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  • Non-Bank entities now permitted by the RBI to avail Aadhar eKYC authentication licenses

    Non-Bank entities now permitted by the RBI to avail Aadhar eKYC authentication licenses

    In its efforts to promote digital usage across financial institutions, the Reserve Bank of India (RBI), on September 13, 2021, has now permitted entities other than banking companies to carry out authentication of a client’s Aadhar number through e-KYC facility

  • Relaxations from certain regulatory requirements in case of relocation of an offshore Fund to International Financial Services Centre (IFSC)

    Relaxations from certain regulatory requirements in case of relocation of an offshore Fund to International Financial Services Centre (IFSC)

    International Financial Services Centres Authority (IFSCA) upon receiving representations from various stakeholders has vide circular No. 81/IFSCA/AIFs/2020-21/03 dated June 25, 2021 amended the norms pertaining to relocation of funds outside India to IFSC. The amendments are summarised as follows:  

  • Enhancement in overseas investment limit of AIFs/VCF

    Enhancement in overseas investment limit of AIFs/VCF

    SEBI enhances the overseas investment limit of Alternative Investment Funds (AIFs), Venture Capital Funds (VCFs) to USD 1,500 million: SEBI on 21 May 2021 vide its circular no. SEBI/HO/IMD/DF6/CIR/P/2021/565 has enhanced the overseas investment limit of SEBI registered AIFs and

  • THE KARNATAKA SOCIETIES REGISTRATION (AMENDMENT) BILL, 2021

    THE KARNATAKA SOCIETIES REGISTRATION (AMENDMENT) BILL, 2021

    Karnataka Legislative Assembly has introduced a bill to amend the Karnataka Societies Registration Act, 1960 in its 15th Legislative Assembly. The bill has substituted section 27A of the Karnataka Societies Registration Act, 1960 which talks about the Appointment of an

  • FDI Limit in Insurance Sector raises to 74 per cent

    FDI Limit in Insurance Sector raises to 74 per cent

    On March 25, 2021, the Insurance Amendment Act, 2021 came into force. Through the said Amendment, Section 2, in clause (7A), for sub-clause (b) of the Insurance Act, 1938 has been substituted with “aggregate holdings of equity shares by foreign

  • Central Government establishes a Central Scrutiny Centre (CSC)

    Central Government establishes a Central Scrutiny Centre (CSC)

    The Ministry of Corporate Affairs, Government of India has established a Central Scrutiny Centre (CSC) for carrying out scrutiny of Straight Through Processes (STP) e-forms filed by the companies under the Act and the Rules made thereunder, and which shall

  • Income-Tax ( Amendment) Rules, 2021

    Income-Tax ( Amendment) Rules, 2021

    Income-Tax (4th Amendment) Rules, 2021 Central Board of Direct Taxes (CBDT) vide its notification dated March 12, 2021 has mandated pre-filing of return of income a statement of financial transaction under subsection (1) of section 285BA of the Income Tax

  • Relief to an Individual in case of Double Taxation arise due to COVID-19

    Relief to an Individual in case of Double Taxation arise due to COVID-19

    The Ministry of Finance have issued a circular, dated March 03, 2021, to provide relief to any individual who was a non-resident during the previous year 2019-20, gets stranded in India by reason of the COVID 19 pandemic for some

  • Companies are to make more disclosures in the Financial Statements

    Companies are to make more disclosures in the Financial Statements

    The Ministry of Corporate Affairs vide its Notification dated 24th March 2021 [G.S.R. (E)] has amended the Schedule III of the Companies Act, 2013 (“the Act”) which shall come into force starting the 1st day of April 2021. The Amendments

  • Government of India Ministry of Commerce & Industry Department for Promotion of Industry & Internal Trade (FDI Policy Section)

    Government of India Ministry of Commerce & Industry Department for Promotion of Industry & Internal Trade (FDI Policy Section)

    The Department of Promotion of Industry & Internal Trade, Government of India issued Press Note No. 1 (2021 Series) [DPIIT File No. 5(13)/2020-FDI Policy] dated March 19, 2021 (‘Press Note’) in order to review the extant FDI Policy with respect

  • Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021

    Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021

    On 22nd January 2021, the Ministry of Corporate Affairs notified the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“Amendment Rules”). These amendment rules have brought into effect the amendments to Section 135 of the Companies Act, 2013 (“Act”) and

  • Producer Companies Rules, 2021

    Producer Companies Rules, 2021

    The Ministry of Corporate Affairs vide its notification dated 11th February 2021 has published the Producer Companies Rules, 2021 which shall be applicable to all producer company as referred in clause (l) of section 378A. A Producer Company shall make

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