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CA Final Amendments for May 2022  - Latest Update By ICAI

CA Final Amendments for May 2022 - Latest Update By ICAI

The October 2021 edition of the study material for final exam 4: Corporate and economic laws [comprising three modules - modules 1-2 on Part 1: Corporate Laws and Module 3 on Part 2: Economic Laws] includes amendments made until April 30, 2021. 

Notifications, circulars, and other legislative modifications issued before October 31, 2021, will be relevant and valid for the May 2022 exam.

Here is the list of the amendments made during the period 1st May 2021 to 31st October 2021:
 

Companies Incorporated Outside India (Amendment):

In the Companies (Registration of Foreign Companies) Rules, 2014, in Rule 2(1)(c), the following Explanation shall be inserted, namely:-

Electronic mode means carrying out electronically based, whether the main server is installed in India or not, including, but not limited to –

Explanation.- 

For the purposes of this clause, electronic-based offering of securities, subscription thereof, or listing of securities in the International Financial Services Centres set up under section 18 of the SEZ Act, 2005 (28 of 2005) shall not be construed as ‘electronic mode’ for the purpose of clause (42) of section 2 of the Act.

 

Definition of Small Company:

Means a company, other than a public company,— 

(i) PUSC of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than ten crore rupees & 

(ii) turnover of which as per profit and loss account for the immediately preceding financial year does not exceed two crore rupees or such higher amount as may be prescribed which shall not be more than one hundred crore rupees Proviso – 

Same as earlier PMLA, 2002 (Addition done in ICAI Module)
 

Special Court to release the property [Section 58A]:

Where on the closure of the criminal case or conclusion of a trial in a criminal court outside India under the corresponding law of any other country, such court finds that the offense of money laundering has not taken place or the property in India is not involved in money-laundering, the Special Court may, on an application moved by the concerned person or the Director, after notice to the other party, order release of such property to the person entitled to receive it. 

 

Letter of the request of a contracting State or authority for confiscation or release the property [Section 58B] :

Where the trial under the corresponding law of any other country cannot be conducted by reason of- 

(a) the death of the accused or 

(b) the accused being declared a proclaimed offender, or 

(c) for any other reason or having commenced but could not be concluded, 

the Central Government shall, on receipt of a letter of request from a court or authority in a contracting State requesting for confiscation or release of property, as the case may be, forward the same to the Director to move an application before the Special Court and upon such application the Special Court shall pass appropriate orders regarding confiscation or release of such property involved in the offense of money-laundering.

 

Attachment, seizure, and confiscation, etc., of property in a contracting State or India [Section 60] :

 

(1) Order for the execution of a letter of request: 

Where the Director has made an order for attachment of any property under section 5 or for freezing under sub-section (1A) of section 17 or 

where an Adjudicating Authority has made an order relating to the property under section 8 or 

where a Special Court has made an order of confiscation relating to a property under subsection (5) or 

sub-section (6) of section 8, and such property is suspected to be in a contracting State, the Special Court, on an application by the Director or 

the Administrator appointed under sub-section (1) of section 10, as the case may be, may issue a letter of request to a court or an authority in the contracting State for execution of such order. 

 

(2) Forward such letter of request to the Director: 

Where a letter of request is received by the Central Government from a court or 

an authority in a contracting State requesting attachment, seizure, freezing or 

confiscation of the property in India derived or obtained, directly or indirectly, by any person from the commission of an offense under a corresponding law committed in that contracting State- 

the Central Government may forward such letter of request to the Director, as it thinks fit, for execution in accordance with the provisions of this Act. 

 

(2A) Property involved in money laundering stand to be confiscated by the Central Government: 

Where on the closure of the criminal case or conclusion of the trial in a criminal court outside India under the corresponding law of any other country, such court finds that the offense of money-laundering under the corresponding law of that country has been committed- 

the Special Court shall, on receipt of an application from the Director for the execution of confiscation under subsection (2), order, after giving notice to the affected persons, that such property involved in money-laundering or 

which has been used for the commission of the offense of money-laundering stand confiscated to the Central Government. 

 

(3) Director to direct for tracing and identifying such property: 

The Director shall, on receipt of a letter of request under section 58 or 

section 59, direct any authority under this Act to take all steps necessary for tracing and identifying such property. 

(4) The steps may include any inquiry, investigation, or survey in respect of any person, place, property, assets, documents, books of account in any bank or public financial institutions, or any other relevant matters. 

(5) Any inquiry, investigation, or survey shall be carried out by an authority in accordance with such directions issued in accordance with the provisions of this Act. 

(6) The provisions of this Act relating to attachment, adjudication, confiscation, and vesting of property in the Central Government contained in Chapter III and survey, searches, and seizures contained in Chapter V shall apply to the property in respect of which letter of request is received from a court or contracting State for attachment or confiscation of property. 

(7) When any property in India is confiscated as a result of execution of a request from a contracting State in accordance with the provisions of this Act, the Central Government may either return such property to the requesting State or compensate that State by disposal of such property on mutually agreed terms that would take into account deduction for reasonable expenses incurred in the investigation, prosecution, or judicial proceedings leading to the return or disposal of confiscated property.

 

Procedure In Respect Of The Letter Of The Request [Section 61]:

Every letter of request, summons or warrant, received by the Central Government from, and every letter of request, summons or warrant, to be transmitted to a contracting State, shall be transmitted to a contracting State or, as the case may be, sent to the concerned Court in India and in such form and in such manner as the Central Government may, by notification, specify in this behalf.

 

Bar of suits in civil courts [Section 67]:

No suit shall be brought in any civil court to set aside or modify any proceeding taken or order made under this Act and no prosecution, suit, or other proceedings shall lie against the Government or any officer of the Government for anything done or intended to be done in good faith under this Act.

 

Notice, etc., not to be invalid on certain grounds [Section 68]:

No notice, summons, order, document, or another proceeding, furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid, or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such notice, summons, order, document or another proceeding if such notice, summons, order, document or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this Act.

 

For more detail about amendments visit here: ca final amendments by ICAI

Stay tuned for more amendments in ICAI CA Final Exams 2022 will be shared in the next few days. Keep following us for the latest amendment updates.

 

Related:

Download Ca Final Notes Pdf May 2022

How to Get Rank in CA Final Examination 2022

Q : Where can I see the modifications on the ICAIs official website? ?
A : CA journals, which arrive one to two months after the budget is announced, may be used. Otherwise, you may examine the highlighted/bold areas for modifications in the final DT textbook through the BOS knowledge portal on the ICAI website. Otherwise, you may obtain materials created by accountants for budget seminars to discuss modifications. Or you can visit our site for regular latest updates by ICAI.
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