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  MCA Allows companies to hold Extraordinary General Meetings through VC or OAVM complemented with e-Voting facility/simplified voting through registered emails without requiring the shareholders to physically assemble at a common venue till June 30, 2020. 1. MCA allows listed companies or companies with 1,000 shareholders or more which are required to provide e-voting facility under the Companies Act, 2013 to conduct EGM through VC/ OAVM and e-Voting. 2. For other companies, a highly simplified mechanism for voting through registered…

  RBI Moratorium on EMI: FREQUENTLY ASKED QUESTIONS Last week, the Reserve Bank of India announced a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. Q 1: When/what was the RBI announcement? ANSWER: Last week, the Reserve Bank of India announced a three-month moratorium on all term loans outstanding as on…

  There has been a reduction in the rate of interest on various Small Savings Schemes for the first quarter  of FY 2020 – 2021 with the approval of the Finance Minister. Attached is the Office Memorandum for your reference.

RBI announces Extension of realization period of export proceeds: Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from…

To give effect to the announcements, made by the Finance Minister on 24th March 2020, regarding relief measures relating to regulatory & statutory compliance matters across sectors in view of COVID – 19 outbreak, the government has brought about an Ordinance on 31st March 2020 which provides for extension of various limits under Taxation & Benami Acts. It also contains extension for time limits contained in Rules or Notification which are prescribed/issued under these Acts. Some important features and time limits which…

  Due to the outbreak of the Corona pandemic – there have been several restrictions in the working of the Income Tax Department. Therefore, applications filed by the payees under s. 195 and 197 of the ITA for lower of NIL rate of TDS deduction and applications by buyers/ licensees/lessees under s. 206C(9) of the ITA for lower or NIL rate of collection  of TCS for FY 2020-2021, have not been attended to in a timely manner by the TDS/TCS…

  The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. RBI has Based on the feedback and requests received from market participants, in the context of the difficulties arising from the outbreak of novel corona virus disease (COVID-19), and with a view to enabling smoother implementation…

  The Corporate Affairs Ministry (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any filing-related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity. To provide a similar facility to Limited Liability Partnerships (LLPs), the MCA has also revised the ‘LLP Settlement Scheme, 2020’, which is in vogue today.The USP of both the schemes is a one-time waiver of additional filing fees for delayed…

  The Government of India has set up the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) with the primary objective of dealing with any kind of emergency or distress situation such as that posed by COVID 19 pandemic. Item no. (viii) of the Schedule VII of the Companies Act, 2013, which enumerates activities that may be undertaken by companies in discharge of their CSR obligations, inter alia provides that contribution to any fund set…

  PM Modi on Tuesday announced a nationwide lockdown until April 14, 2020 as a measure to combat the spread of COVID – 19. During the lockdown, the PM has urged the citizens to stay indoors and has assured that essential supplies shall be provided.  In the first few days of the lockdown itself, the country is reeling under its impact that is to say – countless people have been left unemployed – especially the daily wage workers whose sustain…