Hi Folks
A couple of days back, I met a senior citizen walking in to an Ayurvedic therapy centre for a body massage. Nothing unusual ? An older body needs it the most ? You will be surprised to know that he was a grand old man, not just a senior citizen. He walked erect with no support, was well attired, did not have dentures or spectacles. He even refused help to cross the road. He threw a challenge at me to guess his age. I put it at 80s but was taken aback when he
proudly declared that he was all of 96 and hoping to score a 100 ! The zest for life, the pride in being independent and his expectation to live a full life struck me. At an age when most people crib about being alive, complain about the pains, brood over the past, moan the lost companion and keep glorifying the good old days, it was refreshing to see a young 96 year old who was looking forward to yet another bright, sunny day. The secret was his positive outlook and hope for tomorrow.
Despite the setbacks we may have had this year, let us welcome 2014 with fresh hope, fresh ideas, thoughts and action plans. Lex team wishes you all a wonderful New Year ahead !
Should you wish to refer to any earlier issues of Lexspeak, do visit our Resource Centre at sharadasc.com.

Warm regards

Restriction on relending by a company / resident entities out of funds borrowed from a person resident outside India has been relaxed. They can now issue tax-free, secured, redeemable, non-convertible bonds in Rupees to persons resident outside India for lending to infrastructure sector and retaining the amount in Fixed Deposits in Indian banks till utilisation for permitted end use.
Income Tax department has revised the documents required for PAN application. For Individuals, AADHAR Card is accepted for proof of Identity & Address as well as a few other documents. Additional requirement is documentary proof for Date of Birth.

For other categories like Association of Persons (Trusts & others), Apostillisation can be done by Authorised Officials of overseas branches of Scheduled Banks registered in India.

Rajiv Gandhi Equity Savings Scheme has been notified to encourage investment of savings of small investors in the domestic capital market. This is an eligible investment under Section 80CCG of the Income Tax Act, 1961.
Customs duty on certain goods imported from the Republic of Singapore has been reduced. The new rates have been notified.
MCA has reiterated the need for avoidance of defective filings of e-forms by professionals (CS/CA/CWA). In this regime of self-regulation, the onus is on professionals to ensure strict compliance with the requirements while uploading e-forms failing which they may be debarred and not allowed to submit any document on the MCA portal in addition to attracting action under the Companies Act, 1956.
MCA, vide its Circular, has clarified that the shares held by a company or power exercisable by it in another company in a ‘fiduciary capacity’ shall not be counted for the purpose of determining the holding-subsidiary relationship in terms of the provision of section 2(87) of the Companies Act, 2013.

This confirms the existing provision under Section 4(3) of the Companies Act, 1956.

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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