Section 129 is a complete code for the purpose of addressing all violations committed in transit leading to detention, seizure, and release of goods and brings within its sweep all such contraventions, irrespective of the gravity of the violation itself.

Vide decision of High Court of Madras in Ideal Movers (P.) limited vs. State tax Officer. Facts of the case: The Petitioner is a transporter and had been engaged to transport a consignment.The consignment was accompanied by invoices and an E-way bill.E- way bill was generated on 12-01-2020 and valid till 16-01-2020. As the lorry had broke-down and [...]

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Unutilized credit under MODVAT scheme does not qualify for deductions under section 43B

Vide Decision of Supreme court of India in Maruthi Suzuki India Limited Vs. Commissioner of Income Tax Facts of the case: The  Assessee, a Company, has been engaged in [...]

Applicability of Section 460 of Companies Act, 2013 to Limited liability Partnerships

From The Gazette of India it has been notified that Section 460 of Companies Act, 2013 shall be applicable to Limited Liability partnerships (LLPs). Section 460 is about [...]

Changes in requirements to appoint a Whole-time Company Secretary for certain companies and applicability of Secretarial Audit.

From the Companies  (Appointment and Remuneration) Rules, 2014: Rule 8A which specifies the requirement of a whole-time company secretary for certain companies has been [...]

Changes in Forms to be filed with MCA for Incorporation of company, Registration with EPFO and others

MCA vide Notification dated 6th February 2020 issued Companies incorporation and amendment rules, 2020. MCA has introduced a new web service for Reservation of Name called [...]

SEBI develops an online system for detecting misuse of clients’ securities by brokers

SEBI vide Press Release No. 05/2020 dated 13th February 2020 it is published that the SEBI has developed an in – house online system by which it would be able to prepare [...]

Currency Future and Options Contracts (involving Indian Rupee) on Exchanges in International Financial Services Centres (IFSC)

SEBI vide circular No. SEBI/HO/MRD2/DCAP/CIR/P/2020/17 dated 03rd February 2020, it has been decided that   for  currency futures  and options contracts involving Indian [...]

Performance review of the commodity derivatives contracts by Recognised Stock Exchange

SEBI vide circular No. SEBI/HO/CDMRD/DNPMP/CIR/P/2020/21 dated 04thFebruary, 2020 it has been decided to have a  framework to evaluate the performance of Derivative [...]

Exemption from clubbing of investment limit for foreign Government agencies and its related entities regarding Foreign portfolio investors

SEBI vide Circular No. IMD/FPI&C/CIR/P/2020/07 dated 16thJanuary, 2020 it amended the that regarding “Foreign Portfolio Investors”, certain foreign Government [...]

The procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPls) with SEBl under the Department of Economic Affairs and KYC for opening Bank and Demat Account.

Income tax vide Notification No. 11/2020 dated 7th February 2020 directed a procedure for allotment of PAN by Foreign portfolio Investors. A Common Application Form (CAF) [...]

Modification of Guidelines of Interest Subvention Scheme for MSMEs and exempting Udhyog aadhar number (UAN)

RBI vide notification no. RBI/2019-20/155 it has been decided by the Government of India to bring modifications in the operational guidelines which are as [...]

Guidelines for Restructuring of Advances in Micro, Small and Medium Enterprises (MSME) sector

RBI vide notification no. RBI/2019-20/160 dated February 11, 2020, it has been decided to extend the one-time restructuring of MSME advances. Accordingly, a one-time [...]

Guidelines on Merchant Acquiring Business – Regional Rural Banks

RBI vide notification no. RBI/2019-20/156 dated February 06, 2020, Reserve Bank of India has been decided to allow RRBs to provide mobile banking services and to act as [...]

Introduction of Standard Operating Procedure (SOP) to be followed by exporters

GST vide Circular No. 131/2020 dated 23rd January 2020 directs a Standard Operating Procedure (SOP) to be followed by exporters to mitigate the risk of monetization of [...]

Budget Highlights 2020-21 – Others

Government to sell a part of its holding in LIC by way of Initial Public Offer (IPO).Fiber to the Home (FTTH) connections through Bharatnet to link 100,000-gram panchayats [...]

Budget Highlights 2020-21 – Culture and Tourism

An Indian Institute of Heritage and Conservation under Ministry of Culture proposed with the status of a deemed University.5 archaeological sites to be developed as iconic [...]