The Public Accounts Committee (PAC) recommended to formulate the relevant statutory provisions and guidelines to control the activities of custodians in its 27th Report (2005-2006). In line with these recommendations, the government inserted a new Section 141(2) into the Customs Act 1962 and subsequently formulated the Customs Area Cargo Handling Regulations 2009 under its authority…
Have you ever heard about customs brokers? Customs brokers are professionals responsible for professional services by handling the process of customs clearance for you during shipping. The customs broker has the task that the shipment meets all regulations for the import or export of goods and its standards. In this article, we will discuss in…
Auditing is an important function for any company that wants to operate within the ambit of law. Auditors help to ensure that company operations are in compliance to applicable laws and regulations, and also identifies potential risks, and recommend corrective actions if necessary. Financial frauds by companies in India are growing. Financial Frauds can occur…
The Ministry of Corporate Affairs (MCA) has introduced Version 3 of its portal, which comes with several new features and enhancements. One of the significant changes in the new portal is the requirement for all users to upgrade their User IDs to access the services available on the portal. In this article, we will guide…
Limited Liability Partnerships (LLPs) have been a popular form of business organization in India due to their flexibility in operation and reduced compliance burden. The government has been taking steps to make the LLP framework more transparent and efficient, and recently introduced the LLP (Amendment) Rules, 2022. These amendments aim to simplify the processes and…