The Government of India has reviewed the extant FDI policy in Defense sector. Now, FDI up to 74% under automatic route shall be permitted for companies seeking new industrial licenses. Infusion of fresh foreign investment up to 49%, in a company not seeking industrial license or which already has Government approval for FDI in Defense, shall require mandatory submission of a declaration with the Ministry of Defense in case change in equity/shareholding pattern or transfer of stake by existing investor to new foreign investor for FDI up to 49%, within 30 days of such change. Proposals for raising FDI beyond 49% from such companies will require Government approval.
GST Portal Updates: Debit/Credit Notes de-linked with Invoice
Much awaited update has been carried out on GST portal which de-links Debit/Credit Notes with invoice. Earlier, in Form GSTR-1, along with details of Debit/Credit Notes, invoice date and invoice number pertaining to that Debit/Credit Notes was required to be mentioned as a mandatory field. Now, the portal has done away with this mandatory requirement of mentioning invoice date and invoice number while reporting details of Debit/Credit Note.
Companies Fresh Start Scheme, 2020 –One time last opportunity to get rectify non-compliances
Since Sep 30, 2020 is the last of the scheme and there has been no communication from the MCA on further extension of the last date of the scheme, therefore it is best interest of the companies to take start afresh by clearing of all non-compliances by availing the CFSS, 2020. The purpose of the Scheme is to provide a one-time waiver towards payment of additional filing fees by companies with the Registrar of Companies during the term of the Scheme, i.e.: from 1st April 2020 to 30th September 2020.
General order for extension of time to hold AGM for FY 2019-20
A big Relief is given by Ministry of Corporate Affairs (MCA) to around 12 lakhs companies today by extending the timeline for holding Annual General Meeting till December 31st from September 30th. MCA issued directions to RoCs to issue orders without filing of formal application and payment of fee. Even applications already filed but not approved or rejected are also covered for this relief. MCA is extending this timeline due to COVID-19 and Meeting the demand from various associations for extending time to hold AGM. This is for the first time that such relief generally is given to all companies.
GoI issues guidelines on prevention of misleading and due diligence for endorsement of advertisements
Under the Consumer Protection Act, 2019 (Act 35 of 2019), the Central Consumer Protection Authority (CCPA) is empowered to issue necessary guidelines to prevent unfair trade practices and protect consumers’ interest. Accordingly, guidelines for prevention of misleading advertisements and necessary due diligence for endorsement of advertisements are proposed to be notified by the CCPA for public comments.
Govt. bans 118 Chinese mobile apps amid border conflict with China
The Central Government has banned 118 Chinese mobile apps, including the popular game PUBG. The apps have been banned by the Ministry of Electronics and Information and Technology as “they are engaged in activities prejudicial to sovereignty and integrity of India, defense of India, security of State and public order. This move will safeguard the interests of crores of Indian mobile and internet users. The compilation of these data, its mining and profiling by elements hostile to national security and defense of India, which ultimately impinges upon the sovereignty and integrity of India, is a matter of very deep and immediate concern which requires emergency measures.