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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.

Insights

Religion: Free(Dom) for All

Article 25 of the Indian Constitution is the foundation on which religious freedom alongside secularism is established.

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

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

Standard Operating Guidelines for the Vault Managers and Depositories – Electronic Gold Receipts (EGR) segment

17th February, 2022

Corrigendum to Master Circular for Depositories dated February o5, 2021 on Opening of demat account in case of HUF

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

Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market

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 01, 2022
Circular No. 03/2022- Clarification regarding applicability of Social Welfare Surcharge on goods exempted from basic and other customs duties/cesses

February 27, 2022
Circular No. 03/2022- Circular No. 04/2022- Implementation of automation in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 with effect from 01.03.2022.

Tariff Notifications

February 01, 2022
Notification No. 02/2022 - Seeks to further amend notification No. 50/2017- Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD)

February 01, 2022
Notification No. 03/2022 - Seeks to further amend notification No. 11/2018- Customs dated 2 nd February, 2018 so as to exempt certain goods from Social Welfare Surcharge (SWS) and to withdraw SWS exemption on certain textile items.

February 01, 2022
Notification No. 04/2022 -Seeks to rescind notification Nos. 190/1978-Customs and 191/1978-Customs both dated 22th September, 1978 prescribing additional duty of customs on imports of transformer oil equivalent to such portion of the excise duty leviable on the raw material commonly known as transformer oil base stock or transformer oil feedstock.

February 01, 2022
Notification No. 05/2022 -Seeks to rescind Notification Nos. 10/95-Customs, 26/99-Customs, 27/2004-Customs, 14/2006-Customs, 48/2006-Customs, 90/2007-Customs, 8/2011-Customs, 24/2011-Customs, 49/2013-Customs, 23/2014- Customs, 37/2015-Customs, 11/2016-Customs, 20/2020-Customs, 40/2020-Customs which have become redundant.

February 01, 2022
Notification No. 06/2022 - Seeks to further amend Notification Nos. 52/2017- Customs dated 30.06.2017 and 37/2017-Customs dated 30.06.2017 to remove entries which are being operated from the First Schedule to the Customs Tariff Act and certain redundant entries.

February 01, 2022
Notification No. 07/2022 -Seeks to further amend Notification No. 82/2017- Customs dated 27.10.2017 to prescribe effective rate on certain Textile items upto 30.04.2022

February 01, 2022
Notification No. 08/2022 -Seeks to amend Notification Nos. 104/2010-Customs, 38/96-Customs, 40/2017-Customs, 60/2011-Customs, 148/94-Customs to exempt AIDC/Health cess/RIC on goods imported under the said notifications.

February 01, 2022
Notification No. 09/2022 -Seeks to amend notification Nos. 146/94-Customs, 147/94-Customs, 39/96-Customs, 50/96-Customs, 30/2004-Customs, 81/2005-Customs, 5/2017-Customs, 16/2017-Customs, 32/2017-Customs to prescribe end-dates as per Section 25(4A) of Customs Act, 1962

February 01, 2022
Notification No. 10/2022 -Seeks to amend notification No. 27/2011-Customs dated 01.03.2011 to omit redundant entries and reduce export duty raw hides and skins of buffalo.

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.

February 12, 2022
Notification No. 16/2022- Seeks to amend notification No. 48/2021-Customs and No. 49/2021 - Customs, both dated 13.10.2021, in order to rationalise the Agriculture Infrastructure and Development Cess [AIDC] on Crude Palm Oil and Lentils (Mosur), and extend the validity of the said notifications up to and inclusive of the 30th September, 2022.

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

February 01, 2022
Notification No. 05/2022- seeks to rescind the anti-dumping duty imposed on imports of “Straight Length Bars and Rods of alloy-steel” originating in or exported from China PR vide Notification No. 54/2018-Cus (ADD) dated 18.10.2018.

February 01, 2022
Notification No. 06/2022- seeks to rescind the anti-dumping duty imposed on imports of “High Speed Steel of Non-Cobalt Grade” originating in or exported from Brazil, China PR and Germany vide Notification No. 38/2019-Cus (ADD) dated 25.09.2019.

February 01, 2022
Notification No. 07/2022- seeks to rescind the anti-dumping duty imposed on imports of “Flat rolled product of steel, plated or coated with alloy of Aluminum or Zinc” originating in or exported from China PR, Vietnam and Korea RP vide Notification No. 16/2020-Cus (ADD) dated 23.06.2020.

February 01, 2022
Notification No. 08/2022- Seeks to extend the Anti-Dumping Duty (ADD) on imports of "Aluminium foil of thickness ranging from 5.5 micron to 80 micron" originating in or exported from People's Republic of China, imposed vide Notification No. 23/2017-Customs (ADD), dated 16th May, 2017, till 15th June, 2022.

February 14, 2022
Notification No. 08/2022- Seeks to extend the Anti-Dumping Duty (ADD) on imports of "Aluminium foil of thickness ranging from 5.5 micron to 80 micron" originating in or exported from People's Republic of China, imposed vide Notification No. 23/2017-Customs (ADD), dated 16th May, 2017, till 15th June, 2022.

February 24, 2022
Notification No. 09/2022- Seeks to impose anti dumping duty on imports of Glazed/Unglazed Porcelain/Vitrified Tiles in polished or unpolished finish with Iess than 3% water absorption from China PR for a period of 5 years.

February 24, 2022
Notification No. 10/2022- Seeks to further amend notification No. 01/2017-Customs (ADD) to extend the levy of ADD on jute products originating in or exported from Nepal and Bangladesh.

Counter-veiling Duty

February 01, 2022
Notification No. 01/2022- seeks to rescind the countervailing duty imposed on imports of “Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products” originating in or exported from China PR vide Notification No. 1/2017- Cus (CVD) dated 07.09.2017.

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.

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.

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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