On 30th January, Martyr’s Day, I attended a gathering of senior citizens, some of them really senior who sang beautiful bhajans and patriotic songs in various languages. This was followed by a short discourse by the lead singer of the troupe, an octogenarian Gandhian who enlightened us about Acharya Vinobha Bhave, the spiritual heir of Gandhiji who started the Land Reform
Movement in 1951 called ‘Bhoodan’. He travelled by foot across the country asking rich landlords to gift land to the poor peasants. Such was his conviction and convincing powers that the first donation came from Ramachandra Reddy, a landlord from Poochampally village in Andhra Pradesh who willingly donated 100 acres. Several others followed. There were no television cameras and reporters falling over each other during those times to capture the moment and claim it as breaking news. No press conferences, no facebook updates, no follow up sessions on the ‘Art of Giving’ unlike the Warren Buffets and Bill Gates of today giving gyaan to us Indians about giving, gifting and donating. Giving is in our blood, our psyche, our culture in many different ways. It is only that we don’t tom tom about it. I remember my mother telling me that giving must always be discrete. Left hand must not know what the right hand has given. Whether one has mastered the art of giving or not, give whole heartedly and it will surely come back. You will be richer eventually.
From Buddha and Vinobha Bhave to the here and now – do read the other news highlights and tax reminders in Lexspeak’s 99th issue.
Should you wish to refer to any older issues of Lexspeak, do visit our Resource Centre on sharadasc.com.
RBI has further liberalized the procedure relating to payment to third party on import / export by
not insisting on tripartite agreement in the cases where name of the third party is mentioned in the irrevocable order / invoice is produced and subject to satisfaction of specified conditions .
withdrawing the import transaction limit of USD 100,000 .
In consultation with Government of India RBI has enhanced the prevailing sub-limit of USD 5 billion to USD 10 billion within the total limit of USD 30 billion available for long term foreign investors in Government securities.
In order to capture the granular details of FDI as regards Brownfield/Greenfield investments and date of incorporation of Investee Company RBI has revised the Form FC-GPR with immediate effect, which needs to be filled by Indian companies within 30 days of allotment of shares / convertible debentures on FDI received.
Ministry of Finance has clarified that the service tax payable on the services rendered by a broker to the member of the registered association relating to Forward Contract need not be paid during the period from 10th September, 2002 to 30th June, 2012.
SEBI has amended Listing Agreement w.r.t. Corporate Governance Norms for listed companies to strengthen the corporate governance framework. These amendments will align the provisions of Clause 49 with the provisions of the Companies Act, 2013. Few important amendments are listed below:
Exclusion of nominee Director from the definition of Independent Director.
Expanded role of Audit Committee.
Separate meeting of Independent Directors.
Enhanced disclosure of remuneration policies.
Prior approval of Audit Committee for all material Related Party Transactions.
At least one woman director on the Board of the company.
Performance evaluation of Independent Directors and the Board of Directors.
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.