lexspeak
Hi All
We are at the threshold of 2011…..looking back even as we look ahead into 2012. For a change, let us not focus on inflation, protests, figures, economy, corruption, governance, taxes et al.

Read, reflect and rejuvenate yourself with this short speech by Bryan Dyson, former CEO for Coca Cola.

“Imagine life as a game in which you are juggling some five balls in the air. They are Work, Family, Health, Friends and Spirit and you’re keeping all of these in the air.
You will soon understand that work is a rubber ball. If you drop it, it will bounce back. But the other four Balls – Family, Health, Friends and Spirit – are made of glass. If you drop one of these; they will be irrevocably scuffed, marked, nicked, damaged or even shattered. They will never be the same. You must understand that and strive for it.”
May all of you play ‘winning games’ in 2012 !! Wishing you a year long of happiness, prosperity, peace and optimism !!!

To read the earlier issues and articles Click HereSincerely
Lex Valorem Team

Contraventions of FEMA involving (i) delay in reporting of inward remittance, (ii) delay in filing of form FC-GPR after allotment of shares and (iii) delay in issue of shares beyond 180 days can now be compounded in the regional offices of RBI subject to some conditions.
Effective 19th December, 2011 Micro Finance Institutions (MFIs) and Non Governmental Organisations (NGOs) are permitted to raise External Commercial Borrowings upto USD 10 million or its equivalent in a financial year for financing the lending to self-help groups or for micro-credit or for other bonafide micro finance activity.
Effective from 22nd December, 2011 transaction limit cap of Rs. 50,000 per mobile banking transaction per day for a customer has been removed and the banks have been allowed to decide their transaction cap based on their own risk perception with the approval of their Board.
RRBs are free to determine their interest rates on both savings deposits and term deposits of maturity of one year and above under Non-Resident (External) Rupee (NRE) Deposit accounts and savings deposits under Ordinary Non-Resident (NRO) Accounts with immediate effect subject to the prior approval of the Board/Asset Liability Management Committee.
Companies can take advantage of CLSS, 2011 to file their preceding years’ Annual Returns and Annual Accounts (from FY 2006-07 onwards) up to 15th January, 2012. All the other terms and conditions will remain same.
Time for filing form DIN-4 by DIN holders for furnishing PAN and to update PAN details has been extended up to 29th January, 2012.
MCA has eased the mandatory provision of holding general meeting via video conferencing facility by making it optional for the listed companies for the FY 2012-13 onwards.

As per the earlier circular holding such meetings by listed companies via video conferencing was made mandatory from FY 2012-13.

Service Tax paid by the exporters on specified services used for export of goods will be refunded to such tax payer in e – mode on the basis of “Schedule of Rate” if they opt for such facility. The other option is to claim refund on the basis of documents. Electronic STR requires registration with ICES System.
This article contains a few pointers to differences between the 2 forms of organization i.e., Company and LLP which are relevant for entrepreneurs to decide depending on their line of business activity, operational flexibility, funding needs, kind of market they are catering to etc.
Note: The contents of this Newsletter 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.

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