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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

GST Council Recommendations are Persuasive: SC

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.

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

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

ASBA designated branches to remain open for public on May 8, 2022 (Sunday) to facilitate processing of applications for LIC IPO

4th May 2022

Standing Liquidity Facility for Primary Dealers

4th May 2022

Change in Bank Rate

4th May 2022

Maintenance of Cash Reserve Ratio (CRR)

5th May 2022

Exim Bank's Government of India supported additional Line of Credit (LoC) of USD 190 million to the SBM (Mauritius) Infrastructure Development Company Ltd

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

Lending by Commercial Banks to NBFCs and Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to priority sectors

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

Government of India guaranteed term loan extended by SBI to the Government of Sri Lanka- Settlement in INR

19th May 2022

Interoperable Card-less Cash Withdrawal (ICCW) at ATMs

19th May 2022

Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021 - Reporting of reverse repos with Reserve Bank on the bank’s balance sheet

24th May 2022

Housing Finance – Loans for repairs/additions/alterations - Enhancement of limits

25th May 2022

Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)

26th May 2022

Bharat Bill Payment System – Amendment to guidelines

30th May 2022

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Amendment in 6 entries (individuals)

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

13th May 2022
Guidelines for seeking NOC by Stock Brokers / Clearing Members for setting up Wholly Owned Subsidiaries, Step Down Subsidiaries, Joint Ventures in GIFT IFSC

13th May 2022
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

13th May 2022
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – for entities with listed non-convertible securities

17th May 2022
Master Circular for Commodity Derivatives Market

18th May 2022
Simplification of procedure and standardization of formats of documents for transmission of securities pursuant to amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

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

27th May 2022
Modification in Cyber Security and Cyber resilience framework of Qualified Registrars to an Issue and Share Transfer Agents (“QRTAs”)

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

30th May 2022
Standard Operating Procedures (SOP) for dispute resolution under the Stock Exchange arbitration mechanism for disputes between a Listed Company and/or Registrars to an Issue and Share Transfer Agents (RTAs) and its Shareholder(s)/Investor(s)

 

Notifications

Nil

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.    

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.

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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