MCA NOTIFICATION : FORM 24 – STRIKING OFF NAME OF THE LLP

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 16th May, 2017

Image result for LLPG.S.R. 470(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, further to amend the Limited Liability Partnership Rules, 2009, namely:—

1. (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2017.

(2) They shall come into force with effect from 20th May, 2017.

2. In the Limited Liability Partnership Rules, 2009 (herein after referred to as the Principal Rules), in rule 37, after sub-rule (1), the following sub-rule shall be inserted, namely:—

“(1A) The limited liability partnership referred to in clause (b) of sub-rule (1) of rule 37 shall,—

(I) file overdue returns in Form 8 and Form 11 up to the end of the financial year in which the limited liability partnership ceased to carry on its business or commercial operations before filing Form 24;

(II) enclose along with Form 24,—

(a) a statement of account disclosing nil assets and nil liabilities, certified by a Chartered Accountant in practice made up to a date not earlier than thirty days of the date of filing of Form 24;

(b) an affidavit signed by the designated partners, either jointly or severally, to the effect,

(i) that the Limited Liability Partnership has not commenced business or where it
commenced business, it ceased to carry on such business from ………….(dd/mm/yyyy);

(ii) that the limited liability partnership has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register;

(iii) that the Limited Liability Partnership has not opened any Bank Account and where it
had opened, the said bank account has since been closed together with certificate(s) or
statement from the respective bank demonstrating closure of Bank Account;

(iv) that the Limited Liability Partnership has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.

(c) a copy of the acknowledgement of the latest Income-tax return filed under the Income-tax Act,1961 (43 of 1961) and the rules made thereunder for the time being in force, where the limited liability partnership has carried out any business and has filed such return.

(d) copy of the initial limited liability partnership agreement, if entered into and not filed, along with changes thereof in cases where the Limited Liability Partnership has not commenced business or commercial operations since its incorporation.

Explanation.—The date of cessation of commercial operation is the date from which the
Limited Liability Partnership ceased to carry on its revenue generating business and the transactions such as receipt of money from debtors or payment of money to creditors, subsequent to such cessation will not form part of revenue generating business.”
3. In the Principal Rules, for Form 24, the following Form shall be substituted, namely:—

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Request form for currency exchange (Rs 500 & Rs 1000)

Image result for Currency ExchangeThere are chances that you may not get printed forms which are necessary to exchange your notes or you can save time to fill them by standing in bank / queue by printing & filling the currency exchange form pdf file.

So simple suggestion is to take printout of above PDF, fill in advance at home and then approach bank.

  • Option 1 : Exchange old notes
    At a time you can exchange 4000 Rs only, i.e. four 1000 Rs notes or 8 500 Rs notes or combination of them to maximum 4000 Rs, per day.
  • Option 2 : Deposit old notes to your bank account
    No limit for value or quantity of old bank notes to be credited to the bank account maintained by that person (KYC norms must be complete for the bank account).

CENTRAL GOVT NOTIFIES REAL ESTATE ACT 2016

Image result for Real Estate ActFINALLY, CENTRAL GOVT NOTIFIES REAL ESTATE ACT 2016; 10 things to know about Real Estate Regulatory Authority.

  • Ongoing Projects also to come under RERA – For ongoing projects without Completion Certificate (CC), developers will have to deposit 70% of the amount collected from homebuyers in a separate bank account within 3 months of registering a project with RERA.
  • Equal Penalty – In case of delays, developers will be required to pay compensation to the allottees with an Interest Rate of SBI’s highest Marginal Cost of Lending Rate plus 2%. This effectively means a developer will have to pay interest rates of 11 to 12 % in case of a delay in project delivery.
  • Imprisonment – The rules also contain clauses providing for compounding of punishment with imprisonment for violation of the orders of Real Estate Appellate Tribunal against payment of 10% of project cost in case of developers and 10% of the cost of property purchased in case of allottees and agents.
  • No Discrimination – Discrimination in sale of properties on any grounds will also not be entertained under the new rules. Adjudicating Officers, Real Estate Authorities and Appellate Tribunals shall dispose of complaints within 60 days.
  • Transparency – For ongoing projects that have not received Completion Certificate (CC), the developers will have to make public the original sanctioned plans with specifications and changes made later, total amount collected from allottees, money used, original timeline for completion and the time period within which the developer undertakes to complete the project.
  • Sale on Carpet area – The promoter shall also be required to declare the size of the apartment based on carpet area even if it was sold earlier on any other basis.
  • Financial Capacity – For registration of projects with the authorities, developers will be required to submit authenticated copy of PAN Card, annual report comprising audited profit and loss account, balance sheet, cash flow statement and auditors report of the promoter for the immediate three preceding years, authenticated copy of legal title deed, copy of collaboration agreement if the promoter is not the owner of the plot. The promoter will also has to declare information regarding the number of open and closed parking areas in the project.
  • Construction Status – The promoter will also have to upload details regarding number and type of apartments or plots, status of the project with photographs floor-wise, status of construction of internal infrastructure and common areas with photos, status of approvals received and expected date of receipt, within 15 days of expiry of each quarter on the project website.
  • No Income Tax returns required – In a departure from the draft rules, the requirement of disclosing Income Tax returns has been withdrawn in the final rules keeping in view the confidentiality attached with them and as pointed out by legal experts and promoters.
  • Detailed Description on RERA website – In addition to this, the Real Estate Regulatory authorities will also publish information relating to profile and track record of promoters, details of litigations, advertisement and prospectus issued about the project, details of apartments, plots and garages, registered agents and consultants, development plan, financial details of the promoters, status of approvals and projects etc., on the RERA website.

Click Here 2 Download THE REAL ESTATE (REGULA TION AND DEVELOPMENT) ACT, 2016