In this edition we have tried to bring to your notice the latest amendments that followed in the month of January 2021 issued by MCA and RBI.
Amendments issued by MCA
Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4(CFS), AOC-4 XBRL, AOC-4 Non-XBRL for the financial year ended on 31.03.2020 under the companies ac, 2013. Read More: http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.4_29012021.pdf
In exercise of the powers conferred by section 135 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Corporate Social Responsibility Policy) Rules, 2014 namely Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. Read More: http://www.mca.gov.in/Ministry/pdf/CSRAmendmentRules_22012021.pdf
Amendments issued by RBI
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021. In exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of section 7 and clause (b) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. Read More: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12014&Mode=0
Risk Based Internal Audit (RBIA) Framework– Strengthening Governance arrangements. In terms of the Guidance Note on Risk-Based Internal Audit issued by RBI vide circular DBS.CO.PP.BC.10/11.01.005/2002-03 dated December 27, 2002, banks, inter alia, are required to put in place a risk based internal audit (RBIA) system as part of their internal control framework that relies on a well-defined policy for internal audit, functional independence with sufficient standing and authority within the bank, effective channels of communication, adequate audit resources with sufficient professional competence, among others. Read More: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12011&Mode=0
Introduction of Legal Entity Identifier for Large Value Transactions in Centralized Payment Systems. The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. Read More: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12010&Mode=0
Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme. Please refer to the Statement on Developmental and Regulatory Policies dated October 4, 2019 and the Press Release dated June 05, 2020 announcing creation of Payments Infrastructure Development Fund (PIDF). PIDF is intended to subsidize deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments. Read More: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12009&Mode=0