Ed_80_Opening.png
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.

Insights

Sedition: Fair Criticism or Inciting Hatred?

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. 

Tête-à-tête

Get all the basics of Trademarks right with Subathra Mylsamy & Sandhya Suri.

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

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

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.

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.

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

Write to us with your questions

Write to subathra@akmllp.com and get featured in our next edition with responses from our experts

Phone: +91 99629 11111

Email: subathra@akmllp.com