In this edition we have tried to bring you notice the latest amendment that followed in the month of April, 2022 issued by MCA, RBI, SEBI, DIPP and others.
Amendments issued by MCA
MCA has Stakeholders are requested to use their V2 user ID and Password to log into the new V3 portal
Stakeholders are requested to use their V2 user ID and Password to log into the new V3 portal, and then upgrade to a Business user. Once Upgraded the email ID of the V2 Account will automatically become the login ID for V3 and Password will remain the same, which can be then changed as required.
To read more:
https://www.mca.gov.in/content/mca/global/en/notifications-tender/news-updates/updates.html
Amendments issued by SEBI
SEBI has issued a circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper. An investor may submit the bid-cum-application, for investment through the Unified Payments Interface (UPI) mechanism up to ₹5 in public issues of debt securities. The move comes after the National Payments Corporation of India (NCPI) increased per transaction limit to ₹5 lakh from earlier ₹2 lakh on December 09 last year, for UPI based Application Supported by Blocked Amount (ASBA) Initial Public Offer (IPO). The increased limit will be applicable on issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper. Earlier, Sebi provided an option to investors to apply in public issues of debt securities with the facility to block funds through the UPI mechanism for application value up to 2 lakh. Further, an investor may submit the bid-cum-application form with an SCSB or the mentioned intermediaries and use his/ her bank account linked UPI ID for the purpose of blocking funds, if the application value is Rs. 5lakh or less. The intermediary shall upload the bid on the stock exchange bidding platform. The application amount would be blocked through the UPI mechanism in this case.
To read more:
Amendments issued by RBI
RBI has extended the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit (‘Scheme’) up to March 31, 2024, or till further review, whichever is earlier. The extension takes effect from October 1, 2021, and ends on March 31, 2024. The scheme will not apply to telecom instruments and entities availing benefits under the Production Linked Incentive (PLI) scheme of the Government. The Revised interest equalization rates under the Scheme will now be 3 percent for MSME manufacturer exporters exporting under any HS lines, and 2 percent for manufacturer exporters and merchant exporters exporting under 410 HS lines. Banks, while issuing approval to the exporter, will necessarily furnish the prevailing interest rate, the interest subvention being provided, and the net rate being charged to each exporter, so as to ensure transparency and greater accountability in the operation of the Scheme. Further for the period from October 1, 2021, to March 31, 2022, banks shall identify the eligible exporters as per the Scheme, credit their accounts with the eligible amount of interest equalization and submit a sector-wise consolidated reimbursement claim for the said period to the Reserve Bank by April 30, 2022.
To read more:
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12252&Mode=0
Miscellaneous Amendments
Ministry of Home Affairs – Foreign Contribution Regulation Act
Extension of FCRA Registration
The validity of registration certificates of such entities whose validity was extended till March 31, 2022, in terms of the Public Notice dated December 31, 2021, and whose renewal application is pending will stand further extended till June 30, 2022, or till the date of disposal of the renewal application, whichever is earlier. The validity of those FCRA entities whose five years validity period is expiring from April 1, 2022, to June 30, 2022, and who have applied or applied for renewal before the expiry of five years validity period will stand extended up to June 30 or till the date of disposal of the renewal application, whichever is earlier. The order also mentioned that all FCRA registered associations are therefore advised to take note that in case of refusal of the application for renewal of the certificate of registration, the validity of the certificate shall be deemed to have expired on the date of the refusal of the application or renewal and the association shall not be eligible either to receive the foreign contribution or utilise the foreign contribution received.
To read more:
https://fcraonline.nic.in/home/PDF_Doc/fc_notice_24032022.pdf
Ministry of Labour and Employment
The Ministry of Labour and Employment has notified the implantation of the National Career Service (NCS) Project to provide a variety of employment related services like job search and matching, career counseling, vocational guidance, information on skill development courses, etc. The services are available online on the National Career Service Portal (www.ncs.gov.in). The portal also allows jobseekers to add their skill certificates on NCS through Digilocker. The certificate of candidates undertaking Pradhan Mantri Kaushal Vikas Yojana (PMKVY) training is also accessible to NCS through integrating with Skill India Portal. The candidate registered on the NCS portal can also provide information related to their key skills and education etc. based on which they can find relevant jobs. Further, the Government has also announced linking of the NCS portal with the ASEEM portal of Ministry of Skill Development and Entrepreneurship, eShram portal of Ministry of Labour & Employment, and UDYAM portal of Ministry of Micro, Small, and Medium Enterprises. This will further enhance the skill-based database of candidates on the NCS portal.
To read more:
https://pib.gov.in/PressReleasePage.aspx?PRID=1807730
IRDA
IRDAI has issued a circular on Dividend Criteria for Equity Investment under “Approved Investment”. The Authority in the exercise of its powers conferred under Regulation 14(2) of the IRDAI (Investments) Regulations, 2016, has permitted Insurers to classify investments in Preference Shares and Equity Shares as part of “Approved Investment” if the dividend is paid on such Shares “for at least 2 years out of 3 consecutive years immediately preceding “instead of “for at least 2 consecutive years immediately preceding” for the period from April 1, 2022, to September 30, 2022.
To read more:
https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4662&flag=1
Ministry of Micro, Small & Medium Enterprises
The Ministry of Micro, Small & Medium Enterprises has extended the Credit Guarantee Scheme for Subordinate Debt up to March 31, 2022. The Credit Guarantee Scheme for Subordinate Debt was approved by the Government on June 01, 2020 and the scheme was launched on June 24, 2020 to provide credit facilities through lending institutions to the promoters of stressed MSMEs viz. SMA-2 (special mention accounts) and NPA (non-performing assets) accounts are eligible for restructuring as per RBI guidelines on the books of the Lending institutions. The Scheme is applicable for those MSMEs whose accounts have been standard as of 31.03.2018 and have been in regular operations, either as standard accounts or as NPA accounts during the financial year 2018-19 and financial year 2019-20. Fraud/ Wilful defaulter accounts will not be considered under the proposed scheme. Further, a personal loan will be provided to the promoters of the MSME units. The MSME itself may be Proprietorship, Partnership, Private Limited Company or registered company, etc.
To read more: