| lexspeak |
| Hi Folks |
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The best thing one can do when it’s raining is to let it rain !!
This must be the policy of the Indian Government – allow the coalition partners to rein in blows, allow the economy to slip, allow inflation to zoom, allow markets to dampen, allow everyone but the leader to speak, follow the 3 monkeys-principle – NO SEE, NO HEAR, NO SPEAK !!! In short do everything to let the opportunities ebb away ……… |
| Unfortunately our own State Govt. (Karnataka) has fared no better. Tall claims were made at the recently concluded GIM (Global Investors Meet) but as professionals, we know the real truth – getting simple business registrations is more time consuming and frustrating than doing cross-border deals !!
Things can get worse, can get better but as Lexspeak crosses the 60th issue mark, we pledge to continue with our bit towards knowledge sharing. Well, isn’t the monsoon banner of this issue refreshing, rejuvenating and reassuring amidst all the hovering dark clouds ?? |
| To read the earlier issues and articles Click Here
Sincerely
Lex Valorem Team |
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| Effective from 1st June, 2012, auto generated email containing the UIN (Unique Identification Number) details shall be treated as confirmation of allotment of UIN w.r.t. online reporting of ODI (Overseas Direct Investment) under Automatic Route. |
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| To bring uniformity across the banking system, RBI has abolished levy of foreclosure charges / pre-payment penalties by banks on home loans on floating interest rate basis, with immediate effect. |
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Manual mode of obtaining and submitting Bank Realisation Certificate (BRC) has been done away with, with the introduction of e-BRC system by DGFT (Directorate General of Foreign
Trade ). Submission of physical copy of BRC is not mandatory from 5th July, 2012. |
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| DGFT has notified updated Foreign Trade Policy 2009-2014 incorporating the Annual Supplement. This is effective from 5th June 2012 and contains updates upto that date. |
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| Time limit for filing of Annual Return (Form 11) by Limited Liability Partnership (LLP) has been extended from 60 days to 90 days w.r.t. Financial Year ending 31st March, 2012. |
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| MCA (Ministry of Corporate Affairs) has notified the LLP Amendment Rules effective from 11th June, 2012, wherein certain procedural changes relating to consent of partners, LLP name etc. are covered. It has also substituted new LLP forms consequent to integration of LLP website with MCA website. |
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| Effective from 11th June, 2012, new DIN 1 form has been introduced via said rules which provides for declaring the residential status of a director – Resident or Non-resident. |
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