India is a land of several ‘Cs’ – contradictions, complexities, comparisons, creativity, chaos, corruption , the last of which is being talked about far too much than the others of late. This fortnight, we enjoyed ‘Dussehra’, the 10 day long festival being celebrated with traditional gaiety and fervor across the country even as we know millions of Bond fans are eagerly waiting for ‘SkyFall’ to release. While both ensure excellent entertainment in their own
way – the message is loud and clear – victory of good over evil. For a change, let us move away from the topic of corruption and governance and focus on creativity.
This being the golden jubilee year of the Bond films, one of our professional associates, a die-hard Bond fan has beautifully chronicled the Bond Legend in the form of an interesting article that is carried in the Entrepreneur’s World. So passionate is he about the Bond movies that he has dedicated the piece ‘Bond and Business’ to the charms of Mr. Bond and allowed his imagination to run far and wide. Who says Company Secretaries are not a creative lot? The power of imagination and creativity has no boundaries, unless we deliberately shackle them.
Bond is empowered with his ubiquitous 007 and you with the power of information, with the power of knowledge that never dies!
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Lex Valorem Team
The due date for filing Financial Statements in XBRL mode is extended without any additional fee upto 15th December, 2012 or within 30 days from the date of AGM of the Company whichever is later.
Financial Statements filed with ROC in XBRL mode if found inaccurate or inadequately representing the true and fair position of the Company, professionals such as CA/CS/CWA who duly certify the e-forms shall be penalized.
Service Tax Return for April – June, 2012 Quarter is now extended from 25th October, 2012 to 25thNovember, 2012.
Authorized dealers are permitted to sell foreign exchange to units in Domestic Tariff Areas (DTA) for making payment in foreign exchange for the services rendered by units in Special Economic Zones (SEZ) to a DTA unit. Hitherto, such payment in foreign exchange by the DTA unit was permitted for purchase of goods from a SEZ unit.
A software exporter whose annual turnover is atleast Rs.1000 crore or who annually files atleast 600 SOFTEX forms will be eligible to submit a statement in excel format as part of the revised SOFTEX filing procedure.
Director General of Foreign Trade (DGFT) has issued guidelines for Banks, Exporters and DGFT offices for issue and treatment of electronic Bank Realisation Certificates (e-BRCs), with specific provision for Banks to convert all manual BRCs into electronic mode for the financial year 2012-13 and onwards. Ministry of Commerce has been a pioneer in adapting to the electronic system and this is yet another positive step towards e-governance.
A light-hearted article about doing business the James Bond way. Penned by Mr. K. Jayachandran, Practising Company Secretary who thoroughly enjoys Bond movies and pays his tribute to the tinsel town hero whose heroics never seem to lose their sheen over the past 50 years.
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.