Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020

The Ministry of Corporate Affairs (MCA) on August 24, 2020 has issued the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 to further amend the Companies (Corporate Social Responsibility Policy) Rules, 2014. 

The following amendment have been made in the Companies (Corporate Social Responsibility Policy) Rules, 2014:

• A new Rule 2 (1) (e) has been inserted, which specifies the definitions, namely: 

“Provided that any company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial years 2020-21, 2021-22 and 2022-23 subject to the conditions that: 

1. such research and development activities shall be carried out in collaboration with any of the institutes or organisations mentioned in item (ix) of Schedule VII to the Act. 

2. details of such activity shall be disclosed separately in the Annual Report on CSR included in the Board’s Report.”

[Notification No. G.S.R. 526 (E)]

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RBI issues guidelines for Ad-hoc, Short Review, Renewal of Credit Facilities

The Reserve Bank of India (RBI) on August 21, 2020 has issued a circular on Ad-hoc, Short Review, Renewal of Credit Facilities. It has been seen that the credit facilities were not renewed timely. Further, the banks are now expected to have a detailed Board Policy formulating a methodology for periodic renewal of the credit facilities, according to the regulatory guidelines, adhering to the rules and regulations provided under master circular no. DCBR.BPD. (PCB) MC No. 12/09.14.000/2015-16 dated July 01, 2015.

Further, the Board has stated that the timely renewal of the credit facilities shall be there in the loan approval policy of the banks and without any justifiable reason, the banks should not fall short on the renewal of the credit facilities. In addition to this, banks are required to record all the data relating to the renewal of the credit facilities and shall furnish it for inspection or audit as and when required.

[Circular No. DOS.CO.PPG.BC.1/11.01.005/2020-21]

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Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2020

The Pension Fund Regulatory and Development Authority (PFRDA) on July 29, 2020, has issued the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2020 to further amend the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015.

The amendments are made in Regulation 5(4) related to “Eligibility for appointment as trustees” stating that the no person who is appointed as a trustee of the Board of Trustees of the National Pension System Trust shall be eligible to be appointed as a trustee of any other pension trust, or as a director of any of the intermediaries registered with the Authority or its sponsor.

Provided that this restriction shall not be applicable to the Trustees appointed by Government of India or those appointed by any of the State Governments.

[Notification No. PFRDA/12/RGL/139/5]

Get all Labour Compliance and Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.

Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

The Chandigarh Estate (Amendment) Rules, 2020

The Chandigarh Estate Branch on July 8, 2020 has issued the Chandigarh Estate (Amendment) rules, 2020 to further amend Chandigarh Estate Rules, 2007. 

Following amendments have been made to Chandigarh Estate Rules, 2007: 

• Rule 7(i) related to “Transfer of site or building by the allottee/lessee” has been substituted, namely:-

Allotment cases: No site /building sold by way of allotment, whether on lease hold basis or on free hold basis, shall be allowed to be transferred before the expiry of 5 years from the date of allotment unless in the opinion of the Estates Officer exceptional circumstances exit for the grant of permission to transfer before the said Period”. 

Provided that there shall be no restriction of ban period and liability of unearned increase charges on transfer of the site building allotted on free hold basis, if, the allottee/transferee has paid full consideration amount/price, dues etc. of the site. 

Provided that 1/3rd of the unearned increase in the value will not be charged if the mortgage of charge of a site/building is created with previous consent in writing of the Estate officer, in favour of the Central Government, State Government, Chandigarh Administration, Life Insurance Corporation of India or any Scheduled Bank for securing a loan to be advanced by them for constructing the building on the site. 

Provided further that the Government shall have the pre emptive right to purchase the mortgaged or charged property after deducting r/3rd of the unearned increase as aforesaid. 

Provided further that the Government’s right to recovery of r/3rd of unearned increase and the pre emptive right to purchase the property as mentioned hereinbefore shall apply equally to an involuntary sale of transfer whether it be or by or through an executing or insolvency court.

[Notification No. 45/5/22-UTFI(6)-2020/9293]

Get all Labour Compliance and Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.

Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

Webinar and Panel Discussion on “Compliance burden in India and how to manage it effectively”

Keywords –

Compliance, compliance management, compliance automation, compliance burden, Avacom, webinar, panel discussions, compliance webinar

Webinar and Panel Discussion on “Compliance burden in India and how to manage it effectively”. We invite you to become a part of an exclusive series of panel discussions on the Compliance burden in India.

Click here to register : https://www.avantis.co.in/webinar/

Duration 60 Mins
Date: Wednesday, August 26th, 2020
Time: 3:00 PM- 4:00 PM

Managing Compliance in India is complex. It requires resources and expertise. India’s regulatory environment has 1,536 Acts, 69,233 Compliances, and 6,618 filings & intimations. A country is ranked based on its performance on 10 parameters which affect the life cycle of a business in that country. India’s regulatory ecosystem has 1536 Acts, 69233 Compliances, and 6618 filings & intimations.

The cost of poor compliance has increased dramatically. Companies Act, 2013 has provisions for criminal proceedings and jail term.

Compliance officers and key management personnel continue to operate in manual, ad-hoc, paper-based and people dependent programs. In essence, compliance officers have often seen firefighting with numerous instances of missed compliance, delayed compliance, missed legal updates, misplaced documents leading to a high penalty, and avoidable litigation.

Moderator:

Rishi Agrawal, Co-Founder & CEO Avantis RegTech

Speakers:

K. Rama Subramanian, Legal & Group Compliance Apollo Hospital, Chennai

Jayprakash Kalappan, CFO & Company Secretory Panasonic Appliances India

Amitava Ghosh, Director-HR OLA Group

Rajkumar Bidawatka, Compliance Officer Sony Pictures Networks India

Let us hear it from the experts and contribute to strengthening the dialogue on Ease of doing business.

Visit our website www.avantis.co.in or Call us at 8893594595 to register for webinar.

Puducherry Labour Department revises the rates of VDA for employees employed in general engineering and fabrication

The Puducherry Labour Department on July 23, 2020 revises the rates of Dearness Allowance (DA) for the employees employed in general engineering and fabrication with effect from January 01, 2020. The revised rate of Dearness Allowance for the employees of general engineering and fabrication would be Rs. 421/- per month (cumulative).

[Order No.851/LAB/AIL/G/2014/704]

Get Labour law compliance software  and Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.

Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

Tripura Labour Department revises minimum rates of wages for Rubber plantation

The Tripura Labour Department on July 07, 2020, revises minimum rates of wages and Variable Dearness Allowances (VDA) for different categories of workers engaged in the employment of “Rubber Plantation” which will be effective from April 01, 2020.

Category of workers are as under:

1. Tappers / Processing workers (for adult male and female): Rs. 319.00 only for 8 hours of work

2. Rubber Plantation filed workers (for adult male and female): Rs. 308.00 only for 8 hours of work.

[Notification No. F.22 (49)-LAB/MW/Rubber/2013/3876-78] 

Get Labour law compliance software  and Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.

Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

Manufacture and Other Operations in Warehouse Amendment Regulations, 2020

The Central Board of Indirect Taxes and Customs (CBIC) on August 17, 2020 has issued Manufacture and Other Operations in Warehouse (no. 2) Amendment Regulations, 2020 to further amend Manufacture and Other Operations in Warehouse (no. 2) Regulations, 2019. 

The following amendments have been made to the Manufacture and Other Operations in Warehouse (no. 2) Regulations, 2019: 

• Regulation 3, which specifies the applicability of the Act to certain units, has been substituted, namely: 

• “These regulations shall apply to: 

1. the units that operate under section 65 of the Act, or

2. the units applying for permission to operate under section 65 of the Act. 

In a warehouse licensed under section 58 of the Act.”

[Notification No. 76/2020- Customs (N.T.)]

Get all CBIC Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.

Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

CBIC extends the anti-dumping duty on Caustic Soda originating or importing from China for three months


The Central Board of Indirect Taxes and Customs (CBIC) on August 17, 2020 has amended the Notification No. 42/2015-Customs (ADD) dated August 18, 2015 which relates to the anti-dumping duties levied on Caustic Soda originating or exported from China and Korea. 

The following amendments have been made to the notification: 

• A new Proviso 3 has been inserted which extends the period of anti-dumping duties levied on Caustic Soda originating or exported from China or Korea for three months, namely: 

“Notwithstanding anything contained in paragraph 2, the anti-dumping duty imposed under this notification, with respect to People’s Republic of China and Korea RP, shall remain in force up to and inclusive of the November 17, 2020, unless revoked, superseded or amended earlier.”

[Notification No. 25/2020- Customs (ADD)]

Get all CBIC Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.

Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

Special Warehouse (Custody and Handling of Goods) Amendment Regulations, 2020

The Central Board of Indirect Taxes and Customs (CBIC) on August 17, 2020 has issued the Special Warehouse (Custody and Handling of Goods) Amendment Regulations, 2020 to further amend Special Warehouse (Custody and Handling of Goods) Regulations, 2016. 

The following amendments are made under the Special Warehouse (Custody and Handling of Goods) Regulations, 2016: 

• A new Regulation 13 shall be inserted which specifies the non-applicability of regulations in certain cases, namely: 

“Nothing contained in these regulations shall apply to a warehouse licensed under Section 58A of the Act and operating under section 65 of the Act.”

[Notification No. 77/2020- Customs (N.T.)]

Get all CBIC Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.

Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.

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