Hi Folks |
There are so many incredible happenings around us that we forget today is Childrens Day. Let us not forget the child in us. Life will be so much more enjoyable. Am sure all of you will relate to this beautiful message….
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To the child in you – They told me to behave maturely, so I forgot how to be naughty. They told me not to be naive, so I forgot how to be innocent. They told me not to trust easily, so I forgot to have faith. They told me life is unfair, so I forgot how to be fair. They told me that this is a fake world, so I forgot how to be genuine. They told me bigger is better, so I forgot the little things that made me smile. They told me money is the prime source of happiness, so I focused on earning money and forgot how to be happy. They told me my time for playing games was over, but I didn’t listen to them this time- I learnt to play other games. They told me everything comes with a tag ‘conditions apply’, so I forgot how to love unconditionally. They told me you’re an adult now, so I forgot how to be a child ! |
Should you wish to refer to any of our older issues of LexSpeak, do visit our Resource Centre at sharadasc.com |
Warm regards

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MCA has extended the last date for filing the financial statements and annual return using e-forms AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7 without additional fees till 29th November, 2016. |
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Under the Principal rules, Rule 8(12)(b) states that Form AOC-4 filed by companies, other than One person Companies and Small Companies shall be pre-certified by Chartered Accountant in whole-time practice. But as per the amendment passed vide MCA notification dt. 7th November, 2016, Form AOC-4 can now be pre-certified by a Chartered Accountant or by a Company Secretary or as the case may be the Cost Accountant, in whole time practice. |
Fees on applications made for allotment of DIN under the Act for OPC and Small Companies has been prescribed as Rs. 500/- and for applications relating to surrender of DIN for all types of companies has been prescribed at Rs. 1000/-. |
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Government of India has withdrawn the legal tender of Rs. 500 and Rs. 1000 denominations of Bank notes of existing series issued by RBI w.e.f. 9th November, 2016. Public and other entities can exchange the high denomination notes for Bank notes in other valid denominations or credit it to their accounts, in the bank branches upto 30th December, 2016. New series of Bank notes called Mahatma Gandhi (New) Series with different size and design, highlighting the cultural heritage and scientific achievements of the country will be issues. |
To ensure customer convenience banks are advised to provide all cash withdrawal transactions at their ATMs free of cost to their customers till 30th December, 2016. Cash withdrawal at ATMs has been restricted upto Rs. 2000 per day per card for all customers till 18th November, 2016. |

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The External Commercial Borrowings (ECB) guidelines have been simplified to enable banks to approve requests from borrowers for changes in repayment schedule during the tenure of the ECB. |
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Authorized Dealers have been authorized to approve requests for extension of matured but unpaid ECB subject to the condition that no additional costs are incurred, lenders consent is available and reporting requirements are fulfilled. |
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They can also approve conversion of matured but unpaid debt into equity subject to similar conditions stated above. However consent of other lenders like banks from whom credit has been availed by the company has to be obtained. |
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In order to liberalise and rationalise the investment regime for Foreign Venture Capital Investor (FVCIs), those registered with SEBI will not require any approval from RBI and can invest in the following: |
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Equity or equity linked instrument or debt instrument issued by an unlisted Indian Company and engaged in any of the 10 sectors i.e. biotechnology, IT, nanotechnology, seed research and development, dairy industry, production of bio fuels, infrastructure sector, hotel cum convention centres. |
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Equity or equity linked instrument or debt instrument issued by an Indian ‘startup’ irrespective of the sector in which the startup is engaged. |
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Units of a Venture Capital Fund (VCF) or of a Category I Alternative Investment Fund (Cat-I AIF) registered under SEBI (AIF) Regulations, 2012) or units of a Scheme or of a Fund set up by VCF or by a Cat-I AIF. |
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Any entity receiving investment directly from registered FVCI will be required to report the investment, mutatis mutandis in form FCGPR. |
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Until recently, foreign investment up to 100% was allowed under the automatic route, in Non- Banking Finance Companies (NBFCs) engaged in the 18 activities listed in the Principal Regulations. But now it has been decided to allow foreign investment up to 100% under the automatic route in ‘Other Financial Services’ subject to conditionalities, including minimal capitalisation norms. |
Other Financial Services include activities which are regulated by any financial sector regulator viz. RBI, SEBI, IRDA, NHB, Pension Fund Regulatory and Development Authority or any other financial sector regulator as may be notified by Government of India. |
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