Applicability and Deadline: Every company incorporated on or before 31 December 2017 is required to file e-form ACTIVE (Active Company Tagging Identities and Verification) on or before 25 April 2019. Companies that have not filed due financial statements or annual return are restricted from making the filing (unless under management dispute which has been registered by the Registrar of Companies (ROC)).
The development of the International Financial Service Centre (IFSC) has been gaining significant momentum after a relatively sluggish start. Not only has there been critical mass in terms of number of players taking to it, but also the regulators have shown enough motivation to make this concept of an onshore IFSC successful.
In what appears to be another step towards increasing the efficacy of the insolvency resolution process in India, the Reserve Bank of India (RBI), further relaxed the regime on external commercial borrowings (ECBs) in India by way of a circular dated 7 February 2019 (New ECB Circular). The New ECB Circular comes in shortly after the RBI revamped the regime for ECBs on 16 January 2019 (Revised ECB Framework) under which it had substantially relaxed the provisions for eligible borrowers and recognised lenders.
In the interim budget 2019 (Interim Budget) presented by the Finance Minister on 1 February 2019, the measures taken by the Government of India (Government) in the past few years for the benefit of different categories of workers were highlighted.
Today, in the wake of the General Elections slated to be held in May 2019, the Government of India (Government) presented the Interim Budget 2019 (Budget) The Hon’ble Finance Minister, whilst presenting the Budget, recounted some of the major achievements and initiatives undertaken by the Government during its tenure. The highlight being the fact that India has become the sixth largest economy in the world.
On 28 August 2019, the Employees’ Provident Fund Organization (EPFO) issued a notice (EPF Notice) in relation to inquiries initiated / sought to be initiated by authorities under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act) pursuant to the judgment of the Supreme Court of India (Supreme Court) in Regional Provident Fund Commissioner (II) West Bengal v Vivekananda Vidyamandir and Others [Civil Appeal Number 6221 of 2011] (Vivekananda).
The Interim Budget 2019 did not propose any changes with respect to Indirect Tax. After the rollout of Goods and Services Tax (GST) in July 2017, the Annual Budget has lost its relevance in as much as it relates to GST. Now it is relevant only for the purpose of Customs which is the exclusive domain of the Parliament and the Central Government. Being the Interim Budget, no major changes were proposed even for Customs.
All issuance and transfers of ‘securities’ will be subject to stamp duty (i.e. exemption on transfer of dematerialized securities has been removed, Stamp duty will be calculated on an ad valorem basis on: (i) actual trade price for listed securities; or (ii) price identified in instrument of transfer. More importantly, unified stamp duty schedule across India – not linked to or varied with the state of execution.
The Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce and Industry, Government of India has issued Press Note No 2 (2018 Series) on 26 December 2018 (PN 2 of 2018). PN 2 of 2018 amends paragraph 5.2.15.2 (e-commerce activities) of the current ‘Consolidated FDI Policy’ of the DIPP effective from 28 August 2017 (FDI Policy), effective from 1 February 2019. Paragraph 5.2.15.2 (e-commerce activities) incorporates the provisions of Press Note No 3 (2016 Series) dated 29 March 2016 (PN 3 of 2016)
On 7 December 2018, the Securities and Exchange Board of India (SEBI) issued circular No SEBI/HO/CFD/CMD1/CIR/P/2018/0000000149 (Circular) to modify Circular No. CIR/CFD/CMD/13/2015 dated 30 November 2015 (Format for Disclosure of Holding of Specified Securities and Shareholding Pattern) issued under Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
