RBI vide notification no RBI/2016-17/103 dated October, 27, 2016 has notified the Foreign Exchange Management (Manner of receipt and payment) Regulations, 2016. These new rules shall supersede The Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000; Foreign Exchange Management (Receipt from, and payment to, a person resident outside India) Regulations, 2000 and Foreign Exchange Management Notification (Transactions in Indian rupees with residents of Nepal or Bhutan) Regulations 2000. These rules have prescribed the manner of Receipt and Payments with respect to the Member Countries of Asian Clearing Union and all other countries.
RBI vide notification no RBI/2016-17/103 dated October ,27,2016 has permitted the startups to raise the External Commercial Borrowings which are recognised as a Startups by the Central Government as on date of raising ECB and the minimum average maturity period will be 3 years. Other conditions are prescribed in the said notification.
RBI vide notification no RBI/2016-17/122 dated November 10, 2016 has notified the changes with different objectives in the regulatory measures to strengthen the lenders’ ability to deal with stressed assets viz., Framework for Revitalising Distressed Assets, Flexible Structuring of Project Loans, Strategic Debt Restructuring Scheme, etc. The modification for earlier notification is made keeping in view, construction sector, required clarifications on date of commencement of commercial operations (DCCO) and harmonizing the stand still clause.
MCA vide notification dated 07th November,2016 has amended the Companies (Registration Offices and Fees) Rules, 2014. These rules may be called as Companies (Registration Offices and Fees) Second Amendment Rules, 2016. In the Companies (Share Capital and Debentures) Rules, 2014, in rule 8, in Sub-rule (12), in clause (b) for sub-clause (iv), is substituted by a new sub-clause, which specifies that the form AOC-4 (Form for filing financial statement and other documents with the Registrar) can be certified by a Chartered Accountant or the Company Secretary or as the case may be by the Cost Accountant, in whole time practice.”