The 2021 amendment which became effective from 1st April 2023 mandates audit trail to be included as part of maintenance of books of accounts for all companies.
Edition 92 • May 2023
Trials and Tribulations
May. Arguably the hottest month of the year across the country. The woes of people in summer must be seen to be believed. Similarly, is the case with one an amendment in 2021 which became effective in the latest financial year. The introduction of mandatory audit trail while maintaining books of accounts.
Insights
Interface and Conflict Geographical Indication and Trade Mark
There are growing instance of geographical indication tags and trademarks conflicting one another.
Tête-à-tête
Live in relationships are considered ‘in the nature’ of marriage and hence legal rights are being debated.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Practicing Professionals Under Money Laundering Law
CAs, CSs and CWAs have been brought under the ambit of Prevention of Money Laundering Act 2002 (PMLA).
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
17th April 2023
Companies
(Removal of Names of Companies from the Register of Companies) Amendment Rules,
2023
Notifications
Nil
Circulars
1st April 2023
Master
Circular on Credit Facilities to Minority Communities - (Financial Inclusion
and Development)
1st April 2023
Master
Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes
(STs) – (Financial Inclusion and Development)
1st April 2023
Master
Circular on SHG-Bank Linkage Programme - (Financial Inclusion and Development)
1st April 2023
Master
Circular - Guarantees and Co-acceptances – (Commercial Banking)
1st April 2023
Master
Circular - Guarantees, Co-Acceptances & Letters of Credit – UCBs –
(Co-operative Banking)
3rd April 2023
Master
Circular - Asset Reconstruction Companies (Non-banking)
3rd April 2023
Master
Circular – Lead Bank Scheme – (Financial Inclusion and Development)
3rd April 2023
Master
Circular – Housing Finance – (Commercial Banking)
3rd April 2023
Master
Circular - Bank Finance to Non-Banking Financial Companies (NBFCs) –
(Commercial Banking)
3rd April 2023
Master
Circular - Disbursement of Government Pension by Agency Banks – (Banker and
Debt Manager to Government)
11th April 2023
Master
Circular - Housing Finance for UCBs – (Co-operative Banking)
20th April 2023
Master
Circular- Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative
Banks (UCBs) – (Co-operative Banking)
26th April 2023
Master
Circular – Deendayal Antyodaya Yojana - National
Rural Livelihoods Mission (DAY-NRLM) – (Financial Inclusion and Development)
Notifications
24th April 2023
Provisioning
for standard assets by primary (Urban) co-operative banks – revised norms under
four-tiered regulatory framework
25th April 2023
General
Credit Card (GCC) Facility – Review
26th April 2023
Remittances
to International Financial Services Centres (IFSCs) under the Liberalised
Remittance Scheme (LRS)
26th April 2023
Merger
of Districts in the state of Assam – Assignment of Lead Bank Responsibility
27th April 2023
Implementation
of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) &
Al-Qaida Sanctions List: Addition of two entries
27th April 2023
Amendment
to the Master Direction (MD) on KYC
Circulars
5th April 2023
Advertisement
code for Investment Advisers (IA) and Research Analysts (RA)
6th April 2023
Usage
of brand name/trade name by Investment Advisers (IA) and Research Analysts (RA)
10th April 2023
Guidelines
with respect to excusing or excluding an investor from an investment of AIF
10th April 2023
Direct
plan for schemes of Alternative Investment Funds (AIFs) and trail model for
distribution commission in AIFs
11th April 2023
Formulation
of price bands for the first day of trading pursuant to Initial Public Offering
(IPO), re-listing etc. in normal trading session
17th April 2023
Dispute
Resolution Mechanism for Limited Purpose Clearing Corporation (LPCC)
20th April 2023
Issue
of Master Circular by Stock Exchanges, Clearing Corporations and Depositories
21st April 2023
Procedure
for seeking prior approval for change in control of Vault Managers
25th April 2023
Bank
Guarantees (BGs) created out of clients’ funds
25th April 2023
Modifications
in the requirement of filing of Offer Documents by Mutual Funds
27th April 2023
Master
Circular for Custodians
Notifications
Nil
Circulars
Nil
Notifications
Nil
Circulars
5th April 2023
Notifications
1st April 2023
6th April 2023
10th April 2023
10th April 2023
10th April 2023
10th April 2023
Notification
No. 21/2023 [F.No.370142/5/2023-TPL] / SO 1692(E)
17th April 2023
21st April 2023
Circulars
Nil
Notifications
Nil
Circulars
11th April 2023
10/2023
- Online filing of AEO-LO application
Notifications
A. Tariff
1st
April 2023
21/2023-Customs -
Regarding implementation of Advance Authorisation Scheme under Foreign Trade
Policy, 2023
1st April 2023
22/2023-Customs -
Regarding implementation of Advance Authorisation Scheme for deemed export
under Foreign Trade Policy, 2023, 2023
1st April 2023
23/2023-Customs -
Regarding implementation of Advance Authorisation Scheme for annual requirement
under Foreign Trade Policy, 2023, 2023
1st April 2023
24/2023-Customs -
Regarding implementation of Advance Authorisation Scheme for export of
prohibited goods under Foreign Trade Policy, 2023
1st April 2023
5/2023-Customs -
Regarding implementation of Advance Authorisation Scheme for export of
prohibited goods under Foreign Trade Policy, 2023
1st April 2023
26/2023 – Customs -
Regarding implementation of EPCG Scheme under Foreign Trade Policy, 2023
1st April 2023
27/2023 Customs -
Regarding Exemption for import of fabrics under Special Advance Authorization Scheme
under para 4.04A of Foreign Trade Policy, 2023 for manufacture and export of
garments.
1st April 2023
28/2023 Customs - Seeks
to amend Notifications of G&J and EOU schemes-reg, 2023
3rd April 2023
29/2023 Customs -
Amendment to Notification 40/2015 - Customs dated 21.07.2015.
10th April 2023
30/2023 Customs - Seeks
to amend notification No. 55/2022- Customs, dated 31.10.2022, in order to
exempt Rice in the husk (paddy or rough), of seed quality, from export duty of
20%
20th April 2023
31/2023 Customs - Seeks
to further amend notification No. 55/2022- Customs, dated 31.10.2022, in order
to notify Nepalgunj road as an additional LCS against condition number 1.
26th April 2023
32/2023 Customs -
Amending Customs Notifications to implement the "Amnesty Scheme for one
time settlement of default in export obligation by Advance and EPCG
authorization holders" notified by DGFT
27th April 2023
33/2023 Customs - Seeks
to amend notification Nos. 11/2022-Customs and 12/2022-Customs dated 01.02.2022
with respect to PMP of wearable and hearable devices
29th April 2023
34/2023 Customs - Seeks
to amend various electronics related notifications in order to align the HS
Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023
29th April 2023
35/2023 Customs - Seeks
to amend 50/2017-Customs in order to align the HS Codes of the said
notifications with the Finance Act, 2023, w.e.f. 01.05.2023
29th April 2023
36/2023 Customs - Seeks
to amend the various Customs Tariff notifications in order to align the HS
Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023
B. Non-Tariff
1st April 2023
24/2023-Customs
(NT) - Regarding the manner of issue of duty credit for goods exported under
the RoDTEP Scheme under Foreign Trade Policy, 2023
1st April 2023
25/2023
Customs (NT) - Regarding the manner of issue of duty credit for goods exported
under the RoSCTL Scheme under Foreign Trade Policy,
2023
6th April 2023
26/2023
Customs (NT) - Exchange rate Notification No. 26/2023-Cus (NT) dated
06.04.2023-reg
10th April 2023
27/2023
Customs (NT) - Amendment to Notification No. 12/97-Customs (N.T.) dated 02.04.1997.
13th April 2023
28/2023
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver- Reg.
20th April 2023
29/2023
Customs (NT) - Exchange rate Notification No. 29/2023-Cus (NT) dated
20.04.2023-reg
26th April 2023
30/2023
Customs (NT) - Amendment of Notification No.19/2022 Customs (NT) dated
30.03.2022
26th April 2023
31/2023
Customs (NT) - Amendment of Notification No.18/2023 Customs (NT) dated
30.03.2023
28th April 2023
32/2023
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver
C. Anti Dumping Duty
6th April 2023
Customs
(ADD) - Seeks to extend levy of ADD on Fishing Net originating in or exported
from China PR
10th April 2023
Customs
(ADD) - Seeks to impose definitive anti-dumping duty on imports of "Ursodeoxycholic Acid (UDCA)" originating in or
exported from China PR and Korea RP for a period of 5 Years.
19th April 2023
Customs
(ADD) - Seeks to levy ADD on imports of "Vinyl Tiles other than in roll or
sheet form" originating in or exported from China PR, Taiwan and Vietnam
The Verdict
Online Fraud and Claim of Victim
Based on documentary evidence, a State Consumer dispute redressal Commission ordered payment of compensation to the customer of a bank for suffering fraudulent online transaction of which he had no knowledge of.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
India Justice Report 2022 at a Glance
The presence of women in law enforcement agencies is slowly on the rise.
Lawtitude
Mail-order Bride Industry: a Soft Version of Human Trafficking
Bride shopping has become a subtle way of human trafficking internationally.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Testament
An act by which a person determines the disposition of his or her property after death
Usufruct
The right to the use and enjoyment of another's property and its profits
Vend
To dispose of something by sale
Wiretapping
Interception of the contents of communication through a secret connection to the telephone line of one whose conversations are to be monitored usually for purposes of criminal investigation by law enforcement officers
Infographic
Our Rich and Regulated Aqua
The Coastal Aquaculture Authority Act, 2005 was enacted to regulate activities connected with coastal aquaculture.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Br(AI)n: Decoding ‘gist’ of human thought
Beyond salvation? SC can dissolve marriage without 6 months waiting period
(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
Jana Gana Mana (Malayalam) (2022)
Professor Saba Mariyam (Mamta Mohandas) is young, socially active and popular amongst her students. When her burnt body is found on the outskirts of Ramanagaram it sparks widespread protests across the state. Police suppress the protests and this further outrage the youth. Sensing political trouble, the state government appoints senior police officer Sajjan Kumar (Suraj Venjaramoodu) to investigate the incident. Even as he zeroes in on the culprits, he is abruptly taken off the case due to political interference. To ensure that the criminals do not go free, Sajjan kills them in an encounter. Facing trial for taking law into his own hands, Sajjan must defend himself. Defending him is Advocate Aravind Swaminathan, portrayed by the brilliant and intense Prithviraj Sukumaran, an emotionally scarred righteous lawyer who slowly and legally uncovers the case only to expose the real perpetrator of the case and the real vigilante.
Book/Novel
With prejudice by Robin Peguero (2022)
The debut novel from Harvard educated lawyer serving in the U.S government, the novel is a courtroom thriller. When Melina Mora is found murdered, Gabriel Soto, the person she was last seen with is arrested on charge of murdering her. Sandy Grunwald, a young and politically ambitious prosecutor’s future depends on this conviction. She is pitted against Jordan Whipple defending the case who discovers an explosive truth. The truth however, meanders through the lawyers, presiding Judge and most importantly the jury – members from various walks of life who would have otherwise not met. The mind set, experience, skills, prejudices and opinions of the jury members make this a psychological court room thriller.
TV Series
Miss Hammurabi (2018)
A Korean courtroom series that delves into the lives and personality of Judges – from a righteous and empathetic young rookie Judge to a seasoned senior judge who knows all about law and everything else.
It takes courage to originate, not imitate - Unknown
Readers' Corner
Write to us with your questions
Write to subathra@akmllp.com and get featured in our next edition with responses from our experts
