💡22 February 2019 Updates (2)

Merger of Vijaya Bank and Dena Bank with BoB to be effective from April 1
(Bank of Baroda said the merger of Dena Bank and Vijaya Bank with itself would be effective from April 1 as per the scheme of amalgamation approved by the govt)
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https://goo.gl/EfaKBy

SEBI revises minimum haircut for govt securities used as collateral
(The haircut would be at least 2 percent for treasury bills and liquid government securities having maturity period of less than three years)
  
https://goo.gl/hoCD2a

Late Fees of Rs. 10000 for newly notified e-form ACTIVE - MCA
(MCA has notified vide ‘Companies (Registration Offices and Fees) Amendment Rules, 2019’ fees for filing of new notified e -form ACTIVE. Fees - Nil for filing till 25.04.2019 and Rs. 10000/- for Filing after 25.04.2019.)
  
https://goo.gl/yWeRPa

Empanelment of Members to act as Examination Obsevers at the Centres for CA Exams - ICAI
(Empanelment of Members to act as Examination Observers at the  Centres for CA Exams May / June 2019)
  
https://goo.gl/wvV4Ky

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Madras High Court Orders/ Judgements on WhatsApp messaging are considered as Law....

Important.
Once you forward a post, it means that you agreed to that view, you can't say, 'forwarded as received'.

So while  forwarding any post that has political, religious ramifications or medical  advice,  you are equally responsible.

So, be responsible citizens and choose & forward only  messages that you agree to it. Take Care and don't be casual or careless.

http://www.livelaw.in/forwarding-social-media-posts-equal-to-endorsing-it-madras-hc-denies-anticipatory-bail-to-bjp-leader-s-ve-shekher/

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✉📚Highlights of E-Form INC-22A

·  Address of the Register office (along with Latitude/ Longitude)

·        Email id of the Company (OTP will send)

·        No. of Directors.

·        SRN of MGT-14 (if Maximum no. of Director beyond limit prescribed in Companies Act, 2013)

·        List of Director as on date of filling (Status of Director shall be active)

·        Detail of Statutory auditor

·        Details of Cost Auditor (if required)

·        Details of KMP

·        Detail of Company secretary If Required

·        SRN of filling annual filling forms

·        Certification of practicing professional is Mandatory

MANDATORY ATTACHMENT

·        Photograph of registered office showing external building and inside office also showing therein atleast one director/KMP who has affixed his/her Digital signature to this Form.

Copy of the said notification is available at below-mentioned link

http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationAmendmentRules_21022019.pdf

However, the said e-form INC-22A is required to be deployed by the MCA.

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 💡 MCA Update :

✅ Forms to be filled for this year:

- Initial MSME 1 : within 30 days from date of availability of form on MCA portal

- One time DPT 3 : within 90days from date of notifications i.e 20th April 2019

- E form Active ( INC 22A) : on or before 25the April 2019

- DIN 3KYC : on or before 30th April 2019

- MSME 1 (1st half) : on or before 30th April 2019

- Annual DPT 3 : on or before 30th June 2019

- Annual Filling AOC 4: on or before 30th October 2019

- MSME 1 (2nd half) : on or before 30th October 2019

- Annual Return MGT 7: on or before 29th November 2019

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📑The Government has issued The Banning of Unregulated Deposit Schemes Ordinance 2019 on 21.02.2019. Pursuant to this ordinance now any Individual or group of individuals can’t take any deposit or loan from any person other than relatives and Partnership firm can take deposit or loan from relatives or partner or partners only.

The Ordinance makes it necessary for every DEPOSIT TAKER to register before taking a Deposit.
DEPOSIT TAKER, includes every person including individuals,  partnership,  company etc.

DEPOSIT means all money, advance etc. received other than EXEMPT DEPOSIT otherwise it becomes Unregulated Deposit and if contravention,  imprisonment of  different  levels.

What is exempt Deposit?

Specified list enclosed and mainly are Money received in the course of business for specific goods or service but if not materialized then such money becomes refundable and immediately it becomes Unregulated after 15 days (very critical) and contravention applies.

Exempt Deposit includes money received from relatives so if any money not related to business  received from non relatives , it becomes Unregulated Deposit.

  “Unregulated Deposit Scheme” means a Scheme or an arrangement under which deposits are accepted or solicited by any deposit taker by way of business and which is not a Regulated Deposit Scheme.

Now this definition opens the Pandora’s box . Whether unsecured loans taken by small businesses from unrelated parties and enterprises is also a ARRANGEMENT, which can be called as scheme ?? and what is the meaning of BY WAY OF BUSINESS , whether individuals, firms having commercial  businesses and accepting unsecured loan is covered ??

The ordinance is not applicable Regulated scheme , The “Regulated Deposit Scheme” means the Schemes specified in the First Schedule; This schedule list 9 Acts eg RBI,sebi, state Govt,NHB  Pf etc and also covers sec 74 of Companies act . That means deposit accepted as per companies act are exempt from this ordinance.

However there is no  specific exemption to firms,and proprietorship firms.

The schedule further gives power to Govt to exempt further schemes by notification and we can expect some relief through notification when final rules are published.

The ordinance bans deposit takes from accepting deposits . The definationa of “‘Deposit Takers’ include all possible entities (including individuals) receiving or soliciting deposits, except specific entities such as those incorporated by legislation,”

I believe further deliberation, clarification needed on the subject.

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 5% GST without input tax credit on realty favourable for developers:

READ MORE- https://www.gststation.in/5-gst-without-input-tax-credit-on-realty-favourable-for-developers/