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Verification of compliance under EPF and MP Act, 1952 in respect of contract workers Deployment Of Electronic Facility At Employer Interface Of EPFO’s Unified Portal For Principal Employers To View EPF Compliances Of Their Contractors And Contract Workers – The Employees Provident Funds and Miscellaneous Provisions Act, 1952: EPFO has recently deployed a new electronic facility at Employer interface of unified portal to view EPF compliances of contractors and contract workers engaged through these contractors. Through this facility, the principal…

RBI introduced (Digital payment Security Controls) directions, 2021 Going by the pre-eminent role being played by digital payment systems in India, RBI gives highest importance to the security controls around it. Now it is proposed to issue Reserve Bank of India (Digital Payment Security Controls) Directions 2020, for regulated entities to set up a robust governance structure for such systems and implement common minimum standards of security controls for channels like internet, mobile banking, card payments, among others. While the…

MCA specifies class of companies not to be considered as listed companies MCA has amended the  Companies (Specification of definitions details) Rules, 2014 in terms of listed companies. The brief summary of the amendment is detailed below: 1 Rule date 19.02.2021 2 Subject (Specification of definitions details) second amendment rules, 2021 3 Effective date  01.04.2021 4 Applicability As per rules attached 5  Brief description MCA has amended the definition of the listed companies by inserting rule “2A. Companies not to be considered as listed companies…

Application of certain provision of the Companies Act 2013 to Limited Liability Partnerships In a move aimed at improving the compliance of limited liability partnerships (LLPs) and to better regulate designated partners, the ministry of corporate affairs (MCA) has decided to extend certain sections of the Companies Act to the LLP Act. A total of eight sections relating to the register of significant beneficial owners, disqualifications of directors, conduct of inquiries and inspections and non-cognisable offences will soon be applicable to LLPs, the MCA said in…

FSSAI Gazette Notification on Amendments in Alcoholic Beverages  The Food Safety and Standards (Alcoholic Beverages) First Amendment Regulations, 2020: MINISTRY OF HEALTH AND FAMILY WELFARE, Food Safety and Standards Authority of India (FSSAI) vide Notification No. F. No. Stds/SP (water and Beverages)/Notification(1)/FSSAI-2019 dated 18th December, 2020 has come up with the Food Safety and Standards (Alcoholic Beverages) First Amendment Regulations, 2020 in exercise of the powers conferred by Section 92 (2) (v) of the said Act, the Food Safety and Standards…

Update | Importer-Exporter Code (IEC) The excerpt from the notification issued by Ministry of Commerce & Industry DGFT, kindly bring it into the notice of your clients: (Amendment of Importer-Exporter Code (IEC) related provisions): 1 Notification date 12.02.2021 2 Subject Amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020 3 Effective date 12.02.2021 4 Applicability As per notification attached 5 Brief description IEC related provisions in Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020 are amended/deleted…

Enforcement of new chapter relating to Producer Companies MCA notifies commencement of Chapter XXIA and insertion of Rules governing Producer Companies. The brief summary of the amendment is detailed below: 1 Rule date 11.02.2021 2 Subject Producer Companies Rules, 2021. 3 Effective date They shall come into force on the date of their publication in the Official Gazette. 4 Applicability These rules shall apply to a Producer Company as referred in clause (I) of section 378A.  5 Brief description o    New…

Analysis of Companies (CSR Policy) Amendment Rules, 2021 CSR Amendment Rules 2021: “Legitimate profit earning cannot be devoid of social responsibility, and that companies cannot get away without meeting corporate social responsibility requirements.” With the Corporate Social Responsibility (CSR), Companies are able to develop their own social investment strategies and decide where to invest and implement programs, but the government has recommended particular areas of need, including eradicating hunger and poverty, maternal and child health, promoting gender equality and environmental…

MCA revises threshold for paid up capital and turnover for Small Companies Amendment in definition of Small Companies: MCA revises threshold for paid up capital and turnover for Small Companies Companies (Specification of Definitions Details) Amendment Rules, 2021- Small Companies Definition- For the purposes of sub-clause (i) and sub-clause (ii) of clause (85) of section 2 of Companies Act, 2013 paid up capital and turnover of the small company shall not exceed rupees two crores and rupees twenty crores respectively. In line…

Companies (Specification of Definitions Details) Amendment Rules, 2021   The notification issued by MCA on Companies (Specification of Definitions Details) Amendment Rules, 2021 . The brief summary of the notification is as detailed below: 1 Notification date 01.02.2021 2 Subject Companies (Specification of Definitions Details) Amendment Rules, 2021 3 Effective date 01.04.2021 4 Applicability To Small Company         5  Brief description In the Companies (Specification of Definitions Details) Rules, 2014, in the rule 2, in sub-rule (1), after clause…