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Saturday 14 September 2019

Corporate Update _ 14.09.2019 (#MCA / #SEBI/ #PIB/ #CBDT / #New Amendments / #Laws)


Image result for corporate updateMinistry of Corporate Affairs (MCA – ROC)

1.     Update on Annual Filing of CRA -4 (Cost Audit Report) for FY 2018-19

·         Costing Taxonomy 2019 to cater to the annual filing of CRA-4 (Cost audit report) for FY 2018-19 is under development
·         The companies which are required to file CRA-4 (Cost audit report) for FY 2018-19 are required to use Costing Taxonomy 2019 only.
·         Those who have already filed CRA-4 (Cost Audit Report) using the existing Costing Taxonomy 2015 for FY 2018-19 are NOT required to file afresh.
·         However, those companies which are yet to file their Cost Audit Reports are requested to await deployment of Costing Taxonomy 2019 on MCA21 portal.
·         Once the Costing Taxonomy 2019 is deployed, sufficient time would be given for filing CRA-4 without levying additional fee. Stakeholders may kindly take note and plan accordingly.

2.     MCA Update on Nidhi Company Incorporation

SPICe form containing relevant changes for incorporating Nidhi Companies is  deployed dated 13th Sep 2019 for filing purposes.


3.     MCA Update on E- Form  AOC -4 (Non XBRL)
MCA E- Form AOC-4 (Non XBRL) is under development and revision due to insertion of Division III in Schedule III of Companies Act, 2013


The Central Government has made further amendments to Schedule III to the Companies Act, 2013 vide Notification dated 11th October 2018. As per the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015. The changes to AoC-4 Non-XBRL form necessitated by insertion of Division III in Schedule III of CA 2013 are under development and the revised form exclusively for such class of companies would be made available for filing purposes soon.
Once the form is deployed in MCA21 portal for filing purposes, suitable notice would be published and adequate time would be given for filing the form without levying additional fee.

Image result for corporate updatePress Information:

1.     Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver


2.     Insured Persons of ESIC of Newly Implemented Area to get Treatment Under Ayushman Bharat

·         ESIC to Set-Up 100 Bedded Hospital at Srinagar and 30 Bedded Hospital at LEH
·         Cash Reward of Rs. Five Lakh Announced to ace Para-Shuttler Shri Pramod Bhagat, an Employee of ESIC.
·         Opening up of Medical Services at under-utilized Dispensary-cum-Branch Office (DCBO) to Non-Insured Person (Non-IPs)
·         ESIC Hospitals at Sarojani Nagar (Lucknow) & Jajmau (Kanpur) opened for non-Insured Persons:


3.      Scheme for Export Credit to be Announced Soon: Piyush Goyal
·         ECGC procedures being made Exporter Friendly
·         Day-long board of trade meeting concludes

4.     Operations against fraudulently claiming refund of IGST by exporters

·         Biggest ever pan-India joint operation by Directorate General of GST Intelligence and Directorate General of Revenue Intelligence against fraudulently claiming refund of IGST by exporters
·         DGGI & DRI crackdown involved about 1200 officers


5.     Prime Minister launches National Pension Scheme for Traders and Self Employed Persons

·         Pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with annual turnover not exceeding Rs 1.5 crore.
·         The eligible Vyaparis can visit their nearest CSCs and get enrolled under the scheme.
·         At the time of enrollment, the beneficiary is required to have an Aadhaar card and a saving bank/ Jan-dhan Account passbook only.
·         He/ She should be within 18 to 40 years of age group.
·         GSTIN is required only for those with turnover above Rs. 40 lakhs.
·         The enrolment under the scheme is free of cost for the beneficiaries. T
·         he enrolment is based upon self-certification.

6.     DPIIT to Launch Plastic Waste Management Campaign for Swachhta Hi Sewa 2019




7.     E-assessment Scheme, 2019
The assessment under this Scheme shall be made in respect of such territorial area, or persons or class of persons, or incomes or class of incomes, or cases or class of cases, as may be specified by the Board
                Read full at: http://egazette.nic.in/WriteReadData/2019/212432.pdf


SEBI Updates


1.     Additional commodities as Eligible Liquid Assets for Commodity Derivatives Segment
SEBI has issued Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2019/100 dated 13.09.2019 to The Managing Directors / Chief Executive Officers and All Recognised Clearing Corporations having Commodity Derivatives Segment.

it  has  been  decided  to include Diamond, Base metals and Alloysinthelist of permissible liquid assets, subject  to  concentration  limits  for  non-bullion  collateral  as  specified  vide SEBI Circular dated October 14, 2016and Minimum Haircut as mentioned below:-

Item
Minimum Hair - cut
Base Metals and alloys*
30%
Diamond
40%

*Steel being an Alloy, minimum haircut stipulated for Steel stands revised from current applicable level of 60% to 30%

For more details read at :



2.     Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957

SEBI has issued Circular No. SEBI/HO/CFD/DIL1/CIR/P/2019/192 dated 12.09.2019 to All Listed Entities who have listed their equity and convertibles and to All the Nationwide Stock Exchange.
In order to streamline the processing of draft schemes, it has been decided to seek additional  information further,  at  one  go. The  amendment to  the  Circular  No. CFD/DIL3/CIR/2017/21   dated   March   10,   2017,   in   relation   to   payment   of outstanding dues of SEBI, Stock exchanges and the Depositories is as provided in the Annexure.
The recognized stock exchanges are directed to:
·         bring  the provisions  of  this  circular  to  the  notice  of  the  listed  companies and also to disseminate the same on their website.
·         Communicate  to  SEBI  the  status  of  implementation  of  the  provisions  of  this circular through monthly development report.
Read Full circular at:

New Amendments under Laws:

1.      National Medical Commission, Autonomous Boards (Manner of Appointment of Fourth Member and the Salary, Allowances and Terms and Conditions of Service, and Declaration of Assets, Professional and Commercial Engagements of President and Members) Rules, 2019



2.      The Central Board of Direct Taxes hereby authorizes that the Assistant Commissioner of Income-tax (e-Verification), having headquarter at Delhi, to act as prescribed Income-tax Authority for the purpose of sub-section (2) of section 143 of the said Act, in respect of returns furnished under section 139 or in response to a notice under sub-section (1) of section 142 of the said Act during the financial year commencing on 1st day of April, 2018 for the purposes of issuance of notice under sub-section (2) of section 143 of the said Act.


3.      National Medical Commission, Medical Advisory Council (Qualification and Experience of Residuary Member) Rules, 2019.


4.      Lead Stabilizer in Polyvinyl Chloride (PVC) Pipes and Fittings, Rules, 2019


5.      Medical Devices (Fourth Amendment) Rules, 2019 (draft)


6.     Drugs and Cosmetics (Twelfth Amendment) Rules, 2019 (draft).
6.

7.      Corrigenda The Jammu And Kashmir Reorganization Act, 2019


8.      Draft Central Motor Vehicles (Amendment…… ) Rules, 2019

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