In May 2022, the Hon’ble Supreme Court delivered a landmark judgment stating that the recommendations of the GST Council are recommendatory in nature and do not have binding power on the Union and states. This has opened up a pandoras box of views from various professionals.
Edition 81 • June 2022
The Surge
It the season of surge. India is witnessing a sudden spike in Covid19 cases with the government directing all States to be vigilant. World over, wheat, rice and food prices in general are soaring as an aftermath of the pandemic, the Russia- Ukraine war and supply chain disruption. The country is thriving. A recent apex court judgement about GST council recommendations being persuasive and not binding sent India Inc. into a tizzy. An Insight into the judgement and its impact on GST. Starting this edition, the Law Tree will feature an additional insight into Intellectual Property Right (IPR) related aspects.
Insights
The Intellectual Property War: Russia vs U.S and E.U
The worrisome situation of absence of intellectual property laws and its repercussions are no longer a hypothetical thesis. The unprecedented attack by Russia on the world’s famous trademarks and copyrights is the first international model to legalize trademark infringement and dilution, trademark squatting and influxing of gray market goods. The social and economic ramifications of such an attack on intellectual property from around the world is unimaginable.
Tête-à-tête
Protecting the original work of its creator is the core of the Copyright Act
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Surrogacy: The ART of Renting a Womb
The Surrogacy (Regulation) Act 2021 was passed on 25th December 2021. It came into force on 25th January 2022. The long pending Bill eventually became an Act.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
2nd May 2022
Review
of Minimum Investment Grade Credit Ratings for Deposits of NBFCs
2nd May 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
2nd May 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
2nd May 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
2nd May 2022
Regulations
Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
4th May 2022
Liquidity
Adjustment Facility- Change in rates
4th May 2022
4th May 2022
Standing
Liquidity Facility for Primary Dealers
4th May 2022
4th May 2022
Maintenance
of Cash Reserve Ratio (CRR)
5th May 2022
13th May 2022
Regulations
Review Authority (RRA 2.0) - Recommendations for Withdrawal of Circulars
13th May 2022
Regulations
Review Authority (RRA 2.0) – Recommendations for Withdrawal of Circulars
13th May 2022
18th May 2022
Kisan
Credit Card Scheme - Eligibility criteria for farmers engaged in fisheries/
aquaculture
19th May 2022
New
Definition of Micro, Small and Medium Enterprises – Clarification
19th May 2022
19th May 2022
Interoperable
Card-less Cash Withdrawal (ICCW) at ATMs
19th May 2022
24th May 2022
Housing
Finance – Loans for repairs/additions/alterations - Enhancement of limits
25th May 2022
26th May 2022
Bharat
Bill Payment System – Amendment to guidelines
30th May 2022
30th May 2022
Interest
Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit –
Extension
Circulars
2nd May 2022
System
and Network Audit of Market Infrastructure Institutions (MIIs)
10th May 2022
Changes
to the Framework to Enable Verification of Upfront Collection of Margins from
Clients in Cash and Derivatives segments
17th May 2022
Master
Circular for Commodity Derivatives Market
19th May 2022
Streamlining
the Process of Rights Issue
19th May 2022
Revised
format of security cover certificate, monitoring and revision in timelines
20th May 2022
Modification
in Cyber Security and Cyber Resilience framework of Stock Exchanges, Clearing
Corporations and Depositories
23rd May 2022
Circular
on Development of Passive Funds
25th May 2022
Simplification
of procedure and standardization of formats of documents for issuance of
duplicate securities certificates
27th May 2022
Modification
to Standard Operating Procedure in the cases of Trading Member / Clearing
Member leading to default
30th May 2022
Modification
in Cyber Security and Cyber resilience framework of KYC Registration Agencies
(KRAs)
30th May 2022
Processing
of ASBA applications in Public Issue of Equity Shares and Convertibles
Notifications
Nil
Circulars
Nil
Notifications
5th May 2022
Income-tax
(Twelfth Amendment) Rules, 2022
6th May 2022
Income-tax
Amendment (Thirteenth Amendment) Rules, 2022
9th May 2022
Income-tax
(Fourteenth Amendment) Rules, 2022
9th May 2022
Notification
No. 52/2022 [F. No. 370142/4/2021-TPL] / SO 2161(E)
10th May 2022
Income–tax
(Fifteenth Amendment) Rules, 2022
27th May 2022
Faceless
Penalty (Amendment) Scheme, 2022
27th May 2022
Notification
No. 55/2022 [F. No. 370142/51/2020-TPL(Part III)] / SO
2426(E)
28th May 2022
Notification
No. 56/2022 [F.No. 225/91/2022/ITA-II]
31st May 2022
Income-tax
(Sixteenth Amendment) Rules,2022
31st May 2022
Notification
No. 58/2022 [F.No.300196/12/2021-ITA-I] / SO 2501(E)
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
21st
May 2022
Seeks to amend Notification No. 18/2019-Customs
reducing Road and Infratructure Cess (RIC) on Petrol
and Diesel.
21st
May 2022
Seeks to further amend notification No.
50/2017- Customs dated 30th June, 2017.
21st
May 2022
Seeks to further amend notification No.
11/2021- Customs dated 1 st February, 2021 to reduce
duty on Anthracite/Coking Coal.
21st
May 2022
Seeks to amend Second Schedule of the Customs
Tariff Act, 1975 to increase and levy Export duty.
21st
May 2022
Seeks to amend notification No. 27/2011 dated 1
st March, 2011 to increase export duty on certain
goods.
24th
May 2022
Seeks to provide global Tariff Rate Quota (TRQ)
of 20 LMT per FY to Crude Sunflower Oil and Crude Soyabean Oil for 2 years
exempting from whole of BCD and AIDC
B. Non-Tariff
5th May 2022
Exchange rates Notification No.40/2022-Cus (NT)
dated 05.05.2022
13th May 2022
Fixation of Tariff Value of Edible Oils, Brass
Scrap, Areca Nut, Gold and Silver
18th May 2022
Exchange rate Notification No.42/2022-Cus (NT)
dated 18.05.2022
19th May 2022
Exchange rate Notification No.43/2022-Cus (NT)
dated 19.05.2022
20th
May 2022
Customs Tariff (Determination of Origin of
Goods under the Comprehensive Economic Partnership Agreement between the
Republic of India and Japan) Amendment Rules, 2022
24th
May 2022
Amendment in the notification No.
12/97-Customs (N.T.) dated the 2nd April, 1997
31th May 2022
Fixation of Tariff Value of Edible Oils, Brass
Scrap, Areca Nut, Gold and Silver- Reg.
31th
May 2022
Notification to exempt the deposits from the
provision of Section 51A of the Customs Act -reg.
31th
May 2022
Seeks to to amend
Notification No. 19/2022-Customs (N.T) dated 30.03.2022 -reg.
C. Anti - Dumping Duty
11th
May 2022
Seeks to rescind Notification No. 21/2017-
Customs (ADD) dated 16th May, 2017 to remove levy of ADD on Amoxycillin also
known as Amoxycillin Trihydrate.
20th May 2022
Seeks to impose ADD on PU Leather originating
in or exported from China PR
24th
May 2022
Seeks to amend notification no.
77/2021-Customs(ADD) dated 27th December, 2021
24th
May 2022
Seeks to levy anti-dumping duty on imports of
'Ceramic Tableware and kitchenware, excluding knives and toilet items'
originating in or exported from China PR for a period of five years.
30th
May 2022
Seeks to extend the Anti-Dumping Duty (ADD) on
imports of "Styrene Butadiene Rubber" originating in or exported from
European Union, Korea RP and Thailand, imposed vide Notification No.
43/2017-Customs (ADD) dated 30th August 2017, till 31st October, 2022.
31st
May 2022
Seeks to further extend the levy of ADD on Jute
products originating in or exported from Nepal and Bangladesh.
The Verdict
Legal Recognition to the Oldest “Profession”
In May 2022, the Hon’ble Supreme Court exercised its power under Article 142 of the Indian Constitution and passed an order recognizing prostitution / sex work as a profession and passed certain directions in respect of rehabilitation of sex workers and related measures. Article 142 of the Constitution of India empowers the Supreme Court to pass any order to ensure justice in any matter pending before it.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
International Court Of Arbitration: Its Related Statistics
USA is one of the 5 countries with maximum cases registered under the International Court of Arbitration.
Lawtitude
The Law on Product Liability: How Different States are Dealing With the Problem
The concept of making a person legally liable for defect in consumer products is gaining prominence around the world.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
decree
It is an order having the force of law
chattel
It is an item of tangible or intangible personal property
bicameral
It means having, consisting of, or based on two legislative chambers
abeyance
It is a lapse in the succession of property during which there is no person in whom title to the property is vested
Infographic
Hey! I am Watching You
The Fugitive Economic Offenders Act 2018 empowers any special court under PMLA Act 2002 to do all acts including confiscating property and assets with the objective of ensuring the offender does not escape the jurisdiction of offence.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
KYC: Know Your Caller!
Wait(er) Tip Not Mandatory
(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
Worth (2020)
A biographical based on real life incidents of American attorney and mediation/ ADR specialist Kenneth Feinberg, the movie is based on the September 11th attacks in the USA.
In the aftermath of the 9/11 attacks in the U.S.A, a September 11th Victim Compensation Fund is set up authorized by the U.S Congress. Attorney Kenneth Feinberg (Michael Keaton) is appointed to head the Fund. Feinberg is in charge of devising a formula and ensure compensation / pay out to each victim after considering the loss of income over a lifetime, the family and dependents.
Feinberg initially develops a rigid formula of compensation to be handed out. He is met with several vocal protests by victims’ families initially. He is further intimated by the government that if 80% of the victims are not satisfied then, each of them has the right to file suit individually which could prove disastrous to the government. It is then that Feinberg begins individually meeting dependents of victims. Then one heart wrenching story after the other begins unfolding. From a dead firefighter’s illegitimate children seeking compensation to a gay partner being denied compensation due to non recognition of same sex partnerships, high end finance professionals from WTC seeking more compensation, Feinberg has to find out the worth of each of these victims while tackling government’s bureaucracy, attitude and internal politics. In the end, Feinberg disbursed the USD 7.375 Billion to 97% of the eligible victims. The movie which received good reviews premiered at the Sundance Film festival in January 2022 and released on Netflix in September 2021.
Book/Novel
Renegade by Nancy Allen (2022)
The novel by lawyer-author Nancy Allen takes a look at the life of District Attorney Kate Stone who swears to practice her legal profession ethically. She gives her life into prosecuting a serial assaulter of women. However, the corrupt judge allows him to go free. Enraged, Kate punches the judge outside the courthouse in full glare of the media. As a result, her firm demands her to quit her job or take up anger management classes. Kate reluctantly signs up for these meetings. Once there, she discovers a bunch of people who are unhappy with the justice systems and are determined to ensure justice delivered even by illegal means. Once there, she discovers the truth behind the serial assaulter and her shocking connection to his case.
TV Series
Guilty Minds (2022)
An Indian-Hindi language legal drama streaming on Amazon Prime, the series revolves around friends who studied law together but are invariably on the opposite sides of law / legal cases. While Kashaf Qaze (Shriya Pilgaonkar) and (Vandana) Sugandha Garg run law firm for all sections of the society, Deepak Rana (Varun Mitra) works with an elite law firm with high end clientele. Each episode deals with very thought-provoking pros and cons – from water contamination by industries, driverless technology, music using AI, IVF and the like. Legally enriching and entertaining.
The Law Always Limits Every Power it Gives – David Hume
Readers' Corner
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