Attention to IEC Holders, New Mandatory Compliances

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 […]

Exclusion portion of salary cannot go beyond 50% – Let’s Talk Compliance

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, […]

Minimum Wages Applies to All Industries – Code on Wages – Lets Talk Compliance

“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 […]

Highlights – The Industrial Relations Code, 2020

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 of Code on Wages, 2019 and Draft Central Rules, 2020 – Lets Talk Compliance

  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 […]

How Labour Reforms contribute to Ease of Doing Business

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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