lexspeak Hi Folks Leaders are of several hues and come in an array of shapes and sizes, ideas and imaginations, attitudes and aptitudes,inspirations and innovations, aspirations and actions, competencies and conflicts, expectations and eccentricities……. They could be a servant leader, an authoritative leader, an influential leader, an inspiring leader, a born leader, a made leader or the reluctant leader. However a leader who can transform people subtly through his influence is the one to stay. He needs to have the “Butterfly Effect” to impact his people, organization and society. It is said ‘a butterfly could flap its wings and set molecules in motion, which would move other molecules of air, in turn moving more molecules of air – eventually capable of starting a hurricane on the other side of the planet’. Who would think an ugly, creepy, slimy caterpillar would turn into a breathtakingly beautiful, brilliant butterfly with such immense potential as to challenge the forces of nature and turn its fury on ! If a delicate butterfly can why can’t we ? I think each one of us has a leader hidden in us. We need to unhide, unravel and unleash the “IL” (“Influential Leader”( in us by deploying the “BE'”(Butterfly Effect) in our own spheres of life. The new enactments, bills, notifications, circulars etc. issued from time to time undoubtedly have this Butterfly Effect on all of us. You cannot afford to be unaware. To read the earlier issues and articles of Lexspeak Click Here Warm regards A new Real Estate (Regulation and Development) Bill, 2013 has been approved by the Union Cabinet. Amongst other things, the bill contains provisions relating to registration of real estate agents, definitions of ‘apartment’, ‘common areas’, ‘carpet area’, ‘advertisement’, ‘real estate project’, ‘prospectus’ etc., establishment of a Real Estate Regulatory Authority and mandatory registration of projects. For redressal purposes, the bill envisages a mechanism independent of the Civil Courts and the Consumer forums. It may be noted that this bill deals only with residential real estate. Under the new provisions, Specific Performance (which was hitherto unavailable) can now be enforced. The Bill essentially seeks to regulate and harmonize industry practices thereby restoring confidence of the general public in the real estate sector. The recently enacted Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“the Act”) embodies various facets relating to Sexual Harassment including definition of employer, workplace, sexual harassment, duties of an employer, complaints redressal mechanism etc. Article gives an overview of the key aspects of the Act.

Effective April 5, 2013, a Group Company under the Consolidated Foreign Direct Investment (FDI) Policy has been defined in relation to Voting Rights (26%) and Board Composition (50%).

The Government of Himachal Pradesh has given its consent for FDI in Multi Brand Retail Trading (MBRT). It becomes the 11th Indian State to permit FDI in MBRT.

IT Amendment Rules have been notified requiring deduction and payment of 1% TDS on consideration exceeding Rs. 50 lakhs paid by buyers to resident sellers of immoveable property. Rules prescribe electronic payment of the TDS amount by 7th of succeeding month in Form 26QAB in terms of Section 194IA of the Income Tax Act, 1961. Deductor must issue TDS certificate within 15 days of such payment.

Originally, goods which were imported against payment in freely convertible currency were allowed to be exported against payment in freely convertible currency. Through this amendment, export of such goods to notified countries can also be made against payment in INR (Indian Rupees) as long as a minimum of 15% value addition is made.

Iran is one such notified country

Starting July 1, 2013, applications for obtaining a Registration Certificate (RC) for export of commodities like cotton, cotton yarn, non-basmati rice, wheat and sugar will mandatorily have to be made online at www.dgft.gov.in.

The Directorate General of Foreign Trade (DGFT) has clarified that deemed export benefits are not available for supplies to Non-Mega Power Projects and also that if supplies are not under International Competitive Bidding (ICB), they are eligible for refund of Terminal Excise Duty (TED).

As a risk mitigation measure, the Reserve Bank of India has directed the banks to subject all title deeds and related documents to periodic legal audit where such deeds and documents relate to credit exposures of Rs.5 crore and above. Banks are also mandated to report such audit to their respective Boards on a quarterly basis.

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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