Jun. 29 – From August 1, 2011 all South Korean companies hiring overseas labor-intensive workers will be required from later this year to give to the departure expiration insurance to pay their retirement benefits.
In a statement issued by India’s Labor Ministry, the revised enforcement ordinance to the law on the employment of foreign workers is set to go into effect on August 1 as no parliamentary consent is necessary. Continue reading
Jun. 28 – India’s National Securities Depository Ltd. (NSDL) has now begun an online service whereby any deductee can verify the accuracy of the TDS Certificate (Form 16A) issued by the deductor.
For this particular purpose, the deductee must have the following details, or should have a copy of the TDS certificate issued by the deductor, as information from the same needs to be filled in via an online verification form to verify correctness of the TDS Certificate (Form 16A) issued by the deductor. Continue reading
Jun. 22 – Following are the Fast Track Exit (FTE) mode guiding principles for defunct companies in India under section 560 of the Companies Act, 1956.
Guidelines for For Fast Track Exit mode
1. Any company will be classified as a “defunct company” for the purpose of these guidelines, if said company has nil assets and liability and:
- Has not commenced any business activity or operations since incorporation; or
- Is not carrying over any business activity or operation for last one year before making application under FTE. Continue reading
Jun. 21 – Indian foreign direct investment in April grew at a rate of 43 percent year-on-year, up from US$2.17 billion in 2010 to US$3.12 billion this year.
The statistics show a global economic recovery, particularly in European regions. Mauritius, Singapore, the United States, United Kingdom, Netherlands, Japan, Germany and the United Arab Emirates were the major investors in India. Continue reading
Jun. 20 – India and Russia plan to boost trade to US$20 billion per year by 2015, Indian Commerce and Industry Minister Anand Sharma said during a round table discussion at the economic forum in St. Petersburg.
The two countries announced that they have decided to start negotiations to draw up a trade agreement between the two nations.
The agreement has been termed as a Comprehensive Economic Cooperation Agreement, which indicates that it won’t be as radical as a Free Trade Agreement, but slightly short of it. Such agreements bring down import tariffs between the nations and increase the flow of goods and services. Continue reading
Jun. 16 – The Ministry of Corporate Affairs (MCA) has suggested vide notification dated June 6, 2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (Demat) form.
The Companies (Dematerialization of Certificates) Rules, 2011, are proposed to come into force from October 1. All fresh issuances will also have to be in Demat form. The MCA has also advised to make this compulsory for all existing paper certificates by September 30. Continue reading
Jun. 15 – India’s Ministry of Corporate Affairs has decided to get the filing of Balance Sheet and Profit and Loss accounts in extensible business reporting language (XBRL) format. The financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. Continue reading
Jun. 13 – Despite several obstacles, India continues to be among the one of the preferred destinations for foreign direct investment (FDI) due to its elevated financial expansion, according to the survey of 800 executives by consultancy firm Ernst & Young (E&Y). Continue reading