Govt issues annual deadline for ecommerce firms to submit an audit report.
Bound By Law: The government has issued new rules that make it compulsory for e-commerce companies with foreign investments to submit an audit report every year, showing that they have been in compliance with the FDI rules for the sector.
According to the notification by the Finance Ministry, e-commerce companies have to obtain statutory auditor report by September-end for the preceding financial year. The Hindu
Last year, the government had released changes to the FDI rules governing the e-commerce sector, which aimed to strike down at predatory pricing and deep discounts in order to provide a level-playing field for all.
In Other News: The RBI has revised its existing guidelines for asset reconstruction companies (ARCs), restricting them from buying financial assets from their sponsor firms and lenders on a bilateral basis. The asset reconstruction companies have also been barred from buying loans from a bank or financial institution which is either a lender to the ARC or a subscriber to its fund. However, the regulator has allowed the ARCs to participate in auctions of such assets. Bloomberg Quint
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