The Sri Lankan economic, socio-political crisis in Sri Lanka is a grim reminder of the aftermath of the pandemic and war.
Edition 82 • July 2022
Correction Path
As the world is staring at the possibility of stagnation in growth and inflation, we bring you an Insight into the situation on hand and how countries are coming up with corrective measures. Also get and insight into how trademarks are faring in the virtual reality – metaverse. Mediation as a mechanism of alternate dispute redressal is gaining traction. So, What’s brewing there? The National Mediation Bill 2021. The Mumbai Bench of the NCLT passed yet another verdict reiterating that a sale as a going concern will include assets and liabilities (and not assets only). Apex rulings sheds light on other important judgements in the courts. Infographics depicts all about the National Institute of Food Technology, Entrepreneurship and Management.
Insights
Metaverse: Millennial Fad
‘Welcome to the virtual reality.’ That exactly is what Metaverse is.
The mind boggling core of technology is gradually coming into existence wherein a virtual parallel has been created for humans to interact with each other through augmented reality. In fact, world famous brands are slowly marking their presence in the Metaverse through gaming, shopping, virtual concerts and virtual fashion shows.
Tête-à-tête
Encouraging invention for public good is at the root of Patent laws.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
National Mediation Bill 2021
In India, the National Mediation Bill 2021 was introduced in the Rajya Sabha on 20th December 2021. While it is yet to become an Act, we take a look at key aspects of the Mediation Bill.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
9th
June 2022
Companies
(Removal of Names of Companies from the Register of Companies) Amendment Rules,
2022
23rd
June 2022
Companies
(Removal of Names of Companies from the Register of Companies) Amendment Rules,
2022
23rd
June 2022
Companies
(Removal of Names of Companies from the Register of Companies) Amendment Rules,
2022
23rd
June 2022
Companies
(Removal of Names of Companies from the Register of Companies) Amendment Rules,
2022
23rd
June 2022
Companies
(Removal of Names of Companies from the Register of Companies) Amendment Rules,
2022
Notifications
Nil
Circulars
23rd June 2022
Master Circular - Housing Finance for
UCBs
Notifications
1st June 2022
Master Direction – Reserve Bank of
India (Variation Margin) Directions, 2022
6th June 2022
Provisioning for Standard assets by
Non-Banking Financial Company – Upper Layer
8th June 2022
Liquidity Adjustment Facility -
Change in rates
8th June 2022
Standing Liquidity Facility for
Primary Dealers
8th June 2022
Change in Bank Rate
8th June 2022
Section 23 of the Banking Regulation
Act, 1949 – Doorstep Banking
8th June 2022
Enhancement in Individual Housing
Loan limits and credit to Commercial Real Estate - Residential Housing (CRE-RH)
8th June 2022
Individual Housing loans –
Enhancement in limits
9th June 2022
Discontinuation of Return under
Foreign Exchange Management Act, 1999
14th June 2022
Bank finance to Government owned
entities
16th June 2022
Sovereign Gold Bond (SGB) Scheme 2022-23
16th June 2022
Processing of e-mandates for
recurring transactions
24th June 2022
Restriction on Storage of Actual Card
Data [i.e. Card-on-File (CoF)]
28th June 2022
Provisioning Requirement for
Investment in Security Receipts (SRs)
Circulars
2nd June 2022
Procedure for seeking prior approval
for change in control of Portfolio Managers
3rd June 2022
Investor Redressal Grievance
Mechanism
7th June 2022
Modification in Cyber Security and
Cyber resilience framework for Stock Brokers / Depository Participants
9th June 2022
Circular on Modification in Cyber
Security and Cyber Resilience Framework of Mutual Funds/ Asset
Management Companies (AMCs)
15th June 2022
Nomination for Mutual Fund Unit
Holders
20th June 2022
Naming / Tagging of demat accounts
maintained by Stock Brokers
24th June 2022
Introduction of Unified Payments
Interface (UPI) mechanism for Real Estate Investment Trusts
(REITs)
24th June 2022
Introduction of Unified Payments
Interface (UPI) mechanism for Infrastructure Investment Trusts
(InvITs)
24th June 2022
Reduction of
timelines for listing of units of privately placed Infrastructure Investment
Trust (InvIT)
28th June 2022
Adjustment in derivative contracts
for dividend announcements
30th June 2022
Modification in Cyber Security and
Cyber resilience framework for Stock Brokers / Depository Participants
30th June 2022
Disclosure of holding of specified
securities and Holding of specified securities in dematerialized
form
Notifications
Nil
Circulars
6th June 2022
Improvement to the scheme of
examinations - frequency of attempts in Limited Insolvency Examination/
Valuation Examinations
15th June 2022
Circular - Application under Rule 4,
6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority)
Rules, 2016
Notifications
Nil
Circulars
3rd June 2022
Circular No. 11 of 2022 -
Clarification regarding Form No 10AC issued till the date of this Circular –
reg
16th June 2022
Circular No. 12 of 2022 - Guidelines
for removal of difficulties under sub-section (2) of section 194R of the Income
tax Act, 1961
22nd June 2022
Circular No. 13 of 2022 - Guidelines
for removal of difficulties under sub-section (6) of section 194S of the
Income-tax Act, 1961
Notifications
6th June 2022
Notification No. 59/2022/F. No.
370142/11/2022-TPL
9th June 2022
Compliance Check Functionality for
Section 206A8 & 206CCA of Income-tax Act 1961
10th June 2022
Notification No. 60 / 2022/F.No. 187/3/2020-ITA-I
10th June 2022
Notification No. 61/2022/F. No.
187/3/2020-ITA-I
14th June 2022
Notification No. 62 /2022/F. No.
370142/20/2022-TPL
15th June 2022
Notification No. 63/2022/F. No.
370142/21/2022-TPL(Part 3)
16th June 2022
Notification No. 64/2022/F. No.
370142/24/2022-TPL
16th June 2022
Notification No. 65/2022/F. No.
275/30/2019-IT(B)
17th June 2022
Income-tax (18th Amendment) Rules,
2022
21st June 2022
Income-tax (19th
Amendment) Rules, 2022
24th June 2022
Notification No. 68 /2022/ F. No.
285/09/2022-IT(Inv.V)/CBDT
24th June 2022
Format, Procedure and Guidelines for
submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction
Tax (STT)
27th June 2022
Notification No. 69/2022/F. No.
500/SWF1/S10(23FE)/FT&TR-II-Pt. 3
28th June 2022
Notification No. 70/2022/F.
No. 500/1/2014-APA-II
28th June 2022
Notification No. 71/2022/F. No.
187/3/2020-ITA-I
28th June 2022
Notification No. 72/2022/F. No.
187/3/2020-ITA-I
30th June 2022
Income-tax (20th Amendment) Rules,
2022
30th June 2022
Notification No. 74/2022/F. No.
370142/29/2022-TPL (Part-I)
30th June 2022
Notification No. 75/2022/F. No.
370142/29/2022-TPL (Part-I)
30th June 2022
CORRIGENDUM
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
7th June
2022
31/2022 Seeks to amend notification no. 50/2017-Customs dated 30.06.2017
extending the time period for furnishing the final Mega power project
certificate from 120 months to 156 months and extending the period of validity
of security in the form of Fixed Deposit Receipt or Bank Guarantee from 126
months to 162 months, in case of provisional mega power projects
30th June 2022
32/2022 - Seeks to exempt imports of Petroleum Crude and ATF from whole of the
additional duty of Customs leviable thereon under sub-section (1) of section 3
of the said Customs Tariff Act, as is equivalent to the Special Additional
Excise Duty.
30th June 2022
33/2022 - Seeks to increase BCD rate on Gold
30th June 2022
34/2022 - Seeks to exempt Gold imports from Social Welfare Surcharge
30th June 2022
35/2022 - Seeks to increase the rate applicable under BCD exemption on Gold
imported under replenishment scheme
30th June 2022
36/2022 - Seeks to increase BCD rate on Gold imported under TRQ of India-UAE
CEPA
30th June 2022
37/2022 - Seeks to continue the exemption from Integrated Tax and Compensation
Cess on goods imported under AA/EPCG/EOU Schemes
B. Non-Tariff
2nd
June 2022
49/2022 - Exchange rate Notification No.49/2022-Cus (NT) dated 02.06.2022.
15th
June 2022
50/2022 - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold
and Silver.
16th
June 2022
51/2022 - Exchange rate Notification No.51/2022-Cus (NT) dated 16.06.2022.
24th
June 2022
52/2022 - Customs Broker Licensing (Amendment) Regulations, 2022.
28th
June 2022
53/2022 - Exchange rate Notification No.53/2022-Cus (NT) dated 28.06.2022.
29th
June 2022
54/2022 - Exchange rate Notification No.54/2022-Cus (NT) dated 29.06.2022.
30th
June 2022
55/2022 - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold
and Silver.
30th
June 2022
56/2022 - Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018.
30th
June 2022
57/2022 - Courier Imports and Exports (Electronic Declaration and Processing),
Amendment, Regulations, 2022 for facilitating E-commerce exports of jewellery.
C. Anti - Dumping Duty
3rd June
2022
19/2022 - Seeks to extend the levy of ADD on import of Toluene Di-isocyanate
(TDI) originating in or exported from China PR, Japan and Korea RP, by amending
notification No. 3/2018-Customs (ADD) dated 23-01-2018.
8th June 2022
21/2022 - seeks to amend notification no. 45/2017-Customs(ADD) dated 18th
September, 2017 to extend the ADD on pneumatic tyres of specific specifications
from China PR upto 17th December, 2022
15th June 2022
seeks to levy anti-dumping duty on Fluoro Backsheet excluding transparent backsheet
originating in or exported from China PR for a period of five years, 2022
The Verdict
IBC: Going Concern = Assets + Liabilities
On 6th May 2022, a two-member bench of the NCLT, Mumbai held that in an insolvency proceeding, when an entity (corporate debtor) is sold as a ‘going concern’, it shall include both assets and liabilities (and not just assets without liabilities).
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
World Intellectual Property Organization: It's Related Statistics
The World Intellectual Property Rights organization (WIPO) has witnessed substantial increase in countries applying for IP registrations.
Lawtitude
ESG As a Criteria In the Corporate World: Discussing The Laws In Different Jurisdictions
ESG or Environmental, Social and Governance criteria are the new parameters that the corporate world is struggling to meet. These are basically a set of standards that tell about the social consciousness of a company rather than discussing its balance sheet. ESG is prevalent in these times due to the rising problem of climate change, environmental hazards, and other eco-system problems that are creating a negative impact on society.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Factum
Refers to a person's act and deed
Homologate
It means to approve or confirm officially
Gerrymander
It means to divide or arrange (a territorial unit) into election districts in a way that gives one political party an unfair advantage
Elisor
Refers to a judicial officer appointed to act in the stead of a sheriff when the sheriff and any other authorized official (as a coroner) are unable or unqualified to act
Infographic
The Institutes For Food
The National Institute of Food Technology, Entrepreneurship and Management Act 2021governs key institutes with the core objective of research in food technology, research and entrepreneurship and dissemination of knowledge.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
P(l)ay Day
4 Day Work – 3 Day Weekend & Pay: New Wage Code
“The” Brand
Ohio State University Trademarks “The” on its Products
(P)Review
Your regular dose of a movie, TV show and a book all based on law to keep you entertained and thinking at the same time!
Movie
Roman J Israel Esq (2017)
An American legal thriller, the movie stars the magnetic Denzel Washington and Colin Farell in key roles. Roman J Israel (Denzel) is a civil rights movement lawyer. Though idealistic and driven, courtroom room arguments / litigation is not his cup of tea. Instead, he focuses on preparing briefs, drafting documents and leaves the courtroom arguments to his partner William Jackson. Though it’s a small-time law firm, Roman enjoys his professional life and is driven to introduce the concept of plea bargaining in courts. When his partner William Jackson dies, it is upon Roman to save the small law firm which is on the verge of closing down. Around that time, Jackon’s former student George Pierce (Colin Farell), a hot shot money crazy lawyer, offer Roman a job in his firm as he is impressed by Roman’s “do-good” for the poor and downtrodden. Initially reluctant, Roman takes up the offer and is assigned to a case which eventually turns Roman’s life upside down. Professionally and personally, the case proves to be his nemesis. The movie earned Denzel Washington an Academy /Oscar and Golden Globes nomination in leading role.
Book/Novel
Judgement by Joseph Finder (2019)
The novel is a 2019 publication from the stable of Joseph Finder, a writer, regarded by Associated Press as one of the “best thriller writers in the business”.
The story revolves around Juliana Brody, a Massachusetts Judge, on the way to becoming Judge of the Highest Court. At a conference in Chicago, she meets a gentle man and ends up having a one-night stand with him. Feeling terribly guilty, she vows not to meet him again. Back home, she is surprised to find the man being an important part of a case hogging national headlines on which she is presiding as Judge. Soon she realizes she has been trapped as their one-night stand is video graphed and she is blackmailed into manipulating the judgement in the case. It is when she realizes that her life and family’s is in danger, she delivers the ultimate judgment.
TV Series
Billions (2016- 2022)
Having completed 6 seasons, some episodes are loosely based on prosecution of financial crimes and investigation undertaken by Preet Bharara, one of the most well-known Indian born American lawyer, author, podcaster and attorney in Manhattan. The series is also inspired by Eliot Spitzer, attorney and former Governor of New York.
An Investment in Knowledge Always Pays the Best Interest – Benjamin Franklin
Readers' Corner
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