12th January was celebrated as National Youth Day to commemorate the 150th Birth Anniversary of Swami Vivekananda. He is known for his inspirational talks and writings that are relevant even today, having transcended the realms of time. To quote “We are what our thoughts have made us; so take care about what you think. Words are secondary. Thoughts live; they travel far.” Need we say more ?
Yes, travel down this newsletter and the earlier issues to stay informed, to think and to reflect.
To read the earlier issues and articles Click HereSincerely
Lex Valorem Team
Compounding of Contraventions under FEMA, 1999
RBI has published an updated master circular on compounding of Contraventions under FEMA, 1999 by consolidating all the recent amendments thereto. This master circular is valid till 30th June, 2012.
External Commercial Borrowings (ECB)
Updated Master Circular consolidates all the amendments regarding ECB. This master circular is valid till 30th June, 2012.
AD Category 1 Banks have been authorized to cancel the LRN (Loan Request Number) and also to permit change in end use of the proceeds of ECB subject to certain conditions. This was hitherto being done by Department of Statistics and Information Management (DSIM).
Re-credit of 4% CVD (SAD) amount in DEPB scheme which was available up to 15th September, 2011 has now been extended up to 31st March, 2012.
Both Company Secretaries (CS) and Cost and Work Accountants (CWA) Acts have been amended to enable the members of the respective institutes to come together and form their own LLP.
Honorable Supreme Court has ruled the multibillion tax case in favour of Vodafone and held that Section 195 of the Income Tax Act, 1961 (withholding tax), would apply only if payments are made from a resident to another non-resident and not between two nonresidents situated outside India. This was in relation to the purchase of shares of CGP Investments (Holdings) Ltd a resident company of Cayman Islands by Vodafone International Holdings BV, a company resident in Netherland.
Mr. Vivek Hegde, Practicing Company Secretary analyses the Amendments made to the Unlisted Public Companies (Preferential Allotment) Rules, 2003.
“Whats in a name? That which we call a rose by any other name would smell as sweet”. But it is not so if you are incorporating a Company in India. Read this issue of Entrepreneurs World to know more about choosing a proper name for your Company
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.