COVID-19: MCA relaxes rules for Transfer of Unclaimed Money to IEPF Account [Read Circular]

CESTAT - Brokerage - Indian Rupee - Transfer Unclaimed Money - Taxscan

The Ministry of Corporate Affairs ( MCA ) has relaxed the rules for Transfer of Unclaimed Money to IEPF Account due COVID-19.

The Circular stated that, In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties and sought relaxation especially in procedures related to transfer of money remaining unpaid or unclaimed for a period of seven years in terms of the provision of section 124(5) of the Companies Act, 2013 (the Act) and transfer of shares under Section 124(6) of the Act read with the IEPFA (Accounting, Audit, Transfer and Refund) Rules.

The MCA had already allowed filing in the MCA-21 registry without additional fees till 30th September, 2020 through General Circular No. 11/2020, dated 24th March, 2020 and General Circular No, 12/2020, dated 30th March, 2020.

The MCA has also relaxed the filing of various other JEFF e-forms (IEPF-1, IEFF-1A, IEPF-2, IEPF-3, IEPF-4, IEPF -7) and e-verification of claims filed in e-form IEPF-5, is concerned, the same has already been provided.

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