RBI Press Note 3 Format _ Draft

RBI Press Note 3 Draft Format 

FOREIGN DIRECT INVESTMENT (FC GPR / FC TRS / Downstream Investment)

Date:

............ BANK LTD.

……………………….

 

Dear Sir/ Madam,

 

Ref: Investment in (Name of Indian Company) for ________(number of shares) shares by remitting FCY amount ________(Remitting FCY Amount)

We confirm that this investment of FCY __ is not from an entity of a country, which shares land border with India or the Significant Beneficial Owner (jointly or severely) of an investment into India who is situated in or is a citizen of any such country (Pakistan, Bangladesh, Afghanistan, Nepal, Bhutan, Myanmar, and China.  China includes Hong Kong and Macau).

Herewith we confirm we are in compliance to Press Note No. 3(2020 Series) dated 17/04/2020

We are hereby sharing the shareholding pattern of our company for your reference (optional)

Investor category	Investor country	Percentage holding as of ___ (date) – prior to remittance

   

Yours Faithfully                                                                       Yours Faithfully          

                                               

 

 

Authorised Signatory                                                           Authorised Signatory          

Name:-                                                                                   Name:-

Designation:-                                                                        Designation:-

Email id :-                                                                              Email id :-

Contact number:-                                                                  Contact number:-                 

(Investor)                                                                              (Investee Company)                                             

For any query please connect @ 9625483520 / cslalitrajput@gmail.com 

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Board Resolution for Change in GST Address - Draft

Extracts of the minutes of the ……….. (no. of meeting) meeting of the board of the directors of ………………………. PRIVATE LIMITED (the Company) held on ………(DAY), ……………….. (Date) at …….. (Time) at the registered of the Company at ………………………………………. 

Board Resolution for Change in GST Address

“RESOLVED THAT pursuant to the applicable provisions of GST Act, 2017 and other applicable rules and regulations as amended from time to time, the consent of the Board of Directors of the Company be and is hereby accorded to make necessary amendment in the core field with respect to the change of address from ………………… to …………………… against GSTIN ……………………. at GST Portal.

RESOLVED THAT the Board do hereby appoint Shri …………….. (DIN …………), being the Directors of the company as Authorised Signatory for enrolment of the Company on the Goods and Service Tax (GST) System Portal and to sign and submit the necessary returns / documets electronically and/or physically and to make applications, communications, representations, modifications or alterations on behalf of the Company before the Central GST and/or the concerned State GST authorities as and when required.”

FURTHER RESOLVED THAT Shri …………… (DIN ………….), being the Directors of the company be and is hereby authorized to represent the Company and to take necessary actions on all good s and service tax related issues including but not limited to presenting documents/records etc., on behalf of the Company liaising / representing  for  registration of the Company and also to make any alterations, additions,  corrections,   to the  documents, papers,  forms, etc.,  filed with  service  tax  authorities as and  when required.

FURTHER RESOLVED THAT Shri ……………..  (DIN …………..), being the Directors of the company be and is hereby authorized on behalf of the Company to sign the returns, documents, letters, correspondences etc. and to represent on behalf of the Company, for assessments, appeals or otherwise before the goods and service tax authorities as and when required.

Certified True Copy 

For ……………………………..

 

(Sign) ____________

Name:

(DIN)

(Address)

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

EPF Scheme / Investment – Top 10 Key Updates - Part 1

 EPF Scheme / Investment – Top 10 Key Updates - Part 1

EPF is the main scheme, under which retirement benefits are accumulated, launched under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 and which is managed under the aegis of Employees' Provident Fund Organisation (EPFO).

1.      Applicability: EPF covers every establishment in which 20 or more people are employed and certain organisations are covered, subject to certain conditions and exemptions even if they employ less than 20 persons each.

2.      Under EPF scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer.

3.      Contribution paid by the employer is 12 per cent of basic wages plus dearness allowance plus retaining allowance. An equal contribution is payable by the employee also.

4.      For most employees of the private sector, it's the basic salary on which the contribution is calculated.

5.      The employee can voluntarily pay higher contribution above the statutory rate of 12 percent of basic pay. This is called contribution towards Voluntary Provident Fund (VPF) which is accounted for separately.

6.      The Interest in EPF is calculated on the basis of monthly running balance.

7.      Universal Account Number (UAN) is allotted by EPFO which acts as an umbrella for the multiple Member IDs allotted to an individual by different establishments.

8.      Currently, 8.50 percent interest is being paid on EPF investments.

9.      If no withdrawals from your PF account have been made prior to retirement, you will be eligible for a pension (EPS-Pension). You will get a monthly pension as part of EPFO's EPS (Employee Pension Scheme).

10.  The government has notified the amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. The government had allowed employees to withdraw from their provident fund account in case they needed emergency funds due to financial stress caused by the covid-19 pandemic. EPF member can withdraw up to 75% of his/her provident fund balance or three months’ basic wages plus dearness allowance, whichever is lower.

 

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

OPC Annual Filing 2022: Compliances & Due Dates

OPC Annual Filing 2022: Compliances & Due Dates

q  Define One Person Company:

Sec 2(62) "One Person Company" means a company which has only one person as a member. 

For OPC: Return Filing Provisions & AGM

q  Section 137 of the Companies Act, 2013

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year. 

q  AGM not Applicable for OPC: Section 96

(1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next.

q  OPC Annual Filings – Timeline and Key points:

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year.  (Section 137 of the CA 2013).

§  AGM not Applicable for OPC: (Section 96.)

§  A person can be member in only one OPC.

§  The following 2 E - forms to be filed for Annual ROC filing is:

                                      i.      MGT-7 - Annual return

                                    ii.      AOC- 4 - Financial Statements, Balance Sheet & P&L Account

§  Due date for Annual Financial Statements (AOC-4): The due date for Annual Filing is 27.09.2022 (if FY ended on 31.03.2022)

§  Due date for Annual Return (MGT-7A): OPC does not require to hold AGM, yet the due date for filing Form MGT 7 shall be 60 days from the completion of the 6 months from the end of financial year, that means due date will be 60^th day from 27.09.2022.

Form MGT-7A is the form prescribed for Annual Return of One Person Company and Small companies. This form is applicable in respect of Annual Return for the F.Y. 2021-22 and onwards of OPC as defined under Section 2(62) of Companies Act, 2013, and small companies.

§  Penalty for non - submission with in due timeline: 

In case a return has not been filed, a Penalty (additional fees) will be levied from the due date (27.09.2022) of INR 100/- per day for each day for which default continue.   

For further query, please connect at +91 9625483520 / cslalitrajput@gmail.com

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

MCA Forms revised - MGT-7A & CSR 1 on 20.09.2022

MCA Forms MGT-7A & CSR 1 revised  on 20.09.2022

Ministry of Corporate Affairs on 20^th September, 2022 has revised the following forms:

1.      MGT-7A: Form for filing annual return by OPCs and Small company.         

2.      CSR-1: Registration of Entities for undertaking CSR Activities.

You are hereby requested to download the latest versions of the Forms (MFT – 7A and CSR -1) before filings.

Download the forms from: Click Here

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

 

 Stamp Duty Payment through MCA Portal:

Stamp duty for LLP Agreement should not be paid on MCA Portal. The Stamp Duty payable for LLP Agreement is a State subject and same may be paid as per the State Stamp Act.

Till the time specific Stamp Duty is prescribed in respective Stamp Act, the Stamp duty on LLP Agreement may be paid as per the stamp duty payable on partnership agreement in view of the Finance Bill, 2009.

MCA is providing opportunity to utilise the facility to pay stamp duty online / electronically via MCA Portal. To make a payment of stamp duty through MCA21 system, follow the steps given below:

(i)            Login to the MCA portal. When you login, select the Company option.

(ii)          Click the MCA Services tab. The list of MCA Services is displayed.

(iii)        Under the MCA Services tab, click the Pay Stamp Duty menu.

(iv)        The Pay Stamp Duty Fee page is displayed. In the SRN field, enter the SRN for which you want to make the payment.

(v)          Click the Submit button. The SRN details are displayed. If the SRN pertains to additional stamp duty payment, enter the additional fee details on this page.

(vi)        Click the Pay button. The Payment Options page is displayed.

(vii)      Select the payment option. Note: Refer the Payment Services section to learn to make payment using this payment option.

(viii)      You will be redirected to your bank’s website to make the payment. After the payment is made the Transaction Receipt is generated.

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

MCA - How to add multiple roles to User profile _ MCA V-3?

How to add multiple roles to User profile at MCA?

Yes, you can add multiple roles to your profile. However, this feature is only available for Registered users and Business users other than Company/LLP users. You can use the option ‘Add Role’ provided on the profile update page.

On clicking this option, you would be given an option to add following roles and provide requisite additional information:

a.       Director/Designated partner – DIN, DPIN (as applicable).

b.      Professional - Professional membership details such as Name of the Institute and Membership number (as applicable).

c.       Manager/Secretary/Authorized representative – PAN (if not provided earlier) and CIN/LLPIN/FCRN of the company/LLP where the user wants to be appointed as an authorized signatory will be asked. 

The request will then be forwarded to the respective Company/LLP user and their current Directors for authorization. Once authorized, the user will have access to the role. Refer use case 5 for authorization process.

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Draft Board resolution for opening of a company Bank Account

Draft Board resolution for opening of a company Bank Account

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE ……….. (No. of meeting) MEETING OF THE BOARD OF DIRECTORS OF (NAME OF COMPANY) HELD ON ( DAY, DATE AND TIME )  AT ( PLACE – ADDRESS )

"RESOLVED THAT Account in the name of " NAME OF COMPANY " be opened with (Name and Address of the bank) ………………………. and following Authorized Signatories  are  hereby severally authorized to open  the said Account.

1. PLEASE ENTER ALL NAMES
2. –
3.  

Mode of operation to operate the said account will AS PER THE FOLLOWING :

PLEASE ENTER YOUR SIGNATORY MATRIX HERE

RESOLVED FURTHER THAT the said Bank be and is hereby authorised to accept, honour and pass all cheques, hundis, bill exchange promissory notes, indemnities, guarantees, agreement for letter of credit, trust receipt for monies, received and any other commercial documents whatsoever drawn made, accepted endorsed executed by above mentioned Authorized signatories (jointly or severally) and to act upon all instructions given by them relating to the account whether the funds in the account are overdrawn or not, all which shall be binding on the company.

Certified True copy

FOR ...........................................

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

How to change date of birth online in EPFO records

 Updation / Correction of date of birth online in EPFO records

Employee having valid UAN, need to make sure that his or her date of birth (DOB) details are true and correct in Employees’ Provident Fund (EPF) records and also similar as mentioned in the Aadhaar database. In case of mismatch, the UAN holder may face delay in EPF withdrawal claims. 

According to EPFO:

A.    EPF members can update the date of Birth online by submitting Aadhaar or e-Aadhaar on the Unified Member Portal if the difference in DOB is less than 3 years.

B.     If the difference is more than 3years, submit Aadhaar/e-Aadhaar along with following documents on the Unified Member Portal:-

Any one of the following documents is accepted as valid proof of the date of birth.

a)      Any school/education certificate

b)      Birth certificate issued by Registrar of Birth and Deaths

c)      Passport

d)     Certificate-based on service records from central/state government organisations

e)      Any reliable documents issued by government departments like Driving License, ESIC card, etc.

f)       Medical certificate issued by Civil surgeon after examining the member and supported with an affidavit on oath by the members and authenticated by a competent court.

Procedure to Update Date of Birth:

a)      Visit isit Members Unified Portal at Click Here

b)      Enter UAN, Password and Captcha

c)      Click Sign-in and Login into the portal

d)     Click Manage and then Click Modify Basic Details

e)      Enter Aadhaar, Name and DOB as per Aadhaar.

f)       Click Save/Submit

g)      Click Yes - Tick the box of consent permission

h)      Inform your employer to update your changes made

i)        Inform your employer of your updation request.

 

*Note: Along with DoB, name and gender can also be updated in this page as per Aadhaar details.

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.