MM TAX CLUB

Whereas, M/s. State Industries Promotion Corporation of Tamil Nadu Limited, has proposed under section 3 of the Special Economic Zones Act, 2005 (28 of 2005), (hereinafter referred to as the said Act) to set up an Multi-Sector SEZ at Panapakkam Village, Ranipet District, in the State of Tamil Nadu;

And, whereas, the Central Government, in exercise of the powers conferred by sub-section (1) of section 4 of the said Act read with rule 8 of the Special Economic Zones Rules 2006, notified an area of 52.2065 hectares the above Special Economic Zone vide Ministry of Commerce and Industry Notification Numbers S.O. 5434 (E) dated 21st December, 2023 respectively;

AND, WHEREAS, M/s. State Industries Promotion Corporation of Tamil Nadu Limited, has now proposed for inclusion of additional area of 29.149657 hectares as a part of above Special Economic Zone and the Central Government after considering the said proposal approved and conveyed it on 24th November, 2023;

Now, therefore, in exercise of the powers conferred by second proviso to sub-section (1) of section 4 of the Special Economic Zones Act, 2005 and in pursuance of rule 8 of the Special Economic Zones Rules, 2006, the Central Government hereby notifies an additional area of 29.149657 hectares, as a part of above Special Economic Zone, thereby making the total area of the Special Economic Zone as 81.356157 hectares. The survey number and the area for additional area notification given below in the table, namely:-

Notification No. 06/2024 –Central Tax dated 22nd February, 2024

In exercise of the powers conferred by section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017).

Explanation.— For the purpose of this notification, “Public Tech Platform for Frictionless Credit” means an enterprise-grade open architecture information technology platform, conceptualised by the Reserve Bank of India as part of its “Statement on Developmental and Regulatory Policies” dated the 10th August, 2023 and developed by its wholly owned subsidiary, Reserve Bank Innovation Hub, for the operations of a large ecosystem of credit, to ensure access of information from various data sources digitally and where the financial service providers and multiple data service providers converge on the platform using standard and protocol driven architecture, open and shared Application Programming Interface (API) framework.

Amendments simplify provisions related to governance of Pension Funds in line with Companies Act, 2013; enhances disclosure by Pension Funds, and reduces compliance burden

The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023 on 05.02.2024 and 09.02.2024 respectively.

The amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO - NPS Trust.

Amendments to Pension Fund Regulations simplify the provisions related to governance of Pension Funds in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.

The other notable amendments inter alia include:

1. Clarity of roles of Sponsor of Pension Fund & Pension Fund alongwith compliance to ‘fit and proper person’ criteria.
2. Constitution of additional Board committees by Pension Funds such as Audit Committee and Nomination & Remuneration Committee.
3. Inclusion of name ‘Pension Fund’ in name clause and requirement of existing pension fund(s) to comply with this provisions within a period of 12 months.
4. The annual report of schemes managed by the pension fund to include Directors’ responsibility statement.

The amendments in key areas aim at simplification and reducing compliance. For detailed information on the amended regulations, please visit the PFRDA website: