Aug. 29 – The Minister of State in the Ministry of Corporate Affairs informed the lower house in India that 820 foreign companies have been registered in the last three years. During that time, the government has received Rs. 6.91 crore, Rs. 9.56 crore and Rs. 8.24 crore respectively, by way of filing/registration charges.
The statistics for various states are given below: Continue reading
Aug. 25 – The Ministry of Corporate Affairs has cut down measures under MCA-21 to facilitate the registration of a company within 24 to 48 hours where there is no complexity about availability of names. Continue reading
Aug. 24 – India’s Limited Liability Partnership (LLP) is an optional corporate business medium that offers the remuneration of limited liability, but allows its members the elasticity of organizing their internal structure as a partnership based on a mutually arrived agreement. Some of the features of LLPs are as follow: Continue reading
Aug. 22 – India’s iron ore exports fell for the first time last year and have further declined as a result of massive domestic demand. A government policy of promoting nationalism in resources is driving down India’s exports of the commodity and is helping to reduce international prices. To assist with getting enough ore into domestic redevelopment projects, India has raised freight rates and tariffs, including a quadrupling of export taxes for iron ore over the past 12 months. Exports have responded by declining 17 percent. Continue reading
Aug. 17 – India’s Ministry of Corporate Affairs stated that the Department of Public Enterprises and the Ministry of Heavy Industries and Public Enterprises have issued complete guidelines on corporate social responsibility (CSR) for central public sector enterprises (CPSEs) in April 2010.
In these guidelines, CPSEs are obligated, through a board resolution, to generate a CSR budget as a percentage of net profits from the preceding year. A CSR expenditure range of 3 percent to 5 percent is expected within the financial year if the CPSE recorded profit of less than Rs.100 crores in the previous year; 2 percent to 3 percent (subject to minimum of Rs.3 crores) if the profit ranges from Rs.100 crores to Rs.500 crores; and 0.5 percent to 2 percent if a CPSE has a net profit of more than Rs.500 crores in the previous year. Continue reading
Aug. 15 – On August 19, 2011 the Empowered Committee of State Finance Ministers on the Goods and Services Tax (GST) will meet to discuss various issues related to the rollout of the ambitious indirect tax regime. The government is eager to launch the GST.
This will be the first meeting of the board under its new chief Mr. Sushil Modi. According to the chairman, the Empowered Committee will discuss such issues as IT infrastructure required for GST, CST compensation, and the Constitutional Amendment Bill. Continue reading
Aug. 15 – India’s Ministry of Corporate Affairs in General Circular 54/2011 dated July 26, 2011 stated that in each case of winding up procedures, the official liquidator will file an application pleading the court to direct the company’s management to submit prescribed information duly verified by a chartered accountant. Continue reading
Aug. 12 – Foreign direct investment (FDI) in India increased over 400 percent in June, reaching US$5.65 billion, contrasted to US$1.38 billion in June 2010. According to India’s Department of Industrial Policy and Promotion (DIPP), there has been a sharp increase in inflows due to the fact that several scheduled projects are finally materializing. June also marked highest monthly inflow in over 10 years. According to officials from the DIPP, the figures will be maintained in the coming months as well.
FDI inflows were also very impressive in May 2011 at US$4.66 billion, which was double the level witnessed in May 2010. Continue reading