Mandatory Corporate Identification Rules Take Effect
DELHI – As part of the Indian Companies Act 2013, Section 12, companies are now required to quote the following content on all employee business cards, corporate letterheads, invoices and all other corporate correspondence and publications:
a) Indian Corporate Identification Number (CIN)
b) Main Telephone Number
c) Fax Number
d) Website Address
This change applies to all companies, both foreign and domestic, with operations in India and is effective immediately (April 1, 2014). Failure to comply with the above requirements will result in a daily penalty of INR1000 (US$17) to a maximum of INR100,000 (US$1700). Non-compliance may also lead to increased amounts of receivables and lack of official interaction.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam in addition to alliances in Indonesia, Malaysia, Philippines and Thailand as well as as well as liaison offices in Italy and the United States.
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