Monday, 2 January 2017

2016 -Changes in legal and regulatory environment

1)Rotation of auditors mandatory for certain class of listed and un-listed companies-w.e.f 1/04/2017

2)Indian accounting standards (IND-AS)w.e.f 1/04/2017,which will allow companies to report standalone financial results instead of consolidated results.

3)The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy,which can unlock NPA worth Rs 25,000/- crores in next 5 years .

4)Real Estate Regulation and Development Act 2016

  regulatory authorities to be created by the states and union territories within a year of the act coming in force and registration of every real estate project has been made mandatory.

5)  The Benami Transactions (Prohibition) Amendment Act, 2016 is an amendment of the older Benami Transactions (Prohibition) Act 1988.  

The Act defines a benami transaction as a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person. The Bill amends this definition to add other transactions which qualify as benami, such as property transactions where: (i) the transaction is made in a fictitious name, (ii) the owner is not aware of denies knowledge of the ownership of the property, or (iii) the person providing the consideration for the property is not traceable.

6) Revision of tax treaties :

with Cyprus to Mauritius  thus effecting the door on tax treaty abuse..

7)Employees’ State Insurance (ESI) Act(amendment ) 

The government increased  the number of people eligible for Employees’ State Insurance (ESI), which provides medical care to industrial workers and their dependents, by raising the salary cap of beneficiaries to Rs.21,000 per month from Rs.15,000.

This means all industrial workers drawing a salary of up to Rs.21,000 will be eligible for health care—from primary to tertiary—at more than 1,500 clinics and hospitals run by the Employees’ State Insurance Corporation (ESIC) directly or indirectly.

8)The Criminal law amendment act 2013  

  introduced in the light of the protests in Delhi gang rape case.It provides for amendement to IPC,Evidence Act and Cr PC

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