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Edition 73 • October 2021

Resilience Thy Name

The Covid case numbers seem to be declining in India. Post Dussehra, a whopping 97.6 Crore Covid vaccine doses have been administered. 28.1 Crores have been fully vaccinated. India has begun using commercial drones to deliver vaccines to remote areas. Even as the vaccination program for those above 18 is on at breakneck speed, the central government is in the final stages of discussion with pharma giant Zydus Cadila for Covid vaccine for the most vulnerable section - children.

Covid Combat

COVID’s Little Troopers

The Central government is in talks with Zydus Cadila Pharma and is hopeful of procuring vaccination for children. This is significant in view of an impending “third wave” which is likely to affect the “unvaccinated and vulnerable”. So far children in India below the age of 18 have not got a single dose of vaccination. 

The Covid19 pandemic ravaged the world. No one was spared. There were heroes who rose up to the occasion, taking the invisible enemy head on. Doctors, paramedical staff, police, armed forces, government and noble intentioned people volunteers fought relentlessly against the aggressive mutant virus.

However, children remained silent victims of the Covid19 pandemic. Time and again their resilience has been put to test, their psychological impact has been a talking point. While family time became the norm in the initial phase of the pandemic, their lives took a 360 degree turn in the last one and half years.

Schools became online. Extracurricular activities – from dance and music to drawing and coding were taught remotely. Children have been cooped up in their homes bringing their social development to a near standstill. A sense of fear instilled in them due to the unseen. The parents’ socio economic anxiety / stress only added to it. Yet, they seem to have adapted to the new “normal” and continue to go about their academics and extracurriculars only peppered with increased internet, TV and gaming time.

In order to bridge the learning disruption due to non-accessibility of internet and technology, good hearted Samaritans world over took initiatives in keeping children engaged well, especially in rural areas.

A teacher-student duo in Madhya Pradesh started a “Library on wheels” initiative. They would carry books on their two wheeler and travel into nearby interior villages and help children stay connected with reading / learning while educating them about the virus. 

A teenager in Gujarat developed a simple learning app in Gujarati language to bridge the learning gap for rural children studying in native language. It is free and easily accessible.  

Several volunteers individually and collectively offered to procure smart phones and recharge such phones with currency and data to ensure continuous learning for the children.

A county in Virginia built 12 trailers with solar powered wi-fi hotspots and parked these trailers in and around schools and areas with minimal net connectivity.  These hotspots enables children to access online classes with ease.

The above stories reiterate that children are not only victims but warriors at the same time. 

Insights

Pharma: The Bitter Taste of Its Medicine

The Covid19 pandemic impacted industries all over the world. The pharma industry was no exception. In fact, in 2021, input costs in the pharma industry have seen such a steep increase that drug manufacturers, especially in the small and medium space are finding it hard to survive.   

In light of this, an insight into the dynamics that go into manufacturing medicines / drugs. 

What's Brewing

Success Fee: The Price For Insolvency Resolution?

In September 2021, the Principal Bench of the National Company Law Appellate Tribunal (NCLAT) expressed concern on the growing instances of ‘success fee’ being charged by resolution professional(s) on successful completion of the resolution process.   

This observation was made while disposing off the appeal filed before the NCLAT by Mr. Jayesh Sanghrajka, the resolution professional (RP) of Ariisto Developers Private Limited. (Company Appeal (AT) (Insolvency) No. 392 of 2021).

Circulars & Notifications

Learn about this month’s circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.

Notifications

September 07, 2021
Tokenisation – Card Transactions: Permitting Card-on-File Tokenisation (CoFT) Services

September 08, 2021
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021

September 09, 2021
Large Exposures Framework – Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office

September 13, 2021
Application for Aadhaar e-KYC Authentication Licence

September 13, 2021
Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Deletion of one entry

September 16, 2021
Master Direction – Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021

September 20, 2021
Master Circular on Investments by Primary (Urban) Co-operative Banks

September 24, 2021
Master Direction – Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021

September 24, 2021
Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021

September 28, 2021
Use of any Alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions

September 30, 2021
Exim Bank's Government of India supported Line of Credit (LoC) of USD 15 million to the Government of the Republic of Sierra Leone

September 30, 2021
Exim Bank's Government of India supported Line of Credit (LoC) of USD 100 million to the Government of Democratic Socialist Republic of Sri Lanka

Circulars

Nil

Circulars

September 01, 2021
Revised guidelines for Liquidity Enhancement Scheme in the Equity Cash and Equity Derivatives Segments

September 02, 2021
Alignment of interest of Asset Management Companies (‘AMCs’) with the Unitholders of the Mutual Fund Schemes

September 02, 2021
Amendment to SEBI Circular SEBI/HO/DMS/CIR/P/2017/15 dated February 23, 2017 on Amendment pursuant to comprehensive review of Investor Grievance Redressal Mechanism

September 07, 2021
Position Limits for Currency Derivatives Contracts

September 07, 2021
Introduction of T+1 rolling settlement on an optional basis

September 20, 2021
Clarifications with respect to Circular dated April 28, 2021 on ‘ Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes’

September 27, 2021
Risk Management Framework (RMF) for Mutual Funds

September 29, 2021
Circular on Swing pricing framework for mutual fund schemes

September 30, 2021
Guidelines for Investment Advisers – Extension of timelines

Notifications

September 07, 2021
Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007- NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination

September 07, 2021
Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007- NISM-Series-XXI-B: Portfolio Managers Certification Examination

Income Tax Notifications

September 01, 2021
Constitution of Board for advance Rulings under the Section 245-OB Income Tax Act, 1961

September 01, 2021
Notification of the appointed date to give effect to the amendments made by the Finance Act, 2021 to the chapter XIX-B of the Income Tax Act, 1961

September 02, 2021
Central Government notifies the meaning of specified bank

September 02, 2021
Income Tax (26th Amendment) Rules, 2021

September 02, 2021
Central Government notifies Real estate regulatory authority for the purposes of Section 10(46) of the Income Tax Act, 1961

September 06, 2021
Amendment to Rule 14 of the Income Tax Rules

September 10, 2021
The Central Government notifies District mineral foundation trust for the purposes of section (46) of the Income Tax Act, 1961

September 10, 2021
Central Government notifies the transfer of capital asset under plan approved by the Central Government from Air India limited to Air India Assets holding Limited with effect from 01.04.2022

September 10, 2021
Income Tax (28th Amendment) Rules, 2021

September 10, 2021
Central Government Notifies no deduction of Tax for transfer of immovable property fron Air India Limited under section 194-IA of the Income tax Act, 1961.

September 10, 2021
Central Government specifies that the Air India Limited shall not be considered as buyer for the purpose of Sub-Section (1) of Section 194Q of the Income Tax Act, 1961

September 10, 2021
Central Government specifies that the Air India Limited shall not be considered as Seller for the purpose of Sub-Section (1H) of Section 206C of the Income Tax Act, 1961

September 13, 2021
Income Tax (29th Amendment) Rules, 2021

September 16, 2021
The Central Government hereby specifies the pension fund, namely, the 2452991 Ontario Limited, (hereinafter referred to as ―the assessee‖) as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024

September 16, 2021
The Central Government hereby specifies the pension fund, namely, the 276522 Ontario Limited, (hereinafter referred to as ―the assessee‖) as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024

September 17, 2021
The Central Government hereby notifies that no deduction of tax shall be made on the following payment under section 194A of the said Act, namely payment in the nature of interest, other than interest on securities, made by a scheduled bank (hereinafter the “payer”) located in a specified area, to a member of Scheduled Tribe (hereinafter the “receiver”) residing in any specified area, as referred to in clause (26) of section 10 of the Income Tax Act,1961

September 17, 2021
The Central Government, for the purposes of Section 3(1) of the Income Tax Act, 2021 prescribes the extension of time limits under Income-tax Act, 1961 and Prohibition of Benami Property Transaction Act, 1988,

September 20, 2021
The Central Government specifies the pension fund, namely, the BCI IRR India Holdings Inc., as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024

September 20, 2021
The Central Government for the purposes of Section 10(46) of the Income Tax Act, 1961 notifies ‘Gujarat Electricity Regulatory Commission’, Gandhinagar (PAN AAAAG0638C), in respect of specified income arising to the commission

September 24, 2021
Income Tax (30th Amendment) Rules, 2021

Income Tax Circulars

September 09, 2021
Extension of time lines for filing of Income-tax returns and various reports of audit for the assessment year 2021-22- reg.

(A) Central Tax Notifications

September 24, 2021
Seeks to make amendments (Eighth Amendment, 2021) to the CGST Rules, 2017.

September 24, 2021
Seeks to amend Notification No. 03/2021 dated 23.02.2021.

(B) Central Tax (Rate)

September 30, 2021
Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 45th meeting held on 17.09.2021.

September 30, 2021
Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to implement recommendations made by GST Council in its 45th meeting held on 17.09.2021.

September 30, 2021
Seeks to amend notification No. 1/2017- Central Tax (Rate)

September 30, 2021
Seeks to amend notification No. 2/2017- Central Tax (Rate)

September 30, 2021
Seeks to amend notification No. 4/2017- Central Tax (Rate)

September 30, 2021
Seeks to amend notification No. 39/2017- Central Tax (Rate)

September 30, 2021
Seeks to exempt CGST on specified medicines used in COVID-19, up to 31st December, 2021

(C) Integrated Tax (Rate) Notifications

September 30, 2021
Seeks to amend notification No. 08/2017- Integrated Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 45th meeting held on 17.09.2021

September 30, 2021
Seeks to amend notification No. 09/2017- Integrated Tax (Rate) so as to implement recommendations made by GST Council in its 45th meeting held on 17.09.2021.

September 30, 2021
Seeks to amend notification No. 1/2017- Integrated Tax (Rate)

September 30, 2021
Seeks to amend notification No. 2/2017- Integrated Tax (Rate)

September 30, 2021
Seeks to amend notification No. 4/2017- Integrated Tax (Rate)

September 30, 2021
Seeks to amend notification No. 40/2017- Integrated Tax (Rate)

September 30, 2021
Seeks to exempt CGST on specified medicines used in COVID-19, up to 31st December, 2021

(D) Union Territory Tax (Rate)

September 30, 2021
Seeks to amend notification No. 11/2017- Union Territory Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 45th meeting held on 17.09.2021.

September 30, 2021
Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to implement recommendations made by GST Council in its 45th meeting held on 17.09.2021.

September 30, 2021
Seeks to amend notification No. 1/2017- Union territory Tax (Rate)

September 30, 2021
Seeks to amend notification No. 2/2017- Union territory Tax (Rate)

September 30, 2021
Seeks to amend notification No. 4/2017- Union territory Tax (Rate)

September 30, 2021
Seeks to amend notification No. 39/2017- Union territory Tax (Rate)

September 30, 2021
Seeks to exempt CGST on specified medicines used in COVID-19, up to 31st December, 2021

(E) Compensation Cess (Rate)

September 30, 2021
Seeks to amend notification No. 1/2017- Compensation Cess (Rate)

(F) Circulars

September 06, 2021
Clarification regarding extension of time limit to apply for revocation of cancellation of registration in view of Notification No. 34/2021-Central Tax dated 29th August, 2021

September 20, 2021
Clarification on doubts related to scope of “Intermediary”

September 20, 2021
Clarification in respect of certain GST related issues

Corrigendum

Corrigendum to Circular No. 160/16/2021-GST

September 20, 2021
Clarification relating to export of services-condition (v) of section 2(6) of the IGST Act 2017

September 25, 2021
Clarification in respect of refund of tax specified in section 77(1) of the CGST Act and section 19(1) of the IGST Act.

Tariff Notifications

September 10, 2021
Seeks to amend the notification No. 50/ 2017 -Customs dated 30.06.2017 and notification No. dated 11/2021 dated 01.02.2021 in order to reduce and rationalise the import duties on Palm, Sunflower and Soya-bean oils

September 10, 2021
Seeks to rescind the notification No. 34/2021- Customs dated 29.06.2021.

September 17, 2021
Seeks to amend the BCD rate on Lentils (Masur) [0713 40 00], originating in or exported from USA.

September 29, 2021
Seeks to exempt COVID-19 vaccines from basic Custom duty till 31st December, 2021.

September 30, 2021
Seeks to implement GST Council recommendation on IGST on imports related to Spinal Muscular Atrophy disease, etc, as well Condition No. 102 pertaining to Services

September 30, 2021
Seeks to implement GST Council recommendation on IGST on imports related to goods from Antarctica and Border haats.

Non – Tariff Notifications

September 02, 2021
Exchange rates Notification No.71/2021-Cus (NT) dated 02.09.2021

September 08, 2021
Appointment of CAA by Pr. DGRI

September 09, 2021
Appointment of CAA by Pr. DGRI

September 13, 2021
Amendment in the Notification No. 61/94-Cus. (N.T.), dated 21-11-1994

September 15, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

September 16, 2021
Exchange rates Notification No.74/2021-Cus (NT) dated 16.9.2021

September 20, 2021
Appointment of CAA by Pr. DGRI.

September 23, 2021
Seeks to notify t he Electronic Duty Credit Ledger Regulations, 2021

September 23, 2021
Seeks to notify the manner to issue duty credit for goods exported under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP).

September 24, 2021
Seeks to notify the manner to issue duty credit for goods exported under the continuation of Scheme for Rebate of State and Central Taxes and Levies (RoSCTL)

September 30, 2021
Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018.

September 30, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver - Reg.

Anti Dumping Duty

September 14, 2021
Seeks to amend Notification No. 54/2017 -Customs(ADD) dated 17.11.2017 regarding levy of anti-dumping duty on Certain Rubber Chemicals to amend the name of exporter from "Solutia Europe SPRL/BVBA, Belgium” to “Solutia Europe BV”.

September 16, 2021
Seeks to levy anti-dumpnig duty on imports of 'Aluminium foil' originating in or exported from China PR, Malaysia, Thailand, Indonesia for a period of five years.

September 22, 2021
Seeks to rescind Notification No. 11/2016-Customs(ADD) dated 29th March, 2016.

September 29, 2021
Seeks to amend Notification No. 49/2017-Customs(ADD) dated 17th October, 2017 to extend the levy of ADD on 'Colour coated/pre-painted flat products of alloy or non-alloy steel' from China PR and EU up to 31st March, 2022.

September 30, 2021
Seeks to Seeks to amend notification No. No. 29/2017-Customs (ADD), dated the 14th June, 2017 to extend levy of anti-dumping duty on “Glazed/Unglazed Porcelain/Vitrified tiles in polished or unpolished finish with less than 3% water absorption” from China PR upto 28th February, 2022

September 30, 2021
Seeks to Seeks to amend notification No. 54/2018 – Customs (ADD) dated 18th October, 2018 so as to extend the temporary revocation of the operation of the said notification up to 31st January, 2022.

September 30, 2021
Seeks to Seeks to amend notification No. 38/2019 – Customs (ADD) dated 25th September, 2019 so as to extend the temporary revocation of the operation of the said notification up to 31st January, 2022.

September 30, 2021
Seeks to amend notification No. 16/2020 Customs (ADD), dated the 23rd June, 2020 so as to extend the temporary revocation of the operation of the said notification up to 31st January, 2022.

Countervailing Duty

September 24, 2021
Seeks to impose countervailing duty on “Aluminium Wire in coil form/Wire Rod in coil form having diameter ranging from 9 mm to 13 mm" exported from Malaysia for a period of 5 years.

September 30, 2021
Seeks to amend notification No. 01/2017 – Customs (CVD) dated 7th September, 2017 so as to extend the temporary revocation of the operation of the said notification up to 31st January, 2022.

Circulars

September 24, 2021
Easing container availability for export cargo - reg.

September 30, 2021
Rebate of State and Central Taxes and Levies (RoSCTL) Scheme on export of apparel/garments/made-ups w.e.f. 01.01.2021.

September 30, 2021
Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) w.e.f. 01.01.2021.

Instructions

September 10, 2021
Easing availability of containers for exporters

The Verdict

Admission Of Signature On Cheque = Presumption Under NI Act

On 23rd September 2021, a three Judge bench comprising Chief Justice of India NV Ramana, Justices Surya Kant and AS Bopanna ruled that if a signature on the cheque is admitted, a presumption shall be raised under section 139 that the cheque was issued in discharge of the debt or liability.  

A look at the highlights of the case / judgment that has a bearing on everybody.

Go Figure

Statistics Related To Competition Commission Of India

The Competition Act, 2002 was enacted in India to ensure that no one entity or organization can have an adverse impact on competition by being in a dominant position. Go Figure the statistics on cases relating to interpretation of Sections 3 & 4 of the Act.
Lawtitude

Artificial Intelligence Changing The Courtroom Dynamics

John McCarthy, who is known as the father of artificial intelligence has defined artificial intelligence as ‘science and engineering of making intelligent machines’ where intelligence is the computational part of the ability to achieve goals in the world. Artificial intelligence which is growing each day has now fully entered the region of the judicial system. Different jurisdictions are adopting the tools run on artificial intelligence so that they can make their justice system effective, objective, fast, and superior.

Uberrima fides

It means with utmost or ultimate or perfect good faith

Waiver

The act of intentionally relinquishing or abandoning a known right, claim, or privilege

Yield

To produce as return from an expenditure or investment - furnish as profit or interest

Volenti non fit injuria

The term is used as a common-law maxim to express the principle that one is not injured when a risk is voluntarily assumed

Infographic

Legally Aiding The Marine Aids

The Marine Aids to Navigation Bill 2021 is a legislation enacted to implement global best practices and technology in the field of marine aids to navigation.

Lawlipop

Important legal and other news having a bearing on society depicted in a fun quirky way!

PAN “in”voice w.e.f 01.10.2021

Mandatory to include PAN No. on the invoice

“Cut” a sorry figure

Star hotel ordered to pay 2 Cr compensation for bad hair cut

(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

Pink (2016)

In a first, an Indian (Hindi) film is being featured. A legal thriller with intense courtroom scenes, the movie has an ensemble cast spearheaded by the brilliant Amitabh Bachchan, Piyush Mishra, Taapsee Pannu, Kriti Kulhari, Andrea Tariang, Angad Bedi and others in pivotal roles. 

Minal (Taapsee), Falak (Kriti) and Andrea (Andrea) are three working women who live together in Delhi. They attend a rock concert one night and meet three men – affluent and politically influential Rajveer (Angad) and his friends Ankit (Vijay) and Vishwa (Tushar) who invite them for dinner and drinks. In the resort, a scuffle breaks out and Minal assaults Rajveer with a bottle. After fleeing from the scene, the girls head home. Though disturbed, they put it behind them and try to move on. 

However, Deepak Sehgal an old man in their neighbourhood senses something amiss with the women. The girls are threatened by Rajveer’s friends to keep mum on the issue and not report to police. Minal is also kidnapped, threatened and molested in a moving car. Deepak witnesses it but is unable to do anything. Immediately after this incident, Minal is arrested on charges of being a prostitute and assaulting Rajveer for his refusal to “pay” for physical relationship. It is then that Deepak Sehgal, a retired lawyer, talks to the other two girls and convinces them to file a case in the court. He procures bail for Minal. Then the gripping courtroom drama begins.

In the course of the arguments, Rajveer’s lawyer Piyush Mehra (Prashant Mehra) leaves no stone unturned to prove that the women are characterless.  He argues that they were prostitutes who enticed the men and assaulted Rajveer when he refused to yield to their demands.

In the course of the arguments, Minal’s   lawyer Deepak makes some subtle yet powerful observations about the stereotypes that women are subjected to. They are judged harshly by their choice of clothes, friends, social life and habits. Ironically, the same yardstick is not applicable to men! Deepak’s examination of Rajveer is intense. At a point Rajveer breaks and in a fit of rage says the women got what they deserved.

Based on this and other evidence, the men are charged and women are acquitted. The closing arguments of Deepak Sehgal is poignant yet hard hitting – the word “NO” is a sentence in itself and does not require any further explanation. When a woman say “no” it means “NO” be it a lover, prostitute or a wife. 

The movie was critically acclaimed having won several prestigious awards including the National award for best film on social issues.

A must watch for the courtroom scenes and the powerful message on gender equality.

Book/Novel

The Legal Limit by Martin Clark (2008)

Gates Hunt and Mason Hunt are brothers who grow up in impoverished conditions with an abusive father in rural Virginia. While Gates ends up becoming a habitual felon, Mason escapes the hell and earns himself a legal degree becoming a successful lawyer and an ideal beautiful family. Mason is appointed the Common Wealth’s attorney to his hometown in Virginia. 

Gates is imprisoned for selling cocaine to a cop. Sensing his long drawn prison term, Gates forces Mason to use his legal influence in bringing him out. Threatening to implicate him in a secret that only the brothers know, Gates says he will implicate Mason in a crime which will spell doom to Mason work and family. Mason must trade all he has – morality, familial relations, law and its loopholes in dealing with this situation. 

A must read from legal novelist cum Patrick County Court Judge Martin Clark who has intelligently and funnily woven his experience in dealing with law and its intricacies.     

TV Series

Criminal Justice (British TV Series)

Telecast as a set of 5episodes each in 2008 and 2009, the TV series was first telecast on BBC and then remade into a HBO mini-series. 

In the first set of 5 episodes, a young man who is out one night partying drinking and consuming drugs, is accused of a murder of which he has no remembrance of.  The second set of 5 episodes deals with a woman in a troubled marriage accused of murdering her husband.     

The series deals with an innocent individual’s journey through the justice systems. The series was remade in India (Hindi / English) for OTT viewing and garnered rave reviews.  

It is impossible to tell where the law stops and justice begins - Arthur Baer

Readers' Corner

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