"If you think Compliance is expensive, try Non-compliance"
All Consultants should read this Thread. A client approached us 2 years ago, for a #FSSAI central license application, to which we had filed the application & got the approval.
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We always inform our clients of future compliances. At that time also we had conveyed them to engage us on retainer ship basis or event basis to look after #FSSAI and/or other compliances, to which they replied that their regular consultant can handle all of it.
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The license was applied for 2 years. Now they have approached us again to Renew the #FSSAI license.
As per our Firm's standard, we never quote the client until unless we have performed a prelim check on non-compliances, current law etc. & we do this for every assignment.
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Further, while preliminary check, we discovered that No #FSSAI annual returns were filed for past 2 years.
Delayed filing of #FSSAI annual return costs Rs. 100/day, till date of filing of return pwith capping of maximum 5 times the fee charged annually for license.
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Upon calculation, the amount for non-compliance of filing annual returns for 2 F.Ys till date amounts to Rs. 77500/-
and this delayed filing fee will continue to charge till the date of filing of return, subject to capping. #FSSAI
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This is an important lesson for every business, to engage with consultants to keep a regular check on compliances.
This is an important lesson for every consultant as well to keep a check on their #FSSAI clients and keep a check on their annual returns and license status.
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In normal cases what we do is let the #FSSAI License expire & then apply for a fresh license. But in this case when the product is circulating across the country & across the border, then it is not feasible to do so.
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Why does this happen: Because#FSSAI is a hardly looked after assignment, many professionals forget to check annual return status. The compliance related to #FSSAI are not much trendy and most individuals, be it professional or be it applicant, don't take it seriously.
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Further, there are no regular and timely reminders from #FSSAI#FoSCoS
The reminders are being sent once or maximum twice a year and that too sometimes after 6/7 months after the due date. @fssaiindia
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Any professional who is reading this and has ever engaged in #FSSAI state or Central license and has a client who has active business, shall login and check the annual return applicability and status.
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Any #FSSAI license holder who is reading this, shall login and check the annual return applicability and filing status or ask their respective consultant to check the same. You might save a lot of penalties and hassle.
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For better understanding & clarity on annual return #FSSAI license holders should reach out to their consultant or a professional who has experience in filing annual returns, because filing the same can be very long & hectic. Incorrect filing will lead to more penalties.
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#FSSAI is a very serious topic to discuss and to deal with. As it is directly related to one's health and is the matter of life and to stop non-compliant, adulterated and fake products to circulate, the department should take strict measures.
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#FSSAI law is strict only in the books. When it comes to ground reality, almost 70% of food vendors, till date have not obtained a registration certificate or license.
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Except #FSSAI Central & State license, government should make straight through process approval for basic registration & upon issuance should conduct a physical search and should guide the #FBO on initial non compliances. This will encourage more small vendors to obtain.
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Please feel free to provide your valuable feedback on this #FSSAI annual returns thread.
Thanks.
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As per attached circular #NSE issues an advisory to un-registered advisors to remove certain misleading names which gives a false impression to investors.
Further, it has also advised Companies to get their name changed with the Registrar of Companies #ROC#MCA before 31st March
Note: The provided list is only illustrative in nature and not exhaustive, which means that #NSE has not only restricted the un-authorised use of the given 61 names, but it has restricted un-authorised use of all such names which are misleading and indicative.
Further as far as #ROC#MCA paragraph is concerned, all the Companies which are into business of investments advisory and whose names are indicative as mentioned in circular & which currently do not hold the requisite license are advised to change their names before 31/03/2023.