Business Updates dated 19th April, 2016

News Updates dated 19th April, 2016

• MCA has updated the version of e-form DIR-12 w.e.f. 18th April, 2016. Stakeholders are advised to download the latest version before filing as the previous version of the form will not be accepted.

• MCA has issued FAQs on 18th April, 2016 related to problems faced by the stakeholder in filing the forms, resubmission, payment, unavailability of various forms, technical issues,etc. 

• RBI vide Notification No. RBI/2015-16/376 DBR.No.BP.BC. 92/ 21.04.048/2015-16 dated 18^th April, 2016 amended he provisioning norms in respect of all cases of fraud pertaining to fraud accounts.

• SEBI has placed “Consultation Paper on Distribution of Cash Benefits through Depositories” for stakeholder’s comments/ suggestions. Stakeholders may give their comments / suggestions through email on cashbenefits@sebi.gov.in latest by May 05, 2016.

• IRDA vide Circular No. IRDA/F&A/CIR/ACTS/077/04/2016 dated 18^th April, 2016 notified regarding accounting treatment of enhanced provision of Pension Scheme.

• CBDT has released the draft rules for granting relief or deduction under section 90/90A/91 of the Income-Tax Act, 1961.

• The centre will issue an executive order to ensure contract workers get a minimum wage of Rs. 10,000 per month: Union Minister of State for Labour and Employment, Bandaru Dattatreye.

• The labour ministry on Monday eased the planned restriction on withdrawal of contribution to the employees' provident fund. It said withdrawal can be allowed for housing, major medical treatment for self and family members, medical, dental and engineering education of children, and for their marriage. 

• The global economic situation is "grim" and "worrisome" that has prompted the nations to put up "firewalls" around their own systems to save themselves from the slowdown and grow within the limitations:Finance Minister Arun Jaitley at the Asia Society. 

• Where petitioner by filing petition under article 226 sought a declaration that certain amendments to SARFAESI Act, 2002, and Recovery of Debts Due to Banks and Financial Institutions Act, 1993 be declared unconstitutional, and during pendency of these proceedings filed another petition in Supreme Court for same reliefs, it was an abuse of process of law: SC

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