CA certificate requirement abolished for license for manufacture of fire arms

CA certificate requirement abolished for applying license for manufacture & proof test of fire arms.

Govt. has abolished requirement of CA certificate for applying license for manufacture & proof test of fire arms. Under the provisions of the Indian Arms Rules 2016, Application for a fresh license for manufacture and proof test of firearms can be made only by an Indian company incorporated under the Companies Act, 2013.

The application is required to be made in Form VII of for manufacture and proof test. Hitherto, the company, inter alia applying for the license was required to submit the following three documents certified by a chartered accountant:

(i) copy of the latest balance sheet of the company and audited copy of the Net-worth certificate

(ii) estimated project outlay and means of finance for funding the project, and

(iii) details of foreign control and/or ownership in the applicant company, as applicable.

However, the Home Ministry vide notification G.S.R. 31(E) dated 18th January, 2022 introduced the Arms (Amendment) Rules, 2022 amending the he Arms Rules, 2016.

As per the amended rules, the requirement of obtaining certified copies from a Chartered Accountant of the the above mentioned three documents has been done away and now these documents can be certified by the authorised signatory of the company.

Download Notification Click Here >>

• No immunity from prosecution u/s 276B merely because TDS was deposited belatedly
• Section 44C applies to exclusive expenditure by head office by non resident assessee – SC
• MV Act Compensation to parents of child died is at different footing than disabled child
• Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017
• Audit Fee to be received only by digital modes/banking channels -ICAI revises Ethics