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Regulatory Updates

Articles

Directions Regarding Display of “Date of Manufacturing” and “Best Before Date” in case of Sweets

In suppression of the previous order dated 24.02.2020 issued on the subject, in public interest and to ensure food safety, the Food Safety and Standards Authority of India has decided that in case of non-packaged/ loose sweets, the container/tray containing
Positive Pay System for Cheque Truncation System

Under the positive pay system, the issuer of the cheque is going to be required to submit electronically, through SMS, mobile app, internet banking or ATM certain minimum details of that cheque like date, name of the beneficiary, payee, amount
Circulars for extension of various schemes issued by MCA

Considering the representations made by various stakeholders, the Ministry of Corporate Affairs (“MCA”) has extended Companies Fresh Start Scheme, 2020 and LLP Settlement Scheme, 2020, (previously valid till 30 September 2020) for a period of 3 months, to 31 December
Extension of timeline for compliance IS Standards under the Food Safety and Standards (Packaging) Regulations, 2018

The Food Safety and Standards (Packaging) Regulations, 2018 (Regulation) deals with regulations relating to food packaging. The Regulation provides a detailed list of packaging materials that may be used for the packaging of specific categories of food products and also
Clarification on due date for Annual General Meeting

The Annual General Meeting (AGM) for the financial year ended 31 March 2020 has been extended till 31 December 2020 for all companies. Though the MCA had allowed companies to conduct AGMs through audio-visual means, the prevailing pandemic crisis had
MCA extends due date for filing Cost Audit Report

The Ministry of Corporate Affairs (the MCA) has extended the last date of filing of CRA-4 (form for filing of the cost audit report) for financial year 2019-20 under the Companies Act, 2013. The MCA also relaxed the additional fees
Mode of submission of application for registration of bidders having beneficial ownership from countries sharing land border with India

The Office Memorandum of the Department of Promotion of Industry and Internal Trade dated 23 July 2020 mandated that bidders having beneficial ownership in countries which share land border with India will be eligible to bid in public procurement only
Business Reform Action Plan by Hon’ble minister Nirmala Sitharaman

Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Minister of Corporate Affairs, announced the 4th edition of Business Reform Action Plan (BRAP) ranking, on Sep 5, 2020 at an event held at the New Media Centre, New Delhi. Ranking of
Resolution Framework for COVID-19 related stress – Financial Parameters

The Reserve Bank of India on September 7, 2020, released the K V Kamath-led Committee report, which had recommended financial parameters to be factored within the resolution plans under the ‘Resolution Framework for Covid19-related Stress’ alongside sector-specific benchmark ranges for
IRDA amends the Consolidated Guidelines on Product filing in Health Insurance Business

The IRDA has issued new guidelines on Product filing in Health Insurance Business on 4 September 2020 which supersedes the previous guidelines issued on 22 July 2020. Some of the norms that are prescribed under the guidelines are – Any
MCA amends Deposit Rules for Startups

The Ministry of Corporate Affairs has amended the Deposit Rules to allow start-ups to raise funds through corporate bonds or other convertible instruments for 10 years instead of 5 years. So an amount of twenty-five lakh rupees or more received
Standardised list of documents for FSSAI License

Pursuant to order dated 31st August, 2020, the Regulatory Compliance Division of the Food Safety and Standards Authority of India directs the designated officers to refrain from insisting on submission of additional documents beyond the list issued by the FSSAI.