MCA had issued relaxations in paying additional fees and the Ministry of Finance has notified the Foreign Exchange Management Rules, 2021
October 29, 2021
News from the desk of Ministry of Corporate Affairs (MCA)
Relaxations in paying additional fees in case of delay in filing Form-8 by LLP
Upon receipt of several references and representations from the stakeholders, Ministry of Corporate Affairs (“MCA”) had on 26th day of October, 2021 issued a General Circular No. 16/2021 (“Circular”) providing a waiver of additional fees in case of delay in filing of Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships (“LLP”) upto 30th December, 2021 as mandated under the Limited Liability Partnerships Act, for the above stated purpose.
The complete text of the General Circular may be viewed at below link:
https://www.mca.gov.in/bin/dms/getdocument?mds=D6JwDgXJxJkSj9vnkrkNZw%253D%253D&type=open
News from the desk of Ministry of Finance (MoF)
The Ministry of Finance has notified the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2021 (“Rules”) to further amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019.
| Previous Provision | Revised Provision |
| Previously, permissible limit of FDI under Telecom sector was 49% through automatic route and beyond 49% through Government Route comprising of the following:- | The MoF has permitted 100% foreign direct investment (FDI) under the automatic route in the telecom services sector comprising of the following:- |
| Telecom Infrastructure Providers Category-I, viz. Basic, Cellular, United Access Services, Unified license (Access services), Unified License, National/ International Long Distance, Commercial V-Sat, Public Mobile Radio Trunked Services (PMRTS), Global Mobile Personal Communications Services (GMPCS), all types of ISP licenses, Voice Mail/ Audiotex/ UMS, Resale of IPLC, Mobile Number Portability services, Infrastructure Provider Category-I (providing dark fibre, right of way, duct space, tower) except Other Service Provider. | All services falling under the head ‘Telecom Services’ sector along with below additional services: Other Service Providers and such other services under the automatic route in the Telecom Services sector, as may be permitted by the Department of Telecommunications (“DoT”). |
Further, the licensing, security, and any other terms and conditions as notified by the DoT from time to time, shall be observed by licensee/entities providing the above services. Accordingly, the heading “Entry Route”, is now substituted, by “Automatic” in column (4) of Schedule I of the Table.
The complete text of the Notification may be viewed at below link:
https://egazette.nic.in/WriteReadData/2021/230391.pdfLast updated: 29/10/2021
Article contributed by:
Associate - Legal
