18 January 2018
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Corporate & Other Laws Misc. Corporate Laws & Policies

  • E-way bill: Here’s how transporters and manufacturers will benefit from it
    Jan 17, 2018
    With an aim to introduce uniformity across the states for seamless inter-state movement of goods, the electronic way bill or e-way bill system will be implemented by the government from February 1. The e-way bill for the inter-state movement has been advanced to February 1 from April 1, while the trial began from January 16. The e-way bill requires online pre-registration of goods before transportation under the new GST regime. Under the e-way mechanism, all goods worth over Rs 50,000 will have to be pre-registered online before they are moved for sale beyond 10 km.
  • Parliament passes bill to raise Nabard’s capital to Rs 30,000 cr
    Jan 03, 2018
    A bill to increase authorised capital of Nabard by six time to Rs 30,000 crore and enable exit of RBI was passed by Parliament after the government assured that there is no plan to have private holding in it. The National Bank for Agriculture and Rural Development (Amendment) Bill, 2017, was passed today by voice vote in the Rajya Sabha. The bill was passed by the Lok Sabha in August, 2017. In his reply on the bill in the Rajya Sabha, Minister of State for Finance Shiv Pratap Shukla said, “Some members asked about private holding in Nabard. There is no proposal to have private holding in the Nabard”.
  • MRP, other details must for items sold online from today
    Jan 02, 2018
    To protect online consumers, the Centre has made it mandatory from today for e-commerce firms to print not only the maximum retail price (MRP) on goods but also information like expiry date and customer care details.The consumer affairs ministry had made the amendments in this regard to the Legal Metrology (packaged commodities) Rules in June 2017. The companies were given a six-month deadline to comply with the new rule."Amendment made in the Legal Metrology (Packaged Commodities) Rules, 2011 to safeguard the interest of consumers and ease of doing business will come into force with effect from January 1, 2018," the ministry said in a statement.
  • New Aadhaar linking form for Atal Pension Yojna from Jan 1
    Jan 01, 2018
    Regulator PFRDA has asked Atal Pension Yojna (APY) service providers to use a revised form to seek consent of subscribers' for seeding Aadhaar with their accounts from Monday. APY, a guaranteed pension scheme, is government's flagship social security programme. The Pension Fund Regulatory and Development Authority (PFRDA), in a circular, said several meetings were held with Department of Financial Services in the finance ministry and APY service providers with reference to Aadhaar seeding and authentication in APY accounts.
  • 50,000 Aadhaar enrolment operators suspended till date: MoS IT
    Dec 30, 2017
    Nearly 50,000 enrolment operators have been suspended for violating the process guidelines for Aadhaar enrolment till date, Rajya Sabha was informed on Friday. An operator is blacklisted on crossing a certain threshold of errors during enrolment, Minister of State for Electronics and IT, Alphons Kannanthanam said in a written reply. The erroneous enrolments are rejected during quality checks, and, as a result, Aadhaar is not generated in respect of such enrolments. Eligible enrolments, that are error-free, lead to Aadhaar generation, he added.
  • Lok Sabha Passes Insolvency And Bankruptcy Code Amendment Bill
    Dec 30, 2017
    Loan defaulters can participate in bidding under the insolvency proceedings after paying due interest and making their bad loan accounts operational, Finance Minister Arun Jaitley said.The government cannot allow loan defaulters to "merrily walk back" by paying a fraction of the due amount, he said while replying to a debate in the Lok Sabha on the Insolvency and Bankruptcy Code Amendment Bill, 2017, which was later passed by a voice vote.
  • Insolvency Bill in Lok Sabha: Some defaulters get a month to clear dues
    Dec 29, 2017
    Defaulting promoters who had already submitted resolution plans for insolvent companies before an ordinance in November made them ineligible to do so without clearing dues first will get up to a month to come clean to be eligible to bid for the stressed firms. A Bill introduced in the Lok Sabha on Thursday to replace the ordinance on the Insolvency and Bankruptcy Code (IBC), 2016, however, suggests this relaxation will be applicable only to defaulters in those cases where the resolution period has not exceeded the stipulated time frame.
  • Coming soon! Fixed-term jobs in all sectors
    Dec 28, 2017
    The labour ministry will soon extend full-benefit fixed-term jobs, already a feature in the labour-intensive garment and leather industries, to most other sectors. The move will have multiple benefits: It would boost creation of “formal jobs”, reduce instances of informal hiring which continues to be the norm in the unorganised sector and spare businesses the undue burden of keeping regularised contract employment, while their labour requirements are actually seasonal.
  • Cabinet approves Consumer Protection Bill
    Dec 21, 2017
    Focused on faster redressal of consumer grievances and to ensure stringent action against unfair trade practices, the Cabinet approved the introduction of the Consumer Protection Bill, 2017, to amend the Consumer Protection Act, 1986, sources said. The Bill seeks to enlarge the scope of the existing Act and proposes stricter actions against misleading advertisements and food adulteration. The amended Act will provide for the setting up of a Central Consumer Protection Authority, which will make way for faster redressal of consumer complaints. It will also take up class-action cases, raised by a group of consumers with the same set of complaints.
  • Companies Amendment Bill passed: Creditors of insolvent cos can get shares at discount
    Dec 21, 2017
    The Companies Amendment Bill passed by Parliament has brought relief for creditors involved in insolvency proceedings allowing them to acquire shares of insolvent company at a discounted price. The Section 53 of the amended Companies Bill states, "a company may issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan or debt restructuring scheme." Earlier provision under Section 53 of Companies Act 2013 said, "Any share issued by a company at a discounted price shall be void."
  • Firms acquiring stressed assets under insolvency may get tax relief
    Dec 19, 2017
    The government is considering giving tax relief to companies that acquire stressed assets under the insolvency process. Some of such steps like carrying forward tax holidays may come up in the Budget, while the government may approach the goods and services tax (GST) Council for giving relief on the GST. For tax relief on the stamp duty, states’ cooperation might be sought, sources said. Companies going through the insolvency procedure face tax-related roadblocks, making the resolution process tedious. For example, they pay the GST on sales of assets as well as brands, royalty, etc.
  • Process to link DBT accounts with Aadhaar to be overhauled
    Dec 18, 2017
    The government is overhauling the process followed by banks for mapping Aadhaar-linked bank accounts to subsidy payments. It has also temporarily halted the provision of overwriting existing subsidy-linked bank accounts with freshly mapped Aadhaar accounts. In a meeting held at the cabinet secretariat last week, banks were directed to halt the current process for the next 10 days starting Monday until their core banking software was amended to adopt the new system.
  • Cabinet clears bill to amend AERA Act
    Dec 16, 2017
    The Cabinet today approved amending the Airports Economic Regulatory Authority (AERA) Act which would change the definition of 'major airports' and help the regulator function more efficiently, according to sources. AERA was set up as an independent regulator for protecting the interests of airports, airlines and passengers. Sources said the Cabinet meeting, chaired by Prime Minister Narendra Modi, has cleared the AERA (Amendment) Bill, 2017. The bill would ease the pressure on AERA and help it perform duties with greater clarity, they added.
  • Cheque bounce cases: Cabinet clears amendment to law for payment of interim compensation
    Dec 16, 2017
    The Cabinet today approved an amendment to a current law to allow for payment of an interim compensation in cheque dishonour cases with a view not to allow unscrupulous elements holding payments, pending long trial, sources said. An amendment to the Negotiable Instrument Act will allow a court to order for payment of an interim compensation to those whose cheques have bounced due to dishonouring parties, a move aimed at promoting a less cash economy.
  • SC extends Aadhaar linking deadline to March 31, but spells no relief for Aadhaar holders opening new bank accounts
    Dec 16, 2017
    An existing Aadhaar holder will have to furnish his Aadhaar card to open a new bank account, a five-judge Constitution Bench of the Supreme Court, led by Chief Justice Dipak Misra, ordered on Friday. The Bench extended the deadline for Aadhaar linkage to March 31, 2018 only for non-Aadhaar holders opening new bank accounts. Meanwhile, they can open new bank accounts, provided they furnish proof to the bank of having applied for an Aadhaar card. Proof is in the form of their Aadhaar application form or number. "Those who already have Aadhaar cannot go on [open a new bank account] without Aadhaar.
  • FRDI contemplating increase in deposit insurance cover
    Dec 15, 2017
    Amid concerns being raised on bank deposits under the draft FRDI Bill, an SBI research report today said the proposed law is contemplating an increase in deposit insurance coverage from the current Rs 1 lakh. The proposed 'bail-in' clause in the draft Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 has raised a lot of concern among depositors who are worried that they may lose their deposits with banks, the SBI Ecowrap report said."However, the truth is that the risk is much less in the proposed bill," it said.
  • Government extends Aadhaar-bank a/c linking deadline to March 31, 2018
    Dec 14, 2017
    The government on Wednesday extended the deadline for linking bank account with Aadhaar. "It has been decided by the Government to notify 31st March, 2018 or six months from the date of commencement of bank account based relationship by the client, whichever is later, as the date of submission of Aadhaar number & PAN or Form 60 by the clients to the reporting entity," a tweet by the Ministry of Finance said.
  • Insolvency law: Norms notified, set to be applicable to creditors, debtors and service providers
    Dec 11, 2017
    The regulations for grievance handling procedure under the Insolvency and Bankruptcy Code have been notified, wherein the filing fee will be refunded to the stakeholder in case the complaint is found to be not “frivolous or malicious”. The Insolvency and Bankruptcy Board of India (IBBI), which is implementing the Code, has notified the regulations and they will be applicable for all stakeholders, including creditors, debtors and service providers. Depending on the complaint, the IBBI can order an investigation or issue a show cause notice to the entities concerned.
  • Stressed assets valuation: New norms by FY18 end may allow for better assessment of worth
    Dec 11, 2017
    Amid differences between lenders and bidders on the proper valuation of a stressed company, the government is considering a proposal to ask insolvency resolution professionals to get the enterprise valuation of the firm done, along with the current practice of assessing only the liquidation value, a senior official told FE. While the liquidation value will likely to be the base for bidding, the enterprise value is meant to indicate the ideal worth of the company as a “going concern”, he added. The idea is to enable both the parties to make a better assessment of the worth of the company and submit or accept bids accordingly, said the official.
  • Deadline for mandatory linking of Aadhaar will be extended to March 31 next year, Centre tells SC
    Dec 08, 2017
    The Centre on Thursday informed the Supreme Court that it will extend till March 31 next year the deadline fixed for mandatory linking of Aadhaar + for availing various services and welfare schemes. A notification to this effect will be issued on Friday, the government told the top court. Petitioners who have challenged the validity of Aadhaar on the ground that it violates right to privacy+ urged the top court for an early hearing to decide whether Aadhaar should be stayed. CJI Dipak Misra told petitioners that a five-judge constitution bench may sit next week to decide their plea for interim stay on Aadhaar.
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