Article 25 of the Indian Constitution is the foundation on which religious freedom alongside secularism is established.
Edition 78 • March 2022
The Escalation
Russia relied on the element of surprise when it suddenly attacked Ukraine in the end of February. Even as the war rages on a month later, the world is feeling the heat with imports and supply chain totally disrupted thus escalating prices again after Covid.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Weed(ing) Out
The National Anti-Doping Bill is aimed to promote clean, healthy and competitive sport for the Indian athlete by putting in place stringent measures to check and prevent doping.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
11th
February, 2022
Companies
(Accounts) Amendment Rules, 2022 – reg
14th
February, 2022
Relaxation on
levy of additional fees in filling of e-forms AOC-4, AOC-4 Non-XBRL and
MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies
Act, 2013
Notifications
Nil
Circulars
10th February, 2022
Master
Circular – Asset Reconstruction Companies
Master Circular – Housing Finance
Notifications
10th February, 2022
Master
Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022
10th February, 2022
Transactions
in Credit Default Swap (CDS) by Foreign Portfolio Investors – Operational
Instructions
10th February, 2022
‘Voluntary
Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in
debt
10th February, 2022
Rupee Interest
Rate Derivatives (Reserve Bank) Directions – Review
15th February, 2022
Prudential
norms on Income Recognition, Asset Classification and Provisioning pertaining
to Advances – Clarifications
17th February, 2022
Exim Bank’s
Government of India supported Line of Credit (LoC) of USD 40 million to the
Government of the Republic of Maldives
17th February, 2022
Exim Bank’s
Government of India supported Line of Credit (LoC) of USD 50 million to the
Government of the Republic of Maldives
18th February, 2022
New Definition
of Micro, Small and Medium Enterprises – Clarification
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Discontinuation/ Merger/
Online Submission of Returns
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Online Submission of
Returns
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
18th February, 2022
Regulations Review Authority (RRA 2.0)
– Interim Recommendations –Discontinuation/ Merger/ Online Submission of
Returns
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Discontinuation/ Merger/
Online Submission of Returns
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Discontinuation/ Merger/
Online Submission of Returns
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
18th February, 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Second Tranche
18th February, 2022
Regulations
Review Authority (RRA 2.0) - Interim Recommendations - Discontinuation/ Merger/
Online Submission of Returns
18th February, 2022
Regulations Review
Authority (RRA 2.0) - Interim Recommendations – Online Submission of Returns
22nd February, 2022
Inclusion in
the Second Schedule to the Reserve Bank of India Act, 1934 – Sikkim State
Co-operative Bank Ltd.
23rd February, 2022
Implementation
of ‘Core Financial Services Solution’ by Non-Banking Financial Companies
(NBFCs)
24th February, 2022
Reporting and
Accounting of Central Government transactions of March 2022
Circulars
1st February, 2022
Schemes
of Arrangement by Listed Entities
4th February, 2022
Circular
on Guidelines on Accounting with respect to Indian Accounting Standards (IND
AS)
4th February, 2022
Disclosures
in the abridged prospectus and front cover page of the offer document
9th February, 2022
Framework
for conversion of Private Listed InvIT into Public InvIT
9th February, 2022
Conversion
of Private Unlisted InvIT into Private Listed InvIT
9th February, 2022
Circular
on Audit Committee of Asset Management Companies (AMCs)
14th February, 2022
Trading
features pertaining to the Electronic Gold Receipts (EGR) Segment
14th February, 2022
17th February, 2022
24th February, 2022
Segregation
and Monitoring of Collateral at Client Level – Extension of timeline
24th February, 2022
Nomination
for Eligible Trading and Demat Accounts – Extension of timelines and
relaxations for existing account holders
25th February, 2022
25th February, 2022
Swing
pricing framework for mutual fund schemes – Extension of timeline
25th February, 2022
Extension
to SEBI Circular on “Relaxation in adherence to prescribed timelines issued by
SEBI due to Covid 19” dated April 13, 2020
Notifications
Nil
Circulars
Nil
Notifications
11th
February, 2022
Appointment
of Shri Ravi Mital as Chairperson of IBBI
Circulars
February 03, 2022
Clarification regarding the Most-Favoured-Nation (MFN) clause in the Protocol to India's DTAAs with certain countries- Reg.
Notifications
Nil
Circulars
Nil
Notifications
February 24, 2022
Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 20 Cr from 01 st April 2022.
Circulars
February 01, 2022
Circular No. 03/2022- Clarification regarding applicability of Social Welfare Surcharge on goods exempted from basic and other customs duties/cesses
Tariff Notifications
February 01, 2022
Notification No. 11/2022 -Seeks to implement a graded BCD structure for wearable devices and its parts, sub-parts and sub-assembly.
February 01, 2022
Notification No. 12/2022 -Seeks to implement a graded BCD structure for hearable devices and its parts, sub-parts and sub-assembly.
February 01, 2022
Notification No. 13/2022 -Seeks to implement a graded BCD structure for smart meters and its parts, sub-parts and sub-assembly.
February 01, 2022
Notification No. 14/2022 -Seeks to amend notification No. 25/1999-Customs dated 28.02.1999 to omit redundant and obsolete entries.
February 01, 2022
Notification No. 15/2022 -Seeks to amend various notifications giving exemption to electronic items and medical devices.
Non-Tariff Notifications
February 01, 2022
Notification No. 07/2022 -Seeks to further amend Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 so as to simplify and automate the procedures.
February 03, 2022
Notification No. 08/2022-Exchange rate Notification No.08/2022-Cus (NT) dated 03.02.2022-reg [Effective from 04th January, 2022]
February 15, 2022
Notification No. 09/2022- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
February 17, 2022
Notification No. 10/2022-Exchange rate Notification No.10/2022-Cus (NT) dated 17.02.2022-reg
February 22, 2022
Notification No. 11/2022- Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022
February 28, 2022
Notification No. 12/2022 - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
Anti-Dumping Duty
Counter-veiling Duty
The Verdict
Person availing banking services for commercial purpose - Not Consumer
The Supreme Court has categorically ruled that a Person availing banking services for commercial purposes shall be considered a Consumer under the Consumer Protection Act.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Venture Capitalist in India & statistics related to it
A venture capitalist is an individual or an entity providing capital to companies in exchange for equity.
Lawtitude
Russia-Ukraine Conflict
The Russia – Ukraine conflict has far reaching consequences not only for itself but for the rest of the world.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
mens rea
It is a culpable mental state especially one that involves intent or knowledge and forms an element of a criminal offense.
non est factum
It is a defense by way of denial of a deed (as the execution of a contract).
Owelty
It is a lien created or a pecuniary sum paid by order of the court to effect an equitable partition of property (as in divorce) when such a partition in kind would be impossible, impracticable, or prejudicial to one of the parties.
Perjury
It is the voluntary violation of an oath or vow either by swearing to what is untrue or by omission to do what has been promised under oath.
Infographic
BIS Hallmark and Indian Standard
The Bureau of Indian Standards Act 2016 establishes a hallmark standard for standardization and quality assurance of goods and services.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Peace Meal
Disclosure of food being veg or non-Veg is a fundamental
Consumer (patient) is King
Consumer forum can consider complaints against doctors, hospitals: Kerala HC
(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
High Crimes (2002)
An American legal thriller the movie revolves attorney Claire Kubik (Ashley Judd) and her husband Tom. Their seemingly perfect life is shattered when Tom is arrested by the Federal Bureau of Investigation (FBI) for the murders of seven people in an El Salvador village in 1988. It is only then that Claire discovers her husband was previously an undercover marine / military agent on the run. While Tom reveals his real identity, he vehemently denies murdering people. He further claims he is being framed for the act of his senior who is a senior aide in the Brigadier General of the military. Claire hires a young lawyer to defend Tom. However, she eventually takes up the case and seeks help of Charlie Grimes (Morgan Freeman) as he is familiar with the way military courts work. As trial progresses, 3 out of the 5 eyewitnesses who testified against Tom die mysteriously. This only strengthens Claire’s the suspicion about a massive military cover up. She manages to unearth some classified FBI files to prove her military cover up theory by Brigadier General of military. Almost immediately, the case is dismissed from the Court citing “security” reasons. Even as Claire heaves a victorious sigh of relief, she unravels the real truth.
Book/Novel
The Wrong Side by Robert Bailey (2021)
A budding teenage pop singer, Brittany Crutcher is found mysteriously murdered in a small town in Pulaski, Tennessee. The needle of suspicion directly points to her boyfriend and the local school football hero, Odell Champagne. Bocephus “Bo” Haynes, seeks to give up practicing criminal law due to professional fatigue. But he has to take up this case as Odell is his best friend’s son. Having known him from childhood, Bo is convinced that Odell is incapable of such an act. As Bo digs deep, he begins to find that Brittany may have done things for which she paid with her life. As pressure mounts on him in the small town, Bo has to ensure justice at all costs.
The novel is the second in the Bocephus Haynes series by trial lawyer cum bestselling author Robert Hailey.
TV Series
Law School (2021)
The South Korean television series also streaming on Netflix, revolves around students and professors in Hankuk University Law School. When a professor is found dead in a mock trial class, another professor is arrested as prime suspect. The students come together to solve the case.
Do the right thing even when no one is watching. It is called Integrity - Unknown
Readers' Corner
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