The journey may be long, destination unknown and the darkness unfathomable. But light shines. Hope beckons. Not necessarily at the end of the proverbial tunnel. All along the way, there will be flickers to notice, to guide us, to illuminate our path. It is for us to slow down and receive the light, the revelation that is in store for us so that our lives may be enriched.
May this Diwali light up your lives like never before and shower abundant joy and prosperity!
Lexspeak is short and simple this time with most of the regulatory ‘dhamaka’ for the year almost done. Do take time to read the article on One Person Company.
Should you wish to refer to any older issues of Lexspeak, do visit our Resource Centre on sharadasc.com
Lex Valorem Team
The ACU (Asian Clearing Union) Board has decided to include only transactions involving export/import of goods and services among ACU countries as eligible for payment under the ACU Mechanism. Eligible payments status has been withdrawn for transactions involving resident in the territory of one participant to a resident in the territory of another participant, current international transactions.
Taxable services provided by canteens maintained in a factory covered under the Factories Act, 1948 having the facility of air-conditioning during the year are now exempted from the payment of service tax.
The Govt of Karnataka has announced a Karasamadhana Scheme, 2013 which incentivises dealers with arrears of KST and CST upto the AY 31.03.2005 to make full payment on or before 31.12.2013. They shall be entitled to part waiver of arrears of penalty and interest subject to certain terms and conditions.
SEBI has issued simplified guidelines easing the limit for transmission of securities (transfer from deceased holder account) by listed companies
For demat secuirites limit has been raised from Rs. 1,00,000 to Rs. 5,00,000 per beneficiary account.
For physically held securities in single name the threshold limit is upto Rs. 2,00,000 per Issuer Company
Aadhaar of UIDAI which is already an officially valid document under the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 can now be used for purposes of e-KYC. This is intended to reduce risk, fraud, documentary forgery and have paperless verification. Operational instructions to be followed by PSOs (Payment system Operators) are issued by RBI.
Entrepreneurs have a reason to smile with the introduction of the novel idea of ‘One Person Company’ (OPC) which is to take effect in due course. There are several merits involved in opting for OPC which is sure to give a boost to the startup eco-system. In this issue we carry a detailed procedural note on setting up of OPC under the Companies Act, 2013.
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.