Notifications (July 2021)

TO ASSIST THE MSME SECTOR, PARLIAMENT PASSED THE FACTORING REGULATION (AMENDMENT) BILL

The Factoring Regulation (Amendment) Bill, 2020 was passed by the Lok Sabha on July 26, 2021, and by the Rajya Sabha on July 28, 2021. On September 14, 2020, the Factoring Regulation (Amendment) Bill, 2020 was introduced in the Lok Sabha. The bill was then referred to the Standing Committee, which reported on the 3rd of February 2021. 

The government had already determined to alter the Factoring Regulation Act of 2011 and had also stated its intention in the 2019-20 and 2020-21 Budget Speeches. The modifications are projected to benefit micro, small, and medium-sized businesses (MSME) greatly by expanding financing options, particularly through the Trade Receivables Discounting System. There is a clause that allows them to sell their receivables to a third party. They will be able to take their firm forward efficiently if the third party makes immediate funds available. There are various advantages to factoring from the seller’s payment. More working capital availability may contribute to growth in the micro, small, and medium enterprise sector, as well as increased employment in the country. 

TO READ THE OFFICIAL NOTIFICATION CLICK HERE

THIRD AMENDMENT REGULATIONS ON STANDARDS OF (FOOD PRODUCTS STANDARDS AND FOOD ADDITIVES), 2021

The Food Safety and Standards (Food Products Standards and Food Additives) Third Amendment Regulations, 2021, were issued by the Food Safety and Standards Authority of India. The amendment instructs oil manufacturers and traders that if the oil is acquired via solvent extraction, it must be refined before being sold for human use. The refined oil must not include more than 5.0 parts per million of hexane. Hexane residues must be absent from the oil obtained by the ejected pressed technique. These guidelines apply to the following types of oil:

  1. Groundnut oil
  2. Flaxseed or Linseed Oil
  3. Rapeseed oil (Toria oil) or mustard oil
  4. Poppy Seed oil
  5. Safflower seed oil
  6. Imported Safflower seed oil and Safflower seed oil (High Oleic Acid – Imported or domestic)
  7. Taramira Oil
  8. Til Oil (Gingelly or sesame oil)
  9. Niger seed Oil (Sargiya ka tel)
  10. Soybean Oil
  11. Maize (Corn)Oil
  12. Watermelon seed oil
  13. Sunflower seed Oil-High Oleic acid and
  14. Avocado oil

TO READ THE OFFICIAL NOTIFICATION CLICK HERE

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