MCA Extends Deadline to File Annual Financial Statement
The Ministry of Corporate Affairs (“MCA”) via a circular dated March 28, 2018 has extended the deadline for filing of financial statements for the financial year 2016-17 in e-form AOC-4 XBRL using Indian Accounting Standards till April 30, 2018.
MCA Extends Deadline for Condonation of Delay Scheme
The MCA via a circular dated March 28, 2018 has extended the last date of submissions under the Condonation of Delay Scheme, 2018 (“CODS”) from March 31, 2018 to April 30, 2018. For the purpose of brevity, CODS was introduced by the MCA to allow non-compliant, defaulting companies to rectify their default in filing of financial statements or annual returns in the MCA21 online registry for a continuous period of three financial years 2013-14 to 2015-16 under sections 164(2) read with 167(1)(a) of the Companies Act, 2013.
NPCI Reported to Enable UPI-based Payments for Foreign Inward Remittance
Economic Times have reported that the National Payments Corporation of India is planning to enable United Payment Interface (“UPI”) based payments for foreign inward remittance received by Indian entities from abroad. This will be the first instance of a legitimate UPI based remittance scheme in addition to the conventionally used IMPS or NEFT for international remittance transfers.