connec ion - llb & co
TRANSCRIPT
Connec ion Volume VIII, Issue 6 LLB & Co.
“Anyone can find the dirt in someone. Be the one that finds the gold.”
~ Gaur Gopal Das
March 2020
In exercise of the powers con-
ferred under Rule 8 of the The
Direct Tax Vivad se Vishwas
Rules, 2020, the Principal
Director General of Income
Tax (Systems) hereby lays
down the following proce-
dures:
2. Online filing of Form-1 and
Form-2:
i. All the declarants filing dec-
laration under sub-section (1)
of section 4 of the The Direct
Tax Vivad se Vishwas Act,
2020, are required to file the
declaration in Form -1 online
on the e-Filing portal of the
D e p a r t m e n t :
www.incometaxindiaefiling.go
v.in.
ii. The declarants are further
required to furnish the under-
taking referred to in sub-
section (5) of section 4 elec-
tronically in Form-2 along with
the declaration online on the
e-Filing portal of the Depart-
m e n t :
www.incometaxindiaefiling.go
v.in.
iii. The submission of Form-1
and Form-2 shall be done in
conjunction as a single sub-
mission. The declaration and
undertaking shall be verified
in accordance with section
140 of the Income-tax Act,
1961.
iv. Form-1 and Form-2 shall
be furnished electronically
under digital signature, if the
return of income is required
to be furnished under digital
signature or, in other cases
through electronic verification
code.
v. Please refer to Pr. DGIT
Notification in F No. 1/23/CIT
(OSD)/E-filing – Electronic
Verification/ 2013-14 -
Notification No. 2/2015 dt.
13th of July 2015 and F.No.
1 / 2 3/ C I T ( O SD )/ E - f i l in g -
Electronic Verification/2015-
16 – Notification No. 1/2016
dt. 19th of January, 2016 for
details regarding Electronic
Verification Code (EVC) for
electronically filed Income Tax
Return which will be applica-
ble for the submission under
this Notification.
3. Preparation and submis-
sion of Form-1 and Form-2:
i. Form-1 and Fortm-2 shall be
available for data entry and
preparation online to the de-
clarant after login.
ii. The declarant is required to
login into the e- Filing portal:
www.incometaxindiaefiling.go
v.in using their valid creden-
tials.
iii. A link for filing the Form -1
and Form -2 has been provid-
ed under e-Filing portal:
www.incometaxindiaefiling.go
v.in ―Login using User name
and password ―Select Vivad
se Vishwas Tab ―Select
‗Prepare and Submit DTVSV
Forms‘.
iv. Select Form-1 and Assess-
ment Year (or Financial Year
as applicable for Tax Deduc-
tion/Collection at Source re-
lated cases) and filing type
(original/revised) from the
drop down.
v. Form-1 contains specific
schedules and the declarants
are required to fill the rele-
vant schedules and tables
under the schedules with
validations for proper submis-
sion of the declaration.
vi. Form-2 shall also be sub-
mitted electronically on the e-
Filing portal on the same
path.
vii. These Forms can be sub-
mitted by clicking on ―Submit‖
button.
viii. Digital Signature Certifi-
cate or Electronic Verification
Code is mandatory to submit
these Forms.
ix. Acknowledgement number
for submission of declaration
shall be generated electroni-
cally.
4. Viewing submitted Forms
i. The submitted Forms would
be available for view and
download by going to
www.incometaxindiaefiling.go
v.in -Login using User name
and password -Select Vivad
se Vishwas Tab -*Select ‗View
DTVSV Forms‘
5. Submission to designated
authority.-
i. Online submission of Form-
1 and Form-2 in the manner
prescribed herein would be
treated as submission to the
designated authority as pre-
scribed under Clause (e) of
Section 2 of the The Direct
Tax Vivad se Vishwas Act,
2020.
6. Instructions and FAQs to fill
the Forms are available on
the e-Filing Portal: incomet-
axindiaefiling.gov.in.
7. The Notification comes into
effect immediately.
Page 2
P R O C E D U R E F O R D E C L A R A T I O N & U N D E R T A K I N G
U N D E R V I V A D S E V I S H W A S R U L E S
Volume VIII , Issue 6 Innovate Create Lead
LLB & Co.
Just to Remind You:
March 22— last
date for filing
GSTR 3B
March 25— last
date for filing P.F
Returns
March 30—
Deposit of TDS on
payment made
for purchase of
property in feb
March 31—Last
date for payment
of LIC, deposite of
PPF etc for saving
TAX.
March 31– last
date to opt for
composition
scheme
March 31– Last
date for filing ITR
for AY 2019-20
with late fee
March 31– Pay-
ment of balance
advance tax by all
March 31– Linking
of PAN with
Aadhar.
In side th is
i ssue:
1. Income Tax 2
1. Company Law
Update
5
2. GST Update 7
3. RBI Update 8
4. Corporate Law
Updation
11
Innovate Create Lead
In exercise of the powers con-
ferred by sub-section (2) of
section 12 real with sub-
sections (1) and (5) of section
4 and sub-sections (1) and (2)
of section 5 of the Direct Tax
Vival se Vishwas Act, 2020 (3
of 2020), the Central Govern-
ment hereby makes the fol-
lowing rules, namely:‑
1. Short title and commence-
ment.-(1) These rules may be
called the Direct Tax Vival se
Vishwas Rules, 2020.
(2) They shall come into force
on the date of their notifica-
tion in the Official Gazette.
2. Definitions-In these rules,
unless the context otherwise
requires, ‑
(a) ―Act‖ means the Direct Tax
Vivad se Vishwas Act, 2020 (3
of 2020);
(b) ―dispute‖ means appeal,
writ or special leave petition
filed or appeal or special
leave petition to be filed by
the declarant or the income-
tax authority before the Appel-
late Forum, or arbitration,
conciliation or mediation initi-
ated or given notice thereof,
or objections filed or to be
filed before the Dispute Reso-
lution Panel under section
144 der section 264 of the
Income-tax Act;
(c) ―eligible search cases‖ n
made under sub-section (3) of
section 143 or section 144 or
section 153A or section 153C
of the Income-tax Act on the
basis of search initiated un-
der section 132 or section
132A of the Income-tax Act
and the amount of disputed
tax does not exceeds five
crore rupees;
(d) ―Form‖ means the Forms
appended to these rules;
(e) ―issues covered in favour
of the declarant‖ means is-
sues in respect of which –
(i) an appeal or writ or special
leave petition is filed or ap-
peal or special leave petition
is to be filed by the income-
tax authority before the appel-
late forum or
(ii) an appeal is filed or to be
filed before the Commissioner
(Appeals) or objections is filed
or to be filed before the Dis-
pute Resolution Panel by the
dedarant, on which he has
already got a decision in his
favour from Income Tax Ap-
pellate Tribunal (where the
decision on such issue is not
reversed by the High Court or
the Supreme Court) or the
High Court (where the deci-
sion on such issue is not re-
versed by the Supreme
Court), or
(iii) an appeal is filed or to be
filed by the ded arant before
Income Tax Appellate Tribunal
on which he has already got a
decision in his favour from the
High Court (where the deci-
sion on such issue is not re-
versed by the Supreme
Court);
(f) ―section‖ means section of
the Direct Tax Vivad se Vish-
was Act, 2020 (3 of 2020);
(g) the words and expressions
used in these rules and not
defined but defined in the Act
or Income-tax Act,1961 shall
have the same meanings
respectively as assigned to
them in those Acta
3. Form of declaration and
undertaking.-(1) The declara-
tion under sub-section (1) of
section 4 shall be male in
Form-1 to the designated
authority.
(2) The undertaking referred
to in sub-section (5) of section
4 shall be furnished in Form-2
along with the declaration.
(3) The dedaration under sub-
rule (1) and the undertaking
under sub-rule (2), as the
case may be, shall be signed
and verified by the dedarant
or any person competent to
verify the return of income on
his behalf in accordance with
section 140 of the Income-tax
Act, 1961.
(4) The designated authority
on receipt of dedaration shall
issue a receipt electronically
in acknowledgement thereof.
4. Form of certificate by desig-
nated authority.- The desig-
nated authority shall grant a
certificate electronically re-
ferred to in sub-section (1) of
section 5 in Form-3.
5. Intimation of payment.- The
detail of payments male pur-
suant to the certificate issued
by the designated authority
shall be furnished along with
proof of withdrawal of appeal,
objection, application, writ
petition, sped al leave peti-
tion, arbitration, conciliation,
mediation or claim filed by the
dedarant to the designated
authority in Form-4.
6. Manner of furnishing.- The
Form-1 and Form-2 referred
to in rule 3 and Form-4 re-
ferred to in rule 5 shall be
furnished electronically under
digital signature, if the return
of income is required to be
furnished under digital signa-
ture or, in other cases through
electronic verification code.
Explanation. – For the pur-
pose of this rule, ―electronic
verification code‖ shall have
the same meaning as referred
to in rule 12 of the Income-tax
Rules, 1962.
7. Order by designated au-
thority .-The order by the desi
nated authority under sub-
section (2) of section 5, in
respect of payment sate
granted under sub-section (1)
of section 5, shall be in Form-
5.
8. Laying down of procedure,
formats and standards.-The
Principal Director General of
Income-tax (Systems) or the
Director General of Income-
tax (Systems), as the case
may be, shall lay down proce-
dures, formats and standards
for furnishing and verifying
the declaration in Form-1
under sub-rule (1) of rule 3,
furnishing and verifying the
undertaking in Form-2 under
sub-rule (2) of rule 3, granting
of certificate in Form-3 under
rule 4, intimation of payment
Page 3
C B D T N O T I F I E S D I R E C T T A X V I V A D S E V I S H W A S
R U L E S 2 0 2 0 W I T H F O R M S
and proof of withdrawal in
Form-4 under rule 5 and issu-
ance of order in Form-Sunder
rule 7 and the Principal Direc-
tor General of Income-tax
(Systems) or the Director Gen-
eral of Income-tax (Systems)
shall also be responsible for
evolving and implementing
appropriate security, archival
and retrieval policies in rela-
tion to the said declaration,
undertaking, certificate, inti-
mation and order.
9. Manner of computing dis-
puted tax in caws where loss
or unabsorbed depredation is
reduced.-(1) Where the dis-
pute in relation to an
ciwdtbilient year relates to
reduction in loss or unab-
sorbed depredation to be
carried forward under the
Income-tax Act, the declarant
shall have an option to
(i) include the tax, including
surcharge and cess, payable
on the amount by which loss
or unabsorbed depredation is
reduced in the disputed tax
and carry forward the loss or
unabsorbed depredation by
ignoring such amount of re-
duction in loss or unabsorbed
depreciation; or
(ii) carry forward the reduced
amount of loss or unabsorbed
depreciation.
(2) Where the declarant exer-
cises the option as per dause
(ii) of sub-rule (1), he shall be
I i able to pay tax, including
surcharge and cess, along
with interest, if any, as a con-
sequence of carrying forward
the reduced amount of loss or
unabsorbed depreciation in
subsequent years:
Provided that the written
down value of the block of
asset on the last day of the
year, in respect of which un-
absorbed depredation has
been reduced, shall not be
increased by the amount of
reduction in unabsorbed dep-
redation:
Provided further that in cases
other than the eligible search
cases, in computing the re-
duced amount of loss or un-
absorbed depreciation to be
carried forward in dause (ii) of
sub-rule (1), one-half of the
amount by which loss or un-
absorbed depreciation is re-
duced shall be considered for
reduction, if such reduction is
related to issues covered in
favour of declarant:
Provided also that in case of
eligible search cases, in com-
puting the reduced amount of
loss or unabsorbed depreda-
tion to be carried forward in
clause (ii) of sub-rule (1), one
and one-fourth times of the
amount by which loss or un-
absorbed depreciation is re-
duced shall be considered for
reduction and where the one
and one-fourth times of the
amount by which loss or un-
absorbed depreciation is re-
duced exceeds the amount of
loss to be carried forward
before it‘s reduction, such
excess shall be ignored:
Provided also that in case of
eligible search cases in com-
puting the reduced amount of
loss or unabsorbed depreda-
tion to be carried forward in
clause (ii) of sub-rule (1), five-
eighth of the amount by which
loss or unabsorbed deprecia-
tion is reduced shall be con-
sidered for reduction, if such
reduction is related to issues
covered in favour of declar-
ant.
10. Manner of computing
disputed tax in casaswhere
Minimum Alternate Tax (MAT)
credit is reduced.-(1) Where
the dispute in relation to an
assessment year relates to
reduction in Minimum Alter-
nate Tax (MAT) credit to be
carried forward, the declarant
shall have an option to
(i) include the amount by
which MAT credit to be carried
forward is reduced in disput-
ed tax and carry forward the
MAT credit by ignoring such
amount of reduction, or
(ii) carry forward the reduced
MAT credit.
(2) Where the declarant exer-
cises the option as per dause
(i i) of sub-rule (1), he shall be
I i abl e to pay tax, including
surcharge and cess, along
with interest, if any, as a con-
sequence of carrying forward
reduced MAT credit in subse-
quent years:
Provided that in cases other
than the eligible search cas-
es, in computing the reduced
amount of MAT credit to be
carried forward in clause (ii)
of sub-rule (1), one-half of the
amount by which MAT credit
is reduced shall be consid-
ered for reduction, if such
reduction is related to issues
covered in favour of declar-
ant:
Provided further that in case
of eligible search cases, in
computing the reduced
amount of MAT credit to be
carried forward in clause (ii)
of sub-rule (1), one and one-
fourth times of the amount by
which MAT credit is reduced
shall be considered for reduc-
tion and where the one and
one-fourth times the amount
by which MAT credit is re-
duced exceeds the amount of
MAT credit to be carried for-
ward before it‘s reduction,
such excess shall be ignored:
Provided also that in case of
eligible search cases in com-
puting the reduced amount of
MAT credit to be called for-
ward in clause (ii) of sub-rule
(1), five-eighth of the amount
by which MAT credit is re-
duced shall be considered for
reduction, if such reduction is
related to issues covered in
favour of dedarant.
Explanation – For the purpose
of this rule MAT credit means
tax credit as per the provi-
sions of section 115JAA or
115JD of the Income-tax Act.
11. Manner of computing
disputed tax in certain cams–
(1) Where the dispute in-
cludes issues covered in fa-
vour of declarant, the disput-
ed tax in respect of such is-
sues shall be the amount,
which bears to tax, including
surcharge and cess, payable
on all the issues in dispute,
the same proportion as the
disputed income in relation to
issues covered in favour of
declarant bear to the disput-
ed income in relation to all
the issues in dispute.
Page 4 Volume VIII , Issue 4 Innovate Create Lead
Innovate Create Lead Page 5
2. In the Companies
(Appointment and Qualifica-
tion of Directors) Rules, 2014,
in rule 6, –
(a) in sub-rule (1), in clause
(a), for the words ―three
months‖ the words ―five
months‖ shall be substituted;
(b) in sub-rule (4),‑
(i) for the first proviso, the
following proviso shall be
substituted, namely:‑
―Provided that an individual
shall not be required to pass
the online proficiency self-
assessment test, when he
has served as a director or
In exercise of the powers con-
ferred by section 149 read
with section 469 of the Com-
panies Act, 2013 (18 of
2013), the Central Govern-
ment hereby makes the fol-
lowing rules further to amend
the Companies (Appointment
and Qualification of Directors)
Rules, 2014, namely:-
1. (1) These rules may be
cal led the Companies
(Appointment and Qualifica-
tion of Directors) Amendment
Rules, 2020.
(2) They shall come into force
on the date of their publica-
tion in the Official Gazette.
key managerial personnel, for
a total period of not less than
ten years, as on the date of
inclusion of his name in the
databank, in one or more of
the following, namely:-
(a) listed public company; or
(b) unlisted public company
having a paid-up share capital
of rupees ten crore or more; or
(c) body corporate listed on a
recognized stock exchange:‖.
(ii) in the second proviso, for
the word ―companies‖, the
words ―companies or bodies
corporate‖ shall be substitut-
ed.
C O M P A N I E S ( A P P O I N T M E N T A N D Q U A L I F I C A T I O N
O F D I R E C T O R S ) A M E N D M E N T R U L E S , 2 0 2 0
C O N S T I T U T I O N O F N C L A T B E N C H A T C H E N N A I
orders of the Benches of the
National Company Law Tribu-
nal (NCLT) having jurisdiction
of Karnataka, Tamil Nadu,
Kerala, Andhra Pradesh, Tel-
angana, Lakshadweep and
Puducherry.
2. The Bench of the NCLAT at
New Delhi shall be known as
In exercise of the powers con-
ferred by section 410 of the
Companies Act, 2013 (18 of
2013), the Central Govern-
ment hereby constitutes an-
other Bench of the National
Company Law Appellate Tribu-
nal (NCLAT) at Chennai to
hear the appeals against the
the Principal Bench of the
NCLAT which shall continue to
hear appeals other than those
in the jurisdiction of Chennai
Bench of the NCLAT.
3. This notification shall come
into force with effect from the
18th March, 2020.
G O V T I N T R O D U C E S C O M P A N I E S ( A M E N D M E N T )
B I L L , 2 0 2 0 I N L O K S A B H A
certain class of companies
from the definition of ―listed
company‖, mainly for listing of
debt securities;
(c) to clarify the jurisdiction of
trial court on the basis of
place of commission of of-
fence under section 452 of
the Act for wrongful withhold-
ing of property of a company
by its officers or employees,
as the case may be;
(d) to incorporate a new Chap-
ter XXIA in the Act relating to
Producer Companies, which
was earlier part of the Compa-
nies Act, 1956;
(e) to set up Benches of the
Government introduces Com-
panies (Amendment) Bill,
2020 in Lok Sabha on 17th
March 2020. The Companies
(Amendment) Bill, 2020, inter
alia, provides for the follow-
ing, namely:—
(a) to decriminalise certain
offences under the Act in
case of defaults which can be
determined objectively and
which otherwise lack any ele-
ment of fraud or do not in-
volve larger public interest;
(b) to empower the Central
Government to exclude, in
consultation with the Securi-
ties and Exchange Board,
National Company Law Appel-
late Tribunal;
(f) to make provisions for allow-
ing payment of adequate remu-
neration to non-executive di-
rectors in case of inadequacy
of profits, by aligning the same
with the provisions for remu-
neration to executive directors
in such cases;
(g) to relax provisions relating
to charging of higher additional
fees for default on two or more
occasions in submitting, filing,
registering or recording any
document, fact or information
as provided in section 403;
(h) to extend applicability of
section 446B, relating to less-
er penalties for small compa-
nies and one person compa-
nies, to all provisions of the
Act which attract monetary
penalties and also extend the
same benefit to Producer
Companies and start-ups;
(i) to exempt any class of per-
sons from complying with the
requirements of section 89
relating to declaration of ben-
eficial interest in shares and
exempt any class of foreign
companies or companies
incorporated outside India
from the provisions of Chap-
ter XXII relating to companies
incorporated outside India;
(j) to reduce timelines for
applying for rights issues so
as to speed up such issues
under section 62;
(k) to extend exemptions to
certain classes of non-
banking financial companies
and housing finance compa-
nies from filing certain resolu-
tions under section 117;
(l) to provide that the compa-
nies which have Corporate
Social Responsibility spending
obligation up to fifty lakh ru-
pees shall not be required to
constitute the Corporate So-
cial Responsibility Committee
and to allow eligible compa-
nies under section 135 to set
off any amount spent in ex-
cess of their Corporate Social
Responsibility spending obli-
gation in a particular financial
year towards such obligation
in subsequent financial years;
(m) to provide for a window
within which penalties shall
not be levied for delay in filing
annual returns and financial
statements in certain cases;
(n) to provide for specified
classes of unlisted companies
to prepare and file their peri-
odical financial results;
(o) to allow direct listing of
securities by Indian compa-
nies in permissible foreign
jurisdictions as per rules to be
prescribed.
Page 6 Volume VIII , Issue 4 Innovate Create Lead
C O M P A N I E S ( M E E T I N G S O F B O A R D A N D I T S
P O W E R S ) A M E N D M E N T R U L E S , 2 0 2 0
(Meetings of Board and its
Powers) Amendment Rules,
2020.
(2) They shall come into force
on the date of their publica-
tion in the Official Gazette.
2. In the Companies
(Meetings of Board and its
Powers) Rules, 2014, rule 4
shall be renumbered as sub-
rule (1) thereof and after sub-
rule (1) as so renumbered,
In exercise of the powers con-
ferred by sections 173, 177,
178 and section 186 read
with section 469 of the Com-
panies Act, 2013 (18 of
2013), the Central Govern-
ment hereby makes the fol-
lowing rules further to amend
the Companies (Meetings of
Board and its Powers) Rules,
2014, namely:-
1. (1) These rules may be
cal led the Companies
the following sub-rule shall be
inserted, namely:-
―(2) For the period beginning
from the commencement of
the Companies (Meetings of
Board and its Powers) Amend-
ment Rules, 2020 and ending
on the 30th June, 2020, the
meetings on matters referred
to in sub-rule (1) may be held
through video conferencing or
other audio visual means in
accordance with rule 3.‖.
G O V T I N C R E A S E S S A E D O N P E T R O L A N D D I E S E L
B Y R S . 2 P E R L I T R E
ment of India in the Ministry
of Finance (Department of
Revenue), No. 05/2019-
Central Excise, dated the 6th
July, 2019, published in the
Gazette of India, Extraordi-
nary, Part II, Section 3,
Subsection (i), vide number
G.S.R. 488(E), dated the 6th
July, 2019, namely:-
In the said notification, in the
Table,-
In exercise of the powers con-
ferred by section 147 of Fi-
nance Act, 2002 (20 of
2002), read with section 5A
of the Central Excise Act,
1944 (1 of 1944) (herein
after referred to as the Excise
Act), the Central Government
being satisfied that it is nec-
essary in the public interest
so to do, hereby makes the
following amendments in the
notification of the Govern-
(i) against Sl. No. 1, for the
entry in column (4), the entry
―Rs. 10 per litre‖ shall be sub-
stituted;
(ii) against Sl. No. 2, for the
entry in column (4), the entry
―Rs. 4 per litre‖ shall be substi-
tuted;
2. This notification shall come
into force with effect from the
14th March, 2020.
Innovate Create Lead Page 7
G O V T I N C R E A S E S E X C I S E D U T Y C E S S O N P E T R O L
& D I E S E L B Y R S . 1 P E R L I T R E
India in the Ministry of Fi-
nance (Department of Reve-
nue), No. 04/2019-Central
Excise, dated the 6th July,
2019, published in the Ga-
zette of India, Extraordinary,
Part II, Section 3, Subsection
(i), vide number G.S.R.
487(E), dated the 6th July,
2019, namely:-
In the said notification, in the
Table,-
In exercise of the powers con-
ferred by section 112 of Fi-
nance Act, 2018 (13 of
2018), read with section 5A
of the Central Excise Act,
1944 (1 of 1944) (hereinafter
referred to as the Excise Act),
the Central Government being
satisfied that it is necessary
in the public interest so to do,
hereby makes the following
amendments in the notifica-
tion of the Government of
(i) against Sl. No. 1, for the
entry in column (4), the entry
―Rs. 10 per litre‖ shall be sub-
stituted;
(ii) against Sl. No. 2, for the
entry in column (4), the entry
―Rs. 10 per litre‖ shall be sub-
stituted;
2. This notification shall come
into force with effect from the
14th March, 2020.
N O S I T T I N G O F B E N C H E S O F C E S T A T T H I S W E E K ,
E X C E P T U R G E N T H E A R I N G S , D U E T O C O R O N A
V I R U S
restricted the functioning of
the Courts to hearing of only
urgent matters.
The Honourable President,
CESTAT, in consultation with
senior Members of the Tribu-
nal and for the safety and
welfare all lawyers, represent-
atives, staff, litigants and all
visitors, has decided that
there will be no sitting of
The Ministry of Health and
Family Welfare, Government
of India has issued an Office
Memorandum dated 5 March
2020 as advisory cautioning
against mass gathering due
to global pandemic Novel
Coronavirus (COVID 19). The
Honourable Supreme Court of
India and the Honourable
High Court of Delhi have also
Benches of the Tribunal includ-
ing Regional Benches from 16
March 2020 to 20 March
2020. All tours of the Members
during this period stand can-
celled. Urgent matters, if found
to be appropriate, will be heard
on mention by the Advo-
cate/Representative before
the Officer in charge of the
Registry.
of said Act.
The following persons shall be
authorised to access the pro-
tected system: –
(a) designated GSTN employ-
ees authorised by Head of
GSTN;
(b) designated Tax officers of
the Central Government,
State Government, Union
territories, Auditing agencies
In exercise of the powers con-
ferred by sub-section (1) of
section 70 of the Information
Technology Act, 2000 (21 of
2000), the Ministry of Finance
hereby declares the Goods
and Services Tax Database
and its associated infrastruc-
ture dependencies installed
at Goods and Services Tax
Network (GSTN), as the pro-
tected system for the purpose
and Accounting Authorities;
(c) authorised members or em-
ployees of Contractual Man-
aged Service Provider or third-
party vendor(s) or its partner(s);
and
(d) GSTN authorized business
partner(s).
2. This notification shall come
into force on the date of its
publication in the Official Ga-
M O F D E C L A R E S G S T D A T A B A S E &
I N F R A S T R U C T U R E I N S T A L L E D A T G S T N A S
P R O T E C T E D
Page 8 Volume VIII , Issue 4 Innovate Create Lead
F O R E I G N E X C H A N G E M A N A G E M E N T ( M A N N E R O F
R E C E I P T A N D P A Y M E N T ) ( S E C O N D A M E N D M E N T )
R E G U L A T I O N S , 2 0 2 0
2. In the Principal Regula-
tions,
(i) in sub-Regulation 1 (A) of
Regulation 3, the following
shall be substituted, namely:
―Members of Asian Clearing
Union (ACU)‖
(ii) in sub-Clause (a) of Clause
(i) of sub-Regulation (1)(A) of
Regulation 3, the following
shall be substituted, namely:
―Receipt for export of eligible
goods and services by debit to
the ACU Dollar account and /
or ACU Euro account and / or
ACU Japnese Yen account in
India of a bank of the mem-
ber country in which the other
party to the transaction is
resident or by credit to the
ACU Dollar account and / or
ACU Euro Account and / or
ACU Japnese Yen account of
the authorized dealer main-
tained with the correspondent
bank in that member coun-
In exercise of the powers con-
ferred by Section 47 of the
Foreign Exchange Manage-
ment Act, 1999 (42 of 1999),
the Reserve Bank of India
makes the following amend-
ments in the Foreign Ex-
change Management (Manner
of Receipt and Payment) Reg-
ulations, 2016 [Notification
No. FEMA 14(R)/2016-RB
dated May 02, 2016]
(hereinafter referred to as
‗the Principal Regulations‘),
namely:
1. Short title and commence-
ment:-
i. These Regulations may be
called the Foreign Exchange
Management (Manner of Re-
ceipt and Payment) (Second
Amendment) Regulations,
2020.
ii. They shall come into force
from the date of their publica-
tion in the official Gazette.
try;‖
(iii) in sub-regulation 1(A) of
Regulation 5, the following
shall be substituted, namely:
―Members of Asian Clearing
Union (ACU)‖
(iv) in sub-Clause (a) of Clause
(i) of sub-Regulation (1)(A) of
Regulation 5, the following
shall be substituted, namely:
―Payment for import of eligible
goods and services by credit to
ACU Dollar account and / or
ACU Euro account and / or ACU
Japnese Yen account in India
of a bank of the member coun-
try in which the other party to
the transaction is resident or
by debit to the ACU Dollar ac-
count and / or ACU Euro ac-
count and / or ACU Japnese
Yen account of the authorized
dealer maintained with the
correspondent bank in that
member country:‖
Y E S B A N K L I M I T E D R E C O N S T R U C T I O N S C H E M E ,
2 0 2 0
an order of the Government of
India in the Ministry of Fi-
nance, Department of Finan-
cial Services vide notification
number S.O. 993(E), dated
the 5th March, 2020 in exer-
cise of the powers conferred
by sub-section (2) of section
45 of the Banking Regulation
Act, 1949 (10 of 1949);
And whereas, during the peri-
od of moratorium, the Re-
serve Bank of India has con-
sidered it necessary in the
public interest and in the in-
terest of the depositors and
also to secure the manage-
ment of the banking compa-
ny, to prepare a scheme for
the reconstruction of the con-
Whereas, the Yes Bank Lim-
ited is a banking company
registered under the Compa-
nies Act, 1956 (1 of 1956)
and carrying on the business
of banking in India;
And whereas, the rapidly dete-
riorating financial position of
the Yes Bank Limited relating
to liquidity, capital and other
critical parameters, and the
absence of any credible plan
for infusion of capital necessi-
tated the Reserve Bank of
India to take immediate ac-
tion in the public interest and
particularly in the interest of
the depositors and according-
ly, the Yes Bank Limited was
placed under moratorium by
cerned banking company;
And whereas, the State Bank
of India and certain other in-
vestors have expressed their
willingness to make invest-
ment in the Yes Bank Limited
and to participate in its recon-
struction scheme;
And whereas, the Central Gov-
ernment has accorded its
sanction to the said scheme
for reconstruction.
Now, therefore, in exercise of
the powers conferred by sub-
section (4) and sub-section (7)
of section 45 of the Banking
Regulation Act, 1949 (10 of
1949), the Central Govern-
ment hereby notifies the fol-
lowing scheme, namely: –
Innovate Create Lead Page 9
(3) The investor bank and
other investors, shall invest in
the reconstructed bank and
the reconstructed bank shall
allot equity shares of the re-
constructed bank, at a price
of rupees ten only with face
value of rupees two only and
premium of rupees eight only,
subject to the condition that
post infusion of equity capital,
the equity shareholding of the
investor bank shall not be
less than twenty-six per cent.
and not more than forty-nine
per cent. of the total equity
shares of the reconstructed
bank.
(4) The investor bank shall
not reduce its equity share-
holding below twenty six per
cent. of the total equity share-
holding of the reconstructed
bank before completion of
three years from the date of
allotment of the shares.
(5) An investor, other than the
investor bank, may exercise
voting rights to the extent of –
–
(i) its shareholding; or
(ii) nine per cent. of the total
voting rights of all the share-
holders of reconstructed
bank; or
(iii) as may be decided by the
Reserve Bank,
whichever is lower:
Provided that the Reserve
Bank may after satisfying
itself that an investor (other
than the investor bank) hold-
ing more than nine per cent.
of the equity shares in the
reconstructed bank is ‗fit and
proper‘ to hold voting rights in
excess of nine per cent., per-
mit such investor to exercise
voting rights to the extent of
its shareholding or up to fif-
teen per cent. of the total
voting rights of all equity
shareholders of the recon-
structed bank, whichever is
less.
(6) The reconstructed bank
shall allot its equity shares
within two working days fol-
lowing the commencement of
this Scheme.
(7) The investor bank and
1. Short title and commence-
ment.––(1) This Scheme may
be called the Yes Bank Lim-
ited Reconstruction Scheme,
2020.
(2) It shall come into force on
the 13th day of March, 2020.
2. Definitions.––((1) In this
Scheme, unless the context
otherwise requires––
(a) ―Act‖ means the Banking
Regulation Act, 1949 (10 of
1949);
(b) ―investor‖ means any per-
son other than the investor
Bank willing to invest in the
reconstructed bank under this
Scheme;
(c) ―investor bank‖ means the
State Bank of India, constitut-
ed under the State Bank of
India Act, 1955 (23 of 1955);
(d) ―reconstructed bank‖
means the Yes Bank Limited,
a banking company having its
registered office at Yes Bank
Tower, IFC-2, 15thFloor, Prab-
hadevi (W), Mumbai -400013,
Maharashtra;
(e) ―Reserve Bank‖ means the
Reserve Bank of India, consti-
tuted under the Reserve Bank
of India Act, 1934 (2 of
1934).
(2) Words and expressions
used herein and not defined
but defined in the Act shall
have the meanings respec-
tively assigned to them in the
Act.
3. Share capital of recon-
structed bank.–– (1) The au-
thorised capital of the recon-
structed bank shall stand
a l t e r e d t o
Rs.62,00,00,00,000 (Rupees
Six thousand two hundred
crore only) and number of
e q u i t y s h a r e s t o
30,00,00,00,000 (Three
thousand crore only) of ru-
pees two only each, aggregat-
ing to Rs.60,00,00,00,000
(Rupees Six thousand crore
only).
(2) The authorised preference
share capital shall continue to
be Rs. 200,00,00,000
(Rupees two hundred crore
only).
investors who have subscribed
to the shares of the recon-
structed bank under this
Scheme shall not be liable to
pay capital gains tax under the
Income-tax Act, 1961 (43 of
1961) for any deemed profits
or gains on account of such
subscriptions.
(8) There shall be a lock-in
period of three years from the
commencement of th is
Scheme to the extent of seven-
ty-five per cent. in respect of––
(a) shares held by existing
shareholders on the date of
such commencement;
(b) shares allotted to the inves-
tors under this Scheme:
Provided that the said lock-in
period shall not apply to any
shareholder holding less than
one hundred shares.
4. Alteration of articles of asso-
ciation of reconstructed bank.–
– The following articles of asso-
ciation of the reconstructed
bank shall be omitted, name-
ly:––
(a) article 110(b);
(b) article 127 (b);
(c) article 127A (a); and
(d) article 127A (b).
5. Constitution of Board of
Directors.–– (1) The office of
the Administrator of the recon-
structed bank, appointed by
the Reserve Bank of India,
shall stand vacated immediate-
ly after seven calendar days
from the date of cessation of
moratorium under paragraph
11 and a new Board of Direc-
tors shall be reconstituted
comprising of the following
persons, namely:––
(i) Shri Prashant Kumar, former
Chief Financial Officer and
Deputy Managing Director of
State Bank of India, as Chief
Executive Officer and Manag-
ing Director;
(ii) Shri Sunil Mehta, former
Non-Executive Chairman of
Punjab National Bank, as Non-
Executive Chairman;
(iii) Shri Mahesh Krishna-
murthy as Non-Executive Direc-
tor;
Provided that the Board of Di-
rectors of the reconstructed
bank shall, for reasons to be
recorded in writing and after
following the due procedure,
discontinue the services of the
key managerial personnel at
any time as it deems neces-
sary.
8. No change in offices or
branch network of reconstruct-
ed bank.––(1) The offices and
branches of the reconstructed
bank shall continue to function
in the same manner and at the
same location where they were
functioning prior to the com-
mencement of this Scheme,
without in any way being affect-
ed by this Scheme.
(2) It shall be open to the re-
constructed bank to open new
offices and branches or close
down existing offices or branch-
es, in accordance with the
guidelines of the Reserve Bank
and after complying with the
necessary terms and condi-
tions.
9. Furnishing statements and
information.––The reconstruct-
ed bank shall submit to the
Reserve Bank such statements
and information as may be
required by the Reserve Bank
from time to time, regarding the
implementation of this Scheme
or any other matter relating
thereto.
10. Manner of service of no-
tice.––(1) Any notice or other
communication required to be
given to the reconstructed bank
shall be considered to be duly
given, if addressed to and sent
by speed post or by courier or
by pre-paid ordinary post or by
email at the address of the
registered office of the recon-
structed bank.
(2) Notwithstanding anything
contained in sub-paragraph (1),
any notice or communication,
which is of general interest,
shall be advertised, in addition,
in one or more daily newspa-
pers, which may be in circula-
tion at the place where the
registered office of the recon-
structed bank is situated.
11. Cessation of moratorium.–
–The order of moratorium on
the reconstructed bank issued
(iv) Shri Atul Bheda as Non-
Executive Director.
(2) The investor bank shall
nominate two officers as Di-
rectors in addition to the
members appointed under
sub-paragraph (1).
(3) The Reserve Bank of India
may appoint one or more
persons as additional direc-
tors as it may consider neces-
sary.
(4) Any investor who is permit-
ted to have voting right of
fifteen per cent. shall have
the right to nominate one
director on the Board consti-
tuted under sub-paragraph
(1).
(5) It will be open to the Board
of Directors to co-opt more
directors to it, so however
that the total membership in
the Board, excluding the addi-
tional directors appointed by
the Reserve Bank of India
under sub-paragraph (3),
shall not exceed the maxi-
mum prescribed by the arti-
cles of association.
(6) The appointment of the
directors shall have effect,
n o t w i t h s t a n d i n g n o n -
fulfillment of any requirement
as to minimum shareholding,
qualification, experience or
any other condition, for being
a director of the reconstruct-
ed bank.
(7) The members of the
Board, other than the addi-
tional directors, so appointed
shall continue in office for a
period of one year, or until an
alternate Board is constituted
by reconstructed bank in ac-
cordance with the procedure
laid down in its memorandum
and articles of association,
whichever is later.
(8) Any defect in the constitu-
tion or any vacancy in the
Board shall not invalidate any
meetings conducted by the
Board or any decision taken
by it.
(9) The investor bank and the
investors shall be treated as
‗public shareholders‘ of the
reconstructed bank for a peri-
od of five years from the date
of allotment of shares to them
under all applicable laws.
6. Rights and liabilities of
reconstructed bank.–– (1)
Unless otherwise expressly
provided in this Scheme, all
contracts, deeds, bonds,
agreements, powers of attor-
ney, grants of legal represen-
tation and other instruments
of whatever nature, subsisting
or having effect immediately
before the commencement of
this Scheme, shall be effec-
tive to the extent and in the
same manner,as was applica-
ble before such commence-
ment.
(2) It shall not be necessary to
obtain the consent of any
third party or other person
who is a party to any of the
aforesaid instruments or ar-
rangements to give effect to
them.
(3) All the deposits with and
liabilities of the reconstructed
bank, except as provided in
this Scheme, and the rights,
liabilities and obligations of its
creditors, shall continue in the
same manner and with the
same terms and conditions,
completely unaffected by this
Scheme.
(4) No person shall be entitled
to get any compensation from
the reconstructed bank on
account of the changes in the
reconstructed bank by virtue
of this Scheme.
(5) Any cause of action ac-
crued, suit, appeal or other
proceeding of whatever na-
ture pending, and decree or
recovery certificate obtained
by or against the reconstruct-
ed bank, shall remain unaf-
fected by this Scheme.
7. Continuation of services of
employees.––All employees
of the reconstructed bank
shall continue to be employ-
ees of the reconstructed bank
with the same remuneration
and on the same terms and
conditions of service, includ-
ing terms of determination of
service and retirement, as
were applicable to such em-
ployees immediately before
the commencement of this
Scheme, for a minimum peri-
od of one year:
Page 10 Volume VIII , Issue 4 Innovate Create Lead
Innovate Create Lead Page 11
the date of commencement of
this Scheme.
12. Interpretation of the provi-
sions of the Scheme.––If any
doubt arises in the interpreta-
tion of the provisions of this
Scheme, the matter shall be
referred to the Reserve Bank
by the Government of India in
the Ministry of Finance, De-
partment of Financial Ser-
vices vide notification number
S.O. 993(E), dated the 5th
March, 2020 shall cease to
have effect on the third work-
ing day at 18:00 hours from
and its views on the issue shall
be final and binding on all con-
cerned.
M A H A R E R A - R E S C H E D U L I N G O F H E A R I N G D U E
T O C O R O N A V I R U S E P I D E M I C
notice thereof will have to be
given well in advance and
only after satisfaction of ur-
gency then matter could be
taken for hearing. Such Notic-
es will be accepted in Ma-
haRERA office from 11.00 am
to 2.00 pm on every working
day.
The Project/Agent registration
The Hearing of all cases be-
fore MahaRERA & Adjudicat-
ing Officers shall be ad-
journed till 31st March, 2020.
The cases which are sched-
uled from 16th March 2020
till 31st March 2020 are be-
ing rescheduled due to pan-
demic of Coronavirus except
the very urgent matters. The
Process is completely online.
The MahaRERA staff is allowed
to work from home till further
orders. This notice is being
issued as and by way of precau-
tionary measure in view of
COVTD-19.
Approved by MahaRERA Au-
thodty
R E G . F E A T U R E F O R M O D I F I C A T I O N O F C I R P
F O R M S ( I N C L U D I N G I P - 1 F O R M )
modification of an already
submitted Form. An IP may
modify a Form already submit-
ted by him by submitting a
modified Form on the plat-
form on payment of the appli-
cable fee. However, such
modification till 31st March,
2020 shall not attract any
fee.
3. IPs are advised to exercise
due care and diligence while
submitting a Form to avoid
modification. They are also
advised to submit the Forms
in time. Modification of Forms
Sub-regulation (3) of regula-
tion 40B of the IBBI
(Insolvency Resolution Pro-
cess for Corporate Persons)
Regulations, 2016 mandates
that an insolvency profession-
al shall ensure that the Forms
and its enclosures filed under
this regulation are accurate
and complete. Sub-regulation
(4), however, enables modifi-
cation (correction or up-
dation) of a Form already
filed, on payment of a fee.
2. The Board has enabled a
feature on the platform for
or failure to file a Form in time
does not reflect well on an IP
and may invite action for non-
compliance with sub-regulation
(3).
4. This is issued in exercise of
the powers under clauses (aa)
and (g) of sub-section (1) of
section 196 of the Insolvency
and Bankruptcy Code, 2016,
and in consultation with the
Insolvency Professional Agen-
cies.
E S I C O N T R I B U T I O N D U E D A T E E X T E N D E D F O R
F E B R U A R Y & M A R C H 2 0 2 0
(General) Regulations, 1950′.
The proviso of regulation 31
shall be read as 45 days in-
stead of 15 days for the con-
tribution payable for the
month of February & March,
2020 only.
Keeping in view the pandemic
in the form of ―Corona virus‖
(COVID-19) in the country, the
Director General has relaxed
the provision as entered in
regulations 26 & 31 of ‗The
Employees‘ State Insurance
The ESI contribution for the
month of February, 2020 &
March 2020 can be filed & paid
up to 15th April, 2020 & 15th
May 2020 instead of 15th
March, 2020 & 15th April,
2020 respectively.
Page 12 Volume VIII , Issue 4 Innovate Create Lead
(SPICe), wherever they occur,
the letters, brackets, words
a n d f i g u r e s ― S P I C e +
(Simplified Proforma for Incor-
porating Company Electroni-
cally Plus: INC-32)‖ shall be
substituted with effect from
the 15th February, 2020
4. In the said rules, in rule 38,
in the marginal heading, for
the word, brackets and letters
―Electronically (SPICE)‖, the
words, brackets and letters
―Electronically Plus (SPICE+)‖
shall be substituted with ef-
fect from the 15th February,
2020.
5. In the said rules, in rule
38A,-
(i) in the marginal heading, for
the words, brackets and let-
ters ―and Employees‘ Provi-
dent Fund Organisation
(EPFO) Registration‖, the
words, brackets and let-
ters‖,Employees‘ Provident
Fund Organisation (EPFO)
Registration and Profession
Tax Registration and Opening
of Bank Account‖ shall be
substituted;
(ii) for the letters ―AGILE‖, the
letters ―AGILE-PRO‖, shall be
substituted;
(iii) after clause (c), the follow-
ing clauses shall be inserted,
namely:-
―(c) Profession Tax Registra-
tion with effect from the 15th
February, 2020
(d) Opening of Bank Account
with effect from 15th Febru-
ary, 2020.‖.
6. In the said rules, in the
annexure,-
(i) for forms ―RUN, e-form No
In exercise of the powers con-
ferred by sub-sections (1) and
(2) of section 469 of the Com-
panies Act, 2013 (18 of
2013), the Central Govern-
ment hereby makes the fol-
lowing rules further to amend
t h e C o m p a n i e s
(Incorporation) Rules, 2014,
namely: –
1. Short title and commence-
ment.- (1) These rules may be
cal led the Companies
(Incorporation) Amendment
Rules, 2020.
(2) They shall come into force
with effect from the 15th Feb-
ruary, 2020.
2. In the Companies
(Incorporation) Rules, 2014
(hereinafter re-
ferred to as the
said rules), for rule
9, the following rule
shall be substitut-
ed, namely:-
―9. Reservation of
name or change of
name.- An applica-
tion for reservation
of name shall be
made through the web service
available at www.mca.gov.in
by using web service SPICe+
(Simplified Proforma for Incor-
porating Company Electroni-
cally Plus: INC-32), and for
change of name by using web
service RUN (Reserve Unique
Name) along with fee as pro-
vided in the Companies
(Registration Offices and
Fees) Rules, 2014, which may
either be approved or reject-
ed, as the case may be, by
the Registrar, Central Regis-
tration Centre after allowing
resubmission of such web
form within fifteen days for
rectification of the defects, if
any, with effect from the 15th
February, 2020.‖.
3. In the said rules, in rules
10, 12, sub-rule (1) of rule
19, sub-rules (1),(2),(3), (4),
(7) and (9) of rule 38, for the
words, letters, figures and
brackets„ ―Form No INC-32
INC-32 (SPICe), and e-form
No.INC-35 (AGILE), the follow-
ing forms shall be substituted,
namely:-
FORM NO. INC-32
SPICE+
(Simplified Proforma for Incor-
porating Company Electronical-
ly Plus)
[Pursuant to sections 4, 7, 8(1),
12, 152 and 153 of the Com-
panies Act, 2013 read with
rules made thereunder]
FORM NO. INC-35
AGILE-PRO
(Application for Goods and ser-
vices tax Identification number ,
employees state Insur-
ance corporation regis-
tration plus Employees
provident fund organi-
zation registration, Pro-
fession tax Registration
and Opening of bank
account)
(Pursuant to rule 38A of
t h e C o m p a n i e s
(Incorporation) Rules,
2014)
(ii) for form No.INC-9, the fol-
lowing form shall be substitut-
ed, namely:-
RUN
Reserve Unique Name
(For change of name only)
(Pursuant to section 4(4) of the
Companies Act, 2013 and Pur-
suant to rule 8 & 9 of the Com-
panies (Incorporation) Rule,
2014)
(iii) in form No. INC-33, the
letters, words and brackets
―MOA language 0 English 0
Hindi SRN of form (RUN)‖ shall
be omitted;
(iv) in form No. 1NC-34, the
letters, words and brackets
―AOA language 0 English 0 Hin-
di SRN of form (RUN)‖ shall be
omitted;
(v) in Form No.URC-1, the words
and letters ―Form language 0
English 0 Hindi SRN of RUN‖
shall be omitted.
C O M P A N I E S ( I N C O R P O R A T I O N ) A M E N D M E N T
R U L E S , 2 0 2 0
Innovate Create Lead Page 13
D A D R A A N D N A G A R H A V E L I A N D D A M A N A N D
D I U ( E X T E N S I O N W I T H M O D I F I C A T I O N S O F T H E
G O A , D A M A N A N D D I U E X C I S E D U T Y A C T , 1 9 6 4 )
E X C I S E R E G U L A T I O N , 2 0 2 0
(2) Notwithstanding anything
contained in sub-section (1),
or in the relevant provision, if
any, of the Act for the com-
mencement thereof, the provi-
sions of the Act shall come
into force in the Union territo-
ry of Dadra and Nagar Haveli
on such date as the Adminis-
trator may, by notification in
the Official Gazette, appoint:
Provided that different dates
may be appointed for differ-
ent provisions of the Act and
for different areas and any
reference in any such provi-
sion to the commencement of
the Act shall be construed as
a reference to the coming into
force of that provision in the
area where it has been
brought into force.
4. Amendment of long title,
Preamble and certain sec-
tions.
In the Act, in the long title, in
Preamble, in sub-sections (1)
and (2) of section 1, in clause
(v) of section 2, in section 10,
in sub-section (1) of section
15, in section 42 and in sec-
tion 45, for the word ―Goa‖,
wherever it occurs, the words
―Dadra and Nagar Haveli and‖
shall be substituted.
5. Amendment of section 2.
In the Act, in section 2,—
(i) clause (dd) shall be omit-
ted;
(ii) in clause (ff), in sub-clause
(i), for the words ―other than‖,
the word ―including‖ shall be
substituted;
(iii) for clause (j), the following
clause shall be substituted,
namely:—
‗(j) ―Government‖ means the
Administrator of the Union
territory of Dadra and Nagar
Haveli and Daman and Diu
appointed by the President
under article 239 of the Con-
stitution;‘;
(iv) in clause (o), for the word
―Goa‖, the words ―Dadra and
Nagar Haveli and‖ shall be
In exercise of the powers con-
ferred by article 240 of the
Constitution, the President is
pleased to promulgate the
following Regulation made by
him:-
1. Short title.
This Regulation may be called
the Dadra and Nagar Haveli
and Daman and Diu
(Extension with modifications
of the Goa, Daman and Diu
Excise Duty Act, 1964) Excise
Regulation, 2020.
2. Definitions.
In this Regulation, unless the
context otherwise requires:—
(a) ―Act‖ means the Goa,
Daman and Diu Excise Duty
Act, 1964;
(b) ―Administrator‖ means the
Administrator of the Union
territory of Dadra and Nagar
Haveli and Daman and Diu;
(c) ―Dadra and Nagar Haveli‖
means the geographical
boundaries of the Union terri-
tory of Dadra and Nagar
Haveli prior to the Dadra and
Nagar Haveli and Daman and
Diu (Merger of the Union Terri-
tories) Act, 2019 comes into
force;
(d) ―Daman and Diu‖ means
the geographical boundaries
of the Union territory of
Daman and Diu prior to the
Dadra and Nagar Haveli and
Daman and Diu (Merger of
the Union Territories) Act,
2019 comes into force.
3. Extension with modification
of the Goa, Daman and Diu
Excise Duty Act, 1964 to Un-
ion territory of Dadra and
Nagar Haveli and their com-
mencement.
(1) The Goa, Daman and Diu
Excise Duty Act, 1964, as in
force in the Union territory of
Daman and Diu, shall extend
to the Union territory of Dadra
and Nagar Haveli, subject to
the modifications specified in
section 4.
substituted;
(v) after clause (s), the following
clause shall be inserted, name-
ly:—
‗(sa) ―Regulation‖ means the
Union territory of Dadra and
Nagar Haveli and Daman and
Diu (Extension with modifica-
tions of the Goa, Daman and
Diu Excise Duty Act, 1964) Reg-
ulation, 2020.‘.
6. Amendment of section 21.
In the Act, in section 21, for the
word ―Act‖, wherever it occurs,
the word ―Regulation‖ shall be
substituted.
7. Amendment of section 22.
In the Act, in section 22, sub-
section (3) shall be omitted.
8. Amendment of section 40.
In the Act, in section 40, for the
words ―Chief Secretary‖, occur-
ring at both the places, the
word ―Administrator‖ shall be
substituted.
9. Extension of rules, orders,
etc., under Act.
All rules, orders, regulations
and bye-laws made or notifica-
tions issued by the Central Gov-
ernment or the then Union terri-
tory of Goa, Daman and Diu or
the Union territory of Daman
and Diu under the provisions of
the Act generally for the territo-
ries to which the Act extends,
shall be deemed to have been
extended to the Union territory
of Dadra and Nagar Haveli and
Daman and Diu, from the date
of commencement of the provi-
sions of the Act.
10. Rules of construction.
(1) In the Act or in any of the
rules, orders, regulations and
bye-laws made or notifications
issued thereunder and extend-
ed to the Union territory of Da-
dra and Nagar Haveli by this
Regulation, any reference to
any provision of law not in
force, or to any functionary not
in existence, in the Union terri-
tory of Dadra and Nagar Haveli,
shall be construed as a refer-
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