What is an IEC or e-IEC? The Importer Exporter Code (IEC) or Electronic Importer Exporter Code (e-IEC) is a key business identification number issued by the Director General of Foreign Trade (”Facilitator” of Exports/Imports), which is mandatory for undertaking any export/import activities from/to India. Existing Procedure for Updation : Prior to this notification, IEC Holder…
One significant change that is done under the proposed labour codes is on the definition of the term ‘wages’. Currently, various legislations follow various definitions. But the term is supposed to have a uniform definition under the codes, ideally making the determination of wages easy for employers. The quantum would be the same for various purposes, say,…
“The Code on Wages, when getting implemented, is likely to bring in some significant changes in regards to minimum wages. Currently, the Minimum Wages Act will apply only to those industries which are listed in the Schedule attached to the Act. There is no obligation too on the employers to pay the National Floor Level…
How important is to comply with Environment Health and Safety regulations Economic progress, growth of Industry are parallel for nation’s development. Enhancement of advanced technologies and implementation in the industrial expansion obligates the government to be accountable to enact regulations on Environment Health and safety to fix industrial pollution standards, with objective to protect air,…
THE CODE ON WAGES, 2019 HIGHLIGHTS OF THE CHANGES MADE MINIMUM WAGES HRA – No more part of minimum wages Geographical Areas classified as metropolitan, non metropolitan and rural areas (Rule 4) The employees employed in supervisory or Managerial position are also eligible for Minimum Wages Statutory…
CODE ON SOCIAL SECURITY, 2020 HIGHLIGHTS OF THE CHANGES PROPOSED PROVIDENT FUND (PF) 1 The Chapter III concerning the PF shall apply to an establishment employing 20 or more employees(industry-specific applicability withdrawn) 2 There is no wage ceiling for PF employee coverage 3 Limitation period is introduced as 5 years for the institution of…
THE INDUSTRIAL RELATIONS CODE, 2020 HIGHLIGHTS OF THE CHANGES MADE INDUSTRIAL DISPUTES 1 The definition of the term “industry is modified in line with the Apex court verdict in Bangalore Water Supply and Sewage Board Case. 2 Domestic services and the Institutions engaged in charitable social or philanthropic service are excluded from the term…
Finally, the new Code on Wages, 2019 which aims to amend and consolidate the existing four legislations, viz., The Equal Remuneration Act, The Minimum Wages Act, The Payment of Bonus Act and The Payment of Wages Act has been published on 8th August 2019 and Central Draft Rules has been published in Official Gazette dated…
Bombay High Court (Bench: Aurangabad) Coram Order dated 30th April 2020 The matter was heard at Bombay High Court (Aurangabad Bench) in the case between Align Components Pvt. Ltd., and another (Petitioners) Vs Union of India & others (Respondents) for challenging the MHA order dated 29th March 2020 by invoking the provision Sec. 10 (2)…
The Central Board of Direct Taxes (CBDT) has stated that a Permanent Account Number (PAN) will become inoperative if not linked with Aadhaar by 30th June’2020 (extended from 31.03.2020 due to COVID-19 Lockdown). These stringent measures are taken in order to weed out fake PAN cards and accounts from the system and to track financial transactions.…
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