Greetings from PAMS Professional Group Hi friends we all are stranded with the extended lockdown and most of us feeling the pressure of what could happen? To our industry? To our employment? To our finances? Or our fortunes so to speak? When the going gets tough let the tough get going. There is always a bright day after a storm . As we all work from home with social distance please remain updated with what occurs around. We present our monthly newsletter. Hope you will find them useful. www.ppginternational.com

1. Dear Reader,
As goes the old saying, the only constant
thing in life is change. The business world
has seen a big change. No thanks to the
COVID-19 pandemic worldwide. It has been
over a month now we are facing a natural
slowdown of business. With the lockdown
nationwide imposed, working remotely has
become the new norm Governments
restriction working on IT platform from
domicile bandwidth (WFH) having been
eased, digital transformation seems to be
all time high and the new normal. If reports
are to be believed the fight against
COVID-19 will be a longer one to wipe it out
completely. This means even if the Curfew is
to be lifted for the obvious economic reason,
freedom of mobility in transit and at
workplace is to be maintained and the
social distancing norms will continue to be
followed for uncertain period. Most
companies are coping with the massive
change in work from home culture. The
beauty of the work from home has also been
felt with higher productivity, motivation
flowing from workforce. This indirectly
means why do company have to bear a hefty
workplace cost in terms of rent, power,
facility, travelling cost, work infrastructure
that is increasing by meats and bounds
every day. To tap this synergy, many
companies we work with have now been
changing their operation policy to
encourage work from home and get into the
cost cutting, a result of work from home.
No dispute, that last month has been
stressful and difficult for all but this too will
pass. India will bounce back and is poised to
shine never before thanks to a decisive
leadership, a desire to fight and win
together, coordinated and cohesive
measures taken at federal and state level.
Employees are a backbone to organisation
and maintaining and no better way to keep
up their spirit high than to ensure their
wellbeing. At a time like this the corporate
leadership are expected to show character
and confidence with their work force and
keep their employees engaged with work or
frequent communication through tech
collaboration tools.
We tell our clients that to truly understand
how well their teams are working from
home, it's important to understand how well
they utilize collaboration tools. Even at our
size - a team of 30 people - we are trying to
do the same thing. Good things come at a
cost, better for a price but best to the braves
who fortune favours the most. Let’s be
brave, the Fortune certainly will favour us.
We present our Newsletter for the May 2020.
Regards,
Sudhir Kumar Dash
MD&CEO, PAMS PROFESSIONAL GROUP

2. RBI & FEMA: UPDATES
RBI to Consider extension of
moratorium on loans by another 3
months
The Reserve Bank of India actively
considering suggestion from stakeholders
including the Indian Banks Association for
the further extension of moratorium. With
the government on Saturday extending the
lockdown for further two weeks till May 17
with certain relaxations for red, orange and
green zones Income stream will not resume
due to the continuation of nationwide
lockdown, adding that so many entities and
individuals will be unable to service their
debt in this circumstances at the end of the
present moratorium period ending on May
31. Said the suggestion papers submitted to
RBI
.
COMPANIES ACT: UPDATES
Companies can conduct their AGM
through Video Conferencing
F. No. 2/4/2020-CL-V General Circular No
20/2020: In view of the continuing
restrictions on the movement of persons at
several places in the country, the Ministry of
Corporate Affairs has decided that the
companies be allowed to conduct their AGM
through video conferencing in a manner
similar to the one provided in General
Circular No. 1412020, dated 08.04.2020 (EGM
Circular - l) and General Circular No. 1712020
dated 13.04.2020 (EGM Circular - ll), which
deal with conduct of extraordinary general
meeting (EGM).
Extended deadline for filling
NFRA-2
F. No. 7/39/2019-CL-I General Circular No
19/2020: In continuation of its General
Circular No 7/2020, the MCA after due
examination has revised the due date of
filling of Form no NFRA-2, for the reporting
period Financial Year 2018-19, will be 210
days from the date of deployment of this
Form (notified in MCA).
INCOME TAX: UPDATES
1. CBDT clarifies the confusion
relating to VSVD Scheme 2020
(CBDT Circular No. 9/2020 dated
22.04.2020 )
As the time under the scheme further
extended, to boost the taxpayer confidence
under the scheme, the CBDT has issues the
circular clarifying various question and/or
queries received from various quarters. The
Board has compiled 55 pertinent question

3. and their answers were released in the
aforesaid board circular (File No.
IT(A)/1/2020-TPL
2. Employee to intimate the
employer his decision to opt for
concessional rate under section
115BAC (Circular C1/2020 dated
13th April 2020);
An employee having income other than
income under the head “Profits and Gains
from business or Profession” if he intends to
opt for concessional rate under section
115BAC to intimate his decision to his
diductor being the Employer and the
diductor upon this intimation has to deduct
the TDS in accordance with the provision of
section 115BAC.
3. The CBDT has clarified that no
consequence of default for
resultant default to comply with
amended provision to levy
increase surcharge in case
payment is made on or before 5th
July 2019
The Finance Act 2019 that was passed by
parliament on 5th July 2019 levied an
increase Surcharge of 25% and 37% in case
of Income Slab of 2-5 core and Above 5
Crore respectively. Since the amendment is
effective from 1st April 2019, the CBDT
Clarifies that no consequential liability for
dedult to withhold taxes shall be levied if
the payment is made on or before 5th July
2019 and tax at the old rate has been
withheld, deposited or return already filed
and no further payment is due or payable to
the payee during the FY 2019-20.
4. Employee to intimate the
employer his decision to opt for
concessional rate under section
115BAC (Circular C1/2020 dated
13th April 2020)
An employee having income other than
income under the head “Profits and Gains
from business or Profession” if he intends to
opt for concessional rate under section
115BAC to intimate his decision to his
diductor being the Employer and the
diductor upon this intimation has to deduct
the TDS in accordance with the provision of
section 115BAC.
5. Amended Provision to the
Convention under DTAA between
the Republic of India and Republic
of Austria to be effective from 1st
May 2020 (S.O. 1370(E ) dated 24th
April 2020
In exercise of the powers conferred by

4. sub-section (1) of section 90 of the
Income-tax Act, 1961 (43 of 1961), the Central
Government has notified that all the
provisions of the amending Protocol viz
relatable to the exchange of Information
and consequential procedure related
thereto, shall have effect in the Union of
India with effect from the 1st May, 2020,
being the date on which the said amending
Protocol entered into force.
INSOLVENCY AND
BANKRUPTCY CODE 2016:
UPDATES
1. ONCE a resolution plan accepted
and receives the regulatory
aopproval, it becomes binding on
all stakeholders.
Once offer of Resolution Applicant is
accepted by CoC and approved by
appropriate authority, it becomes binding on
all’. Hence the GST department’s demand
notices are ex-facie illegal, arbitrary and
per-se and cannot be sustained rules the
High Court of Rajasthan [Civil Writ Petition
No. 9480/2019].
2. Institutional framework is the
call of the time recommends the
Constituted expert committee on
valuation
Committee of Experts constituted vide
order No.12/9/2019-PI dated 30th August,
2019 for an Institutional Framework for
Regulation and Development of Valuation
Professionals in their report to the Ministry
of Finance and Corporate Affairs,
Government of India in their letter dated 2nd
April 2020 that accompanied a Draft of
Valuers Bill 2020..Enhancement of
threshold limit for default
3. Lockdown period not to be
included within the Limitation
period of the code NOTIFICATION
No. IBBI/2020-21/GN/REG060
dated 17th April, 2020
In exercise of the powers conferred by
clause (t) of sub-section (1) of section 196
read with section 240 of the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) has
amended the provision of Section 47A so as
to exclude the period of lockdown imposed
by the Central Government in the wake of
COVID-19 outbreak for the purposes of
computation of the time-line for any task
that could not be completed due to such
lockdown, in relation to any liquidation
process.”
4. RP Cannot outsource his duty
conferred under the regulation:
Verification of Claims is one of an integral
duty of the IRP/RP and this duty cannot be

5. outsourced by him. Doing so is a Misconduct
and contravention of the provisions
(Sections 208(2)(a) of the Code, Regulation
13(1) of the CIRP Regulations, Regulation
7(2)(a), 7(2)(h) and 7(2)(i) of the IP
Regulations read with clauses 2, 3, 10 and 14
of the Code of Conduct given in the First
Schedule) [IBBI DC Order No. No.
IBBI/DC/21/2020]
5. The Role and responsibity of the
RP is that of trusty and he cannot
receive and make payment in
defiance of the provisions of the
regulation:
The role and responsibilities of RP is that of
a trustee vested under trust. Such
responsibilities of an IP require the highest
level of professional excellence, dexterity
and integrity and as such he cannot
abdicate his authority to CoC. Any payment
or receipt by the RP has to be under the
approval of COC or in accordance and in
strictest adherence to the Code and its
regulation. Any disregard to this is a
contravention of provisions of Sections
208(2)(a) and (e) of the Code, Regulation
35(1)(b) of the IBBI (Insolvency Resolution
Process for Corporate Persons) Regulations
2016, Regulation 4(3) of the IBBI (Liquidation
Process) Regulations, 2016 and Regulations
7(2)(a) and 7(2)(h) of the IBBI (Insolvency
Professionals) Regulations, 2016 read with
clauses 2, 3, 5, 14 and 25 of the Code of
Conduct under the said Regulations.
[IBBI-DC Order No. No. IBBI/DC/22/2020
dated 21st April 2020].
6. Government to put under
suspension IBC proceedings from
6 months to 12 months due to
COVID economic impact.
Government decides to come up with an
ordinance to amend Section 7, 9 and 10 of
the IBC to suspend its operation for six
months and the suspension time can be
extended up to one year. Suspension of
these provisions could be extended up to
one year based on the economic situation
going forward.