4th AMENDMENT IN COMPANY (INCORPORATION) RULES, 2014
The Central Government by using its powers hereby makes some amendments to the Company (Incorporation) Rules,2014. These amendments will be known as the Company (Incorporation) Fourth Amendment Rules, 2021.
- The Companies (Incorporation) Fourth Amendment Rules, 2021 replace e-Form No.INC-35 with FORM NO. INC–35, AGILE-PRO-S [in accordance with rule 38A of the Companies (Incorporation) Rules, 2014].
- In rule 38A of the Companies (Incorporation) Regulations, 2014:
- in the marginal heading, the words “and Opening of Bank Account” will now be replaced with the terms “, Opening of Bank Account and Shops and Establishment Registration.”
- The following provisions should be replaced for clauses “(c) and (d)” referring to “Professional Tax Registration and Bank Account Opening,” namely:-
- Clause (d) Profession Tax Registration, effective February 23, 2020;
- e) Opening bank account with effect from February 23, 2020;
- (f) Shops and Establishments Registration
THE RESERVE BANK OF INDIA HAS FINED RS SIX-CRORE PENALTY ON BANK OF INDIA AND PNB
Punjab National Bank was fined Rs 6 crore for violating the Reserve Bank of India (RBI) rules, including one relating to “Frauds – Classification and Reporting.” Bank of India has been fined Rs 4 crore and Punjab National Bank has been fined Rs 2 crore.
The mandatory Inspection for Supervisory Evaluation (lSE) of Bank of India was performed, according to the RBI, with reference to the bank’s financial status as of March 31, 2019. The bank had also undertaken a review and submitted a Fraud Monitoring Report (FMR) relating to the identification of fraud in an account on January 1, 2019.
Non-compliance with/contravention of orders was discovered in the risk assessment report for ISE and FMR. Delays in transferring unclaimed funds to the DEA Fund, delays in reporting fraud to the RBI, The risk assessment reports for ISE 2018 and 2019 found non-compliance with/violation of the aforementioned guidelines, such as delays in reporting frauds and failure to ensure data correctness and consistency when uploading data on the CRILC platform/ to RBI.
Notices were issued in both cases to show cause why a penalty should not be imposed. The RBI, on the other hand, stated that the fines were issued due to regulatory compliance issues.