MCA notifies Companies (Share Capital and Debentures) Amendment Rules, 2020
The Companies (Share Capital and Debentures) Amendment Rules, 2020 allows a start-up company to issue sweat equity shares not exceeding fifty percent of its paid up capital up to 10 years from the date of its incorporation or registration. Previously it was allowed only for 5 years.
SEBI relaxes the timeline for NCD/NCRPS/CPs
The Securities and Exchange Board of India vide its notification dated 8th June 2020 decided to extend the relaxation provided in the earlier circular dated 23rd march 2020 for issuers who intend/propose to list their Non-Convertible Debentures (NCDs)/Non-Convertible Redeemable Preference Share (NCRPS) /Commercial Papers (CPs) for disclosure of financial results for another one month.
Government rolls out facility of filing of NIL GST Return through SMS
The Ministry of finance in its press release dated 8th June 2020 has allowed the facility of filing NIL GST monthly return in FORM GSTR-3B through SMS which has been made available on the GSTN portal with immediate effect. The status of the returns so filed can be tracked on the GST Portal by logging in to GSTIN account and navigating to Services>Returns>Track Return Status.
CBIC notifies 1st phase of All India roll-out of Faceless Assessment
The Central Board of Indirect Taxes and Customs in its circular dated 5th June 2020 has notified the first phase of all India roll-out of faceless assessment of bills of entry for goods imported primarily under Chapters 84 and 85 of the Customs Tariff Act, 1975 at Bengaluru and Chennai with effect from 8th June 2020.
Ministry of Labour decides to extend the validity of licences granted under the Contract Labour Act, 1970.
The validity of license granted under the Contract Labour (Regulation and Abolition) Act, 1970 and the Inter-State Migrant Workmen (Regulation Of Employment And Conditions of Service) Act, 1979 extended to 30th June 2020, for those licenses whose renewal falls in the months of March, April, May and June 2020.
Draft Frameworks for Sale of Loan Exposures and Securitisation of Standard Assets
The RBI has issued Draft Frameworks for Sale of Loan Exposures and Securitisation of Standard Assets. These guidelines are applicable to all Scheduled Commercial Banks (excluding Regional Rural Banks); All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); and, all Non-Banking Financial Companies including Housing Finance Companies. The comments on the draft frameworks and the responses to the discussion questions may be submitted to the Reserve Bank to email address ice@rbi.org.in latest by June 30, 2020.
