With the Government approving the Production Linked Incentive (PLI) Scheme for white goods (air conditioners and led lights). The tenure for the scheme is from FY 2021-2022 to FY 2027-28. The implementation period is the financial Year 2021-2022 to 2027-2028, and the incentives to begin from 2022-2027 with 1-year gestation period. The Budgetary Outlay for...
Startup India Seed Fund Scheme (SISFS): An Overview: This scheme is meant to provide financial assistance to start-ups in lines where a start-up has certain requisites such as proof of concept, prototype under development, commercial factors or any product under trials. The SISFS aims to disburse the seed funding via selected & eligible incubators whole primary role...
Multi-discipline collaboration always make synergy beyond standard expectations. Specially, when we talking about assurance and advisory, the different professional people like Chartered Accountants, Company Secretary, lawyers, Actuaries need to in-shrink as team in order to serve the service business. However, there are number of bottlenecks which barred the collaboration of different professionals in order to...
Due to the current situation of the COVID-19 pandemic, the Central Government has, in exercise of its powers under the Companies Act, 2013, decided to allow relaxation of time and condone the delay in filing forms relating to creation/modification of charges vide MCA Circular No. 7/2021 dated 03-May-2021. In terms of the provisions of Section...
The need for insurance benefits has shown its importance nowadays, as the second wave of COVID-19 hit the country harder. These times have proven that safety means not only being safe from getting affected by the virus itself but also it is equally important to have a backup plan and being safe from financial calamities....
On account of difficulties faced by the stakeholders due to the resurgence of COVID-19, MCA has provided some relaxations in the compliances required to be undertaken under the provisions of Companies Act, 2013 and LLP Act, 2008 vide its General Circular No. 08/2021 and 06/2021. Circular 08/2021: MCA has extended the gap between two successive board...
The new labor reforms being introduced in 2019-2020 & being implemented in 2021, which are about to bring a wave of changes into the Work Sector. ASC Group would hereby like to introduce you to a brief walkaround of the new labor codes that are being introduced by the Government of India. As per the latest notification...
RBI, made it mandatory to obtain the LEI (Legal Entity Identifier) for all the categories of entities (except individuals) prior to 30th September 2020 who are undertaking the following transactions- Transaction amount more than 1 Million USD or equivalent (approx. INR 7 Crore) Applicable on all entities without transaction limit- Entities undertaking non-derivative foreign transactions, such as- Share Capital...
NEW DELHI: The finance ministry on Friday said banks have sanctioned loans of about Rs 1,20,099 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under economic slowdown caused by the COVID-19 pandemic. However, disbursements against this stood at Rs 61,987.90 crore till Thursday (July 9) under...
NEW DELHI: The new process for registration of micro, small and medium enterprises will come into effect in the name of Udyam Registration from Wednesday, July 1, the government said on Tuesday. Last week, the MSME ministry said that an MSME in the country will now be known as ‘Udyam’ since the term comes closer...
Claim Verification under IBC - As per IBC the Corporate Insolvency Resolution Process is for the protection of creditors from debtors through filing of an insolvency petition which is based on delayed and default of payments by the debtors even after various time buffers being provided but inability of the corporate debtor to repay the...
State-level stamp duties on loan deeds are discouraging micro, small and medium enterprises (MSMEs) from tapping the Union government’s ?3 trillion liquidity programme, two people aware of the development said. In a meeting with finance minister Nirmala Sitharaman last week, lenders pointed out that many of these small firms were not using the facility as...
Micro, small and medium (MSME) enterprises are perhaps facing their worst times in the last few years and the Covid-19 pandemic has exacerbated the situation, experts feel. They stress that there is an urgent need to bring such units on the government radar so that they are eligible for benefits. These units need to be...
The Government is making it mandatory for large companies to disclose their dues to MSMEs to ensure timely payments. Some of its features are as follows: Union MSME Minister Nitin Gadkari said that despite various interventions, including MSME firms that payments will be made by the Central Government & its undertakings within 45 days of delivery...
NEW DELHI: Eligible MSME borrowers will get an offer from their lending institutions for a pre-approved loan under the Rs 3 lakh crore scheme announced for micro, small and medium enterprises to help them deal with the impact of COVID-19. The Guaranteed Emergency Credit Line (GECL) of Rs 3 lakh crore was announced as part...
Days after announcing a new set of criteria to define micro, small and medium enterprises (MSMEs) on which various official benefits will be extended, the government is considering a proposal to widen the definition again — a crucial move that will potentially benefit several thousands of firms. Days after announcing a new set of criteria...
Q1: What is the revised rate of EPF contribution announced by the Central Govt. under the Atmanirbhar Bharat package? Ans: Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic wages and dearness allowances from the existing rate of 12 percent for all class...
MUMBAI: MSMEs received a fresh boost in terms of credit support from the Reserve Bank of India. While SIDBI's credit facility was rolled over, Exim Bank received a fresh line of credit line. In additions exporters and importers too got some added sops The RBI had in its March statement announced a special refinance facility of...
NEW DELHI: Many small businesses are wary of taking fresh loans even if they are backed by government guarantee, as they are not sure how much demand will be there for their products when they resume business activity. Micro, small and medium enterprises (MSMEs) expected a direct relief from the government in terms of waiving of...
Startups will be eligible to avail relief measures announced for micro, small, and medium enterprises (MSME) under the Aatmanirbhar Bharat Scheme but will have to register as MSMEs on the Udyog Aadhaar portal, government officials told CNBC-TV18. Finance Minister Nirmala Sitharaman also clarified on Saturday that startups were eligible for the measures announced for MSME, such...
Key Highlights According to the earlier definition, MSMEs engaged in manufacturing based on their investment in plant and machinery FM Sitharaman has declared that there will be no difference between manufacturing and service enterprises. The investment limit for MSMEs has been revised upwards and an additional criterion of turnover has been introduced While enumerating the details...
Uttar Pradesh CM Yogi Adityanath organised an online loan fair to hand over cheques to over 56,000 MSME business persons, a day after Centre's package A day after Finance Minister Nirmala Sitharaman announced an array of measures to strengthen the (Micro, Small & Medium Enterprises) MSME sector, Uttar Pradesh Chief Minister Yogi Adityanath organised an online...
In a nation with an estimated population of 1.37 billion people, an extensive range of social enterprises can make an impact. From public services to financial services, to technology, social enterprises can play a key role in a diverse economy like India. Ridley-Duff and Bull (2011) defined a social enterprise as an organization that applies...
On 04th May 2020, the Lt. Governor of Government of National Capital Territory of Delhi in the exercise of the powers conferred by subsection (1) of section 81 of the Delhi Excise Act, 2009 gave the ruling as an amendment on Rule 154 of Delhi Excise Rules, 2010 that a “Special Corona Fee” will be...
Relaxation by MCA - The Ministry of Corporate Affairs vide circular dated 8th April, 2020 has relaxed provisions related to passing Ordinary and Special Resolution in its meeting of members in view of the current extraordinary circumstances prevailing in the country due to the pandemic caused by Noval Coronavius, COVID-19, which requires social distancing. The...
Summarized features of the scheme - The Ministry has issued a general circular no 12/2020 dated. 30th March 2020 to revive the non -compliant companies. Under this scheme, the government has given one time opportunity to non – compliant companies to make a fresh start on a clean slate. This scheme enables the companies to...
1. As per Circular to clarify by CBEC-20/16/12/2020- GST in FAQ, it has been provided that: Once a business entity defaults certain threshold amount under the IBC, 2016, corporate Insolvency Resolution Process (CIRP) gets triggered and the management of such business entity or Corporate Debtor and its assets vests with an Interim Resolution Professional (“IRP”)...
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. Highlights of press conference are: INCOME TAX Date of filing ITR for FY 2018-19 is extended from 31st...
India reported its first novel Coronavirus case on January 30, 2020. Ever since, India, being the second most populated country of the world, has reported 415 cases of Coronavirus and seven reported deaths, as per the reports of Ministry of Health and Family Welfare. Considering the globally vast spread of Covid 19 virus, India has channelized...
NEW DELHI : Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amid a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection. The last date for filing belated income tax return (ITR) for the FY 2018-19 has been extended...
New Delhi: The Union government is tracking prices of household staples in nearly 600 centres across the country and has advised all states, especially those with transport restrictions such as Maharashtra, to allow interstate movement of trucks carrying essential supplies , a senior official in the consumer affairs ministry said. Amid reports of a broad-based demand...
MUMBAI: Water house non-audit service- Price Waterhouse Network of Firms in India (PW India), which is part of the PwC India, on Thursday, said that they would no longer provide non audit services to their audit clients in India which are governed by National Financial Reporting Authority (NFRA). This would essentially mean that none of...
Vide circular FMRD.FMID.No.10/11.01.007/2018-19, RBI has introduced mandatory obtaining of Legal Entity Identifier (“LEI”) registration for eligible entities participating in non-derivative market transactions. As a specimen, non-derivative forex transactions shall entail share capital remittance, amounts received on sale of purchase of goods or services, any kind of income or expense in foreign exchange etc. RBI has...
Quality issue on steel - The BIS shall be the certifying and enforcing authority for the goods,” the department said in the orders. NEW DELHI: In a move to curb imports of certain substandard steel items and cables, the government has issued quality control orders for these products. The Department for Promotion of Industry and...
The Indian stock market is set to see billions of dollars of inflows after a policy tweak comes into effect on April 1, analysts predict. The nation will increase the foreign portfolio investment limit in a company from the current 24% to a higher threshold set for its sector. In addition to the expected inflows...
In a step to save costs and time, the RBI decided to permit videobased KYC (Know Your Customer) which will be a huge relief to map remote customer authentication, as opposed to physically onboarding customers. The provision allows an officer of the institution to remotely vet a customer’s identity through PAN or Aadhaar and a...
pump and dump - Zerodha, India's biggest stock broker, has warned investors against investing or trading based on anonymous and fraudulent stock tips. "In the past few years, the scourge of stock tip messages, calls, and websites has become a dangerous nuisance. We’ve been seeing queries from unwitting investors who have invested based on these...
NEW DELHI : Finance Minister Nirmala Sitharaman today unveiled a ?102 lakh crore national infrastructure pipeline, in accordance with the Narendra Modi government's vision to make India a $5 trillion economy by 2024-25. The finance ministry had set up a task force headed by Economic Affairs Secretary to prepare a road map for the "national infrastructure...
Decriminalisation of Compoundable - The Company Law Committee, constituted by the Ministry of Corporate Affairs (MCA) vide order dated 18.09.2019, has submitted the first phase report to the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 18th November, 2019, proposing amendments in the Companies Act, 2013 for further decriminalising the offences under the...
Secretarial Audit offers a broad check on compliances of Company under applicable acts including SEBI Act, Companies Act, Depositors Act, FEMA, and other industry-specific laws. Secretarial Compliance Report consists of the SEBI Act, its regulations and circulars issued thereunder. Secretarial audit guides you in dealing with the changes brought in to managerial burden and management...
Finance minister Nirmala Sitharaman on Tuesday said the government and Reserve Bank are working to resolve the issues being faced by the realty sector. Admitting that the realty sector has been left out of the booster measures announced earlier, she said the sector has a spillover effect on many sectors, especially the core sector. "The...
Private Companies with debts - The secretarial audit is right now restricted to listed firms that have outstanding debt beyond a threshold. Experts have welcomed the developments as the move will help improve compliance and corporate governance standards in the county. The government may soon mandate private companies with outstanding debts above a certain threshold undergo a...
MCA has filed the petition in Mumbai bench of NCLT under section 140(5) of Companies Act. NCLT Mumbai today heard the petition of the MCA and directed for issuing notices to the auditor and directors of the company. Continuing its actions against auditors who fail to perform their duty, Ministry of Corporate Affairs (MCA) has sought...
In a statement, Institute of Chartered Accountants of India (ICAI) said it has sought requisite details of their findings as well as that of any "member/firm alleged to be involved in the alleged financial irregularities at the lender. New Delhi: Chartered accountants' apex body ICAI has sought information from the RBI and other authorities on...
The 0.75 per cent discount being given on credit card payments made to buy fuel at petrol pumps will be withdrawn from October 1. From today, that is October 1, there are five changes that will have a bearing on your personal finances. Here is a look at those five changes and how it can...
NEW DELHI: Private sector banks have said that there is no problem of liquidity and enough demand for loans exists, finance minister Nirmala Sitharaman said on Thursday, while asserting that the economy will revive in second half of the financial year as consumption takes off and banks raise their lending. “On the whole, it was...
The Ministry of New and Renewable Energy has started drafting plans to set up mega capacities and ease investment in renewables to meet the new target set by Prime Minister (PM) Narendra Modi. At the United Nations Climate Action Summit in New York on Monday, Modi vowed to double India’s renewable energy target to 450 gigawatt...
Two days of bank strike will be followed by another two days of weekly holidays in the next week of September Most bank branches are likely to function only for three days in the week NEW DELHI : If a two-day bank strike called by a cluster of four bank officers union next week is successful, then...
Under this scheme, the government will give partial credit guarantee for purchases of such assets up to Rs 1 lakh crore this fiscal. The guarantee will cover up to 10% of their first loss. Finance minister Nirmala Sitharaman on Thursday met chiefs of state-run banks and asked them to ensure that no stressed loan of...
MUMBAI: After forcing banks to link retail loans to an external benchmark, the RBI is looking at the way non-banking finance companies (NBFCs) and mortgage companies price their products. While an external benchmark might not be mandated for housing finance companies (HFCs), banking regulator wants to bring more transparency in their pricing. Meanwhile, the RBI...
The government measures to provide partial credit guarantee to public sector bank on their asset purchases from NBFCs can ease funding pressure only for the short-term, says a report. In the budget, the government had said for purchase of high-rated pooled assets of financially-sound NBFCs, amounting to Rs 1 trillion during the current financial year, it...
Finance Minister Nirmala Sitharaman announced a number of measures on Friday to lift market sentiment and boost growth But weak global backdrop could cap the upside for Indian equities in near term: Analysts Indian stock market index had its best day in three months as a number of government measures to revive economic growth and hopes...
Clearing the air around the slowing economy, Finance Minister Nirmala Sitharaman said despite weak global demand, the Indian economy was growing faster than the global average and all other major economies. She also announced steps to boost the auto sector and immediate release of ?70,000 crore for capitalization of public sector PSU banks. In this year's Budget,...
Finance Minister Nirmala Sitharaman will be addressing a press conference on August 23 at 5 pm in New Delhi. The briefing is likely to discuss the state of the economy. Foremost among the things that the Finance Minister could address is the issue of surcharge on foreign portfolio investors (FPIs). In her maiden Budget proposal,...
Major market benchmarks were boosted by some strong earnings reports from retail companies Wednesday, indicating that the U.S. consumer remains healthy and helping to ease recession worries. The Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) both gained nearly 1%. All sectors rose, with consumer staples and technology leading the way. As...
The beginning of April brings with it a number of changes that every tax payer needs to be aware of to better understand their tax liabilities as well as the benefits that the Government is offering them. Let’s take a look at some of the major changes 1. Income tax Imagine if your social media...
The real estate industry has always been shrouded in controversies considering many factors including bad loans, stay on construction, illegal constructions and grief for home buyer due to late payment. The Real Estate Regulatory Act was introduced in the hope of putting an end to a number of stagnant processes as well as to streamline...
All practising chartered accountants (CA) would need to provide an Unique Document Identification Number (UDIN) while auditing GST and Tax documents, Tax Scan has reported. This decision would come into effect from 1 April 2019. As per a decision taken by the Institute of Chartered Accountants of India (ICAI) in a meeting on 17-18 December...
Recently, the Indian Government proposed changes in tax rules for investments made in start-up and entrepreneurial ventures. A 30.9% tax levied on investments, however it is important to mention that the entire investment is not taxed, only the amount that is considered to be above ‘fair value’ valuations of a start-up; also classified as ‘income...
A recent tax ruling is changing the way companies in India operated for years. Converting a company to Limited Liability Partnership was a means to scale up, attract foreign investors as well as to distribute profits to partners without the fear of dividend distribution tax. This new ruling however puts things in perspective and makes the...
Here’s why your organization needs Compliance Risk Assessment Compliance has become a very critical part of every organization's strategic plan whether its Financial services, banking or healthcare — all companies, beyond a certain volume, face a large number of compliance rules. Penalties for violating such compliance requirements can be massive, and non-compliance is practically an invitation to...
Need more information on any of our services?
EN 
.jpg)
