RBI issued a circular mandating to streamline regulatory compliance for all Indian financial institutions, including NBCFs (Non-banking Financial Company). Let’s dive into the guide to understand the compliance policy, requirements, need to streamline compliance, risk management guidelines, and every other facet of mandatory compliance. RBI Compliance Policy for NBFC     According to RBI compliance policy, NBFCs, among other financial institutions, are required to upgrade to streamlined internal compliance for monitoring functions using technological solutions by 30th June 2024. On 3 ..read more

Exercising the powers conferred under Sec 4A (4) of the Payment of Gratuity Act, 1972, the Government of Karnataka has released a notification making rules called ‘Karnataka Compulsory Insurance Rules, 2024’; The rules are made mandatory for every employer / establishment for whom / which the Payment of Gratuity is applicable; The said rules would be applicable to all the employers for whom the appropriate Government is the Government of Karnataka under Payment of Gratuity Act; The notification would not be applicable to employers though having operations in Karnataka but for whom the appropr ..read more

People are increasingly becoming aware of hygiene and healthcare, and especially after COVID-19, the preference for using single-use plastic has increased significantly. Along with that, with increasing industrial development, the generation of waste is also increasing. Countries across the globe are faced with the rising heaps of waste. Even though many countries have implemented waste disposal systems, the rate of waste generation is significantly higher than that of waste disposal. Another step taken by the governments is ensuring regulatory compliance towards waste disposal, penalizing any ..read more

India is emerging as a booming economy with regard to the entrepreneurial culture. With the Government of India focusing on the growth and promotion of startups, they are equally taking steps towards ensuring the benefits for MSMEs. Various ministries are also working inter-departmentally to promote the growth of cooperation in order to ultimately boost the Indian economy. Day by day, Indian businesses are becoming diverse in nature. To maintain a business successfully, one has to take into consideration several aspects. One of the crucial aspects of a smooth run of a business is regulatory co ..read more

The current business landscape is nothing like decades or even a few years ago. Several sweeping changes have shifted the way companies do business. Of these changes, regulatory compliance has emerged as a transformative force that has positively impacted the perception and implementation of business practices. Regulatory compliance has transcended from being a mere legal obligation into a strategic imperative for businesses of all sizes. Much of this is due to an ever-evolving, intricate web of regulations and standards adopted by different governments worldwide. One wrong move can result in ..read more

Women employees are entitled to various maternity benefits under the Maternity Benefit Act, 1961 & ESI Act, 1948 Ensuring Zero Hindrance for Women’s Participation in the Workforce To monetarily support women employees during pregnancy and after childbirth, Indian law makes it mandatory for the applicable establishments to offer due maternity benefits to women employees. The Maternity benefits in India are mainly governed by the Maternity Benefit Act, 1961 (for non-ESI employees) & Employees’ State Insurance Act, 1948, as per these Act applicability to the Establishments, Factories, and ..read more

The most valuable assets that a Company can own are its reputation and the goodwill amongst society, stakeholders, and the general public. The reputation of a company cannot simply be bought with money. However, by ensuring that a Company undertakes and complies with all the regulatory compliances, is a contributory member of society, and is sustainable, amongst other factors, the reputation of the Company can be safeguarded and used to enhance the Company’s financials.  One of the key factors, among the aforementioned factors, is Payroll Management. The employees of any Company are its p ..read more

Hospitality is the most booming service industry. With a high disposable income, quality of service and customer satisfaction are needed for its growth. The Hospitality industry encompasses a broad category of service segments within itself, like Food & Beverages, Travel & Tourism, Lodging and Recreation, Event Planning, and many more. The Hotel and Restaurant business forms an integral part of the Hospitality Industry. Since this industry is flourishing globally now, it’s the right time to start a business. Why Statutory Compliance is Important for this Business As an entrepreneur, yo ..read more

What is Employee Pension Scheme? The Employee Provident Fund Organization (EPFO) is a Social Security Organization that regulates three schemes, which are (a) the Employee Provident Funds Scheme, 1952, (b) Employee Pension Scheme, 1995 (EPS), and (c) Employees’ Deposit – Linked Insurance Scheme, 1976. It mandates employees working in the organized sector to contribute along with the employers towards a provident fund, pension scheme, and insurance scheme, which will, in turn, benefit the employee. It provides monthly pension under EPS as well as a lump sum amount under EPF upon retirement at t ..read more

The Budget 2023-2024, delivered by Smt. Nirmala Sitharaman, on February 01, 2023, was progressive and took into account the ever-evolving economics in the world. The recommendations given by the Finance Minister took into account the changes which have occurred in the financial situation of the nation. It took into account the requirement to update the old provisions. One such provision which was taken up was the tax exemption on leave encashment. Leave Encashment – Income Tax Exemption & Rules Tax exemption on leave encashment on the retirement of non-government salaried employees wa ..read more