Lexspeak Hello… Last week saw the celebration of International Women´s Day on March 8th. Role of women today than ever before is being celebrated and encouraged all the more across society, across geographies, across economies. The world is perceiving the benefits in gender diversity and rightly so. Incidentally this issue of Lexspeak is an “all-woman production” including the guest article on Chart of Accounts, in our Entrepreneur´s World series. As Diane Mariechild said “A woman is the full circle. Within her is the power to create, nurture and transform” and she does it all the time. What better example than our ´Mother Earth´ ! This issue is a ´light-read´ while the next one promises to be a loaded one with the Union Budget round the corner. To read the earlier issues and articles Click HereSincerely Lex Valorem Team With immediate effect ECB (External Commercial Borrowings) scheme is modified to permit NMIZ developers to avail ECB under approval route available for infrastructure development. Transfer of assets of Liaison Offices (LO) / Branch Offices (BO) to subsidiaries or other LO / BO or any other entity is permitted only with a specific approval of the Central Office of the Foreign Exchange Department of RBI. LRS has been modified to include minors provided the relevant form is countersigned by their guardians. RBI has also clarified that objects of art can be purchased by resident individuals under the said scheme. Companies / LLPs who have one of their objects as “carrying on a Business of Banking, Insurance or profession of Chartered Accountancy, Cost Accountancy, Company Secretary or Architecture” shall be incorporated only on production of in-principle approval /NOC from the concerned regulators / professional institute. Exports proceeds against specific exports to Iran realized in Indian rupees are permitted to avail exports benefits / incentives under Foreign Trade Policy. Online issue of Form E-I ,E-II, Form H and Form F under the CST Act has been enabled by the Commercial Tax Department of Karnataka with effect from 1st March 2012 . This issue of EW explains the importance of “Chart of Accounts” with some practical examples. We thank our associate Ms. Ketoki Basu, Founder, FinEx Solutions for her contribution.

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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