The CA, CWA and CS (Amendment) Act 2022 seeks to strengthen accountability of professionals by making stringent disciplinary mechanisms in place.
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...
Tête-à-tête
Decoding basic must knows for womanpreneurs.
To know more about Intellectual Property Rights (IPR)
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
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
8th March, 2022
15th March, 2022
17th March, 2022
22nd March, 2022
23rd March, 2022
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
30th March 2022
Timelines for
Rebalancing of Portfolios of Mutual Fund Schemes
30th March, 2022
31st March, 2022
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
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.
Notifications
28th
March 2022
Faceless Jurisdiction of Incometax
Authorities Scheme, 2022
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 Income-tax (fourth Amendment) Rules, 2022.
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.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
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.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
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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