Artificial Intelligence has been given importance in the Union Budget 2023-24 for the second year in a row indicating the keenness of the union government in tapping its potential.
Edition 89 • February 2023
Made in India
In its 75th year of independence, the Union government presented the budget for the year 2023-24. While the budget included several incentives for all sections of the society, one aspect that stood out was the focus given to artificial intelligence (AI).
Insights
Intellectual Property Rights (IPR) and Biodiversity
Biological diversity is the hallmark of life for living things in the modern, globalised world. It serves as the foundation for sustainable development, to use a cliché. The protection of new plant varieties, microbes, genetically modified organisms, and other things is made possible by the present intellectual property rights (IPR).
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Taxation and Online Gaming
The FM announced a consolidated 30% tax irrespective of amount earned in online gaming.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
4th January 2023
Foreign
Investment in India - Rationalisation of reporting in Single Master Form (SMF)
on FIRMS Portal
6th January 2023
Formation
of new districts in the State of Chhattisgarh – Assignment of Lead Bank
Responsibility
9th January 2023
Basel
III Capital Regulations - Eligible Credit Rating Agencies
11th January 2023
Operational
Risk Management: Price / Yield range setting in e-Kuber
13th January 2023
Formation
of new district in the State of Arunachal Pradesh – Assignment of Lead Bank
Responsibility
13th January 2023
Formation
of new district in the State of Sikkim – Assignment of Lead Bank Responsibility
16th January 2023
Master
Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting
Rights in Banking Companies) Directions, 2023
16th January 2023
Guidelines
on Acquisition and Holding of Shares or Voting Rights in Banking Companies
17th January 2023
Implementation
of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) &
Al-Qaida Sanctions List: Addition of 1 entry
23rd January 2023
Safe
Deposit Locker/Safe Custody Article Facility provided by banks
23rd January 2023
‘Fully
Accessible Route’ for Investment by Non-residents in Government Securities –
Inclusion of Sovereign Green Bonds
30th January 2023
Implementation
of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) &
Al-Qaida Sanctions List: Addition of 1 entry
Circulars
5th January 2023
Relaxation
from compliance with certain provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015
6th January 2023
Management
and advisory services by AMCs to Foreign Portfolio Investors
6th January 2023
Operational
Circular for Credit Rating Agencies
9th January 2023
Mode
of settlement for trades executed on the Request for Quote (RFQ) platform
9th January 2023
Standard
Operating Procedure for handling of Stock Exchange Outage and extension of
trading hours thereof
10th January 2023
Comprehensive
Framework on Offer for Sale (OFS) of Shares through Stock Exchange Mechanism
10th January 2023
Change
in control of Portfolio Managers providing Co-investment services
10th January 2023
Introduction
of future contracts on Corporate Bond Indices
11th January 2023
Allowing
stock exchanges to launch multiple contracts on the same commodity in commodity
derivatives segment
12th January 2023
Participation
of AIFs in Credit Default Swaps
12th January 2023
Facility
of conducting meetings of unit holders of InvITs
through Video Conferencing or Other Audio Visual means
12th January 2023
Facility
of conducting meetings of unit holders of REITs through Video Conferencing or
Other Audio-Visual means
Notifications
Nil
Circulars
Nil
Notifications
Nil
Circulars
Notifications
16th January 2023
Notification
[F.No.203/02/2022/ITA-II] / SO 270(E)
25th January 2023
Notification
No. 2/2023 [F. No. 500/PF5/S10(23FE)/FT&TR-II-Part(1)] /SO 400(E) :
Notification No. 2/2023 [F. No. 500/PF5/S10(23FE)/FT&TR-II-Part(1)] /SO
400(E)
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
13th
January 2023
01/2023 Customs - Seeks
to give effect to the first tranche of tariff concessions under India Australia
ECTA
B. Non-Tariff
4th January 2023
01/2023
Customs (NT) - Seeks to further amend Notification No. 61/94-Customs (N.T.)
dated the 21st November 1994.
5th January 2023
02/2023
Customs (NT) - Exchange rate Notification No. 02/2023-Cus (NT) dated
5.1.2023-reg
11th January 2023
03/2023
Customs (NT) - Customs (Assistance in Value Declaration of Identified Imported
Goods) Rules, 2023- Reg.
13th January 2023
Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg
19th January 2023
05/2023
Customs (NT) - Exchange rate Notification No. 05/2023-Cus (NT) dated 19.1.2023.
25th January 2023
06/2023
Customs (NT) - Presidential Award of Appreciation Certificates and Medals
announced on the occasion of Republic Day, 2023.
32st January 2023
07/2023
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver- Reg.
C. Anti -
Dumping Duty
6th
January 2023
01/2023 Customs (ADD) -
Seeks to extend levy of ADD on Fishing Net originating in or exported from
China PR
25th January 2023
02/2023 Customs (ADD) -
Seeks to amend notification No. 43/2021-Customs(ADD) regarding levy of
anti-dumping duty on Phthalic anhydride to amend the name of the producer from
"Aekyung Petrochemical Co. Ltd." to "Aekyung Chemical Co., Ltd."
The Verdict
Alternative statutory remedy under SARFAESI Act
A division bench of the Supreme Court has observed that when an alternative statutory remedy is available under an law, the High court cannot allow any party to circumvent that and directly approach the High court for relief. The bench also laid clarity on what will be considered as agricultural land under the SARFAESI Act.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Analysing the Insurance Sector of India
Knowledge of life insurance and all other kinds of insurance the word over is rapidly on the rise.
Lawtitude
The Scottish Gender Recognition Bill, 2022: From introduction to its Veto
The Scottish Gender recognition Bill 2022 which was seen as an important legislation got vetoed under section 35 of the Scotland Act 1998.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Hypothecate
It means to pledge as security without delivery of title or possession.
Indemnify
It denotes to secure against hurt, loss, or damage.
Jural
Of or relating to rights or obligations.
Keeper
One who takes care of and often is legally responsible for something
Infographic
The Crime Record
The Criminal Procedure (Identification) Act, 2022 (“Act”) enables procuring vitals like finger or footprints, handwriting excerpts etc of persons for identification in criminal investigation.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Chat(ter) bots:
Googles Bard Vs MS ChatGPT
Matrimony:
T&C (DO NOT) apply
(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
Mulk (Hindi) (2018)
Based on real life story, the movie is based on religious divide and prejudice. Murad Ali Mohammed (Rishi Kapoor) is a lawyer who lives with his extended joint family in Varanasi. The family lives harmoniously in a religiously diverse neighbourhood. Murad’s son and (Hindu) daughter in law Aarti (Taapsee Pannu), also a lawyer live abroad. His idyllic life is shattered when his nephew Shahid (Prateik Babbar) joins hands with extremists and executes a bomb blast in Allahabad. After the tragedy, the police trace it down to Shahid and shoot him dead when he tries to flee. All this, while Murad’s family is entirely ignorant of Shahid’s radicalization. However, the behaviour of the neighbours towards Murad’s family drastically changes. All Murad’s good friends turn hostile against the family. Murad’s family is branded terrorists. Determined to clear their name, Murad files a case in the Court. His daughter in late Aarti defends the family. Swimming against the tide, Aarti has to gather evidence and prove the innocence of the family at every stage starting from the lawyer who religiously biased. The closing arguments are legally and emotionally loaded. In his verdict on religious divide, the Judge says, “we should stop thinking as ‘them’ and ‘us’”. Only then the society will change.
Book/Novel
Litigators by John Grisham (2011)
The 25th novel from the master storyteller, the novel revolves around David Zinc, a Harvard law school graduate working in a high-end law firm. He is burnt out with the high pressured though well-paying job. He quits the job and in a freak decision, joins a small-time Chicago law firm with two partners. The Law firm is planning to strike gold with a class action suit against a pharma giant which manufactures a drug that supposedly reduces cholesterol levels. David decides to take up the case, only to find that the pharmaceutical company is being represented by his former employer. how the case unfolds forms the rest of the novel.
TV Series
Legal High (Korean) (2019)
A Koran legal series based on a 2012 Japanese series by the same name, the series centres around two lawyers who are chalk and cheese. Go Tae Rim is a haughty lawyer who has never lost a case and wins cases in all possible ways, Seo Jae is a righteous lawyer who goes by justice and ethics. Despite their contrasting nature, the two work together on several cases.
A law is valuable not because it is a law, but because there is right in it – Henry Ward Beecher
Readers' Corner
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