lexspeak
Hi Folks
Elections and Cricket have gripped the nation over the last couple of months. If BJP and NaMo have emerged victors routing everyone else that came in their way, we need to wait and watch which IPL team will be crowned King on 1st June as the ‘sportainment’ comes to an end. Enough and more has been said and written about Modi and his leadership qualities. I am not competent to add
anything new other than what is floating around. But yes, I can share something about ‘ENDURANCE’ which is a sine qua non for anyone who wishes to excel, be it in sports, be it in politics, be it in academics, be it in profession or be it in life.
Rajasthan Royals has given its best shot this IPL season with a bunch of fresh, new talent. One of their stars is Karun Nair, a 22 year old lad from Namma Bengaluru. His commendable performance on the ground is due to his sheer hard work, dedication and cool attitude. But what sets him apart is his legendary quality of ENDURANCE. When he was about 11 years old, Unni (as Karun is fondly known) went late one day to his cricket practice. His coach, a strict disciplinarian asked him to run until instructions to stop. So the boy kept running, mindless of the time. When his father went to pick him, he was surprised to find that Unni was nowhere at the practice nets. Concerned he asked the coach. Only then, did the coach realize that he had instructed the boy to run but had forgotten to ask him to stop. Any guess how long that was ? More than 2 hours !! The little boy stopped only after the coach called out to him. There was no complaint, no regret, no anger. Unni is endowed with a tremendous capacity of endurance. No wonder he is one of the emerging stars in the crowded cricket scene today. I am privy to this incident because my boys practice with Karun Nair and are childhood buddies.
We as professionals need tons of endurance and fortitude to face the challenges thrown at us by the still evolving new Companies Act. Add to that the likelihood of having to cope with GST, DTC and a whole lot of changes that is expected from the new Government in India. To help you keep abreast with the ongoing changes, Lexspeak brings to you updates every fortnight, spiced with tidbits about life and other trivia.
Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards

PAN is not mandatory for foreign nationals at the time of filing the Incorporation form (INC7). It is mandatory only for such foreign nationals who are required to possess “PAN” in terms of provisions of the Income Tax Act, 1961 on the date of application for incorporation.
As per Companies Act, 2013 application for Reservation of Name is valid for a period of 60 days from the date of application. It is clarified that names reserved as on 31st March, 2014 will get another 15 days extension from 23.05.2014, the date of notification.
MCA has notified that the powers of the Central Government referred to in certain sections relating to revocation of S.8 licence, shifting of registered office from one state to another, rectification of Company name, rectification of register of charges, removal of auditor etc. has been delegated to the Regional Directors (RD). This will take effect upon gazette notification.

Similarly its powers to allot Director Identification Numbers (DIN) have been delegated to the RD’s office in Noida.


Power to decide if name of a company is undesirable, power to grant S.8 licence (S.25 of old Act) or permit alteration in MOA, or approve name change now lies with the Registrar of Companies (ROC), in terms of delegated powers.
As part of rationalizing the existing procedure of filing of form FCTRS in case of acquisition of shares on a stock exchange by non-residents, RBI now requires investee company to file the form instead of the transferor or transferee residing in India, as was the case earlier. AD Bank will continue to seek approval of the regional office of RBI in cases of delay of submission by the investee company of FCTRS beyond the stipulated 60 days period.
Exporters with minimum 3 years satisfactory track record are allowed to receive long term export advance up to a maximum tenor of 10 years subject to certain conditions. Also AD Category – I banks are permitted to issue Bank Guaranty(BG)/Stand by Letter of Credit (SBLC) for export performance subject to the guidelines prescribed by RBI.

RBI has delegated approval powers under the automatic route to Authorised Dealer Banks (AD Banks) in respect of proposals by Companies to raise External Commercial Borrowings (ECB) from direct/indirect equity holders and Group Company belonging to miscellaneous services, manufacturing, infrastructure, hotels, hospitals etc. Other aspects of ECB policy shall remain unchanged.
Limited Liability Partnership (LLP), registered under the LLP Act, 2008 is recognized as an Indian Party under Foreign Exchange Management Act (FEMA) to invest in a Joint Venture / Wholly Owned Subsidiary abroad.
Application for allotment of Permanent Account Number (PAN) in forms 49A and 49AA have been modified.
Central Board of Excise and Customs (CBEC) has clarified that par-boiling machinery and dryer are self-contained machines which are designed to be installed independently. As such they are to be classified under CETH8419 and not CETH 8437, which attracts NIL rate of duty.
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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