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…
“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…
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,…
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III concerning the PF shall apply to an establishment employing 20 or more employees(industry-specific applicability withdrawn) 2 There is no wage ceiling for PF employee coverage 3 Limitation period is introduced as 5 years for the institution of…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…
Salient Features: Certain expressions used in the Code have not so far been used in any of these four Acts, i.e., the terms Contractor, Contract Labour, Establishments, Inspector-cum-Facilitator, Minimum Wage, etc., (Definition under Section 2) Now, the appropriate Government for Insurance, Banking and Telecommunication, is Central for the Minimum Wages aspect too. The definition…
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…
Introduction: Discussions and debates on the amendments to the Indian Legal system and sudden imposition of the Digitalisation in the life of normal people, clearly elucidate the intention of our Government to develop our Economy on par with other economies. The World Bank’s Ease of Doing Business is a stepping stone for us to realize…
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