February 1 - February 15, 2018
Explanatory notes to the Provisions of the Finance Act, 2017
The Finance Act, 2017 as passed by the Parliament, received the assent of the President on the 31st March, 2017. Now the Government of India has notified the explanatory notes to the provisions of the Finance Act 2017 explaining the substance of the provisions of the Act relating to direct taxes.
Companies (Registered Valuers and Valuation) Amendment Rules, 2018
Ministry of Corporate Affairs (MCA) has amended Companies (Registered Valuers and Valuation) Rules, 2017 to permit a person rendering valuation services under the Act, to continue to render valuation services without obtaining a certificate of registration under these rules up to 30th September, 2018. Earlier the due date was 31st March, 2018. The amended rules also provides that if a company has appointed any valuer before such date and the valuation or any part of it has not been completed before 30th September, 2018 (earlier the due date was 31st March 2018) the valuer shall complete such valuation or such part within three months thereafter.
Companies (Amendment) Act 2017 – effective date notified for certain sections
Ministry of Corporate Affairs (MCA) made certain sections of the Companies (Amendment) Act 2017 to be effective from 9th February, 2018. Important provisions are detailed below.
Employee of the company authorized by the Board can sign the contract or authenticate the documents of the Company.
A company may issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan or debt restructuring scheme.
The wholly owned subsidiary of a company incorporated outside India has been allowed to hold its extra ordinary general meeting outside India.
For circulation of annual accounts to members, a shorter notice period would also be considered as valid.
In computing profits available for distribution of dividend, any amount representing unrealised gains, notional gains or revaluation of assets and any change in carrying amount of an asset or of a liability on measurement of the asset or the liability at fair value shall be excluded.
For reckoning the limit of directorships of twenty companies, the directorship in a dormant company shall not be included.
Publishing of rate of exchange for conversion of the foreign currency
The Central Board of Excise and Customs (CBEC) vide Notification No. 11 & 13 /2018 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 2nd and 16th of February 2018 respectively.
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