On 11th May 2022, the Supreme Court passed an interim order putting in abeyance the 162-year colonial sedition law u/s 124A of the Indian Penal Code 1860 (IPC). An insight into the section 124A of the IPC which has remained controversial since inception.
Edition 80 • May 2022
The Battle Royale
India is battling extreme climate this season. Heat waves nearing 50 degrees Celsius are scorching northern India while flash floods and freak rains are lashing south India. The environment is revolting against mankind. Just like human revolt against themselves – the government. Let's take a look at what's in store this edition.
Tête-à-tête
Get all the basics of Trademarks right with Subathra Mylsamy & Sandhya Suri.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Nidhi (Amendment) Rules 2022
On 19th April 2022, the Ministry of Corporate Affairs issued a notification amending the Nidhi Rules 2014. The Nidhi (Amendment) Rules 2022 has amended the existing rules keeping in mind public interest. A brief look at the Nidhi company entity in light of the amendments.
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
Bar on Voting by RPT only at the Time of Entering into the Contract
On 25th April 2022 the Hon’ble Supreme Court upheld an order passed by the Securities and Appellate Tribunal (SAT) that held that bar on voting by related parties is applicable only at the time of entering into a contract or arrangement. A look at the details of the case in brief.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Interpol Agency and its Functioning
Interpol is the world’s largest international police organization that enables cross border combat of international crime. Go Figure the global statistics on crimes from corruption to war crimes.
Lawtitude
Legalizing Cryptocurrencies in the Financial Ecosystem: A Global Outlook
Cryptocurrency has become a new hype in the financial market all around the world. From some countries taking a stringent view of banning it to some countries legalizing the cryptocurrencies as legal tenders, the future of cryptocurrencies has not been ascertained till now even after it has been in use for a long time.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
venire facias
It is a writ ordering a sheriff to summon a jury
year-and-a-day rule
It is a common-law rule that relieves a defendant of responsibility for homicide if the victim lives for more than one year and one day after being injured
write-off
It is the elimination of an asset or amount due from the books
uti possidetis
It is a principle in international law that recognizes peace treaty between parties as vesting each with the territory and property under its control unless otherwise stipulated.
Infographic
The Weapons of Destruction and Terror
The Weapons of Mass Destruction and Their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 (“Act”) is enacted to safeguard India’s National Security as a Nuclear Weapon State.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
To infinity and beyond
Notice said to be issued on date of sending not receiving
Laws of (mother) nature
Madras HC Grants ‘Mother Nature’ Living Being Status With Rights and Duties
(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
And Justice For All (1979)
A 1979 dark legal drama starring Al Pacino and John Forsyth in lead roles, the movie was critically acclaimed and earned two Academy nominations and two awards – leading actor and original screenplay.
Arthur Kirkland (Al Pacino) is a Baltimore defense attorney who scorns Judge Henry T Fleming (John Forsyth) as refused to entertain a case on technical reasons (late submission / re-submission) which resulted in Arthur’s client serving prison time. So, when Judge Fleming himself is accused of sexual assault and rape of a young woman, he blackmails Arthur to defend him. The Judge is of the view that when a person whom all know loathes him and yet defends him, his innocence can be proven. Things are challenging indeed as Arthur knows (by the Judges own admission to him) that he is indeed guilty of the crime. Yet he has to defend him. He tries to convince the Prosecutor to throw the case. The Prosecutor looks at the recognition in prosecuting a Judge of repute. Disturbed by a series of events, Arthur appears in the courtroom. When Judge Fleming sees the victim, he slyly comments to Arthur about not minding “seeing her again”, Arthur is disgusted. In a sudden move, Arthur himself states his client is guilty instead of the Prosecutor doing so. Thus, he brings Judge Fleming to the book, at the cost of his legal career.
Book/Novel
The Missing Piece by John Lescroart (2022)
The 30th and latest novel from John Lescroart considered among “The 100 Most Popular Thriller and Suspense Authors” is a thriller at many levels. The 19th among the Dimas Hardy fictional characters, the novel deals with San Francisco District Attorney Wes Farrell. In one of the cases, he handled over a decade ago, Farrell convicted Paul Riley for the rape and murder of his girlfriend. However, 11 years later evidence suggests the crime was committed by someone else and Paul Riley is acquitted. Only to be found murdered a few months later with the loot of his last crime. This makes Farrell wonder if Paul was indeed innocent. If so, who and why was he murdered? Farrell and his senior Dismas Hardy hire a personal investigator Abe Glitsky to track down details of the case. Glitsky discovers one crime after another questioning legal, moral and human angles to a solving a case.
TV Series
Perry Mason (2020 onwards)
An American period drama based on the famous fictional lawyer character; the series deals with Mason dealing with a range of cases – from child kidnapping to war crimes to financials frauds. All this while battling the great depression period in the U.S and a divorce. The series airs on HBO.
Curiosity is the Secret of Great Creative People – Leo Burnette
Readers' Corner
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