 million per financial year even while permitting such funds for payment of interest during construction. Specified service sector also would benefit with the increased limit of ECB from USD 100 million to USD 200 million. |
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Bridge Finance for infrastructure sector |
Indian infrastructure companies are allowed to avail short term credit (including buyers’ / suppliers’ credit) in the nature of ‘Bridge Finance’ under the approval route to import capital goods subject to certain conditions. |
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Infrastructure companies can utilize ECB for repayment of rupee loan |
End use of ECB has been liberalised w.r.t. Indian infrastructure companies. They can now utilize 25% of the fresh ECB towards refinancing of the rupee loan availed from the domestic banks subject to certain conditions, under the approval route. |
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