13 May 2020

The unprecedented situation brought in by the COVID-19 global pandemic has thrown some difficult challenges both in the physiological and economical realm. Ensuring business continuity and sustenance has become a priority for the revival of the backsliding economy. While measures are being taken in individual level, governmental authorities and agencies across the globe are offering relaxations in strict compliance requirements to help organizations make through the current situation seamlessly.>>

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08 May 2020

The novel coronavirus (“COVID-19”) was declared as a pandemic by the World Health Organization on March 11th and subsequently, the Government of India decided to treat it as a notified disaster.  Accordingly, the Government took various steps to curb the spread of the disease as well as minimize the impact on the economy. While businesses were grappling with the new reality of this global uncertainty, their support and participation was considered imperative to manage the current situation. To encourage entities and garner their cooperation, the Government decided to treat funds spent on activities relating to COVID-19 as part of CSR performance. Additionally, the Ministry of Home Affairs of India issued directions to lockdown all the states in India till 20.05.2020 (“Lockdown Period”) and has come up with various notifications with respect to payment of salaries/ wages to employees.>>

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07 May 2020

To mitigate the economic hardship caused due to COVID-19 pandemic and to facilitate ease of doing business, various efforts are being made by the Government of India. In furtherance of these initiatives, the Ministry of Corporate Affairs (“MCA”) has brought about certain relaxations for companies vide its general circular no. 13/2020 dated 30th March 2020 (“Circular”). The relaxation enables companies to regularize compliance related filing with the Registrar of Companies ( “Registrar”).>>

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03 Sep 2019

With a view to attract further foreign investments into India, especially considering the slow-down in the Indian economy, the Reserve Bank of India (RBI) brought out certain relaxations on the end-use restrictions placed on External Commercial Borrowings[1] vide Circular RBI/2019-20/20 A.P. (DIR Series) Circular No. 04 dated 30th July, 2019[2] (hereinafter ‘the Circular’). Transactions on account of External Commercial Borrowings (ECB) and Trade Credit (TC) are governed by Section 6(3)(d) of the Foreign Exchange Management Act, 1999 (FEMA). In furtherance thereto, the RBI had brought out the ‘Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations’[3] which encapsulates the detailed provisions and stipulations in relation to ECB.>>

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