cs vinay mehta

Changes due to introduction of Video based Customer Identification Process (V-CIP) Dear All, Reserve Bank of India has introduced KYC process through video verification.  Please find below summary of changes a) Definition of V-CIP has been inserted in Section 3 of the Master Direction.  b) The process of V-CIP has been specified in Section 18 in terms of which, REs may undertake live V-CIP, to be carried out by an official of the RE, for establishment of an account based relationship with an individual customer, after obtaining his informed consent and shall adhere to the following stipulations: i. The official of the RE performing the V-CIP shall record video as well as capture photograph of the customer present for identification and obtain the identification information as below: • Banks: can use either OTP based Aadhaar e-KYC authentication or Offline Verification of Aadhaar for identification. Further, services of Business Correspondents (BCs) may be use...

Ministry has amended the applicability of Whole-Time Company Secretary and Applicability of Secretarial Audit  Effective date :- 1st April,2020 Appointment of Company Secretary in Private Limited Company As per amendment: Rule 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Every private company which has a paid up share capital of Five Crore ten Crore rupees or more shall have a whole -time company secretary. New clause added in applicability of Secretarial Audit Rule 9(c) Every Company having outstanding loans or borrowings from banks or public financial institutions of one hundred Crore rupees or more shall annex with its Board’s report, a secretarial audit report, given by a company secretary in practice. Link:  http://www.mca.gov.in/Ministry/pdf/AmdtRules_06012020.pdf