Compliance Chambers

The Ministry of Corporate Affairs has issued Notification for the commencement of Section 247 of the Companies Act, 2013 [Valuation by Registered Valuers] with effect from 18th October 2017. The Companies (Registered Valuers and Valuation) Rules, 2017 (Rules), which have been finalized after public consultation and detailed deliberations with stakeholders have also been issued simultaneously. The Rules, inter alia, provide for Registration of Valuers for the conduct of valuation under the Companies Act, 2013. The Valuers, who may be individuals or partnership entities or companies, would be required to be registered with the authority specified by the Central Government. The Rules provide for registration of different category of aVluers and lay down the requirements for their eligibility, qualifications and experience. The Registered Valuers are also required to be members of the Registered Valuers Organisations (RVOs), recognised by the authority under the Rules.  The eligi...

Ministry of Consumer Affairs, Government of India, after receiving the requisitions, request and representations from several Corporate and trade associations, manufacturers, traders and industries, has further permitted the manufacturers, packers or importers of pre-packaged commodities to declare the change retail sale price (MRP) on the unsold stock manufactured, packed or imported prior to 1st July, 2017 after inclusion of the increased amount of tax due to GST if any, in addition to the existing retail sale price (MRP), up to 31st December, 2017. Declaration of the changed retail sale price (MRP), shall be made by way of stamping or putting sticker or online printing, as the case may be. It is important to note that the quantum of increase in the price due to the increase in tax (GST) shall be calculated after giving adjustment effect and utilisation of the Input tax credit (availability / increase) in the final price whose label / stamping  / printing will be done t...

Under the chairmanship of Prime Minister Shri Narendra Modi, the Union Cabinet has given its approval to present the Payment of Gratuity (Amendment) Bill, 2017 in Parliament. This amendment will increase the maximum ceiling of the Gratuity to be paid to the employees of the private sector and the employees of public sector / autonomous organizations under the Central Government, which are not covered under the CCS (Pension) Rules, as per the Central Government employees. Background: Payment of Gratuity Act, 1972 is applicable on establishments employing ten or more people. The main objective of this Act is to implement - Social retirement of workers after retirement, whether retired as a result of retirement rule or failure of vital body part resulting the physical disability. So Payment of Gratuity Act 1972 plays an important in social protection of the population earning wages in factories and shops and commercial establishment.      Under the...

In exercise of the powers conferred by section 14 of the Customs Act, 1962  ( 52 of 1962 ) , and in supersession of the notification of the Central Board of Excise and Customs No . 81 / 2017 - CUSTOMS  ( N . T .) , dated    17 th August, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and  Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column  ( 2 )  of each of  Schedule I and Schedule II  annexed hereto, into Indian currency or  vice versa,  shall, with effect from 8 th   September,   2017, be the rate mentioned against it in the corresponding entry in column  ( 3 )  thereof, for the purpose of the said section, relating to imported and export goods .                     ...

Central Government has issued the “Solar Photovoltaics, Systems, Devices and Components Goods (Requirements for Compulsory Registration) Order, 2017 on September 5, 2017, and the same shall come into force on the expiry of one year from the date of its publication in the Official Gazette. Salient points of the order are mentioned as under: Any manufacturer, who manufactures, stores for sale, sells or distributes Goods, shall make an application to the Bureau for obtaining registration for use of the Standard Mark in respect of the Indian Standard mentioned in column (3) of the Schedule. The grant of registration by the Bureau shall be as per the provisions of the Act and Rules and Regulations made there under. No person shall by himself or through any person on his behalf manufacture or store for sale, import, sell or distribute Goods which do not conform to the Specified Standard and do not bear the Standard Mark as notified by the Bureau for such Goods from time...