Lexspeak
Hi Folks
Cancer we all know, strikes human beings and more often than not is in a ‘stealth mode’ until discovered. Invariably, even after discovery the affected person battles for long – sometimes with the disease and sometimes with the after-effects of the deadly, painful treatments. The approach is to sever the affected part, hoping that the almost invincible disease does not spread its tentacles elsewhere. If it is a human body, perhaps this ‘severing’ works or
even a preventive transplant of the ‘Jolie’ kind. But does this work if the afflicted is a society at large ?
I am referring to the ‘cancer’ of corruption, of impropriety, of adultery, of data fudging, of mismanagement, of fixing, of ponzi schemes, of dubious, vanishing companies, of conflict of interest and more – that has plagued the world at large cutting across sportsmen, sporting events, corporates, corporate honchos, politicians, celebrities, media, government officials, financial institutions, academia and what have you ! ‘Cancer’ in its various forms has left no one untouched, following an ‘inclusive policy’. The obvious victims have been WE THE PEOPLE.
What is the way out then ? Does severing the rotten part of the society help ? Will it arrest further spread ? Or should the malaise be uprooted altogether ? Perhaps both actions are required. Most importantly, what we need is a fundamental change in our thinking, a paradigm shift in our actions leading to a transformation in the way we live. It is a process, not an event. It is time for change in favour of propriety and good governance. You need to figure out how you want to do it.
Government continues to ‘react’ each time through the various legislative and executive actions. You will find them highlighted in every issue of Lexspeak.
To read the earlier issues and articles of Lexspeak Click HereWarm Regards

Effective 20th May, 2013, exports must be realized within 9 months from date of export as against the current 12 month period available. This shorter realization period is until 30th September, 2013. However SEZ units remain unaffected.
Export realization period reduced
Issue of shares to foreign investors against pre-operative / pre-incorporation expenses tweaked. Payment towards such expenses must have been made by the foreign investor directly to the Company or a bank account opened by such investor under FEMA instead of through any third party.
Incremental Export Incentivisation Scheme benefit (notified earlier w.r.t incremental exports in Jan-Mar, 2013 vis a vis Jan-Mar, 2012) is to be applied for in form ANF3F.
 Godown or retail outlet of a Duty Free Shop licensed under section 57 / 58 of the Customs Act deemed to be a warehouse under the Central Excise Rules, 2002.
 Procedure for movement of excisable goods from factory to Warehouse or Duty Free Shops is also notified.
 Excise duty exemption for excisable goods supplied from factories in India to outlets of Duty Free Shops located at International Customs Airports when sold to passengers and aircraft crew arriving from abroad subject to Baggage Rules and other applicable conditions.

Voluntary Compliance Scheme Rules notified in a bid to encourage defaulters of service tax to pay up old dues and comply. At times being a defaulter pays !
To protect the interest of investors and to ensure compliance of the Acts / Rules, now Registrar of Companies may obtain declaration / affidavits from subscribers / first directors during incorporation or later to the effect that company / directors shall not accept deposits in violation of the existing Acts, Rules, directions or regulations. This is an obvious fall out of the vanishing acts of several dubious company promoters !!!!!
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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