ECS REPLACED BY NACH

ECS will be replaced with NACH from 01/04/2016.

Kindly ensure  that all ECS payment to be made through  till 31/03/2016.

NACH stands for National Automated Clearing House.

National Payments Corporation of India (NPCI) has implemented “National Automated Clearing House (NACH)” for Banks, Financial Institutions, Corporates and Government a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.

National Automated Clearing House (NACH) is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard & practices and removes local barriers/inhibitors. NACH system will provide a national footprint and is expected to cover the entire core banking enabled bank branches spread across the geography of the country irrespective of the location of the bank branch.

With the implementation of NACH system, NPCI intends to provide a single set of rules (operating and business), open standards and best industry practices for electronic transactions which are common across all the Participants, Service Providers and Users etc. NACH system also supports Financial Inclusion measures initiated by Government, Government Agencies and Banks by providing support to Aadhaar based transactions.

The NACH system facilitates the member banks to design their own products and also addresses specific needs of the banks & corporates including a refined Mandate Management System (MMS) and an online Dispute Management System (DMS) coupled with strong information exchange and customised MIS capabilities.

The NACH system provides a robust, secure and scalable platform to the participants with both transaction and file based transaction processing capabilities. It has best in class security features, cost efficiency & payment performance (STP) coupled with multi-level data validation facility accessible to all participants across the country.

NACH’s Aadhaar Payment Bridge (APB) System, developed by NPCI has been helping the Government and Government Agencies in making the Direct Benefit Transfer scheme a success. APB System has been successfully channelizing the Government subsidies and benefits to the intended beneficiaries using the Aadhaar numbers. The APB System links the Government Departments and their sponsor banks on one side and beneficiary banks and beneficiary on the other hand.

Essence of Gita

- Essence of GITA

1. Arjun :- I can’t find free time. Life has become hectic.
    Krishna:- Activity gets you busy. But productivity gets you free.
 
2. Arjun :- Why has life become complicated now?
    Krishna :- Stop analyzing life... It makes it complicated. Just live it.

3. Arjun :- Why are we then constantly unhappy?
    Krishna :- Worrying has become your habit. That’s why you are not happy.
 
4. Arjun :- Why do good people always suffer?(Everyone thinks that he is good person) 
    Krishna :- Diamond cannot be polished without friction.
                    Gold cannot be purified without fire.
                    Good people go through trials, but don’t suffer.
                    With that experience their life becomes better, not bitter.
 
5. Arjun :- You mean to say such experience is useful?
   Krishna :- Yes. In every term, Experience is a hard teacher.
                   It gives the test first and the lessons later.
 
6. Arjun :- Because of so many problems, we don’t know where we are heading…
    Krishna:- If you look outside you will not know where you are heading.
                   Look inside. Eyes provide sight. Heart provides the way.
 
7. Arjun :- Does failure hurt more than moving in the right direction?
   Krishna:- Success is a measure as decided by others.
                    Satisfaction is a measure as decided by you.
 
8. Arjun :- In tough times, how do you stay motivated?
  Krishna :- Always look at how far you have come rather than how far you have to go.
                  Always count your blessing, not what you are missing.
 
9. Arjun :- What surprises you about people?
Krishna :- When they suffer they ask, "why me?"
                 When they prosper, they never ask "Why me?"
 
10. Arjun :- How can I get the best out of life?
Krishna:- Face your past without regret.
                Handle your present with confidence.
                Prepare for the future without fear.

11. Arjun :- One last question. Sometimes I feel my prayers are not answered.
Krishna:- There are no unanswered prayers. Keep the faith and drop the fear.
                 Life is a mystery to solve, not a problem to resolve.
                Trust me. Life is wonderful if you know how to live.

New e forms at MCA

Latest version of forms from ‘Company Forms Download’ page on the MCA portal (Alert - 4)

The Company e-Forms have been revised on MCA portal effective 27th March 2016. You are advised to download the latest version of forms from 'Company Forms Download' page on the MCA portal. The previous version of Company e-forms will not be compatible with the new MCA21 portal. The existing Company Forms have been revised.

1. The following eForms will not be available in the new MCA21 portal temporarily. CRA-4 and Refund forms are expected to be made available by 11th April, 2016 and 25th April, respectively. The timelines for 23 C, 23 D, I-XBRL and A-XBRL will be confirmed subsequently.

a. CRA 4 - Form for filing Cost Audit Report with the Central Government.

b. 23 C - Form of application to the Central Government for appointment of cost auditor.

c. 23 D - Information by cost auditor to Central Government

d. I-XBRL - Form for filing XBRL document in respect of cost audit report and other documents with the Central Government

e. A-XBRL- Form for filing XBRL document in respect of compliance report and other documents with the Central Government

f. Refund - Application for requesting refund of fees paid.

2. The following new e-forms will come into effect immediately :

a. CHG-8 (previously attachment)

b. INC-12 (previously attachment)

c. Investor Complaint eform

d. Serious Complaint eform

3. The following new e-forms will come into effect from the date of notification (to be notified later):

a. IEPF-1 - Statement of amounts credited to Investor Education and Protection Fund

b. IEPF-2 - Statement of unclaimed or unpaid amounts

c. IEPF-3 - Statement of shares and unclaimed or unpaid dividend not transferred to the Investor Education and Protection Fund

d. IEPF-4 - Statement of shares transferred to the Investor Education and Protection Fund

e. IEPF-5 - Application to the Authority for an order for payment of dividend etc. out of the Fund

f. IEPF-6 - Statement of shares and unclaimed or unpaid amounts to be transferred to the Investor Education and Protection Fund

4. The following eForms should be filed as attachments with GNL-2 from the date of notification (to be notified later):

a. 23 AC - Form for filing balance sheet and other documents with the Registrar

b. 23 AC-XBRL - Form for filing XBRL document in respect of balance sheet and other documents with the Registrar

c. 23 ACA - Form for filing Profit and Loss account and other documents with the Register

d. 23 ACA-XBRL - Form for filing XBRL document in respect of Profit and Loss account and other documents with the Registrar

e. 20B - Form for filing annual return by a company having a share capital with the Registrar

f. Form 66 (Until FY 2014) - Form for submission of compliance certificate with the Registrar

g. 21 A - Particulars of annual return for the company not having share capital

h. 23 B - Information to the Registrar by company for appointment of auditor

5. Kindly note a new Service 'Upload Details of Security Holders/Debenture Holders/Depositors' has been introduced for uploading relevant details of Security Holders/Debenture Holders/Depositors for forms MGT-7, PAS-3 and DPT-4 in excel instead of submitting CD to concerned RoC office. These forms will not be approved if details are not uploaded using this service.

6. The following eforms are withdrawn :

a. 1INV - Statement of amounts credited to investor education and protection fund.

b. 5INV - Statement of unclaimed and unpaid amounts.

c. Investor Complaint Form - a new version has been released.

Raghul

This was told by Dr. Rajdeep Manwani  who happened to be Dravid's classmate.(In a speech he delivered on the occasion of 'Sports Day'(14/2/16) in a nearby hostel. )


"Rahul Dravid never attended classes regularly. He was always seen practising in the nets. One day he came to class and started writing notes with his  gloves on.We were feeling uncomfortable seeing him writing with the gloves. I don't know how he might have felt. Everyone was  laughing, talking, whispering, Rahul Dravid continued writing for that full hour.
After one hour was over, I and Rahul Dravid had a common friend ,Adarsh,
so he came up to Adarsh and said,
''Adarsh, Can I borrow your accounts notes because exams are  nearing and I haven't written many notes. So can I borrow it and xerox it and give it to you back''
Adarsh replied  ''Rahul ,I'll give you the notes but could you tell me why were you wearing gloves on? You came to class wearing gloves and you continued wearing it, you were wearing the gloves even when the teacher was  dictating notes, Is it to impress Anupama?(Anupama was the most beautiful girl in their class!).
Rahul Dravid said ''No...no ,she is already impressed, I don't have to impress her.''

''Then why did you wear the  gloves through all this time?''I asked

Rahul Dravid said to  me something that day which is very interesting.

He replied ''You know something Adarsh ,the last two Ranji matches which I played, I had the old gloves and the old gloves were very loose. So because the gloves were loose, when the bowler bowled , the ball just went past my gloves and it created the snick sound. The wicket keeper caught it, he appealed and both the times even though I didn't touch the ball, I was given caught behind. I thought to myself ' no this can't continue' and  so ,I bought  these  gloves and I want to get accustomed to wearing these new gloves. I want my hands to sweat into these new gloves .  So for the next 48 hours, I  will wear  these gloves continuously because the next Ranji match which is a semifinal, is in two days. I want my hands to sweat in and get adjusted to the gloves. I am not going to remove the gloves even when I am sleeping,even when I am eating,even when I am coming to class because I want to do well in the next match and I want my hands to be comfortable in those gloves".

The very next match, that was their semifinals against Saurashtra  and he scored a century. In the finals,Karnataka played against Delhi that year, he scored another century and based on those two performances he got selected for the Indian cricket team which went to England, and surprisingly in the first test match in England, he scored 90 odd runs(England vs India, 2nd Test ) when Sourav Ganguly scored century and the rest as they say is history.

There are two important lessons I learnt from that incident.

One,  passion , if you want to excel in anything  in life ,there has to be  a passion, Rahul was willing to wear those gloves for 48 hours whether it was uncomfortable or it was hot. He was sweating in those gloves but he was willing to wear those gloves for 48 hours continuously because he wanted to excel in what he wanted to do and the second important thing was responsibility.
He took responsibility on himself for his own performance, I have never seen Rahul complain a single  time neither did  he argue against any Umpire decision. He never said  for one once  that the wicket keeper is so unethical. He knew that he didn't touch the ball,  even then they  appealed and he got out. He took responsibility for his own life. He had a very strong internal locus of control. Internal locus of control simply means that I will not blame the external circumstances for what is there in my life, I will take responsibility for what is happening in my life. He took responsibility, what can I do to change the situation. Forget the  Umpiring decisions that has gone wrong, forget what wicket keeper has done but what can I do to make the situation better and the only thing I can do is to change my gloves and perform to the best of my ability.

Laminating Property Documents & Other Certificates

 
Most of us are tempted to get the documents laminated so as to preserve them.

"We had our property documents laminated for their safe keeping. This was years ago.

Recently we tried for a bank loan by mortgaging the property docs. At the final stage of verification of original documents, the Bank Lawyer flatly refused even to look at the documents saying that they are laminated. The reason being that, since they are laminated, the original documents cannot be differentiated from the colour photocopies. Appears, it was a hard learned truth as the Bank was duped by the colour photocopies of the original documents, duly laminated and presented.

We were asked to get the documents de-laminated ! else forego the loan.

The concept of de-laminating was something like "OMG, Is it possible ?" to us. We started searching those who can de - laminate documents.

The internet gave us the address of one at Lahore in Pakistan. That apart, we got another person in Bangalore who quoted Rs 3500 per document, with 20 documents on hand, we were looking at cool 70 K for de -lamination. We were about to be robbed.

At last we could find some one at Mysore who agreed for Rs 500 per paper. We rushed to Mysore from Bangalore, got them done. The whole experience has left us with lot of knowledge.

We have a lesson here.

 Pl do not laminate the original property documents. The Banks will not touch them. No loans can be taken on them. Even the buyers would hesitate at the time of sales. Further, Please be careful while receiving such laminated documents in a transaction. Whilst browsing, I have also come across where the people have run into Visa problems while submitting the laminated mark sheets, degree certificates."

Note:

Please find the professional delaminator @ http://www.delaminatorsindia.com/

Sd not allowed under Companies Act , 2013

Henceforth Sd/- not allowed for ROC filing purpose:

As per Rule 8(6) of the Companies (registration Offices and Fees), Rules, 2014  

'Scanned image of documents shall be of original signed documents relevant to the e-forms or forms and the scanned document image shall not be left blank without bearing the actual signature of authorised person'.

The professional , who carried out annual filing of the clients shall ensure upload the e forms only  signed documents  as attachment.

Points to be noted from ICSI Webinar on 8th October 2015

A webinar was conducted on e-filing of MGT-7 for the benefits of the professionals by ICSI wherein officials from MCA were also present. After going through the webinar, I am summarising below some important points which would be useful for fellow professionals while e-filing of Form MGT-7. Some useful information on ADT-1 is also provided.

1) ADT-1 is not required to be filed in case of ratification of Auditor appointment. SRN of GNL-2 is a valid SRN required to be disclosed while filling AOC-4. The same has been enabled by MCA in the said form.

Challenges still exist in cases of first auditor appointment in Board Meeting and also those appointed by CAG where ADT-1 is not mandatorily required to be filed. MCA has been appraised & taken note of it. Shall look into the matter.

2) Non-promoter, non-public shareholding to be disclosed in the "Others" category either under Public or Promoter with a suitable note/disclosure that these are not Public/Promoter in case of MGT-7. This is required because technically, the pre-scrutiny option matches the shareholding pattern with paid up capital while filing MGT-7. Till such time, MCA revises it, the same shall have to be done.

Shareholding Pattern in MGT-7 (unlike MGT-9 only requires equity break up) requires filling up information on both Equity & Preference Shareholding.

3) The registered office address and the details of type of company, category of the company and the sub-category of the company are dynamic in nature. The caution is even if the current details are filled in here but not filed as required in the Act, the master data will not change and neither will it be considered as duly complied.

 For example, if the registered office address is changed here, it will be allowed but the master data will keep on reflecting the old address unless INC-22 is filed for the same.

4) The email id of the Company and the telephone number though will be updated in the master data, as filled in MGT-7. The MCA updates the email id and telephone number on the basis of the last data filled in, in the columns of email id and telephone number. It is also advised that these data should be absolutely correct, valid and running. Professionals should desist from giving their personal email id and telephone number. In the column of telephone number, even mobile number is allowed to be filled in.

5) The para asking for the 'Principal Business Activities of the Company', should be filled in with the assistance of the annexure in the help form. The codes, both the main activity group and the business activity has been laid there for ready reference. The companies have to lay down the description of all their business activities in descending order. To illustrate, if one business activity is generating 9% of the total turnover of the company and the second is generating 5% of the total turnover and the third is generating 2% and so on...then the presentation should be made in the order starting from 9%. 

Trust you shall find the above information useful.