The Union Finance & Corporate Affairs Minister, Government of India, Ms. Niramla Sitharaman, in her interactions with the press yesterday, i.e., on March 24, 2020, has announced multiple relaxations to statutory and regulatory compliances under various legislations viz., the Companies Act, 2013 (“CA2013”), Limited Liability Partnership Act, 2008 (“LLP Act”), Insolvency and Bankruptcy Code, 2016 (“IBC”), Income Tax Act, 1961, the Goods and Services Tax legislations, Customs Act, 1962 etc. The complete press release vis-à-vis all measures announced can be accessed at http://pib.nic.in/newsite/PrintRelease.aspx?relid=200639.
In the midst of the shutdown of businesses all over India to contain the spread of the highly contagious Covid-19 infection, Finance Minister Smt. Nirmala Sitharaman today addressed a press conference on various statutory and regulatory compliance issues and announced a slew of measures for providing relief amid the pandemic outbreak.
The brief highlights of the announcements made by the Finance Minister:
Today the Directorate of Defense Trade Controls published an update to its operations as follows:
- Licensing, Commodity Jurisdictions, and General Correspondence: Though longer processing times are expected, DDTC continues to process these submissions and new licenses will be accepted.
- Enrollment and Registration: Still operating and being processed via DECCS.
- Voluntary Disclosures: Disclosures and related information may be submitted via email to DTCC-CaseStatus@state.gov. Materials should be sent on company letterhead and in PDF format. It is not necessary to send a duplicate hardcopy to DTCC through the mail.