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Please refer to CBIC instruction issued vide F.No. 450/147/2015-Cus.IV dated 26th February 2016 in the matter where it has been clarified that all regulatory checks shall be applied at the into bond stage for a bill of entry for warehousing. Thus all compliances are required before the goods can be utilized in a Section 65 warehouse.
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Hazardous cargo has to comply with all extant laws. Operating under Section 65 does not exempt units from compliance to any applicable laws.
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Please refer to Para 4 of Circular No. 34/2019-Customs dated 1st October 2019 wherein it has been clarified that applicants can seek a license under section 58 and permission to operate under Section 65 synchronously, or request for permission under Section 65, if they already have a warehouse licensed under Section 58.
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Please refer to CBIC instructions issued vide F.No. 450/147/2015-Cus.IV dated 26th February 2016 in the matter where it has been clarified that all regulatory checks shall be applied at the into bond stage for a bill of entry for warehousing.
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Yes, a person who has passed the examination referred to in regulation 6 or regulation 13 of the Customs Broker Regulations, 2018 may be appointed as a warehouse keeper. There is also no bar in appointing any person who has sufficient experience in warehousing operations and customs procedures.
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Since the unit operating under Section 65 is also licensed as a Private Bonded warehouse under Section 58 of the Customs Act, 1962, the procedure for surrender of licence will be as per the regulation 8 of the Private Warehouse Licensing Regulations, 2016. A licensee may therefore, surrender the licence granted to him by making a request in writing to the Principal Commissioner of Customs or Commissioner of Customs, as the case may be. On receipt of such request, the licence will be cancelled subject to payment of all dues and clearance of remaining goods in such warehouse. Thus duty on the remaining bonded inventory needs to be paid before surrender of license. In case the bonded goods are desired to be exported, the same needs to be done before surrender of the license.
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Operating under Section 65 has no effect on AEO status. All benefits available as an AEO continue notwithstanding operations under Section 65.
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As per Section 15(1)(b) of the Customs Act 1962, the rate of duty in case of goods cleared from a warehouse shall be the rate on the date on which a bill of entry for home consumption is presented. Thus, the importer can claim exemption from customs duties under various Customs Tariff notifications as may be applicable on the date on which a Bill of Entry for home consumption is presented.
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The valuation of imported inputs for the purpose of payment of Customs duty shall be as per Section 14 and Section 15 (1)(b) of the Customs Act 1962.
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If applying for Visa other than the tourist visa, it is recommended that you apply 3 to 4 weeks before your travel date.
For Tourist visa (eTA), upon receipt of the Visa Application through Indian Visa Application Center or directly, the Indian Mission/ Post requires a minimum of three working days to process the case and issue a visa depending upon the nationality and excluding special cases.
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Yes, all foreigners except for nationals of Nepal, Bhutan and Maldives, need a visa to enter India. With regard to Maldives' nationals, a visa is required if intended stay in India would be longer than 90 days. Nationals of Nepal would need a visa , if they enter India via China. A citizen of Bhutan entering India by land or air does not require passport or visa for entry into India, unless entering India from a place other than Bhutan. In that case, passport is must. However, he/she must have a passport and visa for India if he/she is entering in India from China. For diplomatic and official passport holders, many nationalities are exempted from the Indian Visa.
The detailed list can be accessed at link.
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No, it is not possible to apply for an India visa at the airport. Eligible citizens traveling for leisure/tourism purposes have the option to apply for an Indian e-visa online, before they depart for India. Once the visa is granted, citizens will have to get biometric information taken at the airport and the visa stamped on the passport on arrival in India.
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A foreign national coming as a volunteer for honorary work with the NGOs registered in the country, may be paid an honorarium up-to a ceiling of INR 10,000 per month ($ 154 per month, subject to exchange rate fluctuations).
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Every company shall in each year hold in addition to any other meetings, a general meeting of its shareholders as its annual general meeting for adoption of audited financial statements, declaration of final dividend, etc
The first AGM of a company should be held within a period nine-month from the date of close of first financial year.
In any other case, within a period of six months from the date of closing of the financial year.
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AGM of an unlisted company may be held at any place in India if consent is given in writing or by electronic mode by all the members in advance. However, AGM cannot be held outside India.
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Quorum for the AGM of an Indian subsidiary is two members personally present. In case of corporate shareholders, the respective shareholders would be required to authorize two different individuals to represent them in the AGM. Representation letters supported by the board resolutions would be required to be maintained in this regard
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A company may maintain books of account and other relevant papers at any place in India as the board of directors may decide and the company should make a filing with the RoC (Registrar of Companies) in the prescribed form giving the full address of that other place. However, there are certain documents which are mandatorily required to be maintained at the registered office such as minutes of the meeting.
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The statutory auditor of a company cannot provide following services to the company or its holding company or subsidiary company:
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An individual auditor who has completed his term of five years shall not be eligible for re-appointment as auditor in the company for five years from the completion term of five years.
An auditor firm who has completed their two terms of five years shall not be eligible for re-appointment as auditor in the company for next five years from the completion of 10 year.
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An individual can serve as an auditor for a term of five consecutive years. A firm can serve two terms of five consecutive years each, i.e., a total of 10 years as an auditor.
Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting.
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As per Section 139(6) of Companies Act 2013, first auditor will be appointed by the board of directors of company within 30 days of incorporation of company. If the board fails to appoint the first auditor, an extra ordinary general meeting will be called by the board to appoint the first auditor within 90 days from the receipt of the information from the board of directors.
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Yes. No person shall carry on money changing business without the possession of a valid licence issued by the Reserve Bank. Any person found undertaking money changing business without a valid licence is liable to be penalised under the Act ibid.
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The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.
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If the investor company is not owned or controlled by resident Indian citizens, or is owned or controlled by persons resident outside India, then such investment is termed as “Indirect Foreign Investment” for the investee company.
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India and Bangladesh signed their first trade agreement in 1972 and have engaged in multiple trade arrangements whenever the two countries recognise any opportunity in terms of comparative advantage. India has 'revealed comparative advantages' in many products that Bangladesh needs. Bangladesh has been provided duty free quota free access by India on all tariff lines except tobacco and alcohol under SAFTA. India’s exports to Bangladesh for the year 2017-18 (April to March) stood at US $ 8.46 billion and imports from Bangladesh during the financial year 2017-18 stood at US $ 0.68 billion.
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India was the first country to recognize Bangladesh as a separate and independent state and, shortly after its independence in December 1971, established diplomatic relations with the country. Bangladesh is the one of the main development partners of India today. India has extended three Lines of Credits to the said nation in the last 8 years of worth US$ 8 billion.
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Foreign Institutional Investor (FII) and Foreign Portfolio Investors (FPI) may in terms of Schedule 2 and 2A of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations, as the case may be, respectively, invest in the capital of an Indian company under the Portfolio Investment Scheme which limits the individual holding of an FII/FPI below 10% of the capital of the company and the aggregate limit for FII/FPI investment to 24% of the capital of the company. This aggregate limit of 24% can be increased to the sectoral cap/statutory ceiling, as applicable, by the Indian company concerned through a resolution by its Board of Directors followed by a special resolution to that effect by its General Body and subject to prior intimation to RBI. The aggregate FII/FPI investment, individually or in conjunction with other kinds of foreign investment, will not exceed sectoral/statutory cap.
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Listed Securities: Price to be not less than the price worked out as per SEBI guidelines
Unlisted Securities: Price to be not less than fair value worked out as per any internationally accepted pricing methodology on arm’s length basis
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Listed Securities: Price to be not more than price worked out as per SEBI guidelines
Unlisted Securities: Price to be not more than fair value worked out as per any internationally accepted pricing methodology for valuation of shares on arm’s length basis
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Listed Securities: Price to be not less than the price worked out as per SEBI guidelines
Unlisted Securities: Price not less than the price worked out as per internationally accepted pricing methodology on arm’s length basis
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Yes, investments by non-residents can be permitted in the capital of a resident entity in certain sectors/activity with entry conditions. Such conditions may include norms for minimum capitalization, lock-in period, etc. as per the latest FDI policy.
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‘Person of Indian Origin (PIO)’ means a citizen of any country other than Bangladesh or Pakistan, if
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Issue of equity shares under the FDI Policy is allowed under the Government route for the following:
However, these are subject to compliance with several conditions, as mentioned in sub-section (iv), section (6) of Annexure-3 of the Consolidated FDI Policy
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Companies in infrastructure sector, Non-Banking Financial Companies -Infrastructure Finance Companies (NBFC-IFCs), NBFCs-Asset Finance Companies (NBFC-AFCs), Holding Companies and Core Investment Companies (CICs) are eligible borrowers. These companies are required to:
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ECBs are commercial loans raised by eligible resident entities from recognised non-resident entities conforming to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc.
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Yes, shipping and airline companies can raise external commercial borrowings (ECB) for import of vessels and aircrafts, however, only under Track I of the ECB framework.
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Minimum average maturity period (MAMP) is three years for all external commercial borrowings (ECB). However, for ECB raised from foreign equity holder and utilised for specific purposes, as detailed in sub-section 2.1 of the Annex, the MAMP is five years. Similarly, for ECB up to INR 3.5 b per financial year raised by manufacturing sector, which has been given a special dispensation, the MAMP is one year.
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No, no activity under real estate is permitted as eligible end use for raising ECB.
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ECB includes Loans, Securitized instruments, Buyers’ and supplier’s credit, Foreign Currency Convertible Bonds (FCCBs). Financial Lease and Foreign Currency Exchangeable Bonds (FCEBs).
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No, ECB is not permitted for import of services.
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Refinancing of Rupee denominated ECB with Foreign Currency denominated ECB under Track II is not permitted.
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AD Category-I banks have been allowed to remit winding up proceeds of companies in India, which are under liquidation, subject to payment of applicable taxes. Liquidation may be subject to any order issued by the court winding up the company or the official liquidator in case of voluntary winding up under the provisions of the Companies Act 2013 as applicable. AD Category-I banks shall allow the remittance provided the applicant submits:
a) No objection or Tax clearance certificate from Income Tax Department for the remittance.
b) Auditor's certificate confirming that all liabilities in India have been either fully paid or adequately provided for.
c) Auditor's certificate to the effect that the winding up is in accordance with the provisions of the Companies Act, as applicable.
d) In case of winding up otherwise than by a court, an auditor's certificate to the effect that there are no legal proceeding spending in any court in India against the applicant or the company under liquidation and there is no legal impediment in permitting the remittance.
Please refer to subsection 1.1(iii) of Annexure-6 of Consolidated FDI Policy at link for more information.
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NRI or a person of Indian origin (PIO) can invest in sole proprietorship / partnership firm on non-repatriable basis, except those in agricultural or plantation or real estate business, or in the print media sector. NRIs/PIO may seek prior permission of Reserve Bank for investment in sole proprietorship concerns/partnership firms with repatriation option.
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General permission is granted to non-residents/ NRIs for acquisition of shares by way of transfer in the following situations:
1) Transfer of shares in the investee company from one non-resident to another non-resident in sectors which are under automatic route. Government approval is required for transfer of stake from one non-resident to another non-resident in sectors which are under Government approval route
2) NRIs may transfer by way of sale or gift shares or convertible debentures to another NRI
3) Person resident outside India can transfer any security to a person resident in India by way of gift
4) A person resident outside India can sell shares and convertible debentures of an Indian company on a recognized Stock Exchange in India through a registered stock broker or a registered merchant banker
5) A person resident in India can transfer by way of sale, shares/ convertible debentures (including transfer of subscriber’s shares), of an Indian company under private arrangement to a person resident outside India, subject to the FDI Policy guidelines
6) Transfer of shares/convertible debentures, by way of sale under private arrangement by a person resident outside India to a person resident in India, subject to the FDI guidelines
7) The above mentioned situations also covers transfer by a resident to a non-resident of shares/convertible debentures of an Indian company, engaged in an activity earlier covered under the Government Route but now falling under Automatic Route, as well as transfer of shares by a non-resident to an Indian company under buyback and/or capital reduction scheme of the company.
Please refer to section 4 of Annexure-3 of Consolidated FDI Policy at link for more information.
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FVCI refers to an investor incorporated and established outside India, which is registered under the Securities and Exchange Board of India (Foreign Venture Capital Investor) Regulations, 2000 {SEBI (FVCI) Regulations} and proposes to make investments in accordance with FDI Regulations.
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Debt restructuring is an act in which a lender, for economic or legal reasons relating to the borrower's financial difficulty, grants concessions to the borrower. Restructuring normally involves modification of terms of the advances/ securities, which would generally include, among others, alteration of repayment period, repayable amount, the number/amount of installments, rate of interest, roll over of credit facilities, sanction of additional credit facility, enhancement of existing credit limits, compromise settlements where time for payment of settlement amount exceeds three months.
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The Make in India initiative was launched by Prime Minister in September 2014 as part of a wider set of nation-building initiatives.
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Yes, an Indian company may issue “employees’ stock option” and/or “sweat equity shares” to its employees/ directors or employees/ directors of its holding company or joint venture or wholly owned overseas subsidiary/ subsidiaries who are resident outside India subject to provisions contained in Companies Act 2013 and SEBI Act 1992.
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Reporting of transfer of shares between residents and non-residents and vice- versa is to be done in Form FC-TRS (Section-4). The Form FC-TRS should be submitted to the AD Category-I bank, within 60 days from the date of receipt of the amount of consideration.
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In case of partial or full conversion of external commercial borrowing (ECB) into equity, the reporting to the Reserve Bank of India (RBI) happens as under:
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The capital instruments should be issued within 180 days from the date of receipt of the inward remittance received through normal banking channels including escrow account or by debit to the NRE/FCNR (B) account of the non-resident investor. In case, the capital instruments are not issued within this time, the amount received should be refunded immediately to the non-resident investor by outward remittance through normal banking channels or by credit to the NRE/FCNR (B) account, as the case may be. Non-compliance to this would be reckoned as a contravention under the Foreign Exchange Management Act and would attract penal provisions. In exceptional cases, refund of the amount outstanding beyond 180 days from the date of receipt may be considered by the Reserve Bank of India on the merits of the case.
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Name and address of the registered proprietor, or address for service can be altered in the register of designs provided this alteration is not made by way of change of ownership through conveyance i.e. deed of assignment, transmission, licence agreement or by any operation of law. Application in form-22 with prescribed fee should be filed to the Controller of Designs with all necessary documents in support of the application as required.
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Yes, registered designs are open for public inspection only after publication in the official journal on payment of prescribed fee on a request in Form-5.
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Yes, it would be always advantageous to the registered proprietors to mark the article so as to indicate the number of the registered design except in the case of Textile designs. Otherwise, the registered proprietor would not be entitled to claim damages from any infringer unless the registered proprietor establishes that the registered proprietor took all proper steps to ensure the marking of the article, or unless the registered proprietor show that the infringement took place after the person guilty thereof knew or had received notice of the existence of the copyright in the design.
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The registration of a design may be cancelled at any time after the registration of design on a petition for cancellation in Form 8 with prescribed fee to the Controller of Designs on the following grounds:
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No, design means a conception or suggestion or idea of a shape or pattern which can be applied to an article or capable to be applied by industrial process or means. Example: a new shape which can be applied to a pen thus capable of producing a new appearance of a pen on the visual appearance. It is not mandatory to produce the article first and then make an application.
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First-to-file rule is applicable for registrability of design. If two or more applications relating to an identical or a similar design are filed on different dates only first application will be considered for registration of design.
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Yes, the same applicant can apply again since no publication of the abandoned application is made by the Patent Office, provided the applicant does not publish the said design in the meanwhile.
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The application for registration of design can be filed by the applicant himself or through a professional person (i.e. patent agent, legal practitioner). However, for the applicants not resident of India an agent residing in India has to be employed.
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Once a design is registered, it gives the legal right to bring an action against those persons (natural/legal entity) who infringe the design right, in the Court not lower than District Court in order to stop such exploitation and to claim any damage to which the registered proprietor is legally entitled.
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The Register of Designs is a document maintained by The Patent Office, Kolkata as a statutory requirement. It contains the design number, class number, date of filing (in this country) and reciprocity date (if any), name and address of Proprietor and such other matters as would affect the validity of proprietorship of the design and it is open for public inspection on payment of prescribed fee & extract from register may also be obtained on request with the prescribed fee. For further details please access following.
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The information relating to the patent application is published in the Patent Office Journal issued on every Friday. This is also available in electronic form on the website of the Patent Office, www.ipindia.nic.in
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After examination, the Patent Office issues an examination report to the applicant, which is generally known as First Examination Report (FER). Thereafter, the applicant is required to comply with the requirements within a period of twelve months from the date of FER. In case, the application is found to be in order for grant, the patent is granted, provided there is no pre-grant opposition filed or pending.
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The Patent Office has no role in the commercialization of patent. However, the information relating to patents is published in the e-journal of the Patent Office in the official website which is freely accessible to the public worldwide. This certainly helps the applicant to attract potential user or licensee. The Patent office also compiles a list of patents which have not been commercially worked in India.
For further details please access following link.
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Term of every patent in India is 20 years from the date of filing of patent application, irrespective of whether it is filed with provisional or complete specification. However, in case of applications filed under PCT, the term of 20 years begins from International filing date.
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Yes, the Patent Rules provides for different fee for individuals/Startups, SME‘s and legal entity. Details can be seen in the First Schedule of the Patents Rules, 2003 as amended from time to time.
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Yes, Patent Office is publishing the list of facilitators who are willing to play a role in filing patent applications for start-ups and act as a patent agent on their behalf. Their fees for this purpose have also been notified. The list of facilitators is available in IPO website www.ipindia.nic.in and has also been uploaded in the Start-up Hub in DPIIT website.
For further details please access following link.
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The person concerned can perform a preliminary search on Patent Office website in the Indian Patent database of granted patent or Patent Office journal published every week. The public can conduct search free of charge on the website of Patent Office. The person concerned can also make a request for such information under section 153 of the Act.
For further details please access following link.
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A patent application is not examined automatically after its filing. The examination is done only after receipt of the request of examination in Form 18 either from the applicant or from third party or Form 18A for expedited examination (under conditions as prescribed in the Rules).
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The request for examination can be filed within a period of 48 months from the date of priority or date of filing of the application whichever is earlier. For more details kindly refer to rule 24B of the Patents Rules 2003 as amended.
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There is no provision for filing a request for early examination of patent application. The applications are examined in the order in which requests for examination are filed. However, an express request for examination before expiry of 31 months can be made in respect of the applications filed under Patent Cooperation Treaty known as National Phase applications by payment of the prescribed fee.
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In both Establishments, a core return in ‘Form A’ is required to be submitted.
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Establishments which are covered under the exemption from furnishing return component of labour laws:
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No, the employer is not obliged to select or employ a person sponsored by the Employment Exchanges Act, 1959.
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Any contract or agreement, whether made before or after the commencement of this Act, whereby an employee either relinquishes or reduces his right to a minimum rate of wages or any privilege or concession accruing to him under this Act shall be null and void. (Section 25).
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The Act prohibits Civil Courts from entertaining any suit for recovery of minimum wages payable under the Minimum Wages Act, 1948 (Section 24).
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Every employer must maintain a muster-roll-cum-wage register and also a bound inspection book. (Rule 27 & 28) of the Minimum Wages Act, 1948.
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A single application can be made on behalf or in respect of any number of employees as per The Minimum Wages Act, 1948.
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Child means a person who has not completed 14 years of age.
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An Industrial Tribunal adjudicating a dispute relating to wages is not bound by the minimum rates of wages fixed under the Minimum Wages Act and it is open to it to fix wages at rates higher than the rates of minimum wages fixed under the Minimum Wages Act, 1948.
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Where an employee gets wages higher than the minimum wages fixed under the Act, he cannot claim any benefit under the Act.
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Maximum permissible non-public shareholding is derived based on the minimum public shareholding requirement under the Securities Contracts (Regulations) Rules 1957 (SCRR). Rule 19A of SCRR requires all listed companies (other than public sector companies) to maintain public shareholding of at least 25% of share capital of the company. Thus, by deduction, the maximum number of shares which can be held by promoters i.e. maximum permissible non-public shareholding in a listed company (other than public sector companies) is 75% of the share capital.
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An Indian company issuing shares/convertible debentures to a person resident outside India shall receive the amount of consideration by:
1) Inward remittance through normal banking channels.
2) Debit to NRE/ FCNR (B) account of a person concerned maintained with an AD Category I bank.
3) Debit to non-interest bearing Escrow account in Indian Rupees in India which is opened with the approval from AD Category – I bank and is maintained with the AD Category I bank on behalf of residents and non-residents towards payment of share purchase consideration.
4) Conversion of royalty/ lump sum/ technical know-how fee due for payment or conversion of ECB. Conversion of pre-incorporation/ pre-operative expenses incurred by the a non-resident entity up to a limit of five percent of its capital or US$ 500,000 whichever is less.
5) Conversion of import payables/pre incorporation expenses/can be treated as consideration for issue of shares with the approval of FIPB,against any other funds payable to a person resident outside India, the remittance of which does not require the prior approval of the Reserve Bank or the Government of India and swap of capital instruments, provided where the Indian investee company is engaged in a Government route sector, prior Government approval shall be required.If the shares or convertible debentures are not issued within 180 days from the date of receipt of the inward remittance or date of debit to NRE/FCNR (B)/Escrow account, the amount shall be refunded. Further, Reserve Bank may on an application made to it and for sufficient reasons permit an Indian Company to refund/allot shares for the amount of consideration received towards issue of security if such amount is outstanding beyond the period of 180 days from the date of receipt.
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In case of transfer of capital instruments by way of sale from non-resident to resident or vice -versa, the transfer is to be reported via Form FC-TRS (except in cases not required).
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Input Tax Credit means the credit of input tax on the supplies of goods or services or both received by a registered person and used in furtherance of business.
There are certain provisions under GST law mentioning specific items for which ITC is not available while discharging the output tax liability. Input tax credit for inputs, input services and capital goods other than the said ineligible ITC is called eligible ITC.
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An e-way bill is an electronic document generated on common portal evidencing movement of goods of consignment value more than INR 50,000.
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Any person who has been involved in an international and/or specified domestic transactions (if aggregate value exceeds INR 200 million) in the previous year shall submit the report in Form 3CEB through a Chartered Accountant, duly verified and certified by him, on or before the date (i.e., 30th November of every year) prescribed by the authority, furnishing all the required details.
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Applicability of Statutory Audit for different types of entities is as follows:
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Following types of audits are contemplated under company law:
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PAN stands for Permanent Account Number and is a ten-digit unique alphanumeric number issued by the Income Tax Department.
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PAN is to be obtained by following persons:
A person not covered in any of the above can voluntarily apply for PAN
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With effect from tax year 2019-20, domestic companies shall have an option to pay income tax at the rate of 22% plus 10% surcharge and 4% cess taking the effective tax rate (ETR) to 25.17%, subject to the condition that they will not avail specified tax exemptions or incentives under the Income Tax Act. New domestic manufacturing companies, incorporated on or after 1 October 2019 and commencing manufacturing on or before 31 March 2023, making fresh investments in manufacturing, will have an option to avail an even lower tax rate of 15% plus 10% surcharge and 4% cess taking the ETR to 17.16%
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ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.
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No person is allowed to make any import or export without an IEC. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer. However, there are a few exceptions listed down by the Directorate General of Foreign Trade.
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Any bona fide person/ company starting a venture for International trade or any foreign transfers on account of business, IEC number is mandatory.
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The Directorate General of Foreign Trade publishes a general list of restricted imports that can be accessed from this link.
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For an individual/ business unit to avail incentives under the Foreign Trade Policy, it must first register itself as an EXIM unit. Following are the broad steps to register as an EXIM unit:
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IEC number is issued by Directorate General of Foreign Trade at each regional office where the exporter/importer is situated. It has recently introduced the facility of issuing Importer Exporter Code in electronic form (e-IEC).
For issuance of e-IEC an application can be submitted online on DGFT website. Applicants can upload the documents and pay the required fee through net banking.
For more information, click here.
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As per the present provision given in Chapter 3, paragraph 3.21 of the Foreign Trade Policy, exporters are given recognition as a 1 star export house, 2 star export house, 3 star export house, 4 star export house and 5 star export house etc. The eligibility criteria is:-
(1) One Star Export House -3 million $
(2) Two Star Export House – 25 million $
(3) Three Star Export House - 100 million $
(4) Four Star Export House -500 million $
(5) Five Star Export House – 2000 million $ .
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As announced in the Sixth Bi-Monthly Monetary Policy Statement, 2014-15 dated February 3, 2015, it has been decided to merge the Export Credit Refinance (ECR) facility with the system level liquidity provision with effect from the fortnight beginning on February 7, 2015. Accordingly, no new refinancing under the ECR will be available after February 6, 2015 and the refinancing availed up to February 6, 2015 may continue till its maturity.
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The new policy for import of gold is yet to be notified by RBI post scrapping of 20: 80 scheme on 28th November 2014 and it is anticipated that this would also be accompanied by some change in duty structure.
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You are permitted to capitalise the payments due from the foreign entity towards exports, fees, royalties or any other dues from the foreign entity for supply of technical know-how, consultancy, managerial and other services within the ceilings applicable. Capitalisation of export proceeds remaining unrealised beyond the prescribed period of realisation will require prior approval of the Reserve Bank of India.
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Data pertaining to cases pending/resolved before the Civil Courts is available with the Court Registry or respective filing section(s) of the Revenue/District Courts and High Court in the State. The same falls within the purview of the State and should be integrated/ linked with the record of each parcel of land.
Further, it has been represented by some States that integration of land records and civil court case data is under consideration of the Supreme Court ecommittee. The Case Information Management System will include details of land in relation to civil court case data. In this regard, the States/UT's are advised to pursue the same for implementation with the Supreme Court e-committee. DIPP will assist States/UTs in this regard, as is required.
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The metadata shall reflect ownership details and history of ownership of land.
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The Reform aims at bringing ease of buying and registering property. The limitation law requires that records up to 30 years are available to the person to verify the title and encumbrances. In the current year, only 10 years of the same is proposed to be covered. Going slow on this reform will keep registering property a cumbersome process for many years. Therefore, the number of years are expected to be 15, 20 and 30 years in next 3 years.
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This refers to the case where different approvals are granted in accordance with different timelines. The applicant should receive approvals in the Single Window System as and when they are given by the Department / Agency responsible.
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In case where an investor has applied for multiple permits/ NOCs/ approvals, the investor shall be notified as and when each approval is accorded, without waiting for other approvals.
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The Reform Point pertains to elimination of physical touch-point at the time of the routine scrutiny and verifying the sanctity of documents, done by the Departments after receipt of an application.
The investor should not be required to visit the Department concerned nor should the official be required to physically contact him for the purpose of verification. Clarification may be sought online.
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The Reform Point pertains to elimination of physical touch-point at the time of the routine scrutiny and verifying the sanctity of documents, done by the Departments after receipt of an application.
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The reform only refers to the incentives provided by the State Government.
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The link should be provided for the Single Window System or the online portal where the applicant can apply for the permission against which it is listed.
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