Updates from the Ministry of Company Affairs | |||
Sr No | Circular/ Notification number | Particulars | Applicability |
1 (a) | MCA General Circular no 2/2012 F. No. 17/165/2011-CL V dated March 1, 2012. | Registration of Companies or LLPs having one of their objects is to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary etc. | To All those companies or LLP’s who have their object to carry on the business of Banking, Insurance or to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary. |
(b) | MCA General Circular no 3/2012 F. No. 17/46/20112CL V dated March 7, 2012. | Policy Document on Corporate Governance | Applicable to all the companies once it is notified. |
Updates from IRDA | |||
2(a) | IRDA circular no: IRDA/F&I/CIR/DATA/066/03/2012 dated March 2, 2012. | Data submitted on Bancassurance channel and as required under Section 31B (2) of Insurance Act, 1938 | All the life and general insurance companies |
Updates from RBI | |||
3(a) | RBI circular no: RBI/2011-12/430A.P.(DIR Series) Circular No. 90 dated March 6, 2012 | Clarification - Liberalised Remittance Scheme for Resident Individuals | Applicable to all the resident individuals. |
(b) | RBI circular no: RBI/2011-12/427 IDMD.PCD. 20 /14.01.02/2011-12 dated March 5, 2012 | Settlement of OTC transactions in Certificates of Deposit (CDs) and Commercial Papers (CPs) | Applicable to all the entities regulated by RBI |
(c) | RBI circular no: RBI/2011-12/425 DBOD.No.BL.BC. 82/22.01.009/2011-1 dated March 2, 2012. | Financial Inclusion by Extension of Banking Services - Use of Business Correspondents (BCs) | All Scheduled Commercial Banks (Including RRBs) & Local Area Banks |
(d) | RBI circular no: RBI/2011-12/424 DNBS.PD.CC. No. 256 /03.10.042 / 2011-12 dated March 2, 2012. | Monitoring of Fraud – NBFC | All Non-Deposit taking NBFCs with asset size of Rs.100 crore and above and Deposit taking NBFCs |
Registration of Companies or LLPs having one of their objects is to
carry on the profession of Chartered Accountant, Cost Accountant,
Architect, Company Secretary etc.
MCA Circular – March 1, 2012:
We draw your attention to the MCA General Circular no 2/2012 F. No. 17/165/2011-CL V dated March 1, 2012.
To all those companies or LLP’s who have their object to carry on the business of Banking, Insurance or to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary.
Crux of the Circular:
The Registrar of Companies shall incorporate the Companies or the LLP’s carrying on the above mentioned profession or business only on production of an in-principle approval/ NOC from the concerned regulator/professional Institutes.
For further information please follow the below mentioned MCA circular:
http://mca.gov.in/Ministry/pdf/General_Circular_No_02_2012.pdf
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Policy Document on Corporate Governance
We draw your attention to the MCA General Circular no 3/2012 F. No. 17/46/20112CL V dated March 7, 2012.
Applicability:
Applicable to all the companies once it is notified.
Crux of the Circular:
The increasing business of the economies and complexities of operating in an inter-dependent world has raised the concerns with regard to the quality of the corporate governance system and the need to maintain its integrity.
In this regard more detail guidelines are also being available. The Voluntary Code on Corporate Governance of the CII (1998) and the National Voluntary Guideline on Corporate Governance 2009 are under revision by the Committee under the Chairmanship of Shri Kiran Karnik formulated for the purpose of brining in a more qualitative corporate governance.
Presently the Committee had felt the need to bring in a formal policy document for the purpose of ensuring that the Board, the Management practices and other processes conform to more standardized norms.
The Institute of Company Secretaries of India has prepared a concept paper in this regard on the subject entitled “Concept Paper on National Corporate Governance Policy, 2012”. This concept paper is available on the www.icsi.edu for public information and views and other suggestions are invited on the same.
http://mca.gov.in/Ministry/pdf/General_Circular_No_03_2012.pdf
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Data submitted on Bancassurance channel and as required under Section 31B (2) of Insurance Act, 1938
IRDACircular – March 2, 2012:
We draw your attention to the IRDA circular no: IRDA/F&I/CIR/DATA/066/03/2012 dated March 2, 2012.
Applicability:
All the life and general insurance companies
Crux of the Circular:
To the existing circular the following modifications are being made for compliance in the filing/reporting requirements :
- The details of various payments made to bancassurance channel shall now be made part of the annual filing made under section 31 B(2) of the Insurance Act, 1938 as against the half-yearly filing stipulations presently in place.
- Clause 2 of the circular at (ii) above is amended requiring filing of details of remuneration paid whether by way of commission or otherwise to any person, in cases where such remuneration exceeds ` 5 lakh per annum in place of the threshold of ` 1 lakh per annum laid down earlier.
This threshold, however, does not apply to details of payments made to Bancassurance channel. These details shall continue to be provided for the entire business generated/payouts made.
- Data shall be submitted in the revised formats placed at Annexure 2 (applicable to life insurance Companies) & Annexure3 (applicable to general insurance companies), effective from the financial year ending 31st March 2012.
For further information please follow the below link:
Clarification - Liberalised Remittance Scheme for Resident Individuals
RBI Circular – March 6, 2012:
We draw your attention to the RBI circular no: RBI/2011-12/430A.P.(DIR Series) Circular No. 90 dated March 6, 2012.
Applicability:
Applicable to all the resident individuals.
Crux of the Circular:
As per this notification the liberalised remittance scheme for resident individuals
i. Is available to all resident individuals including minors. In case of remitter being a minor, the LRS declaration form should be countersigned by the minor’s natural guardian.
ii. Remittances under the facility can be consolidated in respect of family members subject to individual family members complying with the terms and conditions of the scheme; and
iii. Remittances under the scheme can be used for purchasing objects of art subject to the provisions of other applicable laws such as the extant Foreign Trade Policy of the Government of India.
For further details information please follow the below link
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Settlement of OTC transactions in Certificates of Deposit (CDs) and Commercial Papers (CPs)
RBI Circular – March 5, 2012:
We draw your attention to the RBI circular no: RBI/2011-12/427 IDMD.PCD. 20 /14.01.02/2011-12 dated March 5, 2012.
Applicability:
Applicable to all the entities regulated by RBI
Crux of the Circular:
- It is mandatory for All the entities regulated by RBI to report their OTC transactions in CDs and CPs on FIMMDA reporting platform within 15 minutes of the trade for online dissemination of market information.
- Now it has been decided to introduce the DvP (delivery vs payment) I based settlement for all the OTC trades in CDs and CPs. This would result in settlement through the pooling of accounts of the National Securities Clearing Corporation Limited and Indian Clearing Corporation Limited. This is in line with the existing method of settlement of OTC trades in corporate bonds.
- This DvP I based settlement shall come into effect from April 1, 2012.
For more information please follow the below link:
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Financial Inclusion by Extension of Banking Services - Use of Business Correspondents (BCs)
RBI Circular – March 2, 2012:
We draw your attention to the RBI circular no: RBI/2011-12/425 DBOD.No.BL.BC. 82/22.01.009/2011-1 dated March 2, 2012.
Applicability:
All Scheduled Commercial Banks (Including RRBs) & Local Area Banks
Crux of the Circular:
The banks have brought in the ‘BC Model’ for providing better services to the customer. These BCs can represent and provide banking services of only one bank. And cannot be a BC for more than one bank. Banks are fully responsible for all the activities performed by the BCs.
Going a step forward the banks have now decided to permit interoperability at the retail outlets or sub-agents of the BCs. The following conditions are to be fulfilled in this regard:
a. The transactions and authentications at such retail outlets or sub- agents of BCs are carried out on-line;
b. The transactions are carried out on Core Banking Solution (CBS) platform; and
c. The banks follow the standard operating procedures to be advised by the Indian Banks' Association (IBA).
For further information please follow the below link:
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Monitoring of Fraud - NBFC
RBI Circular – March 2, 2012:
We draw your attention to the RBI circular no: RBI/2011-12/424 DNBS.PD.CC. No. 256 /03.10.042 / 2011-12 dated March 2, 2012.
Applicability:
All Non-Deposit taking NBFCs with asset size of Rs.100 crore and above and Deposit taking NBFCs
Crux of the Circular:
The circular DNBS(PD)CC.No.59/03.10.42/2005-06 dated October 26, 2005 was formulated by RBI to provide guidelines on classification of frauds, approach towards monitoring of and reporting system for frauds for deposit taking NBFCs.
In addition to the above circular RBI has come out with a subsequent circular no RBI/2011-12/424 DNBS.PD.CC. No. 256 /03.10.042 / 2011-12 dated March 2, 2012 extending the same Guidelines to NBFCs-ND-SI also with immediate effect.
The guidelines states as follows:
Sr No | Amount of fraud (individual cases) | Respective authority to report |
1 | 25 Lakhs | Respective Regional Offices (ROs) of DNBS in whose jurisdiction the registered office of the company is situated |
2 | Rs. 25 Lakhs and above | Frauds Monitoring Cell, Department of Banking Supervision, Reserve Bank of India, Central Office, World Trade Centre, Centre -1, Cuffe Parade, Mumbai- 400 005 |
All non-deposit taking NBFCs with asset size of Rs.100 crore and above and deposit taking NBFCs shall disclose the amount related to fraud, reported in the company for the year in their balance sheets.
For further details please follow the below link:
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