May 14, 2024

City Union Bank was incorporated as ‘The Kumbakonam Bank Limited‘ back in 1904. S.Krishna Iyer, Sarvashri R. Santhanam Iyer, and V.Krishnaswami Iyenga were some of the twenty citizens of Kumbakonam who signed the first Memorandum of Association. Initially, the bank was founded as a regional bank. In 1965, there was an amalgamation of the bank with two others; ‘The Union Bank Limited‘ and ‘The City Forward Bank Limited’. The name of the bank was also thus changed to ‘The Kumbakonam City Union Bank Limited‘. In 1980, the bank opened its first branch outside of Tamil Nadu. In 1987, the name was changed to ‘City Union Bank Limited‘ to reflect the national image of the bank. City Union Bank is a fast-growing public sector banking company which provides personalised business banking solutions. City Union Bank is a scheduled commercial bank, and it offers various customized current account banking products to individuals as well as businesses. A current account is a type of demand deposit account which includes deposits, withdrawals of funds, and business transactions. A current account is meant for the business professionals or business enterprise those who deal with huge transactions on a regular basis. The current account allows the business people to carry out unlimited transactions without any limit, subject to a banking cash transaction tax if any levied by the government.  Features and Benefits A current account is designed to enable businesspeople and self-employed professionals to conduct their business transactions efficiently. Current accounts do not provide any interest on the balance lying in current accounts with the bank. It offers a facilities outstation cheque collection for the quicker mobilisation of your funds. City Union Bank current account offers a premium internet banking facility mainly to manage the accounts and fund transactions and secure bill payment. It also offers with the easy payment of direct taxes through online. The account can be transferred to any other branch, and monthly statements can be obtained for the same. Multi-city chequebooks are given with account opening, and nomination facility is also accessible. Holding the current account with RBL bank offers with the low costs in inter-city transactions for payable-at-par cheque issuance, funds transfer, NEFT, RTGS Eligibility Criteria Resident Individual Hindu Undivided Family (HUF) Sole Proprietorship Firm Partnership Firm Private or Public Limited Company Limited Liability Partnership(LLP) Trust/ Association/ Club/ Society Foreign Institutional Investor (FII) Foreign National Residing in India City Union Bank Current Account Products S.No. City Union Bank Current Account City Union Bank Current Account Average Monthly Balance (AMB) Transaction charges RTGS/NEFT DD issue 1. Current Account General Up to Rs. 1000 – Rs. 45 per month quarterly average balance (QAB) – free up to 12.5 Inward RTGS/NEFT – Free Outward RTGS/NEFT – Free Up to Rs.500 – Rs. 50 2. Current Account Classic Plus Up to Rs. 1000 – Rs. 45 per month quarterly average balance (QAB) – free up to 12.5 Inward RTGS/NEFT – Free Outward RTGS/NEFT – Free Up to Rs.500 – Rs. 50 Current Account General- This current account fits entrepreneurs like Resident individual (sole or joint account) and Hindu Undivided Family (HUF). The operation mode can be single/ joint, or with E or S, F or S, Anyone or Survivor. This account offers with the Cheque Book and International Debit / ATM Card. It also provides the current account holders with the free CUB Net and CUB Mobile banking. There is free Electronic Fund Transfer across CUB Accounts / NEFT / RTGS / IMPS, SMS alerts and e-Statement facility. There are no withdrawals limits from the account. Nomination facility is also available and recommended. Current Account Classic Plus- This current account fits entrepreneurs like Resident individual (sole or joint account) and Hindu Undivided Family (HUF). This account serves the facilities almost similar to the current account general.  The account holders can take DD up to Rs. 2 Lakhs per day at free of charges. Current Account for MSME Customers S.No. City Union Bank Current Account City Union Bank Current Account Average Monthly Balance (AMB) Transaction charges RTGS/NEFT DD issue 1. Current Account General Up to Rs. 1000 – Rs. 45 per month quarterly average balance (QAB) – free up to 12.5 Inward RTGS/NEFT – Free Outward RTGS/NEFT – Free Up to Rs.500 – Rs. 50 2. Current Account Classic Plus Up to Rs. 1000 – Rs. 45 per month quarterly average balance (QAB) – free up to 12.5 Inward RTGS/NEFT – Free Outward RTGS/NEFT – Free Up to Rs.500 – Rs. 50 Current Account General- This current account fits entrepreneurs like companies, partnership firms, clubs, associations, religious, educational, charitable trusts and other institutions. The operation mode is based on the mandate. This account offers with the Cheque Book and International Debit / ATM Card. It also offers the current account holders with the free CUB Net and CUB Mobile banking. There is free Electronic Fund Transfer across CUB Accounts / NEFT / RTGS / IMPS, SMS alerts and e-Statement facility. There are no withdrawals limits from the account. Current Account Classic Plus- This current account fits entrepreneurs like Resident individual (sole or joint account) and Hindu Undivided Family (HUF). This account serves the facilities almost similar to the current account general.  The account holders can take DD up to Rs. 2 Lakhs per day at free of charges. Current Account for Corporate Customers S.No. City Union Bank Current Account City Union Bank Current Account Average Monthly Balance (AMB) Transaction charges RTGS/NEFT DD issue 1. Current Account General Up to Rs. 1000 – Rs. 45 per month quarterly average balance (QAB) – free up to 12.5 Inward RTGS/NEFT – Free Outward RTGS/NEFT – Free Up to Rs.500 – Rs. 50 2. Current Account Classic Plus Up to Rs. 1000 – Rs. 45 per month quarterly average balance (QAB) – free up to 12.5 Inward RTGS/NEFT – Free Outward RTGS/NEFT – Free Up to Rs.500 – Rs. 50  Current Account General- This current account fits entrepreneurs like companies, partnership firms, clubs, associations, religious, educational, charitable trusts and other institutions. It

For strengthening the practicing side of the Company Secretaries the ICSI has now initiated to use of the UDIN for attestation and certification of service documents by all company secretaries. The UDIN is the Unique Document Identification Number. The rules governing has been added vide terms of Clause(I), Part 2 of the second schedule of the Companies Secretaries (Amendment)Act, 2006 where ICSI council has accumulated the provisions for the use of applied UDIN by the Company Secretaries for verifying and attesting the documents each time while imparting their services in practice. What is UDIN for PCS (Practising Company Secretary)? UDIN is an automated Unique Document Identification Number generated in the composition of the first 2 digits representing the current year (year of attestation) next 6 digits being the membership number of ICAI/ICSI registered person confirming the authenticity of the documents and a randomly generated alphanumeric 10- digit number. DIN ensures counterfeiting of multiple attestations/certifications. Enables the shareholders/Stakeholders to authenticate documents to be verified by the company secretaries. Ensure easy compliance of guidelines on mandatory attestation and also maintain the register of services that are rendered by the practicing members. Also, enable auto-filling of the details of the registered CS members in practice each time the verification or attestation is initiated. Ensure easy compliance of guidelines on mandatory attestation and maintenance of registers of services rendered by members in practice. Objective of UDIN (a) Enable stakeholders to verify the authenticity of documents certified by PCS.(b) Prevent counterfeiting of various attestations / certifications;(c) Provide ease of maintaining the Register of Certification.(d) Ensure compliance of the Guidelines issued by the ICSI(e) Auto-prefill details of Certification / Attestation services rendered by practicing members in of the form for renewal of Certificate of Practice. Applicability Certification of Annual Return in Form MGT-8 Issuance of Secretarial Audit Report in terms of Section 204 of the Companies Act, 2013. Issuance of Secretarial Audit Report to material unlisted subsidiaries of listed entities under Regulation 24A of SEBI (LODR) Regulations, 2015. Issuance of Annual Secretarial Compliance Report to Listed entities Certification under SEBI (LODR) Regulations, 2015 that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority. Certification under Regulation 40(9) of SEBI (LODR) Regulations, 2015 certifying that all certificates have been issued within 30 days of the date of lodgement for transfer, sub-division, consolidation, renewal, exchange or endorsement of calls/allotment monies. Conduct of Internal Audit of Operations of the Depository Participants registered with NSDL and CDSL. Certification under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for Reconciliation of Share Capital Audit.  Acting as Compliance Auditor under third party certification/ Audit Scheme (Amendment), 2016 in the State of Haryana.  Diligence reporting for Banks. Conduct of Internal Audit of the stock brokers/sub brokers.  Issuance of Certificate in case of the Indian company accepting the investment from a foreign investor. PCS may generate the UDIN for any other form including any e-form and document(s) which are not listed above and not mandatory on voluntary basis. Requirement for registering on UDIN Portal ·         Membership No.·         COP No.·         Phone No.·         Email ID·         Aadhar·         PAN Application of UDIN The UDIN is applicable in all cases except for some e-forms and certified documents. The practicing CS has to mandatorily apply for attestation in case of: Annual returns Certification (Section 92 (2) ) Issuing Secretarial Audit Report (Section 204) Issuance of Secretarial Audit Report to the material the unlisted subsidiaries of the listed companies as per SEBI. Certifications that are required under SEBI listing and disclosure regulations. Conducting an internal audit of the operations that are understated as per the laws of NSDL or CDSL, audit of stockbrokers, sub-brokers under SEBI. The certification is required under regulation 76 of SEBI regulations for the reconciliation of Share Capital Audit. Certifications that are required while serving as a compliance auditor under any third-party certification or audit scheme. Certifications are required in the case of Indian Companies accepting foreign investment or any related matter. Other than the above cases, the application of UDIN should be completely on the voluntary preference of CS in practice, if required in attestation of any other e-Form or document not specified above. Application of UDIN by Company Secretaries No special document or approval from any authority for the application of UDIN by CS. While it can be applied with the following steps: Locate to the official UDIN portal for Company Secretaries Register and log in providing the membership credentials and the required particulars The system will then generate a random 18 digit number to be used as UDIN in attestation or verification of documents. The practicing company secretary may generate the UDIN for any document which is not listed above and not mandatory. The UDIN generated for all the e-forms is valid only for seven days from the effective date of UDIN this also includes the form MGT-7. The same can be digitally signed by the PCS during the seven days. FAQs Why is UDIN necessary? UDIN helps in ensuring the authenticity and integrity of documents certified by practicing professionals. It serves as a tool to curb the circulation of fake or forged documents and enhances trust and reliability in the business environment. Who can generate UDIN? UDIN can be generated by practicing professionals, including Company Secretaries, Chartered Accountants, and Cost Accountants, who certify or attest documents in the course of their professional services. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting

NGO (Non-Government Organisation) is an organization that works for non-profit/ charitable purposes. An NGO established as Section 8 company under the Companies Act, 2013 (‘Act’) is governed by the Ministry of Corporate Affairs (‘MCA’) whereas the NGO registered as a trust or society is governed by the registrar of state under the State Government. Section 8 company registration has more benefits in comparison to trust and society. This type of company has more credibility among government departments, donors, and other stakeholders. In this article, we will explain how to register as an NGO in the form of Section 8 Company, under the Companies Act, 2013. Laws in India applicable to an NGO Trust under Indian Trusts Act, 1882 Society under Societies Registration Act, 1860 Section 8 of Companies Act, 2013 Section 8 Company Benefits There are many advantages of registering an NGO under Section 8 of the Companies Act, 2013, which are as follows: No minimum capital: There is no minimum capital requirement for a Section 8 company incorporation and the capital structure of Section 8 can be altered at any time as per the growth requirement of the company. Thus, the funds required for carrying the business operations can be brought in later, through donations and subscriptions from members and the general public. Tax Benefits: The Company Auditor’s Report Order (CARO) does not apply to the Section 8 company. A Section 8 company enjoys tax benefits under 80G of the Income Tax Act, 1961.  No Stamp Duty: There is no stamp duty imposed for Section 8 company incorporation in India. The Section 8 company need not pay the stamp duty imposed on the Memorandum of Association (MOA) or Articles of Association (AOA) of a private or public limited company. Separate Legal Identity: Section 8 Company registration acquires a distinct legal identity from its members. A registered partnership firm can also become a member in its individual capacity and obtain Directorship of Section 8 company. It has perpetual existence and thus, the entry or exit of any member will not affect the operation of the Section 8 company. Limited liability: The members of the Section 8 company have limited liability as per their share subscribed. They are not personally liable for the losses of the company. Credibility: Section 8 companies are more credible and reliable than any other form of a charitable organisation. It is regulated under the provisions of the Act, thus they need to have mandatory audits every year and the Memorandum of Association cannot be altered relating to the non-profits objectives of the company. Exemption to the donors: The tax exemption is granted to the donations received by the section 8 company under Section 12A and 80G of the Income Tax Act, 1961.  Section 8 Company Incorporation Requirement Directors – A minimum of two directors is required if the Section 8 company is to be incorporated as a private limited company, and a minimum of three directors in case of incorporation as a public limited company. The maximum number of members is 200 in the case of a private limited company, whereas for a public limited company, there is no such limit. Capital Requirement and Name- There is no requirement of minimum paid-up capital in the case of a Section 8 company incorporation. NGOs established as a Section 8 company need not use the words ‘Limited’ or ‘Private Limited’ in their name. Charitable Objects– Section 8 companies are incorporated with non-profit objectives. The MOA and AOA must mention the non-profit objective or purpose for which it is established. Any profits earned by the section 8 company is utilised for the furtherance of its main objectives, i.e. charitable purposes or reinvested in the company. The profits will not be distributed among its members. Management- Section 8 company is managed by the Board of Directors as per the MOA and AOA of the company, unlike other trusts that are managed by the Trustees as per the Trust Deed. Regulation under Various Acts- A Section 8 company needs to follow the rules and regulations prescribed under the Companies Act, 2013. It needs to maintain books of account, and file returns with the Registrar of Companies. Section 8 company cannot make any changes to the provisions of MoA and AoA without the prior approval of the Central Government. It also needs to follow the provisions of the Income Tax Act and GST Law.  Section 8 Company Registration Eligibility An Individual, HUF is eligible to start a Section 8 company in India. Two or more persons who will act as Directors or shareholders should fulfil all the compliances and requirements of the Section 8 company incorporation under the Act. There must be at least one director who should be a resident of India in the Section 8 company.  The objective must be one or more of the following – promotion of sports, social welfare, the advancement of science and art, education and financial assistance to lower-income groups. Founders, directors, members directors of the company cannot draw any remuneration in any form of cash or kind. No profit should be distributed among the members and directors of the company directly or indirectly. NGO registration process for a Society Choosing a name for Society- While selecting a name for the Society, it is essential to keep in mind that as per the Societies Act, 1860, the name should be unique and non-identical. Further, the name proposed by the applicant must not suggest patronage of the Government of India or any State Government or attract the provisions of Emblem and Names Act, 1950. Preparing the Memorandum of a Society- While registering the society, an applicant shall prepare the Memorandum of Society. The Memorandum of the Society along with the Rules and Regulations of the Society must then be signed by each of the founding members, witnessed by: An Oath Commissioner; Notary Public; Gazetted Officer; Advocate; Chartered Accountant; or Magistrate 1st Class with their official stamp and complete address. Prepare documents- An applicant shall prepare the below-mentioned documents required for Society registration. The documents shall be duly signed.

Honourable Prime Minister of India had launched the Handloom Mark Scheme on 28.06.2006. The basic objective of the Scheme is to brand our handloom products and secure a premium position for them in Domestic as well as International market. The Scheme is promoted by the Development Commissioner (Handlooms), the Government of India, and the Textiles Committee is nominated as the Implementation Agency. The ‘Handloom Mark’ is a symbol of the rich legacy and tradition of Indian Handloom textiles. The Mark is aimed to promote the brand of handlooms and develop a niche market for the handloom textiles with a distinct identity. The Mark is also a symbol of social cause to promote the livelihood, welfare, and growth of more than 6.5 million weavers. This will enable the age-old traditional handloom industry to cherish their skills/craftsmanship and sustain in the competitive market. Handloom Mark Scheme Handloom Mark is the Government of India’s initiative to provide a collective identity to the handloom products in India and can be used not only for popularizing the hand woven products but can also serve as a guarantee for the buyer that the product being purchased is genuinely hand woven from India. The Handloom Mark would therefore be a hallmark of passionate creative work that defines the product with clarity, distinguishes it from the competition, and connecting it with customers. To support the above features, the ‘Handloom Mark’ is specially developed with the logo and unique coding. Registration for Handloom Mark Scheme. Anyone involved in the production and marketing of Handloom products can resister for Handloom Mark Scheme with Textiles Committee. In order to prevent the misuse of the scheme, the applicants will be registered after onsite verification. Labels will be supplied on a quarterly basis on the basis of estimated annual production and sale except in the case of exporters. More than 22000 users under different categories are registered under the Handloom Mark Scheme throughout the country and more than 13 crore products are tagged with Handloom Mark Labels. In total, more than 9 lakh Handlooms are covered in the registration. As per the recommendation of the MoT, the following eligible weavers and manufacturers can register for the Handloom Mark Sl.No Type of users  User Category 1 Individual Weavers (IW) Weaver 2 Master Weavers (MW) 3 Primary Handloom Weavers Co-operative Societies (COOP) Society 4 Apex Handloom weavers’ Co-operative societies or Handloom Corporation 5 Other Agencies – Handloom Producers (Self Help Group, Consortium, Producer Companies, Joint Liability Group, Handloom Weavers Group, Federations)  Others About Features of the Mobile app and Back-end portal Hon’ble Minister of Textiles Govt of India launched the mobile apps and the portal on the occasion of 7th national handloom day on 7 august 2020. Weaver App: It is Mobile App which enable the weavers located at any corner of the country to apply for HLM registration through the comfort of their homes by click of a button on their mobiles. A The Weaver App is available on Google play store. . The app provides choice of English and 10 Indian languages to choose from, is easy and yet secure to access through OTP based protocol, provides SMS and email notification for all transactions and also allows Online payment via SBI payment gateway. Most importantly, the App gives complete control to the weaver as regards indenting of labels and maintaining his Label account balance. Customer App: This app empowers all the customers of Handloom products to ascertain the veracity and originality of the product through unique and dynamic QR code labels affixed on each handloom product at a click of a button on the app. Besides, in case of genuine product, this app will give information about its weaver and for fake label, the app will immediately inform the customer about its fakeness and at the same time alert the administrators conveying Geo tag location of such fraud label sale. The app also provides feedback mechanism to capture feedback from its users.  Handloom Mark (HLM) Admin app: The whole process of registration will migrate to the online HLM admin app including activities like scheduling of verification visit, cross verification of user data, audit trail of all activities, geo tagging of verification visits, label entitlement management as well as enabling real time monitoring. HLM web portal: The Backend portal will be used by the Implementing agency to complete run the whole scheme in online mode giving complete MIS on each of the activities in the Scheme, handling of Labels including indent and charge collections, tracking of label movement, role-based access etc.  FAQs What is the Handloom Mark Scheme? The Handloom Mark Scheme is a government initiative aimed at providing a unique identity to handloom products to distinguish them from powerloom and mill-made products. It helps in promoting genuine handloom products and supporting handloom weavers. What are the benefits of registering under the Handloom Mark Scheme? Recognition of genuine handloom products Increased market visibility and consumer trust Access to government schemes and incentives Protection against imitation and counterfeit products Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax