18 March 2018
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  • Lok Sabha passes bill to enable govt to double tax-free gratuity to Rs 20 lakh
    Mar 16, 2018
    The Lok Sabha today passed the Payment of Gratuity (Amendment) bill which seeks to empower the government to fix period of maternity leave and tax-free gratuity amount with an executive order. After the passage of the Payment of Gratuity (Amendment) Bill in the Rajya Sabha, the government would be able to enhance the ceiling of tax-free gratuity to Rs 20 lakh from existing Rs 10 lakh for employee under the Payment of Gratuity Act.
  • No deadline for linking Aadhaar card to services says SC
    Mar 14, 2018
    Supreme Court judgement on Aadhaar card: The Supreme Court today extended the March 31 deadline for mandatory linking of Aadhaar to avail various services and welfare schemes run by the government till its constitution bench delivered its verdict on the validity of the 12-digit biometric number and its enabling law. A five-judge Constitution bench headed by Chief Justice Dipak Misra extended the deadline after the Centre said it had already submitted that they were ready to extend the March 31 deadline for linking of the national biometric identifier with all services and welfare schemes.
  • Your Paytm, Mobikwik wallet may not work from today as KYC norms kick in
    Mar 01, 2018
    If from today you are not able to load fresh funds into your mobile wallet, you can blame the Reserve Bank for it. In what could be a major impact on the digital payments industry, mobile wallets would be required to submit a full KYC for their users, without which the central bank would impose severe restrictions on its operations. While the Payments Council of India, the industry body for the prepaid payments, made repeated appeals to the central bank to revoke the order and allow wallets till Rs 10,000 to operate without full KYC, the RBI said clearly that every payment instrument will have to abide by the KYC norms as they are also part of the extended banking ecosystem.
  • After Finmin nod Vehicle Scrapping Policy to go to GST Council
    Feb 28, 2018
    The finance ministry has approved the much-awaited policy to scrap vehicles that are more than 15 years old and the document will now go to the GST Council, a source said today. The development comes barely a fortnight after Road, Transport and Highways Minister Nitin Gadkari has announced that Vehicles Scrapping Policy, aimed at curbing rising vehicular pollution in the country, has almost been finalised. "Finance Ministry has approved the Vehicle Scrapping Policy.
  • Govt tightens norms for removal of independent directors
    Feb 22, 2018
    Independent directors appointed for a second term at corporates can now be removed only by a special resolution passed by shareholders, with the government tightening the rules. Before removal, such independent directors should also be given "reasonable opportunity of being heard", according to the corporate affairs ministry. The move comes against the backdrop of concerns in certain quarters about the independence of independent directors in carrying out their functions and instances of such people being removed from the boards of companies by promoter entities.
  • Cabinet approves auction of coal blocks for commercial mining
    Feb 20, 2018
    In a welcome move, the Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved the auction of coal blocks under the Coal Mines (Special Provisions) Act, 2015 and Minerals (Development and Regulation) Act, 1957. CCEA said that the “methodology gives highest priority to transparency, ease of doing business and ensuring that natural resources are used for national development.”
  • Insolvency OK even if plea for winding up is pending in HC
    Feb 17, 2018
    Insolvency proceedings can be started against a company even if the winding up petition against it is pending in a high court, the principal bench of the National Company Law Tribunal said on Friday. Pronouncing an order to this effect in the case of Union Bank of India vs Era Infra Engineering, the three-member bench, led by tribunal’s president justice MM Kumar, listed the matter on March 28 for hearing on the merits of triggering insolvency proceedings against the company under Section 7 of the Insolvency and Bankruptcy Code (IBC).
  • Aadhaar to be address, age proof for driving licence: Govt
    Feb 10, 2018
    The draft notification to amend rules for driving licences proposes Aadhaar as one of the documents that can be submitted as address and age proof, the government said on Friday. It said the draft notification to amend the form of application for licence to drive a motor vehicle and the form of driving licence, as prescribed in the Central Motor Vehicles Rules, 1989, has been submitted to the law ministry for legal vetting.
  • Budget 2018 has proposed to repeal the PPF Act. Should you be worried?
    Feb 08, 2018
    Buried deep inside the Finance Bill, 2018 is an important amendment that could have an impact on the way the Public Provident Fund (PPF) functions. In the Finance Bill, provisions have been made to repeal The Public Provident Fund Act, 1968. However, this will only happen if this provision of the Bill is passed by the Parliament. Once passed it will stand repealed from the date when it is published in the official gazette. But don't worry, this does not mean that the PPF will be discontinued. What this means is that all small savings schemes including PPF will now be covered under the Government Savings Banks Act, 1873.
  • Fixing fair value of bankrupt company under IBC mandatory now
    Feb 08, 2018
    The government has introduced the concept of fair value for bankrupt companies undergoing resolution and an evaluation matrix for applicants under the Insolvency and Bankruptcy Code, bringing in more clarity and transparency in the insolvency resolution process. The amended rules for the insolvency resolution process for corporate persons have made it mandatory for resolution professionals to ascertain "fair value" of the corporate debtor besides the liquidation value.
  • Stamp Duty Act revamp on the cards
    Feb 08, 2018
    India is looking to revamp the Stamp Duty Act to bring about uniformity in rates for taxation of financial securities on a destination-based principle. The department of economic affairs in the finance ministry has already held one round of discussion with states where it made a presentation on the proposed regime. Also on the table is the idea that stock exchanges deduct the tax so decided and distribute it among states.
  • E-Way Bill to roll-out tomorrow: How it works and how transporters can generate the bill
    Jan 31, 2018
    The roll-out of the e-way Bill has been advanced from April 1 and the new system is set to be implemented from tomorrow: February 1. The decision to implement the system of e-way Bill for the inter-state movement was done with the dual purpose; first to curb tax evasion and second, for seamless movement of goods. Under the e-way bill system, a transporter is required to have online pre-registration of goods before transportation under the new GST regime. All goods worth Rs 50,000 will require pre-registration before they are moved for sale beyond 10 km.
  • Insolvency and Bankruptcy Code – Ratio of firms facing liquidation to resolution 3:1
    Jan 30, 2018
    The number of companies facing liquidation under the Insolvency and Bankruptcy Code (IBC) is thrice that of companies where a resolution plan has been approved, the Economic Survey said. According to the Economic Survey, of the 525 insolvency petitions filed in the National Company Law Tribunal (NCLT), 30 companies have been ordered to be liquidated, 10 companies have got their resolution plans approved, 34 have been closed by appeal or review and 451 companies are still undergoing the process.
  • Time limit to Bankuptcy resolution process may be extended by 60 days
    Jan 27, 2018
    The government is considering a proposal to extend the time limit for the bankruptcy resolution process by up to 60 days following recent changes in the Insolvency and Bankruptcy Code (IBC) that have led to a reset in the process in many cases, said officials aware of the matter. This could mean more time for the 12 big cases undergoing resolution that were on the first list sent by the Reserve Bank of India (RBI) to banks in June, calling on them to be referred to the National Company Law Tribunal (NCLT).
  • 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.
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