RBI simplifies the application process for the registration of Core Investment Companies
Contents News/Article Date: 10th April 2023
Relating to which Act: The Indian Constitution grants the Central and state governments the powers to enact laws to protect the employees and foster a professional work environment. Based on the industry, nature of the work, number of employees in the company, location, and more, there are various legislations like the Industrial Disputes Act 1947 (ID Act), Factories Act 1948 (Factories Act), and Shops and Establishment Acts in relevant states (S&E Act).
The Companies Act 2013 defines incorporation of companies relating to the formation of companies, registration of companies, dissolution of companies, and the responsibilities of the company secretaries and Directors.
Applicable to which State: Acts and Rules are applicable to all States
Type: RBI’s Press Release No. 2023 – 2024 / 44 dated 10th April 2023
Pertains to: Establishments and Employees in all types of Organizations running businesses for profit or non-profit
Relevance of this news: Karma Global has been in the business of HR Services, Payroll, Outsourcing, and Regulatory Compliances right from its inception in 2004 since then, has brought in a lot of efficiencies and technological upgradations with experts on its role, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory, and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also entirely in labour compliance for nearly 18 years and is helping both establishments and workers for the fulfillment of obligations as per the laws of the land. It has over 200 direct and indirect staff on its rolls and operates on a Pan India basis. Recently, it has diversified into foreign shores as well, into countries like the US, UK, UAE, Canada, and South East Asia for handling payroll, outsourcing, recruitment, compliance, and governance.
Karma Global handles the obligations of all provisions contained in the labour acts and rules. Employees are entitled to several benefits under the Employment Act, including annual paid leave, sick leave, maternity benefits, paid public holidays, etc. Employers must ensure that they meet all of the Act’s standards and that the contract conditions reflect this.
Businesses must comply with the following requirements of the Act in particular:
- Minimum wage
- Maternity benefits
- Revision of wages
- Safer work environment
- Adaptive work culture
- Issuance of employment contracts
- Social contributions
- Health care and insurance
- Holidays and annual leave
- Termination, severance pay, grievance handling, redressal
And in this instance: The Reserve Bank has undertaken a comprehensive review of the system of processing applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle-free. Accordingly, the application form has been revamped to make it structured and aligned with the extant CIC regulations. Also, the number of documents to be furnished along with the application form has been reduced to 18 from the existing set of 52 documents to make the registration process user-friendly.
Subject: RBI simplifies the application process for registration of Core Investment Companies
Attached is the notification