In this edition we have tried to bring to your notice the latest amendments that followed in the month of December, 2020 issued by MCA and RBI.
Amendments issued by MCA
Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, 2020
MCA has amended the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016 through Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, 2020. Read More: http://www.mca.gov.in/Ministry/pdf/SecondAmdtRules_18122020.pdf
Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020
MCA has notified the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020, which shall come into force on the date of their publication in the Official Gazette i.e 18-12-2020. Read More: http://www.mca.gov.in/Ministry/pdf/FifthAmdtRules_18122020.pdf
Companies (Auditor’s Report) Second Amendment Order, 2020
MCA has notified the 01.04.2021 a new date for CARO, 2020 applicability thru Companies (Auditor’s Report) Second Amendment Order, 2020 . Read More: http://www.mca.gov.in/Ministry/pdf/CompaniesSecondAmdtOrder_22122020.pdf
Companies (Amendment) Act, 2020
MCA has notified the dates as 21-12-2020 as the date from which certain provisions as amended by the Companies (Amendment) Act, 2020 shall come into force. Read More: http://www.mca.gov.in/Ministry/pdf/CommencementNotification_22122020.pdf
Companies (Incorporation) Third Amendment Rules, 2020
MCA has vide Companies (Incorporation) Third Amendment Rules, 2020 notified Rule 9A Extension of reservation of name in certain cases. Under the rule Registrar shall extend the period of a name reserved under rule 9 up to 60 days on Payment of Fees which will be effective from 26th January, 2021. Read More: http://www.mca.gov.in/Ministry/pdf/ThirdAmdtRules_24122020.pdf
Amendments issued by RBI
24×7 Availability of Real Time Gross Settlement (RTGS) System
A reference is invited to the Statement on Developmental and Regulatory Policies dated October 09, 2020 wherein Reserve Bank of India (RBI) had announced making available the Real Time Gross Settlement (RTGS) system round the clock on all days. Accordingly, it has been decided to make RTGS available round the clock on all days of the year with effect from 00:30 hours on December 14, 2020. Read More: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11998&Mode=0
External Trade – Facilitation – Export of Goods and Services
With reference to the Statement on Development and Regulatory Polices announced as part of Bi-monthly Monetary Policy Statement dated 4 Dec, 2020. With a view to further enhance the ease of doing business and quicken the approval process, it has been decided to delegate more powers to the Authorized Dealer Category – I banks (AD banks) with regard to Direct Dispatch of Shipping Documents, “Write-off” of unrealized Export bills, Set-off of Export receivables against Import payables and Refund of Export Proceeds. Read More: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12005&Mode=0