Ed-76-Snippets_V01.png
Edition 76 • January 2022

Change is Evolution

We are a month into another new year 2022. Omicron variant of the Covid19 virus has replaced the Delta variant. Pandemic fatigue seems to have set in as the “new normal” has actually become “normal” with people chasing livelihoods and survival.

Mumbai Office Inauguration - January 15th

Growth is change. Change is evolution. At AKM, we are constantly evolving. Taking our next step, we are happy to share that the AKM LLP has opened its latest office in Mumbai. the office was inaugurated virtually in compliance with the government Covid safety measures. The LLP shall continue its endeavour to make a mark in the financial capital of the country by rendering quality professional services while retaining its core values.

Insights

Continuing Covid = Extension Of Limitation Period

The Supreme Court took suo motu cognizance of the third wave of the Omicron induced pandemic and extended the limitation period for filing / appealing cases under general and special laws across the country.

Tête-à-tête

The Prohibition of Child Marriage (Amendment) Bill 2021 proposed to amend the marriageable age of females from 18 years to 21 years.

What's Brewing

The Right to be Forgotten

There is consistent demand to include the right to be forgotten as part of the fundamental right to privacy.

Circulars & Notifications

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

Circulars

December 02, 2021
Publishing Investor Charter and disclosure of Investor Complaints by Stock Brokers on their websites

December 09, 2021
Transaction in Corporate Bonds through Request for Quote platform by Portfolio Management Services (PMS)

December 10, 2021
Clarification regarding amendment to SEBI (Portfolio Managers) Regulations,2020

December 10, 2021
Circular on Mutual Funds

December 10, 2021
Publishing Investor Charter and Disclosure of complaints by AIFs

December 10, 2021
Circular on Investor Charter and disclosure of Investor Complaints by Mutual funds on their websites and AMFI website

December 10, 2021
Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites

December 13, 2021
Publishing of Investor Charter and disclosure of Investor Complaints by Research Analysts on their websites/mobile applications

December 13, 2021
Publishing of Investor Charter and disclosure of Investor Complaints by Investment Advisers on their websites / mobile applications

December 14, 2021
Clarifications with respect to Circular dated November 03, 2021, on ‘Common and simplified norms for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination’

December 16, 2021
Publishing Investor Charter and Disclosure of Investor Complaints by Merchant Bankers on their Websites for private placement of units by InvITs proposed to be listed

December 16, 2021
Cut-off Time for generation of last Risk Parameter File (RPF) for client’s margin collection purpose and modification in framework to enable verification of upfront collection of margins from clients in commodity derivatives segment

December 17, 2021
Revision to Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper

December 17, 2021
Publishing of Investor Charter and Disclosure of Complaints by Custodians and DDPs on their websites

December 17, 2021
Revised Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper

December 21, 2021
Portfolio Management Services for Accredited Investors

December 21, 2021
Investment Advisory Services for Accredited Investors

December 22, 2021
Extension of facility for conducting annual meeting and other meetings of Unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual means (OAVM)

December 22, 2021
Restoration of relaxed timelines w.r.t. validity of observation letter pertaining to Mutual Funds

December 29, 2021
Non-compliance with provisions related to continuous disclosures

December 30, 2021
Extension of timeline for modified reporting requirements for AIFs

Notifications

December 24, 2021
Notification under the Securities Contracts (Regulation) Act, 1956

Circulars

Nil

Notifications

Nil

Income Tax Notifications

December 06, 2021
The Central Government hereby specifies the Jeevan Akshay-VII Plan of the Life Insurance Corporation of India, as filed by that Corporation with the Insurance Regulatory and Development Authority, as the annuity plan of the Life Insurance Corporation of India for the purposes of clause (xii) of sub-section (2) of Section 80C of the Income-tax Act, 1961 (43 of 1961)for the assessment year 2021-22 and subsequent years.

December 08, 2021
Protocol amending the Agreement between the Government of the Republic of India and the Government of the Kyrgyz Republic for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with respect to taxes on income signed at New Delhi on 13th April, 1999.

December 10, 2021
Income-tax (33rd Amendment) Rules, 2021

December 13, 2021
The e-Verification Scheme, 2021

December 27, 2021
Income-tax (34th Amendment) Rules, 2021.

December 28, 2021
Faceless Appeal Scheme, 2021.

December 29, 2021
Income-tax (35th Amendment) Rules, 2021.

December 29, 2021
Central Board of Direct Taxes (hereinafter referred to as the Board) hereby directs that the following Income-tax authorities as specified in column (2) of the Schedule below, having their headquarters at the places mentioned in column (3) of the said Schedule, shall exercise the powers and perform functions, in order to facilitate the conduct of e-appeal Proceedings, in respect of such territorial area or persons or class of persons or incomes or class of incomes or cases or class of cases as specified by the Board in paragraph 3 of the Scheme, with respect to appeals filed under section 246A or 248 of the Act, pending or instituted on or after 29th December, 2021.

December 31, 2021
the Central Government notifies the Bureau of Indian Standards (BIS)(PAN:AAATB0431G), set up by the Bureau of Indian Standards Act for the purposes of section 10(46) of the Income-tax Act.

Income Tax Circulars

December 28, 2021
One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21 which are pending for verification and processing of such returns

Nil

Tariff Notifications

December 20, 2021
Seeks to reduce BCD on Refined palm oil and its fractions from 17.5% to 12.5% till 31.03.2022

December 24, 2021
Seeks to further amend notification No. 46/2011-Customs dated 01-06-2011 to give effect to 13th tranche of preferential tariff as per ASEAN India Trade in Goods Agreement (AITIGA)

December 29, 2021
Seeks to amend notification no. 50/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022

December 29, 2021
Seeks to amend notification no. 82/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022

December 29, 2021
Seeks to amend various notifications giving exemption to electronic and defense equipment to align with HSN 2022 w.e.f. 1.1.2022

December 29, 2021
Seeks to amend notification no. 11/2018-Customs to align with HSN 2022 w.e.f. 1.1.2022

December 29, 2021
Seeks to amend notification no. 53/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022

December 30, 2021
Seeks to amend FTA/PTA notification to align with HSN 2022 w.e.f. 1.1.2022

December 31, 2021
Seeks to amend notification No. 45/2021-customs dated 29.09.2021

Non – Tariff Notifications

December 02, 2021
Exchange rates Notification No.96/2021-Cus (NT) dated 2.12.2021

December 15, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver – Reg

December 16, 2021
Exchange rates Notification No.98/2021-Cus (NT) dated 16.12.2021.

December 17, 2021
Exchange rates Notification No.99/2021-Cus (NT) dated 17.12.2021.

December 20, 2021
Exchange rates Notification No.100/2021-Cus (NT) dated 20.12.2021.

December 21, 2021
Exchange rate Notification No.101/2021-Cus (NT) dated 21.12.2021-reg.

December 22, 2021
Exchange rate Notification No.102/2021-Cus (NT) dated 22.12.2021-reg.

December 24, 2021
Exchange rate Notification No.103/2021-Cus (NT) dated 24.12.2021-reg.

December 27, 2021
Exchange rate Notification No.104/2021-Cus (NT) dated 27.12.2021.

December 28, 2021
Exchange rate Notification No.105/2021-Cus (NT) dated 28.12.2021.

December 30, 2021
Exchange rate Notification No.106/2021-Cus (NT) dated 30.12.2021.

December 31, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

December 31, 2021
Seeks to amend the Schedule for Drawback on exports of goods.

December 31, 2021
Seeks to amend Sea Cargo manifest and transhipment regulations 2018.

Anti Dumping Duty

December 06, 2021
Seeks to impose ADD on "Certain Flat rolled Products of Aluminium" originating in or exported from China PR for a period of 5 years.

December 13, 2021
Seeks to impose Anti-Dumping duty on the imports of Axle for Trailers in CKD/SKD form originating in or exported from the Peoples Republic of China.

December 17, 2021
Seeks to amend Notification No. 47/2021-Customs(ADD) dated 26.08.2021 regarding levy of anti-dumping duty on "Natural Mica based Pearl Industrial Pigment excluding cosmetic grade" to amend the name of exporter from "Nanyang Lingbao Pearl Pigment Company Limited Materials" to "Henan Lingbao New Materials Technology Co., Ltd.

December 17, 2021
Seeks to impose Anti-dumping Duty on Imports of Sodium Hydrosulphite from China PR and Korea RP

December 17, 2021
Seeks to provide for provisional assessment of Hydrogen Peroxide exported from Bangladesh by M/s. Al-Razi Chemical Complex Limited (Producer/ Exporter) till the final findings of New Shipper Review in this regard are received.

December 17, 2021
Seeks to impose Anti-dumping Duty on Imports of calcined gypsum powder from Iran. Oman, Saudi Arabia and United Arab Emirates (UAE)

December 21, 2021
Seeks to levy anti-dumpnig duty on imports of 'Silicone Sealant' originating in or exported from China PR for a period of five years.

December 21, 2021
Seeks to impose Anti-dumping Duty on Imports of Hydrofluorocarbon (HFC) component R-32 from China PR

December 22, 2021
Seeks to levy anti-dumping duty on imports of 'Hydrofluorocarbon Blends (All blends other than 407 and 410 are excluded)' originating in or exported from China PR for a period of five years.

December 27, 2021
seeks to impose ADD on "Decor Paper" originating in or exported from China PR for a period of 5 years.

December 29, 2021
Seeks to amend various anti-dumping duty notifications to align with HSN 2022 w.e.f. 1.1.2022

Circulars

Nil

The Verdict

Adjudicating / Appellate Authorities Cannot Compel Parties to Settle Dispute

The Supreme Court was critical of the Adjudicating and Appellate authority of the IBC in rejecting admission of a case and insisting on parties to come to a compromise.

Go Figure

Unlawful Activities Prohibition Act, 1967 : Statistics Related To It

The Unlawful Activities (Prevention) Act 1967 was enacted to prevent any unlawful activities associations in India which are directed against the integrity and sovereignty of India.
Lawtitude

The New Era of Digitalization The Role Of Watchdogs In Monitoring The Conduct Of Amazon.inc

Watch dogs / regulatory authorities from several countries are critically of Amazon’s anti- competitive practices and working conditions across its facilities.

E-discovery

It is the discovery of records and documents (as e-mails) kept in electronic format.

Fieri facias

It is a writ authorizing the sheriff to obtain satisfaction of a judgment in debt or damages from the goods and chattels of the defendant.

Grantor

One that makes a grant or one that conveys property or a right in property by deed or a person who creates a trust or one (as an organization) that provides aid in the form of grants (as for education).

Hearsay evidence

It is a statement made out of court and not under oath which is offered as proof that what is stated is true.

Infographic

Special Courts for Commercial Disputes

A special court is a court that deals with a particular field of law and hence has jurisdiction limited to that area of law.

Lawlipop

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

I’m possible

Not vaccinated? “Fine”

(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

The Firm (1993)

Based on the novel of the same name from the award-winning author John Grisham, the movie centres on Mitch Mc Deree (Tom Hanks). Mitch graduates with top honours from the Harvard Law school. He rejects offers from prestigious law firms and instead chooses to accept a high paying offer from smaller firm in Tennessee. Married to his high school sweetheart Abby (Jeanne Tripplehorn), they move to Tennesse to start a new life. On the job, he is assigned to partner Avery Tolar (Gene Hackman). As Mitch settles in to work, his work gets extremely demanding dislodging his work-life balance. Slowly, Mitch realizes that all is not what it seems in the firm. A few partners and employees mysteriously die. On hiring a private investigator to probe deaths, Mitch comes to know that the firm is actually a front for a crime / mob syndicate in Chicago besides several dealing with tax avoidance scheme of several other wealthy clients. The FBI is watching on Mitch, and they confirm what Mitch found through this personal investigation. As he unravels the dirty secrets and the lengths that the firm and his bosses will go to keep this a secret. Mitch embarks on a dangerous mission to gather enough evidence and hand over to the FBI in exchange for his jailed brother’s release and returns to his normal life with Abby. The film had some power packed performances from Gene Hackman and Tom Cruise and was critically acclaimed.

Book/Novel

The Judge's List by John Grisham (2021)

The latest from the best-selling author of all times, the novel centres around investigator Lacy Stoltz. Lacy is disillusioned with her job of cleaning corruption from the judicial system. Her last assignment involved her indicting a corrupt and crooked judge. As she readies to change the nature of her job, she meets a young woman who is avenging her father’s mysterious death 20 years ago. Jeri Cosby’s father was murdered, and she stalks a man whom she believes is the murderer. Even as the man gives her the slip, she realizes he knows the law like no other. He is a judge and worked under Lacy. He has a list of people whom he will murder. Lacy is on the list as well. Will Lacy escape with Jeri’s help? Read the novel. Get closure.

TV Series

The Fix (2019)

Maya Travis is a former LA District Attorney. She loses a high-profile case involving Hollywood actor Severen “Sevvy” Johnson who is accused of murdering his wife. Maya fails to prove Sevvy’s guilt. There is public outrage at this. 8 years later, Sevvy is accused again, this time for murdering his girlfriend. Maya is summoned back into the case. Will she prove him guilty this time? Watch the 10-episode series.

Quality is not an act it is a habit - Aristotle

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

Phone: +91 99629 11111

Email: subathra@akmllp.com