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CORP DOSS 3 UJA
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Industry 4 0,Nandita Khaire,Technology is sweeping the. Manufacturing sector Industry 4 0 is soon going,to be the norm The rst industrial revolution was. mechanization water power and steam power,used for production The second industrial. revolution used electric power to mass produce,The third used computers and automation in. production We pharmaceuticals and,are now biological materials.
entering These advances will,Industry 4 0 in necessitate a. which rethinking of,computers and assembly line and. automation,come together must know about supply chain. processes to exploit,Industry 4 0,with robotics 3D printing. connected Information,remotely to of everything,computer Everything in the.
systems digital mesh,equipped with produces uses and. machine learning algorithms that can learn and transmits information This information goes beyond. control the robotics with very little input from human textual audio and video information to include. operators This is the smart factory of tomorrow sensory and contextual information Information of. Machines devices sensors and people are connected,and communicate with one another through the. wireless web Many companies around the world are Many companies around the. digitizing their functions and they expect to reduce world are digitizing their. operational costs and increase ef ciency, In 2016 Gartner released a list of top industry trends functions and they expect to. The device mesh Mesh means a certain, type of connection among the devices That reduce operational costs and. connection helps the devices to connect and interact increase ef ciency. with each other,The network of, the physical everything addresses this in ux with strategies and.
version of that technologies to link data from all these different data. connection the sources, physical devices Advanced machine learning Deep neural. is the Device nets DNNs move beyond classic computing and. Mesh Devices talk information management to create systems that can. to each other on autonomously learn to perceive the world on their. command or automatically to pass information own The explosion of data sources and complexity of. orders etc and gets things done information makes manual classi cation and analysis. Ambient user experience is the smooth infeasible and uneconomic DNNs automate these. experience generated by the mesh of the devices tasks and make it possible to address key challenges. 3D printing material Advances in 3D related to the information of everything trend. printing have already enabled 3D printing to use a Autonomous agents and Things Machine. wide range of materials including advanced nickel learning gives rise to a spectrum of smart machine. alloys carbon ber glass conductive ink electronics implementations including robots autonomous. vehicles virtual performance exibility and agility. personal assistants IOT architecture and platforms IoT. VPAs and smart platforms complement the mesh app and service. advisors that act in architecture The management security integration. an autonomous or at and other technologies and standards of the IoT. least platform are the base set of capabilities for building. semiautonomous managing and securing elements in the IoT. manner While,advances in physical,smart machines such. as robots get a great Implications for,deal of attention the. software based smart machines have a more near CFOs. term and broader impact VPAs such as Google Now The nance function is being. Microsoft s Cortana and Apple s Siri are becoming transformed at the core and it would be a. smarter and are precursors to autonomous agents challenge to embrace these new. Adaptive security architecture The technologies It would involve a change in. complexities of digital business and the algorithmic the mindset and culture in the organization. economy combined with an emerging hacker Investing into new technologies in. industry signi cantly increase the threat surface for hardware and software training in these. an organization IT leaders must focus on detecting digital technologies would be imperative if. and responding to threats as well as more traditional the company has to stay ahead Investments. blocking and other measures to prevent attacks would be required in sensor based. Application self protection as well as user and entity technology modern ERP solutions Big Data. behavior analytics will help ful ll the adaptive analytics and cloud deployment Thus the. security architecture CFO has to take crucial decisions. Advanced system architecture The digital Automation would reduce routine. mesh and smart machines require intense computing activities thus allowing the CFO to focus on. architecture demands to make them viable for high value activities A number of manual. organizations Providing this required boost are high jobs will become redundant and more time. powered and ultraef cient neuromorphic would be spent on managing all kinds of. data from nance market information,competitive information customer. information etc The CFO would be more,involved in non nance like corporate.
CFOs would be required to have an,in depth knowledge of the business in. which the company operates There will be a,need to understand these technologies so. that the CFO can determine ROI Intelligent,nance management would be the mantra. Your CEO will need support,stretching over nance to market. information competitive information,customer information and strategic.
information and the expectation is that the,CFO gets more involved in non nance. architectures related topics to be able to have a formed. Mesh app and service architecture opinion on strategic matters. Monolithic linear application designs e g the three Industry 4 0 should not be seen as a. tier architecture are giving way to a more loosely threat but as an opportunity to innovate. coupled integrative approach the apps and services increase revenues and pro tability. architecture Enabled by software de ned application. services this new approach enables Web scale,Banking and Card payment are other. viable options too and Game on,You can step into the Virtual world of. Bitcoins Once you own the Bitcoins,you can trade them just as gold. silver coins lying in your back pocket,Creation and Origin of Bitcoin The.
Bitcoins were rst created using a,sophisticated,c o m p u t e r. algorithm which,Biting the Bitcoin creates a block of. data using high,power computer, by Ashwin Singh Assistant Manager Audit UJA processes that. contains bitcoins,There is a cap on, On 31st December 2017 the Finance Ministry in t he maximum. its o cial statement released elucidated that Bitcoin or number of bitcoins which shall exist in a single block 25. any other form of crypto currency is not a legal tender in per block and there is also diminishing returns built into. India and before any decision to regularize such currency the system This process is also called mining meaning. the government awaits a repor t of exper t on creation of crypto currencies using high end computer. cryptocurrencies processing power,An o cial statement issued by the nance.
ministry on 26th December 2017 stated that there is a Bitcoin Wallets and forms of Bitcoin A Bitcoin. real and heightened risk of investment bubble of the type wallet is like a bank account It allows you to receive. seen in Ponzi schemes which can result in sudden and bitcoins store them and then send them to others Out of. prolonged crash exposing investors especially retail the available crypto currencies in markets Bitcoin is the. consumers losing their hard earned money most valuable Other crypto currencies trading globally. Consumers need to be alert and extremely but not on a scale as large as Bitcoins include Etherum. cautious as to avoid getting trapped in such Ponzi Litecoins Zcash Dash Ripple Monero etc As of. schemes Apparently the government has cautioned the December 2017 there are over 1 377 digital currencies in. investors to keep their eyes open while placing their bets existence. on virtual currencies drawing a correlation of the virtual. currencies with those Ponzi schemes of investments Criticism and risks Cryptocurrency are often. without any legal tender or protection juxtaposition with economic bubbles with lack of central. Let us rst try to understand the meaning of control and a legal viability Regulators of di erent. Bitcoin A Bitcoin like any other cryptocurrency is a form countries have time to time raised concerns with the. of virtual money with no physical form also known as FIAT investors over crypto currencies and some economies. money in common parlance going ahead have also taken concrete regulatory. Cryptocurrencies possess all qualities of money measures to dissuade the developers and users. except for the main essence that they are far away from Speaking about risks the cryptocurrency can be. having a legal tender Bitcoins being traded on a global enduringly lost from local storage due to malware or data. platform still strive hard to get a legal validity in any of the loss Cases of malware such as Bitcoin Trojan have been. 193 economies being the part of the United Nations surfaced recently where the malware programme would. A major disparity between Cryptocurrency and mail target s wallet back to the attacker thieving the. other form of money is that the earlier are designed in wallet of the target Previously we have also come across. such a manner that it does not need a Bank or a regulator cases where the hackers have managed to hack the. for movability or storage In other words we can say website of the exchanges where bitcoins are traded and. Bitcoins are decentralized and a physical representation larceny the cryptocurrencies crumbling the developer s. of the currency is not needed Cryptocurrency are self claim of highly secured technology against the. contained for their value For instance in case you wish to cryptocurrency This lead to a dip in the price of bitcoin. purchase bitcoins today you need not go anywhere drastically low within a span of few hours. Download the Zebpay App on your iOS or, Android powered smartphone create an account with Taxation of Bitcoins in India Considering the. some basic details split some cash into your e wallet Net recent trends and environment gathered around bitcoins. and also a number of savvy businessmen and investors income and also disclose the bitcoin holdings in the. splashing their pockets on this new generation virtual statement of wealth of individuals wherever applicable. form of money have already raised the taxmen s Legality of the cryptocurrencies in India. e ye b rows Fi r s t l y we l e a f t h ro u g h t h e n e w l y As of now Reserve Bank of India the federal. implemented GST Act where there has not yet been any agency of the country has not given any legal validity to. k ind of tax levied on the purchase or sale of cryptocurrencies But since the laws and statutes. cryptocurrency Thus we can say that Bitcoin is out of the pending to be amended the RBI stands still in a wait and. watch position embedding a warning sign,board to caution the investors over the digital. currencies,Moreover in another view currently the,cryptocurrencies fall under the provisions of the. Securities Exchange Board of India Act 1992 and,the rules framed under Accordingly the. exchange houses facilitating trade of,cryptocurrency shall be expected to strictly.
adhere to KYC norms and AML regulations In a,nutshell nothing is illegal yet nothing has been. given a legal validity yet In March 2017 the,Ministry of Finance had set up an Inter. Disciplinary Committee to probe into the legality,of the trading of cryptocurrencies The. committee s report is still under examination of,the Department of Economic A airs All eyes are. upto the Finance Minister for enlightening the,countrymen on the legality and taxability on this.
ambit of GST s net as of now For the direct taxation part in the forthcoming budget. under the Income Tax Act 1961 the gains made on At the end of this article we leave you a glimpse. transfer of cryptocurrencies shall be taxable as it shall fall of the peaks and bottoms which can be observed in the. under the ambit of section 9 deemed to be accrued in. India The ambiguity where the budget of 2018 is awaited. to clear the air is the matter of fact that whether the. Bitcoins be treated as capital asset under the de nition of. section 2 14 of the Income Tax Act 1961 or the taxmen. would prefer it as other source of income In both the. cases the possibilities are given below, In the light of the blistering bull run observed in. the value of bitcoins and it s per unit value surging over. globally in the month of December 2017 the Income Tax. Department has issued notices under section 133A of the. Income Tax Act 1961 seeking nancial details of about. four to ve lakh High Net Individuals HNI s further. exploring the possibilities of establishing tax demands. Not only this incident has been viewed as tax evasion but. the taxmen are also value of bitcoins since its inception in 2009. skeptical about All above prices are stated in USD. cryptocurrencies as a safe Note With Inputs from Press Trust of India Economic Times. passage of conversion of and Wikipedia Accordingly information comes from a. black money on similar reliable source and all rights are reserved with original. grounds as of the Panama publisher The information contained in this article is. Ta x H e a v e n s r o u t e intended solely for informative purpose and may be subject. W h a t e v e r t h e c a s e to legal privilege Udyen Jain Associates accept no liability. m a y b e i t i s for any damage caused directly or indirectly accept any sort. recommended to include of liability for any errors or omissions caused due to this. the pro ts minted on the information All rights reserved with the author. transfer of bitcoins while,computing the taxable, lisa Montanari works with UJA as on the Indian economy and society. E Business Manager Italy She came,to India to work as an intern and. prepare for her thesis while studying,at Luiss Guido Carli University. Moreover she has personally,documented the biodiversity loss.
related to monoculture adoption the,exposure of the weakest classes of the. Her thesis is titled Monsanto in population to international. India Market Failures and Intellectual competition and household s arising. Property Rights in the Indian Scenario level of indebtedness due to the. She has analysed the increasing concentration of seed. introduction of genetically modi ed markets, seeds operated by Monsanto in India She received an recognition for. From a general description of the thesis It is 110 Cum Laude. the mechanism of Intellectual and Special Mention for the. Property Rights global system ELISA MONTANARI Business Manager Italy UJA Relevance that her research. and regulation to a more wins academic accolades has brought to the academic. empirical analysis of Indian community, agriculture and productivity the aim of the thesis She is also working on publication of. has been to evaluate the impact and more articles for two international academic. consequences of the usage of GMO cotton seeds journals. EXTERNAL COMMERCIAL BORROWINGS, AUDIT AN ANALYSIS by Deepak Valecha Senior Manager Audit UJA. EXTERNAL means Outside India from Non Residents,COMMERCIAL means To be used for permitted purpose.
BORROWINGS means Amount borrowed in foreign and Indian currency. MEANING External Commercial Borrowings refer These loans are permitted by Government. to commercial loans raised by eligible resident as a source of nance for Corporates to expand. entities from recognized non resident entities and their existing capacity for fresh investment. should conform to parameters such as minimum Greater priority is given for projects in. maturity permitted and non permitted end uses infrastructures power oil telecom railways roads. maximum all in cost ceiling etc The Parameters bridges ports Industrial parks urban. apply in totality and not on a standalone basis infrastructure export sectors. ECBs can be raised in two ways, Automatic Route Where no approval of RBI is required. Approval route Where approval of RBI is required,ECBs include. SECURED SUPPLIER BUYER,BANK LOANS INVESTMENTS CREDIT. FOREIGN FOREIGN,FINANCIAL CURRENCY CURRENCY,LEASE CONVERTIBLE EXCHANGEABLE. BONDS FCCBs BONDS FCEBs, The ECBs are classi ed under three tracks as follows.
TRACK 1 TRACK 2 TRACK 3, ECB IN FCY OVER 3 5YEARS ECB IN FCY OVER 10 ECB IN INR OVER 3 5 YRS AVERAGE. Minimum Average Maturity, Upto 50 million 3 years 10 Years irrespective of amount Upto 50 million 3 Years. Beyond 50 million 5 years Beyond 50 Million 5 years. Eligible borrowers, Companies in following sectors All entities under Track I All entities under Track II. Manufacturing Sector Companies in the infrastructure All NBFCs. Software Development sector Entities engaged in micro nance activities. Shipping Airline Companies Holding Companies SEZs NMIZs Developers. Units in SEZs Core Investment Companies Companies in Miscellaneous Services viz. Small Industries and Development Bank of India Real Estate Investment Trusts Research Development. Exim Bank Approval Route registered with SEBI Training Institutes excluding educational. Infrastructure Investment Trusts Companies supporting infrastructure. registered with SEBI Logistics service,Ineligible borrowers. Hotels Hospitals,Recognised lenders,International Banks Insurance Companies.
International Capital Markets Sovereign Wealth Funds. Multilateral Regional Government owned Financials Institutions Financial institutions located in International Financial Services in. Export Credit Agencies India, Suppliers of Equipment Overseas branches subsidiaries of Indian banks only for borrowers. Foreign Equity Holders under Track I, Overseas Long Term Investors such as In case of Mutual Funds entities under Track III overseas. Prudentially regulated nancial entities organizations and individuals are included. Pension Funds,All in Cost Ceiling AIC, Average Maturity of 3 5 Years 300 bps over the 6 Maximum spread of 500 bps per In line with market conditions. month LIBOR annum over the benchmark has, Average Maturity of above 5 Years 450 bps over been prescribed. the 6 month LIBOR,Penal Interest Maximum 2 over and above.
contracted interest rate,PERMITTED END USES, Capital Expenditure in the form of Any end use other than the Any end use other than the following. Import of capital goods following Real estate activities. Local sourcing of capital goods, Real estate activities Investing in capital markets. New projects, Modernization expansion of existing Investing in capital markets Using proceeds for equity investment domestically. projects Using proceeds for equity On lending to other entities with any of the above. Investment in Joint Ventures Wholly owned investment domestically objectives. subsidiaries overseas On lending to other entities Purchase of Land. Acquisition of shares of PSUs under the, disinvestment programme of Govt of India with any of the above SEZ NMIZs Developers Only for providing. Re nancing of existing trade credit for import objectives infrastructure facilities within SEZ NMIZs. of capital goods Purchase of Land NBFCs can use ECB proceeds for. Payment for capital goods already, On lending to infrastructure sectore activity including.
shipped imported but unpaid, Re nancing of existing ECB provided residual capacity building. maturity is not reduced Hypothecated loans to domestic entities for. SIDBI Only for the purpose of on lending to acquisition of capital goods equipment. borrowers in the MSME sector Providing capital goods equipment to domestic. Import of vessels aircrafts, For general corporate purpose including working entities by way of lease hire purchase. capital provided the ECB is raised from direct Entities in micro nance sector Only for on lending. indirect equity holder or from group company for to self help groups or for micro credit or for bona de. a minimum average maturity period of 5 years micro nance activity including capacity building. For requirements of SEZs,Calculation of average maturity. XYZ LTD Loan Amount USD 2 Million, Date of drawal drawal Repayment Balance No of days balance Product Col 4 Col. repyament with the borrower 5 Loan amount,Col 1 Col 2 Col 3 Col 4 Col 5 Col 6.
05 11 2007 0 75 0 75 24 0 0250,06 05 2007 0 50 1 25 85 0 1476. 08 31 2007 0 75 2 00 477 1 3250,12 27 2008 0 20 1 80 180 0 4500. 06 27 2009 0 25 1 55 180 0 3875,12 27 2009 0 25 1 30 180 0 3250. 06 27 2010 0 30 1 00 180 0 2500,12 27 2010 0 25 0 75 180 0 1875. 06 27 2011 0 25 0 50 180 0 1250,12 27 2011 0 25 0 25 180 0 625.
06 27 2012 0 25 0 00, Average Maturity 3 2851 Calculated by DAY 360 rstdate second date 360. Major Indian Companies availing ECB Facility Major Arrangers for ECB in India. Telecom IDEA Aircel Vodafone Tata Teleservices State Bank of India. Reliance Industries Punjab National Bank,Finance Power Finance Corporation Rural IDBI. Electri cation Corporation Standard Chartered Bank. OTHER POINTS 5 Change of designated AD bank Change of designated bank is. 1 Currency of Borrowing permitted subject to NOC from existing AD bank. ECB can be raised in any freely convertible currency as well as 6 Dissemination of ECB Information ECB details such as name of. INR the borrower amount purpose and maturity under. For INR denominated ECB lenders other than foreign equity automatic approval routes would be put up on RBI s website on a. holder are required to mobilise INR through swaps outright monthly basis. sale undertaken through an AD Authorized Dealer Category I Procedure for ECB in brief. bank in India 1 Submit Form 83 in duplicate certi ed by the Company Secretary or. Change of currency from one convertible foreign currency to Chartered Accountant One copy is forwarded to AD and other. another convertible foreign currency INR is freely permitted copies to DSIM RBI. Rate for conversion into INR The rate prevailing on the date of 2 Obtain Loan request number LRN. agreement for such change or any exchange rate lower than 3 Draw down the loan after obtaining LRN. the rate prevailing on the date of agreement 4 Borrowers are required to submit Form ECB 2 Return by designated. Change of currency from INR to foreign currency is not AD to DSIM RBI within Se7en days from the end of the month to. permitted which it relates, 2 Part re nancing of existing ECB Raising fresh ECB for part Conclusion. re nance is permissible provided 1 there is no reduction in ECBs can be raised for nancing the permitted transactions. residual maturity of the ECB and 2 fresh ECB has lower all in cost as stated above by the eligible borrowers It is advantageous for the. 3 Parking of proceeds ECB borrowers can park ECB proceeds in corporates as it does not dilute the value of shareholder s equity by. term deposits with AD Banks up to 12 months The deposits adding to the number of shares outstanding and also does not gives. should be invested in such a way that they can be liquidated away the control Also interest rate risk can be hedged by swaps. when required futures ECBs also come with risks like default risk bankruptcy risk. 4 Prepayment of ECB Pre payment is permitted without any having more debt on company s balance sheet increase in cost of. restriction on amount subject to compliance with stipulated borrowings lowering of companies ratings etc. minimum average maturity,Implementation of E Way Bill. on Interstate Transactions from February 1 2018, Key takeaways from the Information provided in a press release by.
the GST council as on December 31 2017,by Ashwin Singh Assistant Manager Audit UJA. The GST provision requiring transporters to carry an a voluntary basis from January 16. electronic waybill or e way bill when moving a Exemptions for carrying E way bill. consignment of goods between states will be 1 Transactions involving value less than INR 50 000. implemented from February 1 2018 2 Movement of goods within 10 km. E way bill is an electronic way bill for movement of 3 All essential goods. goods which can be generated on the GSTN The following bene ts have been. common portal highlighted by the GST council on implementation. The e way bill shall be mandatory for allconsignment of the new e way bill system. of goods above the value of Rs 50 000 moved from The e way bill will boost revenues by 15 20 per cent. one state to another Tax avoidance will become extremely di cult as the. E way bill for Inter state movements will be government will have details of all goods above the. implemented from February 1 2018 and for Intra value of INR 50 000 moved and can spot mismatch if. state movement from June 1 2018 either the supplier or the purchaser does not le tax. The states have been given the option of choosing returns. when they want to implement the intra state e way This will bring uniformity across the states for. bill between February 1 and June 1 2018 and there seamless inter state movement of goods. might be cases where a particular state has opted for. implementing the E way bill system for both inter A pilot of e way bill has been successfully run in. state as well as intra state transactions from February Karnataka and the IT system is fully geared to meet any. 1 2018 requirement,Movement of goods of more than Rs 50 000 in value. cannot be made by a registered person without an e Note The original content has been rst published by the Press Trust of. way bill India PTI accordingly information comes from a reliable source and all. The e way bill can also be generated or cancelled rights are reserved with original publisher The information contained in. this article is intended solely for informative purpose and may be subject. through SMS When an e way bill is generated a to legal privilege Udyen Jain Associates accept no liability for any. unique e way bill number EBN is allocated and is damage caused directly or indirectly accept any sort of liability for any. available to the supplier recipient and the errors or omissions caused due to this information All rights reserved with. transporter the author, Trade and transporters can start using this system on. Indo French partnership, Indo French partnership is seeing an increasing traction under the. leadership of Emmanual Macron and Narendra Modi The two leaders have. given a momentum to the relationship Yet a lot needs to be done writes. Pierrick Harrant Business Manager France at UJA,participating to numerous business delegations by.
assisting French rms to be connected with key, decision makers and by representing his country at. various events Therefore it is not surprising to hear. French companies praising his merits Thus France,focuses on Smart Cities The Hexagon supports. India s initiative,as it has been,decided during,the COP 21. Conference of,the Parties 21 Thereby it incentivizes French. companies to enter into this eld in India and,some major successes are there Alstom award for.
Kochi s metro or Lumiplan s nomination for,Hyderabad bus system are only a couple of. examples in the eld of transport that highlight the. President Emmanuel Macron is expected ability of French companies to perform on the. to visit India during the beginning of 2018 In Indian market Nevertheless on a global. addition to the Solar Alliance one of the main, Indian initiative at the international level business. topics should be at the centre of the discussions, Possible contracts in sectors like energy or defence. should be negotiated by both the Heads of State,If such meetings are widely mediatized daily and. long term work of French foreign policy makers,should not be eclipsed.
French foreign policy has changed, drastically after previous Minister Laurent Fabius. took his function Inspired by the British and US,policies Foreign A airs Minister Fabius decided. that France had to focus much more on its,economic interests Real Politik should become a. reality in the business area This has been,motivated by the fact that diplomacy can be a way. to boost French exports and thus country s growth perspective gures are not strong enough to. and employment rate Such a switch has conclude that this change in the diplomacy is a. important implications for the Embassies not only success Above all the key challenge is to support. in India but around the world In India SMEs so that they can bene t from Governmental. Ambassador Alexandre Ziegler perfectly embodies delegations. the new objectives of France Appointed in July Nevertheless despite the involvement of. 2016 he actively supports French companies by French organisms like the Indo French Chamber of. Commerce and Industry IFCCI or Business makers concerning public transport modernization. France the French economic policy depends digital gap reduction and local economy boost. highly on the European Union Indeed the EU is, the decision maker as far as foreign trade policy is In addition to development assistance.
concerned Thus the policy the cultural policy,project of a Free Trade has been impacted Bonjour. Agreement is not between India is an illustration of this. India and France anymore adaptation During 4,but between India and the months from November. EU The EU is India s rst 2017 to February 2018,business partner nearly 300 cultural events. representing more than have been will be organised. 13 of its trade with the across India It attempts to. world Exchanges of goods di use cooperation and,between India and the EU business oriented values. have increased by more Indeed the keywords for,than 70 between 2005 this festival are innovation.
and 2015 And the value of creativity partnership, trade in services has tripled exactly what is required for a. since 2005 Strengthening trade relationships rm to be competitive in today s economy. between both Europe and India could make sense Innovation may take di erent shapes in India. in order to improve the competitiveness of whether it deals with implementing new. European rms and boost the Indian growth Yet technologies or inventing out of the box business. the FTA is currently blocked Intellectual property models Obviously it needs a strong sense of. rights migration policy and sanitary norms are creativity to be able to cope with on the ground. some of the major issues to be solved reality And therefore companies adapt their. products and their way of doing business For, Even traditional aspects of the French instance Alstom is the rst company to. foreign policy have been reframed The French manufacture electric locomotives in India and in. development bank Agence Fran aise de order to do so it had to adapt the Prima T8. D veloppement AFD has decided to concentrate WAG12 to Indian rails as locomotives from the. its actions in India on a few selected projects in Prima range do not t with it While it can drive at a. cities that are not among the biggest ones Thus speed of about 200 km hour in Europe trains reach. the AFD provides funds and assistance to in average 50 km hour in India The 800. initiatives it considers having the highest locomotives will be produced in India in a factory. potential while playing a key role as a major located at Madhepura in Bihar It also had to. funding partner The AFD would not intervene in partner with an Indian partner Indian Railways. Mumbai or Delhi but it targets cities like Kochi which is holding 26 of the shares of the joint. Nagpur Chandigarh or Pondicherry where it can venture. have a say in the decision making For instance in, the rst of these cities it contributed to nancing French foreign policy in India has de nitely. the metro construction It o ered assistance to adopted a focus on business issues as per. the three following cities to design and Government expectations With its 1 3 billion. implement their Smart City projects It even inhabitants and a growth rate above 7 India has. gathered a multi disciplinary team called TACTIS been clearly identi ed as a real growth driver for. Innovation Services which supports local policy French companies Thereby strengthening political. links has become crucial And as well on various,other domains like ght against terrorism or. against climate change for which India s,involvement is determining at a global level.
COMPANY AFFAIRS f He has not paid any calls in respect of any. shares of the company held by him whether, Recently Ministry of Corporate A airs has alone or jointly with others and six months. started to strike o companies that are dormant have elapsed from the last day xed for the. and disqualify the directors of companies that have payment of the call. not lled the Annual Return for a continuous g He has been convicted of the o ence. Period of three years For understanding the dealing with related party transactions. concept of disquali cation of director let s rst under section 188 at any time during the last. understand under which circumstances the preceding ve years or. director will be disquali ed and what are the h He has not complied with sub section 3 of. section 152,Sub section 3 of Section 152, DISQUALIFICATION OF DIRECTORS states No person shall be. by Payal Palesha Assistant Company Secretary UJA appointed as a director of a. company unless he has been,allotted the Director Identi cation. e ects of disquali cation and what are the Number as prescribed under the Act. remedies available to it,2 No person who is or has been a director of a. 1 Section and Provision of Disquali cation of company which. Director For Existing Companies in which a person is a. Under Companies Act 2013 Chapter XI a Has not led nancial statements or. Appointment and Quali cation of Director Section annual returns for any continuous period of. 164 deals with the disquali cation for the three nancial years or. appointment of directors b has failed to repay the deposits accepted by. it or pay interest thereon or to redeem any, I The following persons shall not be eligible for debentures on the due date or pay interest due.
appointment as a director of the Company thereon or pay any dividend declared and such. In this case the following persons are not eligible failure to pay or redeem continues for one year or. for the fresh appointments in the Company more shall be eligible to be re appointed as a. a If he is of unsound mind and stands so director of that company or appointed in other. declared by a competent court company for a period of ve years from the date. b If he is an undischarged insolvent on which the said company fails to do so. c If he has applied to be adjudicated as an As mentioned in 2 a a person can be disquali ed. insolvent and his application is pending from being a Director in the Company if a. d if he has been convicted by a court of any company on which the person is a Director has not. o ence whether involving moral turpitude led balance sheet and annual return on MCA for a. or otherwise and sentenced in respect continuous period of three years Hence it s. thereof to imprisonment for not less than six important for all the Companies to le balance. months and a period of ve years has not sheet and annual return on MCA on time and. elapsed from the date of expiry of the maintain compliance under Companies Act 2013. Provided that if a person has been convicted II E ects of disquali cation on existing. of any o ence and sentenced in respect Directors, thereof to imprisonment for a period of Following are the disquali cation by Ministry of. seven years or more he shall not be eligible Corporate A airs MCA directors have been. to be appointed as a director in any barred from using their digital signature to. company sign any document, e An order disqualifying him for appointment Disquali ed directors have to vacate all. as a director has been passed by a court or board positions pursuant to Section 167 of. Tribunal and the order is in force the Companies Act 2013. III Actions taken by the various authorities I CASE LAWS. MADRAS HC STAYS ROC ORDER DISQUALIFYING, According MCA press information bureau INDIVIDUAL DIRECTOR. dated 5th November 2017 around 2 24 lakh, companies have been struck o as of November The Madras High Court has issued an interim. 2017 stay against an order of the Registrar of Companies. Around 3 09 lakh Directors have been RoC Chennai disqualifying an individual from. disquali ed from the board of the companies being director under the Companies Act 2013 for. who have failed to le nancial statements and ve years till 2021 The court has also issued notice. annual returns for continuous three nancial of motion to the Centre and the Registrar of. years Companies in a petition led by an individual. 12th September 2017 MCA says it has director,identi ed 106 000 directors for disquali cation.
Last week of September National Stock Facts of the Case. Exchange NSE sends out 210 notices to listed The petition was led by R Ganapathi who has. Companies whose directors have been been the director at RSG Engineering and. disquali ed by MCA Constructions Pvt Ltd Deccan Softlab Pvt Ltd and. Bombay Stock Exchange BSE identi es 500 Projelec Marketing and Management Pvt Ltd. Companies who appear to have directors which weren t operative and were struck o from. disquali ed by MCA on their board the Register of Companies prior to 2010 However. 06th October 2017 NSE sends out an he was named in RoC s list of disquali ed directors. additional 97 Notices to listed Firms in an order dated September 8 2017 for being a. A press release issued by Ministry of director in some other companies that had not. Corporate A airs placed on the website of Press led annual returns continuously for three years. Information Bureau has similar communication Ganapathi argued that RoC order had to be. This press release has two important points quashed as illegal arbitrary and devoid of merit. Department of Financial Services DoFS issued and also sought direction from the Court to the. instructions to all the Banks on 5th September Ministry and the Registrar to permit him to get re. 2017 the Directors ex or their authorized appointed or appointed as director of any. signatories had been restricted from operating company in any company without any hindrance. the Bank accounts of such struck o companies, and they cannot syphon o money from the Legal Grounds. accounts of these struck o companies He argued that the new regulation disqualifying. a company if it fails to le annual returns for three. It has been decided that in case the Director nancial years as per Section 164 of the. or authorized signatory of any struck o Companies Act 2013 came into e ect only on. company tries to unauthorized syphon o April 1 2014 and the time limit to disqualify. money from its bank account he she may attract companies under this would start only after. punishment of imprisonment of not less than six October 30 2017 The argument is that the three. months extendable to 10 years If it is found that years from April 2014 would fall only by the end of. the fraud involves public interest the March 31 2017 and that the last date for ling. punishment shall not be less than 3 years annual return for the scal 2016 17 the third year. imprisonment and ne may also be imposed from implementation of the new Act is October. which would be three times the amount 30 2017,High Court Order. Ministry of corporate a airs has struck o The order of Registrar of Companies Chennai. more than 2 lakh companies and disquali ed 3 disqualifying the director without giving him any. lakh directors as part of an ongoing exercise of opportunity of being heard is against the. cleaning up Corporate India and a crackdown provisions of the Act argued Kumarpal R Chopra. on shell companies corporate lawyer and partner of Mitraa Legal. Ganapathi s counsel Chopra said around 45 000, individuals directors in Chennai alone were that the applicants are the majority. a ected due to the Registrar s action in similar shareholders. matters f Copy of Resolution of appointment of the. Hearing the petition Justice M Duraiswamy new director along with notice and. issued an order to issue a notice of motion explanatory statement. returnable in four weeks g Along with the above said Hard Copies. The Central Government had called for submit the documents in a CD Pen drive. disqualifying various companies and directors for, misuse of books of accounts non ling of returns iii Remedies available to the Directors for. for continuous three years among others Some of removal of disquali cation. the companies approached various forums against, such disquali cation The Companies Appointment and Quali cation.
of Directors Rules 2014 contain a provision, In mid September the Securities and Exchange empowering the Registrar of Companies to remove. Board of India SEBI revoked the actions taken by the disquali cation. the Board and the Stock Exchanges against Lotus A Director who is disquali ed under sub section 2. Eye Hospital and Institute Ltd which was named of Section 164 of the Companies Act 2013 may. by the Ministry of Corporate A airs as one of 331 make an application for removal of disquali cation. shell companies An order by SEBI observed that in Form DIR 10 and the said application can be. the company is a going concern for the last 20 made only at the end of the tenure of ve years. years and there is no evidence of post his disquali cation He she has to specify the. misrepresentation on its part misuse of books of following details in the Form. accounts or funds or violation of Listing Obligation a Details of the Company wherein he is a. and Disclosure Requirements LODR Regulations Director viz Registration No Nominal Capital. Paid up Capital and address of the Company, ii Remedies available for Companies having b Ground s under which the Director is. disquali ed directors disquali ed,c Date of disquali cation. There are many cases where it is a Company d Details of the application. having 2 directors and both the directors are, disquali ed under Section 164 2 Now the IV CONCLUSION. question arises is how the Active Company can, run its business without having quali ed Directors By understanding the provisions relating to.
So as per the Circular Dated 06 10 2017 issued by disquali cation of Directors we may conclude that. the Ministry of Corporate A airs has led down the the Companies and the individual Directors are. Procedure for Request for insertion of DIN from certainly having the remedies for removal of such. back end by the request letter signed by the disquali cations. shareholders of the Company that the directors,are disquali ed and requesting for insertion of a. new director through back end of the E portal,with the following Documents. a Appointment Letter of the new director by,the promoters Shareholders. b NOC from all the disquali ed directors from,the Company for appointment of new. c Digitally lled in DIR 12 by the professional,for the new director.
d Proof of the Shareholding of the,Promoters Shareholders who appoints the. new director,e A certi cate from the Professional stating. TRANSFER PRICING BERRY RATIO is used to establish an arm s. length pro t The Berry ratio is the ratio of a business s. gross income to operating costs, The Berry ratio is the ratio of a company s gross pro ts to. operating expenses This ratio is used as an indicator of a. During last few years we are introduced with, company s pro ts in a given period of time A ratio co. various International Taxation terms and concepts, e cient of 1 or more indicates that the company is.
which were known to us just as an information But, making pro t above all variable expenses whereas a. now those terms have,coe cient below 1 indicates,become part of our. that the company is losing,daily routine and,A Roller Coaster Ride of money The formula is as. In 1829 Supreme International Taxation Terminology Legal emphasis. Court Justice Joseph, writes NUTAN GHAYAL DAMLE Manager In a recent ruling the Delhi. Story stated The law,Bench of the Income tax, is a jealous mistress Direct Taxation Transfer pricing at UJA.
Appellate Tribunal Tribunal,and requires a long,placing extensive reliance on. and constant,the ruling made by the same, courtship It is not to be won by tri ing favors but by lavish. bench in the case of Mitsubishi Corporation India Private. homage This quote has relevancy with International. Limited has upheld the use of the Berry ratio as pro t. Taxation terminologies,level indicator PLI,Law provisions are all about interpretations. and reading between lines Sometimes reader s interest. CAPTIVE BANK is generally wholly owned,fades if some jargons comes up while reading. subsidiary of a multinational group of companies,In the complex world of Transfer pricing many.
Purpose of this bank is to provide banking service to the. jargons are used These jargons are very interesting yet. group and those with whom the group deals In order to. of vital relevance while studying International Taxation. avail low capital requirements and freedom from,With the plain reading of terms di erent. exchange control captive banks are usually located in a. meaning and understanding appears however it has, tax haven Services provided by a captive bank include. very spellbinding meaning To have thorough,safe keeping of deposits merchant banking nancing. knowledge some jargons are explained in simple, and other services in association with commercial banks. language for readers of international taxation law. CHERRY PICKING is used in the USA in R D,BACK TO BACK LOAN is a method of.
arrangements to prevent a contracting party from,borrowing between related parties where a loan is. selecting or funding only the technologies that are. channeled through an independent third party, successfully developed i e cherry picking In transfer. intermediary This is a hedge tool against currency. pricing context it often describes a situation where a tax. uctuations, authority tries to impose a TP adjustment on a taxpayer. A back to back loan is a loan in which two companies in. based on a few of cherry picked related party, di erent countries borrow o setting amounts from one. transactions of other comparable companies with an. another in each other s currency Though currency,intention to maximize its adjustment.
swaps has replaced this type of transaction but it has. The Para 5 4 4 UN TP guideline 3 discusses the,relevance in traditional nancing method. Cherry Picking of Companies, Example Company ABC from United States and Bank XYZ. It is frequently not possible to obtain, is in France Company ABC is concerned about the value of. information on perfect comparables in practice and it is. the dollar changing relative to the euro, therefore often necessary to use broad search criteria. To mitigate this concern Company ABC and, when identifying third party comparables It must be.
Bank XYZ structure a back to back loan whereby, ensured that potentially relevant external comparables. Company ABC deposits 1 billion with Bank XYZ and,are not excluded because of cherry picking of. Bank ABC using the deposit as security lends Company. favourable third party information by either the,ABC 1 billion worth of euros The current exchange. taxpayers or the tax authorities ignoring other, rate between American dollars and euros is 1 0 75 that. information that does not support the position argued. is 1 buys 0 75 a euro The bank and Company ABC, agree to a one year term on the loan and a 6 interest.
For example extreme results may be rejected,rate When the loan term ends Company ABC repays. as comparables after careful consideration of reasons for. the loan at the xed rate agreed upon at the beginning. such extreme results by the tax authorities as they tend. of the loan term thereby insuring against currency risk. to skew the data While this could on the one hand be a.

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