RBI amends prior notification for Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs)
The Reserve Bank of India (RBI) has issued a notification on Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs). RBI now specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees 300 Crore on an ongoing basis with effect from 23rd January, 2023. The present notification was issued on 23rd January, 2023 and comes into immediate effect.
MoCI issues Minutes of the 1st Meeting of the Board of Approval for EOU Scheme
The Ministry of Commerce and Industry (MoCI) has issued a copy of the Minutes of the 1st Meeting (2023 series) of the Board of Approval (BOA) for the Export Oriented Units (EOU) Scheme. This Meeting had been held on 17th January, 2023.
DGS issues circular on Collection of data from all Indian Ships
The Directorate General of Shipping (DGS) has issued a circular regarding the collection of data from all Indian Ships irrespective of size. This data is sought for the Implementation of Energy Efficiency Existing Ship Index (EEXI), Carbon Intensity Indicator (CII), Single Use of Plastics, and issuance of Electronic Bulk Mail Delivery Note system (E-BDN) by Bunker Suppliers. The implementation will be verified in the International Safety Management (ISM) audits as applicable to company/ships and non-compliance will be viewed as a very serious issue by the Directorate and may lead to the withdrawal of respective certificates.
RBI extends time for renewal of agreements for existing Safe Deposit Locker/Safe Custody Article Facility Provided by Banks
It has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.
Advisory on the facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns
Recently, a functionality of “Automated Drop Proceedings” of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. If the status of the GSTIN does not automatically turn ‘ACTIVE’, then taxpayers are advised to revoke the suspension once the due returns have been filed, by clicking on ‘Initiate Drop Proceeding’.
Companies (Accounts) Amendment Rules, 2023
The Ministry of Corporate Affairs (MCA) has issued the Companies (Accounts) Amendment Rules, 2023. The Amendment Rules revise Form No. AOC- 5, i.e., “Notice of Accounts at which books of account are to be maintained”. These Amendment Rules are effective from 23rd January, 2023.
Ministry of Consumer Affairs, Food and Public Distribution notifies the Declaration of Mandatory Information on the Outer Retail Packages
The Ministry of Consumer Affairs, Food and Public Distribution has issued a notification on the declaration of mandatory information on the outer retail package. The notification was issued on 18th January, 2023. It shall now also be ensured that the MRP, net quantity, and date of expiry/ use by date (wherever applicable) are declared on the outer packaging of all the packages, packed inside the combination/ group/ multi-piece/ gift package.
Companies (Share Capital and Debentures) Amendment Rules, 2023
The Ministry of Corporate Affairs (MCA) has published the Companies (Share Capital and Debentures) Amendment Rules, 2023. The amendment brings about changes to the provision relating to buy-back of shares or other securities and also bring about revisions in certain forms. These Amendment Rules are effective from 23rd January, 2023.
Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2023
The Ministry of Corporate Affairs (MCA) has issued the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2023. The Amendment Rules have brought about revisions in Form No. MR. 1 and Form No. MR.2. These Amendment Rules are effective from 23rd January, 2023.
New guidelines for Requesting Entities providing Aadhaar authentication services to residents
It has further asked REs to provide effective grievance-handling mechanisms for residents and cooperate with UIDAI and other agencies deputed by it for any security audit as required under the law and regulations.
