Satya Prasad

Liberalisation of opening/holding/maintaining Foreign Currency Accounts

2012-04-03T16:03:00.000+05:30

The RBI vide A. P. (DIR Series) Circular No.101 dated 02.04.2012 liberalised the regulations pertaining to opening / holding /maintaining the Foreign Currency Account by Indian party outside India. As per the extant provisions of FEMA, an Indian party (as defined under Notification No. FEMA 120/RB-2004 dated July 07, 2004, as amended from time to time) is required to obtain prior permission of

Overtime wages payable only on basis & DA – Ruling of Kerala High Court.

2012-02-29T17:50:00.000+05:30

Section 59 of the Factories Act lays down that where a worker works in a factory for more than 9 hours in any day or more than 48 hours in any week, he shall, in respect of the overtime work, be entitled to wages at the rate of twice his ordinary rate of wages. Section 59(2) stipulates that ordinary rate of wages means the basic wages + such allowances, including cash equivalent of the advantage

Revised minimum wages for Security Agencies in Karnataka

2012-01-11T15:06:00.000+05:30

The Government of Karnataka has revised the minimum rate of wages for employment in Security Agencies (Industries where office staff appointed by which agency including security guards) vide its notification no. LD -11/LMW/2009 dated 14.09.2011 w.e.f. 01.04.2011. The details of the revised rate of minimum wages as per government notification are as under: Sl.No Working Category

Non-applicability of provisions of Companies Act to Government Companies

2012-01-01T13:36:00.000+05:30

NOTIFICATIONS EXEMPTING THE GOVERNMENT COMPANIES FROM THE APPLICABILITY OF CERTAIN SECTIONS 1. Notification No. GSR 232, dated 31.01.1978 – Regarding Section 187C The CG hereby directs that Section 187C shall not apply to Government Company. 2. Notification No. GSR 233 dated 31.01.1978 –

An analysis of Section 295 of the Companies Act, 1956

2011-07-19T22:34:00.001+05:30

According Section 295(1) of the Companies Act, 1956, previous approval of the Central Government will be required, if a company directly or indirectly, to: i) Make any loan to any of the persons mentioned in Section 295 (1); orii) Give any guarantee in connection with a loan made by any person to any of the

An analysis of Section 297 of the Companies Act, 1956

2011-06-26T16:33:00.001+05:30

Applicability This section is applicable to both Public as well as private companies. As per the section, the Company shall not enter into any contract without Board’s approval: 1. For sale, purchase or supply of any goods, materials or services; or2. For underwriting of the subscription of shares in or debentures of the Company With following parties 1. Director2.

RBI Notification on failed ATM transactions

2011-06-10T14:26:00.002+05:30

The Reserve Bank of India has issued a notification on 27th May, 2011 in which it has issued certain directions to the banks in respect of failed transactions at ATMs. As per the notification, the time limit for resolution of customer complaints is reduced from 12 working days to 7 working days from the date of receipt of customer complaint. If the banks failed to re-credit the customers accounts

Participation by Directors in Board / Committee Meetings through electronic mode (Video Conference)

2011-05-24T13:06:00.002+05:30

The Ministry of Corporate Affairs vide its Circular No. 28/2011 dated 20.05.2011 regarding Green initiative in the Corporate Governance, allowed the Directors to participate in the meeting of Board or Committee of Board though electronic mode (i.e though Video Conference). For that purpose the Company has to comply with following requirements in addition to the normal requirements under the

Participation by Shareholders in General Meetings through electronic mode (Video Conference)

2011-05-24T13:05:00.002+05:30

The Ministry of Corporate Affairs vide its Circular No. 27/2011 dated 20.05.2011 regarding Green initiative in the Corporate Governance, allowed the Shareholders to participate in the general meetings though electronic mode (i.e though Video Conference). For that purpose the Company has to comply with following requirements in addition to the normal requirements under the Companies Act,

Enhancement of limit for Mobile Banking Transactions

2011-05-10T10:40:00.003+05:30

The Reserve Bank of India, by considering the increase in the volume of mobile banking transactions, enhanced the limit of mobile banking transactions without end-to-end encryption from Rs. 1000 to Rs. 5000 with effect from May 04, 2011.

Enhancement of Fees for PMQ in Corporate Governance

2011-01-13T15:25:00.002+05:30

The Institute of Company Secretaries of India has increased the fees for PMQ course in Corporate Governance to Rs. 25,000/- with effect from 1st day of January, 2010. Out of which Rs. 12,500/- is payable at the time of registration for the course and remaining Rs. 12,500/- is payable after the completion of Part – I of the course and before commencement of Part II

Waiver of requirement of submission of annual statement by banks on use of debit cards by resident Indians while on a visit outside India.

2010-12-23T14:31:00.002+05:30

In terms of notification A.P. (DIR Series) Circular No.46 dated June 14, 2005 all the banks authorized to deal in foreign exchange are required to submit a statement as on 31st December of every year in case aggregate forex utilization by international debit card holders exceeds $ 1,00,000 in a calendar year. Now Reserve Bank of India has issued a new notification No. A.P. (DIR Series)

Managerial Remuneration as per section 198 & 309 of the Companies Act, 1956

2010-12-07T17:28:00.000+05:30

The term remuneration covers the following types of expenditure incurred by the company for its Director or his family – · Rent free accommodation;· Any benefit or amenity in respect of accommodation free of charge;· &

Brief note on Office or Place of Profit

2010-12-06T14:17:00.001+05:30

Section 314 of the Companies Act, 1956 deals with the provisions of office or place of profit. It does not prohibit the holding of such office but only regulates the holding of such office. The section seeks to impose certain restrictions to ensure that Directors of the company does not misuse their position directly or indirectly for their own self without the consent of shareholders to whom

Revision of additional fee by MCA

2010-11-19T10:10:00.002+05:30

Ministry of Corporate Affairs has revised the additional fees (except Form 5) payable under section 611 (2) of the Companies Act, 1956 with effect from 05.12.2010. Following are the details of revised additional fees. Period of delayRevised Additional Fee Up to 30 daysTwo times of normal fee More than 30 days and upto 60 daysFour times of normal fee More than 60 days and up to 90 daysSix times

Provisions relating to sweat equity shares

2010-11-17T15:24:00.002+05:30

Section 79A of the Companies Act, 1956 and Unlisted Companies (Issue of Sweat Equity Shares) Rules, 2003 provide for issue of sweat equity shares by an unlisted company to its employees or directors at a discounted rate or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or other value additions by whatever name

Disclosure of information relating to loan processing fees & charges - RBI Notification

2010-11-15T12:26:00.000+05:30

The Reserve Bank of India issued a notification on November 12, 2010, where it has advised all scheduled commercial Banks and Financial Institutions to transparently disclose all the information about Fee/charges payable for processing/sanctioning the loan application, amount of fees refundable in case of rejection of loan application, pre-payment charges, conversion charges etc. Such

Electronic Funds Transfer Infrastructure in India – Usage of RTGS and NEFT – RBI Notification

2010-11-10T11:04:00.002+05:30

The Reserve Bank has doubled the threshold limit for electronic fund transfers using the Real Time Gross Settlement (RTGS) system to Rs 2 lakh with effect from November 15. For electronic transactions valued between Rs 1-2 lakh, the RBI has created a new value band in its 'near real-time' National Electronic Fund Transfer (NEFT) system to cater to retail bank customers. The RBI has revised the

Opening of Bank Accounts for Salaried employees - RBI Notification

2010-10-29T14:46:00.002+05:30

The Reserve Bank of India has issued a notification on 26th October, 2010 where it has given clarification on the documents to be received by the Banks while opening the accounts of the salaried employees. In order to curb the misuse and to fraught with risks, it has clarified that Banks should rely on certifications issued only from reputed corporates or entities and should be aware of the

Whistle Blower

2010-10-26T15:00:00.003+05:30

WhistleBlower A whistleblower is a person who raises a concern about wrongdoing occurring in an organization or body of people. Usually this person would be from that same organization. The revealed misconduct may be classified in many ways; for example, a violation of a law, rule, regulation and/or a direct threat to public interest, such as fraud, health/safety violations, and corruption.

The Industrial (Standing Order) Act, 1946

2010-10-14T16:58:00.000+05:30

Applicability: The Act will apply to every industrial establishment wherein 100 or more workmen are employed or were employed on any day of the preceding 12 months. Industrial establishment means –i. Industrial establishment defined under the Payment of Wages Act, 1936ii. Factory defined under the Factories Act, 1948iii. Railway defined

Notification - Service Tax exemption for marketing of lottery tickets

2010-10-12T09:03:00.000+05:30

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) Notification No. 50/2010 - Service Tax New Delhi, the 8th October, 2010 G.S.R. (E).- In

The Service Tax (Second Amendment) Rules, 2010

2010-10-12T08:53:00.000+05:30

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]Government of India Ministry of Finance (Department of Revenue) Notification No. 49/2010 - Service Tax New Delhi, the 8th October, 2010 G.S.R. (E).- In exercise of the

ENVIRONMENTAL STATEMENT

2010-10-07T15:13:00.002+05:30

Every person carrying on an industry, operation or process requiring consent under section 25 of the Water (Prevention and control of pollution) Act, 1974 or under section 21 of the Air (Prevention and control of pollution) Act, 1981 or both or authorization under the Hazardous Wastes (Management and handling) Rules, 1989 shall submit an environmental audit report for the financial year ending

Power of Adjudication

2010-10-07T09:47:00.003+05:30

Central Board of Excise & Customs vide circular no. 130/12/2010-ST dated 20th September 2010 confer the power of adjudication (under section 73 & 83A of the Finance Act, 1994) on Superintendent of Central Excise for cases involving service tax upto Rs. 1 Lakh in a show cause notice, except in respect of issues relating to taxability and valuation of services and cases involving extended