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The income tax department has launched an e- filing link on its official website for declaring illegal foreign assets and black money using the one- time compliance window notified recently by government. “ The link has been provided on the official efiling portal of the departmenthttps:// incometaxindiaefiling.gov. in,” an official said. Business Standard, New Delhi, 22nd July 2015

No consecsus as yet on social security code Even though the Indian Labour Conference ( ILC) could not build a consensus on forming a labour code on social security schemes, it recommended aslew of measures to broaden their coverage. The two- day conference, atri- partite platform of trade unions, industry and the government, concluded here on Tuesday with a series of recommendations. It recommended that Employees’ State Insurance Corporation ( ESIC) coverage be expanded to include the unorganised workers by reducing the threshold of coverage. At present, firms with 10 workers are covered under this law and the Union labour ministry will reduce this threshold limit. On- site construction workers will soon become a part of the ESIC Act. At present, construction workers directly hired by a factory, those who work on the premises of a factory, and technical workers such as engineers get health benefits from ESIC. However, workers hired through agencies or those working on a const

The government is considering deregulation of forward contracts, or put and call options for equity, in an attempt to boost merger and acquisition ( M& A) activity in India. Companies agreeing to joint ventures ( JVs) usually enter into forward contracts where one company can buy the other’s shares and sell them back at a predetermined price. Restrictions on such put and call options have been revised a number of times. Since the passage of the Finance Bill 2015, oversight of such instruments has shifted from the Reserve Bank of India ( RBI) to the finance ministry. The government is looking at relaxing rules governing forward contracts for companies, and one option is complete deregulation. Business Standard, New Delhi, 22nd July 2015

S.No. Dated Message 1 13/07/2015 RBI introduces 2 new Annual return Forms NBS8 & NBS9 for NBFCs-ND with assets size of Rs100-500Cr & with assets size below Rs100Cr Resp.Notification of 09.07.15 2 14/07/2015 E-forms AOC-4, AOC-4 XBRL & MGT-7 shall be available by 30.09.15.NO additional fee payable on these forms upto 31.10.15.Circular No. 10/2015.Regards Webecreator. 3 14/07/2015 Consolidated Financial Statements to be filed in Separate form i.e. AOC-4 CFS,shall be made available by Oct,2015.Non XBRL form for CFS to be filed by 30.11.15. 4 14/07/2015 Tomorrow (15-07-15) is LAST DAY to file TDS/TCS Returns for Q1 of 2015-16. Regards, Webecreator 5 15/07/2015 Today (15-07-15) is LAST DAY to file TDS/TCS Returns for Q1 of 2015-16. Regards, Webecreator! 6 17/07/2015 Indian co. may issue ESOP & sweat equity shares outside India,subject to filing of return in Form-ESOP to RBI within 30Days of issue.Notification dated 16.07.15 Note :  Above is compilation of SMS sent

Once inputs from various ministries are incorporated, final version of the policy will be moved to the Cabinet; India has been under pressure from developed nations on IPR regime The much-awaited National Intellectual Property Rights (IPR) policy will be moved to the Cabinet soon after incorporating inputs from various departments, commerce and industry minister Nirmala Sitharaman said on Monday. The IPR think tank headed by Justice Prabha Sridevan, set up by the government last year, formulated a draft patents policy earlier this year. The think tank was set up to highlight anomalies in current IPR legislation and advise on possible solutions. “After adopting a transparent process of drafting this policy, it (has been) with the government for a month or two. It has gone to all the ministries, which is a necessary process, for inter-ministerial consultation. We shall take inputs from various ministries and post that, (we) will give the final version to the Cabinet,“ the ministe

Wants them to provide history of actions taken against `associates', even if they are abroad Alternative investment funds (AIFs), having foreign entities as “associates“, are rattled by the latest Securities and Exchange Board of India (Sebi) directive to disclose the entire disciplinary history of sponsors, managers, directors, partners, promoters and associates in their placement memorandum. In a recent informal guidance released by the market regulator, it has asked Peninsula Brookfield India Real Estate Fund (PBIREF) -a Sebi-registered Alternative Investment Fund -to disclose the entire history of various regulatory actions against its associates, even if they are located outside India, in the place ment memorandum. Brookfield, which manages over $200 billion of assets with 24,000 odd employees in over 100 offices in 20 different countries, now has to provide the disciplinary history of its sponsors, managers, directors, partners, promoters and associates to Sebi due to

Govt consults legal experts; move would quicken inflows, cut cost and do away with investment pooling vehicles The government has sought the opinion of legal experts on allowing foreigners to directly invest in Indian venture capital (VC) and private equity (PE) funds. A direct access under the “automatic route“ would quicken fund inflows, cut cost and do away with investment pooling vehicles in tax havens such as Mauritius. Local funds, categorised as three types of Alternative Investment Funds (AIF), include VC and angel funds, funds for investing in infrastructure, small businesses and real estate, as well as the new breed of domestic hedge funds. Bringing in overseas money in AIFs requires the permission of the Foreign Investment Promotion Board and the setting up of offshore feeder vehicles which collects funds before transferring it for investment in companies and assets in India. “Even non-repatriable investment by NRIs in AIF requires prior FIPB approval. It's also