Notifications (August 2021)

MCA WAIVES THE ONLINE PROFICIENCY SELF-ASSESSMENT TEST FOR ADVOCATES, CAs, CMAs, AND CSs WITH AT LEAST 10 YEARS OF EXPERIENCE

Advocates, chartered accountants (CA), cost accountants (CMA), and company secretaries (CS) with at least 10 years of experience are excused from the online proficiency self-assessment test for becoming an Independent Director, according to the Ministry of Corporate Affairs (MCA). The Companies (Appointment and Qualification of Directors) Amendment Rules, 2021, have been published by the government and seek to change Rule 6 (4) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

The notification changed clause (B) in rule 6 (4) to read: “in the pay scale of Director or equivalent or above in any Ministry or Department of the Central Government or any State Government, and having experience in matters relating to commerce, corporate affairs, finance, industry, or public enterprises, or handle the affairs of Government firms or statutory corporations that engage on commercial activities and are established under an Act of Parliament or a State Act.

An advocate of a court; or a chartered accountant; or a cost accountant; or a company secretary who is or has been in practice for at least 10 years shall not be required to pass the online proficiency self-assessment test, according to the amendment.

TO READ THE NOTIFICATION CLICK HERE

NEW RBI GUIDELINES FOR MEMORIZING THE CVV CARD NUMBER FOR DOING ANY PAYMENT

The Reserve Bank of India (RBI) has suggested new guidelines that prohibit payment aggregators and merchants such as Amazon, Flipkart, and Netflix from storing credit or debit card information on their servers or databases. Customers using debit or credit cards will now be required to punch in their 16-digit card number in order to make a payment under the new standards. This may slow down the procedure, but it is necessary to protect the data and ensure that payment gateways do not save any data. If the changes go through as planned in January 2022, users will find it easier to shop online if they recall their 16-digit credit or debit card numbers. For all transactions, you must enter the 16-digit number, as well as the expiration date and CVV, regardless of where you shop. 

The e-commerce concept is based on data maintained by corporations that utilize it to market new things to specific demographics of customers. Once the standards are in place, it will be difficult for such sites to target their audience and their reach will be limited. People may shift to an alternative payment mechanism, the UPI, because paying with credit or debit cards may become more difficult. The UPI does not have any requirements. The new laws were supposed to go into effect in July of this year, but they were postponed by six months due to banks’ lack of readiness.

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