Corporate Update dt. 09.10.2019 by PCS LALIT RAJPUT

Corporate Update 09.10.2019

Knowledge Sharing Initiative

Ø Press Information:

Cabinet updates:

1.     Cabinet approves MoUs signed between India and Foreign Broadcasters in the field of Radio and Television.

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1587566

2.     Cabinet apprised of the Progress under NHM and Decisions of the EPC and MSG of NHM (National Health Mission)

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1587566

3.     Cabinet approves relaxation of Aadhaar seeding of data of the beneficiaries under Pradhan Mantri KisanSamman Nidhi (PM-Kisan)

The scheme provides income support of Rs 6,000 per year to landholding families, subject to certain exclusions. The amount is released in three 4-monthly instalments of Rs 2,000 each directly to the bank accounts of the beneficiaries through DBT mode.

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1587566

Ministry of Finance

1.     Two Persons Arrested For Involving In Fake Invoices Racket & Fraudulently Availing Input Tax Credit

The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana has arrested two persons namely Sh. Gulshan Dhingra resident of Ramesh Nagar, New Delhi and Sh. Sanjay Dhingra resident of Punjabi Bagh, New Delhi who were found involved in fake invoices racket having taxable value of Rs. 931 crore and fraudulently passing/ availing Input Tax Credit (ITC) amounting to Rs. 127 crore through a complex web chain of various entities.

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1587566

2.     Cabinet approves5% additional DA/DR due July, 2019

The Union Cabinet Chaired by Prime Minister Narendra Modi today approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.07.2019 representing an increase of 5% over the existing rate of 12% of the Basic pay/Pension, to compensate for price rise.  This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1587566

3.     CCI receives first green channel combination

The Competition Commission of India (CCI) received the first green channel combination filed under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulations 5 and 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations), 3rd October, 2019.

The notification relates to the acquisition of the Essel Mutual Fund (Essel MF), a mutual fund registered under the SEBI (Mutual Funds) Regulations, 1996 (MF Regulations) by an entity forming a part of the Sachin Bansal Group.

Summary of the Proposed Combination is available at:

https://www.cci.gov.in/sites/default/files/notice_order_summary_doc/C-2019-10-691.pdf

SEBI Update:

1.     The Securities and Exchange Board of India (SEBI) has issued a notification clarifying that mutual funds can now invest in unlisted Non-Convertible Debentures (NCDs).

Source: https://www.sebi.gov.in/legal/circulars/oct-2019/review-of-investment-norms-for-mutual-funds-for-investment-in-debt-and-money-market-instruments_44556.html

Income Tax Update:

1.     Clarification in respect of option exercised under section 115BBA of the Income-tax Act, 1961 inserted through the recent Ordinance

Source: https://www.incometaxindia.gov.in/news/circular_29_2019.pdf

Regards