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Edition 79 • April 2022

Elephant in the room

The sun is beating down as summer peaks in the country. Similarly, the CA, CWA and CS (Amendment) Act 2022 is scorching the fraternity and their regulatory bodies. The war between Russia – Ukraine has brought into sharp focus the elephant in the room – weapons of mass destruction. Read On...

Insights

The Triumvirate: Changing the Face or Facing the Change

The CA, CWA and CS (Amendment) Act 2022 seeks to strengthen accountability of professionals by making stringent disciplinary mechanisms in place.

Tête-à-tête

Decoding basic must knows for womanpreneurs.

To know more about Intellectual Property Rights (IPR)

What's Brewing

Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Amendment Bill, 2022

The Weapons of Mass destruction (Amendment) Bill 2022 seeks to put brakes on the financing aspects of the weapons of mass destruction and their delivery systems.

Circulars & Notifications

The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.

Circulars

Nil

Notifications

Nil

 

 

 

Circulars

Nil

Notifications

3rd March, 2022
Investment in Umbrella Organization (UO) by Primary (Urban) Co-operative Banks

8th March, 2022
Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/1989 ISIL (Da’esh) & AL-Qaida Sanctions List: Removal of 2 entries

8th March, 2022
Issue and regulation of share capital and securities – Primary (Urban) Co-operative Banks

8th March, 2022
Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension

10th March, 2022
Exim Bank’s Government of India supported Line of Credit (LoC) of USD 7.29 million to the Government of Cooperative Republic of Guyana

10th March, 2022
Exim Bank’s Government of India supported Line of Credit (LoC) of USD 500 million to the Government of the Democratic Socialist Republic of Sri Lanka

10th March, 2022
Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Addition of 1 entry (entity)

14th March, 2022
Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022

23rd March, 2022
Formation of new district in the State of Meghalaya – Assignment of Lead Bank Responsibility

23rd March, 2022
Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021 – Amendment

24th March, 2022
Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2021-22

25th March, 2022
Framework for Geo-tagging of Payment System Touch Points

28th March, 2022
Special Clearing operations on March 31, 2022

31st March, 2022
Bilateral Netting of Qualified Financial Contracts - Amendments to Prudential Guidelines

31st March, 2022
Cassette - Swaps in ATMs

31st March, 2022
Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021 – Amendment

Circulars

7th March, 2022

Automation of disclosure requirements under Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 – System Driven Disclosures – Ease of doing business.

8th March, 2022

Change in UPI limits – Revision to Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper

15th March, 2022

Discontinuation of usage of pool accounts for transactions in the units of Mutual Funds: Clarifications with respect to Circulars dated October 4, 2021

17th March, 2022

Revision in Orders Per Second limit for algorithmic trading in Commodity Derivatives Segment of the Stock Exchange

22nd March, 2022

Standardisation of industry classification – Revision in Chapter – XIV of Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper

23rd March, 2022

Change in control of Sponsor and/or Manager of Alternative Investment Fund involving scheme of arrangement under Companies Act, 2013

24th March, 2022

Introduction of Options on Commodity Indices- Product Design and Risk Management Framework

28th March, 2022

Circular on Product Specifications pertaining to EGR Segment in India

28th March, 2022

Circular on Calculation of investment concentration norm for Category III AIFs

29th March, 2022

Operational guidelines for ‘Security and Covenant Monitoring’ using Distributed Ledger Technology (DLT)

30th March 2022

Timelines for Rebalancing of Portfolios of Mutual Fund Schemes

30th March, 2022

Clarification on applicability of regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions

31st March, 2022

Discontinuation of usage of pool accounts for transactions in the units of Mutual Funds, Two Factor Authentication (‘2FA’) for redemption and other related requirements: Extension of timeline

Notifications

Nil

 

Circulars

Nil

Notifications

Nil

Income Tax

Circulars

15th March 2022
Income tax deduction from Salaries under Section 192 of the Income tax Act, 1961

16th March 2022
Relaxation from the requirement of electronic filing of application in Form No.3CF for seeking approval under section 35(1)(ii)/(iia)/(iii) of the Income-tax Act,1961 (the Act).

17th March 2022
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form 10-IC for Assessment Year 2020-21.

30th March 2022
Clarification with respect to relaxation of provisions of rule 114AAA of Income-tax Rules, 1962 prescribing the manner of making Permanent Account Number (PAN) inoperative

31st March 2022
Extension of time line for electronic filing of Form No. 10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income tax Act,1961  

Notifications

03rd March 2022
the Central Government approves ‘Sri Shankara Cancer Foundation, Bangalore (PAN: AAHTS5593F)’ under the category of ‘University, College or other institution’ for Scientific Research for the purposes of clause (ii) of sub-section (1) of section 35 of the

28th March 2022
Faceless Jurisdiction of Incometax Authorities Scheme, 2022

28th March 2022
Prescription of time limit under Section 26 of the Prohibition of Benami Property Transaction Act, 1988 for the purposes of Section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.

29th March 2022
The Income-tax (Third Amendment) Rules, 2022

29th March 2022
The e-Assessment of Income Escaping Assessment Scheme, 2022.

30th March 2022
The Faceless Inquiry or Valuation Scheme, 2022

30th March 2022
The Central Government notifies that the provisions of sub-section (1G) of section 206C shall not apply to an individual who is not a resident in India in terms of clause (1) and clause (1A) of section 6 of the Act, and who is visiting India.

30th March 2022
The Income-tax (fourth Amendment) Rules, 2022.

31st March 2022
The Central Government notifies the infrastructure debt fund namely, the ‘the Kotak Infrastructure Debt Fund Limited (PAN : AAACK5920G)’ for the purposes of the Section 10(47) of the Income tax Act, 1961, for the assessment year 2018-19 and subsequent yea

Circulars

Nil

Notifications

Nil

 

 

 

Customs

Circulars

Nil

Notifications

A. Tariff

31st March 2022
Notification No. 17/2022 - Seeks to amend notification No. 25/2021-Customs, dated 31-03-2021 to give effect to 2nd tranche of tariff concessions as per India Mauritius CECPA

31st March 2022
Notification No. 18/2022 - Amendment to Notification No. 52/2003-Customs dated 31.03.2003 for extending exemption from IGST and Compensation Cess to EOUs on imports till 30.06.2022.

31st March 2022
Notification No. 19/2022 -Seeks to extend the exemption from Integrated Tax and Compensation Cess by three (03) months i.e. up to 30.06.2022 on goods imported against AA/EPCG authorizations..

B. Non- Tariff

03rd March 2022
Notification No. 13/2022 -Exchange rates Notification No.13/2022-Cus (NT) dated 03.03.2022.

03rd March 2022
Notification No. 14/2022- Amendment in the Notification No. 12/97-Customs (NT) dated the 2nd April, 1997.

 08th March 2022
Notification No. 15/2022-
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.

11th March 2022
Notification No. 16/2022 - Exchange rates Notification No.16/2022-Cus (NT) dated 11.03.2022

15th March 2022
Notification No. 17/2022- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.

17th March 2022
Notification No. 18/2022 - Exchange rates Notification No.18/2022-Cus (NT) dated 17.03.2022.

30th March 2022
Notification No. 19/2022 -
Exemption of deposits from the provision of Section 51 A of Customs Act, 1962.

30th March 2022
Notification No. 20/2022 - Customs ( Electronic Cash Ledger) Regulations 2022.

31st March 2022
Notification No. 21/2022 – Notification to appoint officers at the level of Commissioner of Customs and below till AC/DC for zones.

31st March 2022
Notification No. 22/2022 –Notification to appoint officers at the level of Commissioner of Customs and below till AC/DC for zones overseeing Audit.

31st March 2022
Notification No. 23/2022 –Notification for appointing Commissioner (Adjudication), Delhi and Mumbai.

31st March 2022
Notification No. 24/2022 –Notification to appoint officers at the level of Chief Commissioner of Customs for the field formations except DRI

31st March 2022
Notification No. 25/2022 –Notification to appoint officers of Revenue Intelligence.

31st March 2022
Notification No. 26/2022 –Notification to assign functions to officers and to officers in rank above to them as proper officers.

31st March 2022
Notification No. 27/2022 –Notification to appoint officers for Faceless Assessment.

31st March 2022
Notification No. 28/2022 – Notification under 110AA for assigning proper officer for multiple Jurisdictions.

31st March 2022
Notification No. 29/2022 – Notification for assigning proper officer for pending cases.

31st March 2022
Notification No. 30/2022 –Notification for Limitation on 124 relating cases of confiscation where entry has been made.

31st March 2022
Notification No. 31/2022 – Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

C. Anti-Dumping Duty

31st March 2022
Notification No. 11/2022 – Seeks to extend the levy of ADD on jute products originating in or exported from Nepal and Bangladesh.

The Verdict

Bank Must Grant Hearing to Person Before Declaring as Wilful Defaulter

The Nagpur Bench of the Bombay High Court has directed Banks and financial institutions to follow RBI guidelines of giving a person an opportunity before declaring him wilful defaulter.

Go Figure

Gauging the Strength and Functioning of Indian Judiciary

The Indian Judiciary has the most defined hierarchy of Courts functions to its fullest.
Lawtitude

The Offence of Money Laundering & The Legal Framework Around the World

Money laundering is a menace around the world and all nations have their own laws to deal with it stringently.

quasi in rem

Indicates as if one were proceeding against the thing —used especially in reference to proceedings (as for attachment of property) in which one seeks satisfaction of a claim against a person by adjudication of rights to a particular property over which jurisdiction can be obtained.

rebut

It means to refute, counteract, or disprove (as opposing evidence) by evidence or argument

scire facias

It is a judicial writ founded upon some matter of record and requiring the party proceeded against to show cause why the record should not be enforced (as by revival of the judgment), annulled, or vacated

trial de novo

Indicates a trial in a higher court in which all the issues of fact or law tried in a lower court or tribunal are reconsidered as if no previous trial had taken place.

Infographic

Rights of Persons with Disabilities Act – Euphemism to Equality

The Rights of persons with Disabilities Act, 2016 is in line with the United Nations convention on the Rights of persons with Disabilities, 2006.

Lawlipop

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

Back to the future

Hyderabad to be headquarter for all judicial data in the country; may get NCLT tribunal

GST: Proof of default

Vendors can use GST returns as proof of default: Insolvency regulator

(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

Primal Fear (1996)

Based on a novel of the same name, the movie looks at the life of Martin Vail (Richard Gere), a hot shot Chicago lawyer with a penchant for being the limelight by taking on high profile cases. When a teenager Aaron Stampler (Edward Norton) is arrested for the murder of the Archbishop Rushman, Vail sees an opportunity and takes up the case pro bono.

When Vail meets the stuttering Aaron, he feels that Aaron may not have been the murderer. However, when he chances upon a video tape of the teenager being sexually abused by the Bishop, Vail is in dilemma on proving Aaron’s innocence. When Vail confronts Aaron on hiding this information from him, he suddenly sees Aaron transform from a timid youngster into a violent sociopath “Roy”. “Roy” confesses that he murdered the Bishop to take revenge for his sexual assault. After some time, when Aaron comes back to normal, he has no recollection of “Roy” or what he said. A neuropsychologist examining Aaron confirms he suffers from dissociative identity disorder – a disorder where there is more than one personality in a person the person himself is unaware of. Vail ensures Aaron’s multiple personalities are on display in the courtroom and establishes Aaron “not guilty” by reason if insanity. Instead of conviction, he is sent to a psychiatric hospital. Vail then comes to know of the real murderer. 

The movie was commercially and critically acclaimed, with fine performance from the stellar cast. Edward Norton was nominated in all prestigious awards and in fact won the Gloden Globe for the best supporting actor in a motion picture. An engrossing watch.

Book/Novel

Misjudged by James Chandler (2020)

The book is a legal thriller by army veteran turned lawyer James Chandler. He draws from his experience as both in his skilful writing. The story revolves around Sam Johnstone, a retired army veteran cum lawyer. Sam decides to take a job in a law firm in rustic Wyoming, to live his retired life in a peaceful small town, a far cry from his stress filled war torn army days.

His very first case is of a brutal murder of a woman. The man with whom she has an affair is the obvious suspect. When Sam reluctantly meets him, he realizes that he may not be the murderer after all, and the rot runs deeper. Sam must get into the thick of the small-town politics and uncover the real murderer.

TV Series

Juvenile Justice (2022)

This is the latest legal South Korean series streaming on Netflix. Shim Eun Seok is cold and no-nonsense with a bitter past. She openly dislikes juveniles. When she gets appointed as Judge of a juvenile court, she shows least mercy and deals with them sternly while ensuring her prejudice doesn’t get in the way of correcting child offenders. The series also has an underlying message of how the society is responsible for creating juvenile offenders.

That which is not just is not law - William Lloyd Garrison

Readers' Corner

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