Business So Simple

Jharkhand boys, who beat poverty to follow their passion, have entered Khelo India Youth Games hockey semifinal

Posted on 8th Jun 2022 by Business So Simple in Lifestyle, Public Affairs

In March 2021, Jharkhand created history by winning the 11th Hockey India Sub-Junior Men’s National Championship.

They had, however, already scored a much more significant and crucial victory. Almost each member of the squad had waged a long and grim battle against poverty and hardship before making it into the team.

Manohar Mundu, 17, among the brightest in the lineup, lost his father when he was just a child. Like most kids around him, he started playing hockey with a bamboo stick.

This is all they could afford to pursue their passion. “We would play the entire day; it didn’t matter that we didn’t have any equipment,” he said shortly after their match in the Khelo India Youth Games.

Even after he was admitted into the Jharkhand Awasiya Balak Hockey Prashikshan Kendra in Khunti, the Residential School for Sports that supports 25 budding athletes in each district, Manohar’s travails didn’t end.

He still didn’t have money to buy shoes or a stick. He had to make do with hand-me-downs. Luckily, his coach was a generous man. He bought him his first pair of shoes and a nice hockey stick. His friend’s family too bailed him out once.

Abhishek Mundu’s father is a policeman. But he didn’t earn enough to send his son to an academy for training. Even the expense for daily commute was beyond him. Their coach Manohar Topno somehow convinced Abhishek’s father to not give hope, to send his son to the residential school.

“There is back-breaking poverty in the region. During the Covid lockdown, each player, still just boys, had to work, do all kinds of menial stuff, to support their families. Even adults cannot balance two lives, the way these boys do,” Topno says with a tinge of anger.

Duga Munda came to the residential school very young. “I keep going back home to help my father with farm work. We can’t hire labour. My parents feel happy seeing my progress but making ends meet is still quite a task.”

Another boy in the team from the government-run Awasiya Centre is Bilsan Dodrey. He comes from a village lost deep in the forest.

Poverty has different shades within the state, though. In the same hockey team, the boys in Eklavya Model Residential Schools and Tata Academy live in AC rooms and get a diet worth Rs 450 a day. The boys from Awasiya Centre, however, get a diet of Rs 150 to 175 per day.

Yet they play on the same turf and get medals. They learn about modern facilities and tactics by watching videos and participating in tournaments.

They are now poised to create history in the Khelo India Games too. Both their Boys and Girls teams are already in the semifinals. They are confident of winning at least one gold.

Ministry of Youth Affairs and SportsRelease Id :-1832079

SC : Adjudicating authority (NCLT) or the appellate authority (NCLAT) cannot sit in appeal on commercial wisdom of Committee of Creditors

Posted on 8th Jun 2022 by Business So Simple in Company Law, Court Room, IBBI, Legal awareness

Case Reference: Vallal Rck Vs Siva Industries And Holdings Limited And Others (Supreme Court) dated 03/06/2022

SC held that when 90% or more of the creditors decide that it will be in the interest of all the stake-holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate Insolvency Resolution Process as per Section 12A of the IBC, 2016, the adjudicating authority (NCLT) or the appellate authority (NCLAT) cannot sit in appeal over such commercial wisdom of Committee of Creditors.

RBI hikes Repo Rate by 50 basis points (Press release 08th June 2022)

Posted on 8th Jun 20228th Jun 2022 by Business So Simple in Banking, Financial Prudence, News Desk

RBI hikes Repo Rate by 50 basis points

Retains GDP growth forecast at 7.2%, Inflation projected at 6.7% during FY 2022-23

Credit Cards, beginning with RuPay card can be linked with UPI

e-Mandate transaction limit increased to Rs 15,000

Upper limit on housing loans by Cooperative banks hiked by more than 100%

Key Policy Rates

The Monetary Policy Committee of Reserve Bank of India, which met from 6-8 June 2022, has unanimously decided to hike the Repo Rate by 50 basis points to 4.90 %
Consequently, Standing Deposit Facility Rate stands adjusted to 4.65% and Marginal Standing Facility rate and Bank Rate to 5.15%
The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.
Inflation

Assuming normal monsoon in 2022 and average crude oil price of $105 per barrel in Indian basket, inflation is projected at 6.7% in 2022-23

Q1 – 7.5%

Q2 – 7.4%

Q3 – 6.2%

Q4 – 5.8%

Growth forecast

The MPC has observed that the global economy continues to grapple with multi-decadal high inflation and slowing growth, persisting geopolitical tensions and sanctions, elevated prices of crude oil and other commodities and lingering COVID-19 related supply chain bottlenecks.

Economic indicators for April –May indicate a broadening of the recovery in economic activity in India. Urban demand is recovering and rural demand is gradually improving. Merchandise exports posted robust double-digit growth for the fifteenth month in a row during May while non-oil non-gold imports continued to expand at a healthy pace, pointing to recovery of domestic demand.
Real GDP growth for 2022-23 is estimated at 7.2%

Q1 – 16.2%

Q2 – 6.2%

Q3 – 4.1%

Q4 – 4.0%

According to NSO provisional estimates released on May 31, India’s GDP growth in 2021-22 is estimated at 8.7%, higher than pre-pandemic level.

Measures to benefit Cooperative Banks

Taking into account the increase in housing prices since the limits were last revised and considering the customer needs, it has been decided to increase the existing limits on individual housing loans by cooperative banks. Accordingly, the limits for Tier I /Tier II UCBs shall stand revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ ₹140 lakh, respectively. As regards RCBs, the limits shall increase from ₹20 lakh to ₹50 lakh for RCBs with assessed
net worth less than ₹100 crore; and from ₹30 lakh to ₹75 lakh for other RCBs.
Urban cooperative banks can now extend doorstep banking services to customers Will enable these banks to better meet the needs of their customers, especially senior citizens and differently abled persons-

Rural cooperative banks can now extend finance to commercial real estate (loans to residential housing projects) within existing aggregate housing finance limit of 5% of total assets

Enhancement of limit on e-mandate transactions

To further augment customer convenience and facilitate recurring payments like subscriptions, insurance premia and education fees of larger value, limit per transcation for e-mandate based recurring payments increased from ₹5,000 to ₹ 15,000

Enhancing scope of UPI payment system.

Now, credit cards too can be linked with UPI platform, beginning with RuPay cards. This will provide additional convenience to users and enhance scope of digital payments. UPI has become the most inclusive mode of payment in India. Currently, over 26 crore unique users and 5 crore merchants are onboarded on the UPI platform.

The Monetary Policy Committee, besides the Governor Shri Shaktikanta Das comprised Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Rajiv Ranjan and Dr. Michael Debabrata Patra

The next meeting of the MPC is scheduled during August 2-4, 2022

RBI Governor’s Detailed statement can be seen here

The next meeting of the MPC is scheduled during August 2-4, 2022

RBI Governor’s Detailed statement can be seen here

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Revised Format SH-4 (SECURITIES TRANSFER FORM)

Posted on 7th Jun 20227th Jun 2022 by Business So Simple in Company Law

Companies (Share Capital and Debentures) Amendment Rules, 2022 amended Form No. SH-4 (Securities Transfer Form) .

Following declaration required to be given:

In Declaration:

Transferee is not required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares;

Transferee is required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares and the same has been obtained and is enclosed herewith.”

Refer below format:

Refer notification:

Amendment in Securities Transfer Form no. SH-4 (MCA Notification dated 04 May 2022)

Revised FORMAT-DIR-2 (Consent to act as A director of a company) (After MCA Notification dated 01st june 2022)

Posted on 7th Jun 20227th Jun 2022 by Business So Simple in Company Law

As per Rule 8 (Consent to Act as Director) of The Companies (Appointment and Qualifications of Directors) Rules, 2014 :

Every person who has been appointed to hold the office of a director shall on or before the appointment furnish to the company a consent in writing to act as such in Form DIR-2:

Provided that the company shall, within thirty days of the appointment of a director, file such consent with the Registrar in Form DIR-12 along with the fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

Provided further that in case the person seeking appointment is a national of a country which shares land border with India, necessary security clearance from the Ministry of Home Affairs, Government of India shall also be attached alongwith the consent. ( Inserted by Companies (Appointment and Qualification of Directors) Amendment Rules, 2022 vide MCA Notification dated 01st June 2022)

Revised format given below for your easy reference:

FORM DIR-2

CONSENT TO ACT AS A DIRECTOR OF A COMPANY

[PURSUANT TO SECTION 152(5) AND RULE 8 OF COMPANIES (APPOINTMENT AND QUALIFICATION OF DIRECTORS) RULES, 2014]

Name of the Company__________________________

Address of the Company________________________

Subject: Consent to act as a director

I, ______________ hereby give my consent to act as director of __________________________, pursuant to sub-section (5) of section 152 of the Companies Act, 2013 and certify that I am not disqualified to become a director under the Companies Act, 2013.

1. Director Identification Number (DIN): ___________________________

2. Name (in full): _______________________

3. Father’s Name (in full): ____________________

4. Address: __________________________________

5. E-mail id: __________________________

6. Mobile no.: ________________________

7. Income-tax PAN: ________________________

8 . Occupation: _______________________

9. Date of birth: _______________________

10. Nationality: ________________________

11. No. of companies in which I am already a Director and out of such companies the names of the companies in which I am a Managing Director, Chief Executive Officer, Whole time Director, Secretary, Chief Financial Officer, Manager. ______________________________

12. Particulars of membership No. and Certificate of practice no. if the applicant is a member of any professional Institute. Specifically state NIL if none. _________________________

DECLARATION

i. I declare that I have not been convicted of any offence in connection with the promotion, formation or management of any company or LLP and have not been found guilty of any fraud or misfeasance or of any breach of duty to any company under this Act or any previous company law in the last five years. I further declare that if appointed my total Directorship in all the companies shall not exceed the prescribed number of companies in which a person can be appointed as a Director.

ii. I further declare that –

I am not required to obtain the security clearance from the Ministry of Home Affairs, Government of India before seeking appointment as director. ……

I am required to obtain the security clearance from the Ministry of Home Affairs, Government of India before seeking appointment as director and the same has been obtained and is attached.

Signature: _______________

Date: ______________ Name: _______________

Place: _______________ DIN/PAN: _______________

Module wise new functionalities deployed on the GST Portal for taxpayers (GST Portal updates-06 JUNE 2022)

Posted on 7th Jun 20227th Jun 2022 by Business So Simple in GST

Registration

Form/Functionality : Bank Account Validation of Taxpayers

• To establish correctness of the bank account and to verify whether it matches with the PAN of the business, validation of the bank account details provided at the time of GST Registration/ Creation of Temp ID by the taxpayers is being done with CBDT database.

• The status based on validation result is displayed to the registered taxpayers and Temp ID holders on their dashboard.

• Taxpayers and Temp ID holders can verify their Bank account status in their profile by clicking on the Bank Account Status link under Quick Links.

2. Returns

3. Refund

Single Nodal Agency (SNA) Dashboard (Ministry of Finance)

Posted on 7th Jun 2022 by Business So Simple in Financial Prudence, Public Affairs

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to launch of Single Nodal Agency (SNA) Dashboard during the Iconic Week Celebrations of Azadi Ka Amrit Mahotsav celebrations of Ministry of Finance

Smt. Sitharaman will also launch Training Modules of Department of Expenditure

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to launch of Single Nodal Agency (SNA) Dashboard during the Iconic Week Celebrations of Azadi Ka Amrit Mahotsav celebrations of Ministry of Finance, in New Delhi, tomorrow.

The Ministry of Finance & Ministry of Corporate Affairs’ Iconic Week celebrations from 6^thJune to 12^th June 2022 were launched by the Prime Minister, Shri Narendra Modi here today morning.

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will be the Chief Guest and Finance Secretary, Dr. T.V. Somanathan, and the Controller General of Accounts, Smt. Sonali Singh will grace the occasion along with other dignitaries.

The event will be telecast live through NIC’s Webcast platform (https://webcast.gov.in/finmin/cga) and on the YouTube channel of Ministry of Finance (https://youtu.be/VT9p-1Hhhno).

The SNA Dashboard forms part of a major public financial management reform that was initiated in 2021 with regards to the manner in which funds for Centrally Sponsored Schemes (CSS) are released, disbursed and monitored. This revised procedure, now referred to as the SNA model, requires each State to identify and designate a SNA for every scheme.All funds for that State in a particular scheme will be credited in this bank account, and all expenses will be made by all other Implementing Agencies involved from this account.

The SNA model, therefore, ensures that allocation of funds to States for the CSS are made in a timely manner and after meeting various stipulations. Effective implementation of this Model has brought about greater efficiency in CSS fund utilization, tracking of funds, pragmatic and just-in-time release of funds to the States; ultimately all contributing to better Cash Management of the Government.

In order to give the stakeholders of SNA model the necessary feedback and monitoring tools in the operation of the schemes, Public Financial Management System (PFMS) has developed the SNA Dashboard. The Dashboard depicts releases made to different States by Ministries, further releases made by State Treasuries to the SNA accounts, expenditure reported by the agencies, interest paid by banks to SNA accounts etc. in intelligible, informative and visually appealing graphics.

The programme will also have presentations on ‘Best Practices in Cash Management through SNA and Treasury Single Account (TSA)’. The presentations will be made by Joint Controller General of Accounts, State Government of Odisha and Canara Bank showcasing their experiences on the subject.

The Union Finance Minister will also launch Training Modules of the Department of Expenditure. With the aim to facilitate and build the capacity of the officials, two central training institutes namely Institute of Government Accounts and Finance (INGAF) and Arun Jaitley National Institute of Financial Management (AJNIFM) have developed the courses to be published on the iGOT Karmayogi portal, DoPT. INGAF has developed the training programme on FR SR- III (Leave Rules) to increase knowledge of learners towards various conditions of leave, process to apply and avail leaves due and admissible and their approval, describe special kinds of leaves etc. The course curated by AJNIFM caters to procurement of variety of goods and services, including execution of works. This would help officers posted in Integrated Finance Divisions (IFDs) of various Ministries/Departments in examining the proposals in light of GFRs and other instructions before concurrence is given by Financial Advisors. Learners shall be put to test in each module so that they can check themselves and may go back to the particular portion of the module for re-emphasizing the learning.

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Press Release Id :-1831645 dated 06 June 2022

New Initiatives by GeM to promote sustainable public procurement of products and services

Posted on 5th Jun 2022 by Business So Simple in Business Consultancy, Entrepreneurship, Public Affairs

Government eMarketplace [GeM] is promoting sustainable public procurement [SPP] of products and services in association with the United Nations Environment Program [UNEP]. Since the launch of Green Room Air Conditioners [RAC] in June 2021, GeM has taken a series of path-breaking steps to roll out new features and functionalities on the portal to promote the adoption of environmentally sustainable products and services.

Speaking on World Environment Day, Shri PK Singh, CEO GeM said that GeM is prioritizing the listing and availability of environmentally sustainable products and services by targeting the largest selling products and services on the portal, and products and services based on their potential for impact on the environment. Further, GeM has proactively created and listed new product and service categories, and implemented new functionalities, namely; forward auction for safe disposal of obsolete machinery, and buyback option for disposal of obsolete assets and procurement of new products.

Shri Atul Bagai, UNEP Country Head, highlighted that public procurement represents a sizable proportion of Government’s spending. By promoting SPP practices, governments have the opportunity to create high-volume and long-term demand of sustainable products and services. Shri Bagai reinforced UNEP’s support and commitment for achieving this objective.

SPP of Products on GeM

On 05^th June 2021, Green RACs were launched on GeM. The purchase of Green RACs is on a voluntary basis. and the faster adoption of such products by government buyers will pave the way for realizing India’s Nationally Determined Contributions [NDC] and its commitment towards Sustainable Development Goal [SDG] # 12 “Ensure Sustainable Consumption and Production Patterns” with special emphasis on target 12.7 – aims to “Promote public procurement practices that are sustainable, in accordance with national policies and priorities.” In 2021-22, government buyers procured 176 green RACs worth INR 3.65 Crore.

Writing and printing paper [Maplitho], an uncoated paper used to make textbooks, notebooks, from hardwood pulp) is a popular product category on GeM. Approx. 90% of the total procurement of writing and printing paper is for Eco-mark paper which is a standard applicable for manufacturer producing paper from agro-based and recycled fibre-based raw material.

GeM has created marketplace filters to help government buyers identify solar-powered renewable products such as inverters, streetlights, torch lights, study lamps, water heating systems, and battery-powered e-rickshaws for passengers.

Daily use products for pollution tracking, monitoring and rehabilitation, refuse disposal and treatment of hazardous and non-hazardous waste including sewage treatment are already listed and available for procurement on the portal.

GeM has introduced “The Green Gold Collection”, a dedicated online market store to showcase a range of bamboo accessories for potential use in the construction sector and exquisitely handcrafted bamboo handicrafts, daily-utility products/ disposals for government buyers. Bamboo producers will be able to list their products under different product categories.

SPP of Services on GeM

Presently, 250+service categories are live on GeM.. Notable services with a sustainable procurement component include:

Lease hiring of electric vehicles [short and long-term] for senior officers including operations and maintenance,
Event and monthly-based hiring of air conditioners and desert coolers including supply, installation and maintenance for required number of days or contract period,
Energy efficiency services namely, energy conservation and energy audit services and hiring of consultant for energy efficiency services/ projects,
Waste Management services, namely; biomedical waste management services, collection and disposal of waste management services, e-waste management, garbage collection and disposal, and municipal sewage waste,
Water Conservation, including rejuvenation of water bodies, and testing of water quality,
Annual maintenance contracts [AMC] for solar plant, wind, hydro and bio plants, and
Water audit and afforestation services, namely; plantation and tree translocation services, to name a few.
Housekeeping service with eco-friendly chemical cleanliness and conservancy of office premises, hospitals and guest houses etc.
Operation and Management of Electric Buses is available on GeM where buyers can hire electric buses with its operation and maintenance.
GeM is working towards the launch of a new service “Green Transition Service” on the GeM portal for buyers who seek a structured framework to achieve carbon neutrality and aim for being net zero Carbon emissions in their operations. Service components will include; estimation and preparation of GHG emissions inventory, developing methodology for accounting of GHG emissions, preparation of detailed project reports on calculation of carbon footprint, milestones, implementation and monitoring plan for the assessment year, leading to a comprehensive roadmap for achieving net-zero emissions.

New Functionalities to promote SPP

New features/ functionalities like “forward auction” provides opportunities for government buyers/ auctioneers to auction on the GeM portal and potential bidders can participate in these bids to purchase the fully-depreciated and or obsolete assets using the auction mode. The forward auction facility is available for a wide range of product categories including e-waste of electronic and electrical equipment, land and buildings (industrial, commercial and residential), machinery (electric, industrial and non-electrical), scrap/ disposal of lube/ waste oil, metallic, non-metallic, usable and scrap vehicles and other items of monetary value for reuse.

The “buyback option” presently available in 37+ product categories permits sellers to quote the price of new goods along with the price offered for old goods as buy back. Government buyers can now exercise this option at the time of creating bids on GeM to dispose their obsolete assets and procure new products.

Several PSUs, government ministries, state departments and municipal corporations have started considering environmental and energy efficiency criteria in their procurement decisions. Procurement of environmentally friendly products and services has a cascading effect through reduction in waste-generation, lower water consumption, efficient energy consumption and reduced carbon emissions, thereby ensuring fair and sustainable economic growth and delivery of social benefits. GeM will collaborate with UNEP and fellow partners in supporting, promoting and synergizing the Sustainable Public Procurement [SPP] initiative of the Government of India.

(Sources: Press Release dated 04 June 2022, Release Id :-1831192)

CCI issues cease and desist order against Amateur Baseball Federation of India for abusing its dominant position (CCI Press Release 03rd June 2022)

Posted on 3rd Jun 2022 by Business So Simple in Competition Law, Legal awareness, News Desk

The Competition Commission of India (CCI) passed an order dated 03.06.2022 under the provisions of Section 27 of the Competition Act, 2002 (‘Act’) against Amateur Baseball Federation of India (ABFI), finding it to be in violation of the provisions of Section 4 of the Act, which proscribe abuse of dominance.

The case was initiated on the basis of Information filed by the Confederation of Professional Baseball Softball Clubs (CPBSC) under Section 19(1)(a) of the Act, against ABFI alleging inter alia contravention of the provisions of Section 4 of the Act. As per information, ABFI by way of communications dated 07.01.2021 sent to its affiliated State Baseball Associations requested them not to entertain unrecognized bodies and not allow state level players to participate in any of the tournaments organised by them.

Based on evidence on record, the Commission found ABFI to be in a dominant position in the relevant market of organization of baseball leagues/events/ tournaments in India and further ABFI by issuing communication dated 07.01.2021 to its affiliated State Baseball Associations, was found to have contravened the provisions of Sections (4)(2)(a)(i), 4(2)(b)(i), and 4(2)(c) of the Act. In this backdrop, the Commission issued a cease and desist order against ABFI, however, the Commission refrained from imposing any monetary penalty considering ABFI has already withdrawn the impugned letter, and to that extent. The necessary market correction has already taken place.

The order was passed in Case No. 03 of 2021 and a copy of the order is available on the CCI website at http://www.cci.gov.in

Clarification regarding Form No 10AC issued till the date of this Circular (CBDT Circular dated 03rd June 2022)

Posted on 3rd Jun 20223rd Jun 2022 by Business So Simple in Income Tax, News Desk

1. Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or Commissioner of Income-tax to examine if there is any “specified violation” by the trust or institution registered or provisionally registered under the relevant clauses of sub-section (1) of section 12AB or subsection (1) of section 12AA. Subsequent to examination by the Principal Commissioner or Commissioner of Income-tax, an order is required to be passed for either cancellation of the registration or refusal to cancel the registration. Similar provisions have also been introduced in clause (23C) of section 10 of the Act by substituting the fifteenth proviso of the said clause with respect to fund or institution trust or institution or any university or other educational institution or any hospital or other medical institution referred under sub-clauses (iv), (v), (vi), (via) of this clause and which have been approved or provisionally approved under the second proviso to the said clause. These amendments are effective from 1st April, 2022. In addition to the specified violations referred above, the power of cancellation has also been granted under sub-rule (5) of rule 17A and sub-rule (5) of rule 2C of the Income-tax Rules, 1962 ( the Rules) to the Principal Commissioner or Commissioner authorised by the Board. This Circular only relates to cancellation of registration/approval or provisional registration/approval in the case of “specified violation”.

2. The definition of “specified violation” for the purposes of fifteenth proviso to clause (23C) of section 10 and section 12AB of the Act has been provided in the respective clause and section. The said definition, inter-alia, includes instances where any activity of the fund or trust or institution is not being carried out in accordance with all or any of the conditions subject to which it was approved/ provisionally approved or registered/provisionally registered.

3. It may be noted that as per the new procedure for approval/registration of charitable entities, which was notified vide Notification No 19/2021 dated 26.03.2021, the entities seeking re-registration/ approval or provisional registration/ approval (fresh) are required to file an application in Form 10A. Further, the order granting registration or provisional registration or approval or provisional approval is made in Form 10AC subject to the fulfilment of certain conditions.

4. In view of the amendments made vide Finance Act, 2022, the conditions subject to which the registration/approval or provisional registration/ provisional approval was granted to trusts and institutions need to be revised to align the same with the amendments made by Finance Act, 2022.

5.In view of the above, it is hereby clarified that,-

(i) the conditions contained in Form No. 10AC, issued between 01.04.2021 till the date of issuance of this Circular, shall be read as if the said conditions had been substituted with the conditions as provided in the Table 1 with effect from 1st April, 2022;

(ii) where due to technical glitches, Form No. 10AC has been issued during FY 20212022 with the heading “Order for provisional registration” or “ Order for provisional approval” instead of “Order for registration” or “ Order for approval”, then all such Form No. 10AC shall be considered as an “Order for registration or approval” and, in such cases where Form No. 10AC has been issued, –

(a) under section code 01 (applications seeking re-registration),-

(i) in the heading and in rows 6, 7, 9 and 10 the words ,“ provisional registration” shall be read as “registration”;

(ii) in row 8 the word “ provisionally registered” shall be read as “registered”;

(b) under section codes 03, 04, 05, 06 or 11 (applications seeking re-approval),-

(i) in the heading and in rows 6, 7, 9 and 10 the words ,“ provisional approval” shall be read as “approval”;

(ii) in row 8 the word “ provisionally approved” shall be read as “approved”;

(iii) row no 5 of Form No. 10AC ( issued for all section codes) shall be read as “Unique Registration Number” instead of “Provisional Approval/ Approval Number” or “ Provisional Registration/ Registration Number”, as the case maybe.