👉 MCA revises threshold for paid up capital of “small companies”

👉 Latest revision to facilitate Ease of Doing Business #EoDB further and reduce compliance burden on “small companies”

Read more ➡️ pib.gov.in/PressReleaseIf…
(1/4)
Some of the benefits of revised definition of small companies are 👇

👉 No need to prepare cash flow statement as part of financial statement

👉 Advantage of preparing and filing an Abridged Annual Return

👉 Mandatory rotation of auditor not required
(2/4)
👉 An Auditor of a small company is not required to report on the adequacy of the internal financial controls and its operating effectiveness in the auditor’s report

👉 Holding of only two board meetings in a year
(3/4)
👉 Annual Return of the company can be signed by the company secretary, or where there is no company secretary, by a director of the company

👉 Lesser penalties for small companies
(4/4)

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More from @FinMinIndia

Jul 7
Union Finance Minister Smt. @nsitharaman chairs the 1st meeting of Apex Monitoring Authority on the National Industrial Corridor Development & Implementation Trust #NICDIT, being organised in hybrid mode in New Delhi, today. (1/4)

#Smartcities #IndiaReimagined
The meeting was also attended by Union Commerce Minister Shri @PiyushGoyal; Union Railways Minister Shri @AshwiniVaishnaw; @NITIAayog VC, Shri @sumanbery; Secretary @DPIITGoI Shri Anurag Jain; besides Ministers & seniors officials from States concerned in dual mode. (2/4)
The Government has approved the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF) and re-designated it as NICDIT for integrated development of industrial corridors in the country. (3/4)
Read 4 tweets
Apr 23
Union Finance Minister Smt. @nsitharaman interacted via VC with several distinguished US universities to explore the opportunity of setting up foreign universities/institutions in @GIFTCity_ IFSC, which was an announcement made in Union Budget 2022. (1/6)
Recognising the inherent potential of the IFSC, the Budget announcement paved the way for allowing world-class foreign universities to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics in @GIFTCity_ IFSC. (2/6)
The FM spoke about the win-win opportunities for the financial services industry as well as the foreign universities operating out of IFSC, and how that can create an ideal global ecosystem for the development of skills needed in the future. (3/6)
Read 6 tweets
Apr 22
Union Finance Minister Smt. @nsitharaman attended earlier today the Development Committee Meeting of the World Bank in Washington D.C. (1/4)
Finance Minister Smt. @nsitharaman stated that India’s economic growth in the current year is estimated to be 8.9 per cent, highest among all large economies and reflects India’s #resilience and #strong #recovery. (2/4)
Finance Minister stated that India voluntarily offered COVID Vaccine Intelligence Network platform #CoWIN to all countries & is willing to provide assistance for other public-goods platforms, recognising the importance of replication of proven & scalable digital platforms. (3/4)
Read 4 tweets
Apr 22
Union Finance Minister Smt. @nsitharaman and @WorldBank Group President Mr. @DavidMalpassWBG met at Washington D.C., today. (1/6)
The two discussed India’s continued #recovery from #COVID19, impact of Russia-Ukraine conflict, Single Borrower Limit & exploring the possibility of Guarantees from other G-7 nations, India’s #G20Presidency and @WorldBank leadership in India. (2/6)
Finance Minister Smt. @nsitharaman stated that India’s pandemic response has focused on the twin goals of saving lives and livelihoods. India has been successfully running world’s 2nd largest #vaccination programme, administering more than 1.85 billion doses of #vaccines. (3/6)
Read 6 tweets
Apr 22
Union Finance Minister Smt. @nsitharaman met Mr @MiebachMichael , CEO @Mastercard , in Washington D.C., today. (1/4)
Mr @MiebachMichael informed Smt. @nsitharaman that @Mastercard has set up huge #DataCentres in India and is focusing on training and digitisation of small businesses. (2/4)
FM Smt. @nsitharaman spoke about GoI committment to #Digital #FinancialInclusion with focus on #women and #SME by developing world-class #homegrown #technology #solutions. (3/4)
Read 4 tweets
Apr 21
Union Finance Minister Smt. @nsitharaman attended the FATF Ministerial Meeting in Washington DC today conducted along-side the 2022 Spring Meetings of the IMF-WB to endorse @FATFNews strategic priorities for the years 2022-24. (1/6)
The Strategic Priorities for FATF for 2022-24 are:

✅ Strengthen the FATF Global Network
✅ FATF systems of Mutual Evaluations
✅ Enhance International Beneficial Ownership Transparency
✅ Increase Capabilities to more effectively recover Criminal assets

(2/6) (cont…/-)
The Strategic Priorities for FATF for 2022-24 are (cont…/-):

✅ Leverage Digital Transformation
✅ Ensure Sustainable Funding for FATF Strategic priorities.

(3/6)
Read 6 tweets

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