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Edition 82 • July 2022

Correction Path

As the world is staring at the possibility of stagnation in growth and inflation, we bring you an Insight into the situation on hand and how countries are coming up with corrective measures. Also get and insight into how trademarks are faring in the virtual reality – metaverse. Mediation as a mechanism of alternate dispute redressal is gaining traction. So, What’s brewing there? The National Mediation Bill 2021. The Mumbai Bench of the NCLT passed yet another verdict reiterating that a sale as a going concern will include assets and liabilities (and not assets only). Apex rulings sheds light on other important judgements in the courts. Infographics depicts all about the National Institute of Food Technology, Entrepreneurship and Management.

Insights

Pandemic, War & The Global Slowdown

The Sri Lankan economic, socio-political crisis in Sri Lanka is a grim reminder of the aftermath of the pandemic and war.

Insights

Metaverse: Millennial Fad

‘Welcome to the virtual reality.’ That exactly is what Metaverse is.

The mind boggling core of technology is gradually coming into existence wherein a virtual parallel has been created for humans to interact with each other through augmented reality. In fact, world famous brands are slowly marking their presence in the Metaverse through gaming, shopping, virtual concerts and virtual fashion shows.

Tête-à-tête

Encouraging invention for public good is at the root of Patent laws.

What's Brewing

National Mediation Bill 2021

In India, the National Mediation Bill 2021 was introduced in the Rajya Sabha on 20th December 2021. While it is yet to become an Act, we take a look at key aspects of the Mediation Bill.

Circulars & Notifications

The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.

Circulars

23rd June 2022
Master Circular - Housing Finance for UCBs

Notifications

1st June 2022
Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022

6th June 2022
Provisioning for Standard assets by Non-Banking Financial Company – Upper Layer

7th June 2022
Branches of Indian Banks operating in GIFT-IFSC – acting as Professional Clearing Member (PCM) of India International Bullion Exchange IFSC Limited (IIBX)

8th June 2022
Liquidity Adjustment Facility - Change in rates

8th June 2022
Standing Liquidity Facility for Primary Dealers

8th June 2022
Change in Bank Rate

8th June 2022
Section 23 of the Banking Regulation Act, 1949 – Doorstep Banking

8th June 2022
Enhancement in Individual Housing Loan limits and credit to Commercial Real Estate - Residential Housing (CRE-RH)

8th June 2022
Individual Housing loans – Enhancement in limits

9th June 2022
Discontinuation of Return under Foreign Exchange Management Act, 1999

10th June 2022
Punjab and Maharashtra Co-operative Bank Limited (Amalgamation with Unity Small Finance Bank Limited) Scheme, 2022 - Provisioning on interbank exposure and valuation of Perpetual Non-Cumulative Preference Shares (PNCPS) and Equity Warrants

14th June 2022
Bank finance to Government owned entities

16th June 2022
Sovereign Gold Bond (SGB) Scheme 2022-23

16th June 2022
Processing of e-mandates for recurring transactions

21st June 2022
Extension of timeline for implementation of certain provisions of Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022

23rd June 2022
Designation of 7 individuals as ‘Terrorists’ under Section 35 (1) (a) of the Unlawful Activities (Prevention) Act (UAPA), 1967 and their listing in the Schedule IV of the Act- Reg.

24th June 2022
Restriction on Storage of Actual Card Data [i.e. Card-on-File (CoF)]

28th June 2022
Provisioning Requirement for Investment in Security Receipts (SRs)

Circulars

2nd June 2022
Procedure for seeking prior approval for change in control of Portfolio Managers

3rd June 2022
Investor Redressal Grievance Mechanism

3rd June 2022
Extension of facility for conducting annual meeting and other meetings of unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual means (OAVM)

7th June 2022
Modification in Cyber Security and Cyber resilience framework for Stock Brokers / Depository Participants

9th June 2022
Circular on Modification in Cyber Security and Cyber Resilience Framework of Mutual Funds/ Asset Management Companies (AMCs)

15th June 2022
Nomination for Mutual Fund Unit Holders

20th June 2022
Naming / Tagging of demat accounts maintained by Stock Brokers

21st June 2022
Modification in the Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors - Bank account details to which the payment is to be done electronically

24th June 2022
Introduction of Unified Payments Interface (UPI) mechanism for Real Estate Investment Trusts (REITs)

24th June 2022
Introduction of Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts (InvITs)

24th June 2022
Reduction of timelines for listing of units of privately placed Infrastructure Investment Trust (InvIT)

24th June 2022
Implementation of Circular on ‘Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011’

24th June 2022
Guidelines for Large Value Fund for Accredited Investors under SEBI (Alternative Investment Funds) Regulations, 2012 and Requirement of Compliance Officer for Managers of all AIFs

28th June 2022
Adjustment in derivative contracts for dividend announcements

30th June 2022
Implementation of Circular on ‘Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities’ – Extension

30th June 2022
Modification in Cyber Security and Cyber resilience framework for Stock Brokers / Depository Participants

30th June 2022
Disclosure of holding of specified securities and Holding of specified securities in dematerialized form

Notifications

Nil

Circulars

3rd June 2022
Circular No. 11 of 2022 - Clarification regarding Form No 10AC issued till the date of this Circular – reg

16th June 2022
Circular No. 12 of 2022 - Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income tax Act, 1961

22nd June 2022
Circular No. 13 of 2022 - Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961

28th June 2022
Circular No. 14 of 2022 - Order under section 119 of the Income-tax Act, 1961 (the Act) in relation to tax deduction at source under section 194S of the Act for transactions other than those taking place on or through an Exchange

Notifications

6th June 2022
Notification No. 59/2022/F. No. 370142/11/2022-TPL

9th June 2022
Compliance Check Functionality for Section 206A8 & 206CCA of Income-tax Act 1961

10th June 2022
Notification No. 60 / 2022/F.No. 187/3/2020-ITA-I

10th June 2022
Notification No. 61/2022/F. No. 187/3/2020-ITA-I

14th June 2022
Notification No. 62 /2022/F. No. 370142/20/2022-TPL

15th June 2022
Notification No. 63/2022/F. No. 370142/21/2022-TPL(Part 3)

16th June 2022
Notification No. 64/2022/F. No. 370142/24/2022-TPL

16th June 2022
Notification No. 65/2022/F. No. 275/30/2019-IT(B)

17th June 2022
Income-tax (18th Amendment) Rules, 2022

21st June 2022
Income-tax (19th Amendment) Rules, 2022

24th June 2022
Notification No. 68 /2022/ F. No. 285/09/2022-IT(Inv.V)/CBDT

24th June 2022
Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT)

27th June 2022
Notification No. 69/2022/F. No. 500/SWF1/S10(23FE)/FT&TR-II-Pt. 3

28th June 2022
Notification No. 70/2022/F. No. 500/1/2014-APA-II

28th June 2022
Notification No. 71/2022/F. No. 187/3/2020-ITA-I

28th June 2022
Notification No. 72/2022/F. No. 187/3/2020-ITA-I

30th June 2022
Income-tax (20th Amendment) Rules, 2022

30th June 2022
Notification No. 74/2022/F. No. 370142/29/2022-TPL (Part-I)

30th June 2022
Notification No. 75/2022/F. No. 370142/29/2022-TPL (Part-I)

30th June 2022
CORRIGENDUM

Circulars
Nil

Notifications
Nil

Circulars

Nil

 

Notifications

A. Tariff
7th June 2022
31/2022 Seeks to amend notification no. 50/2017-Customs dated 30.06.2017 extending the time period for furnishing the final Mega power project certificate from 120 months to 156 months and extending the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 126 months to 162 months, in case of provisional mega power projects

30th June 2022
32/2022 - Seeks to exempt imports of Petroleum Crude and ATF from whole of the additional duty of Customs leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act, as is equivalent to the Special Additional Excise Duty.

30th June 2022
33/2022 - Seeks to increase BCD rate on Gold

30th June 2022
34/2022 - Seeks to exempt Gold imports from Social Welfare Surcharge

30th June 2022
35/2022 - Seeks to increase the rate applicable under BCD exemption on Gold imported under replenishment scheme

30th June 2022
36/2022 - Seeks to increase BCD rate on Gold imported under TRQ of India-UAE CEPA

30th June 2022
37/2022 - Seeks to continue the exemption from Integrated Tax and Compensation Cess on goods imported under AA/EPCG/EOU Schemes

 

B. Non-Tariff

2nd June 2022
49/2022 - Exchange rate Notification No.49/2022-Cus (NT) dated 02.06.2022.


15th June 2022
50/2022 - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.


16th June 2022
51/2022 - Exchange rate Notification No.51/2022-Cus (NT) dated 16.06.2022.


24th June 2022
52/2022 - Customs Broker Licensing (Amendment) Regulations, 2022.


28th June 2022
53/2022 - Exchange rate Notification No.53/2022-Cus (NT) dated 28.06.2022.


29th June 2022
54/2022 - Exchange rate Notification No.54/2022-Cus (NT) dated 29.06.2022.


30th June 2022
55/2022 - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.


30th June 2022
56/2022 - Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018.

30th June 2022
57/2022 - Courier Imports and Exports (Electronic Declaration and Processing), Amendment, Regulations, 2022 for facilitating E-commerce exports of jewellery.

 

C. Anti - Dumping Duty
3rd June 2022
19/2022 - Seeks to extend the levy of ADD on import of Toluene Di-isocyanate (TDI) originating in or exported from China PR, Japan and Korea RP, by amending notification No. 3/2018-Customs (ADD) dated 23-01-2018.

8th June 2022
21/2022 - seeks to amend notification no. 45/2017-Customs(ADD) dated 18th September, 2017 to extend the ADD on pneumatic tyres of specific specifications from China PR upto 17th December, 2022


15th June 2022
seeks to levy anti-dumping duty on Fluoro Backsheet excluding transparent backsheet originating in or exported from China PR for a period of five years, 2022

The Verdict

IBC: Going Concern = Assets + Liabilities

On 6th May 2022, a two-member bench of the NCLT, Mumbai held that in an insolvency proceeding, when an entity (corporate debtor) is sold as a ‘going concern’, it shall include both assets and liabilities (and not just assets without liabilities).

Go Figure

World Intellectual Property Organization: It's Related Statistics

The World Intellectual Property Rights organization (WIPO) has witnessed substantial increase in countries applying for IP registrations.
Lawtitude

ESG As a Criteria In the Corporate World: Discussing The Laws In Different Jurisdictions

ESG or Environmental, Social and Governance criteria are the new parameters that the corporate world is struggling to meet. These are basically a set of standards that tell about the social consciousness of a company rather than discussing its balance sheet. ESG is prevalent in these times due to the rising problem of climate change, environmental hazards, and other eco-system problems that are creating a negative impact on society.

Factum

Refers to a person's act and deed

Homologate

It means to approve or confirm officially

Gerrymander

It means to divide or arrange (a territorial unit) into election districts in a way that gives one political party an unfair advantage

Elisor

Refers to a judicial officer appointed to act in the stead of a sheriff when the sheriff and any other authorized official (as a coroner) are unable or unqualified to act

Infographic

The Institutes For Food

The National Institute of Food Technology, Entrepreneurship and Management Act 2021governs key institutes with the core objective of research in food technology, research and entrepreneurship and dissemination of knowledge.

Lawlipop

Important legal and other news having a bearing on society depicted in a fun quirky way!

P(l)ay Day

4 Day Work – 3 Day Weekend & Pay: New Wage Code

“The” Brand

Ohio State University Trademarks “The” on its Products

(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

Roman J Israel Esq (2017)

An American legal thriller, the movie stars the magnetic Denzel Washington and Colin Farell in key roles. Roman J Israel (Denzel) is a civil rights movement lawyer. Though idealistic and driven, courtroom room arguments / litigation is not his cup of tea. Instead, he focuses on preparing briefs, drafting documents and leaves the courtroom arguments to his partner William Jackson. Though it’s a small-time law firm, Roman enjoys his professional life and is driven to introduce the concept of plea bargaining in courts. When his partner William Jackson dies, it is upon Roman to save the small law firm which is on the verge of closing down. Around that time, Jackon’s former student George Pierce (Colin Farell), a hot shot money crazy lawyer, offer Roman a job in his firm as he is impressed by Roman’s “do-good” for the poor and downtrodden. Initially reluctant, Roman takes up the offer and is assigned to a case which eventually turns Roman’s life upside down. Professionally and personally, the case proves to be his nemesis. The movie earned Denzel Washington an Academy /Oscar and Golden Globes nomination in leading role.                  

Book/Novel

Judgement by Joseph Finder (2019)

The novel is a 2019 publication from the stable of Joseph Finder, a writer, regarded by Associated Press as one of the “best thriller writers in the business”.

The story revolves around Juliana Brody, a Massachusetts Judge, on the way to becoming Judge of the Highest Court. At a conference in Chicago, she meets a gentle man and ends up having a one-night stand with him. Feeling terribly guilty, she vows not to meet him again. Back home, she is surprised to find the man being an important part of a case hogging national headlines on which she is presiding as Judge. Soon she realizes she has been trapped as their one-night stand is video graphed and she is blackmailed into manipulating the judgement in the case. It is when she realizes that her life and family’s is in danger, she delivers the ultimate judgment.              

TV Series

Billions (2016- 2022)

Having completed 6 seasons, some episodes are loosely based on prosecution of financial crimes and investigation undertaken by Preet Bharara, one of the most well-known Indian born American lawyer, author, podcaster and attorney in Manhattan. The series is also inspired by Eliot Spitzer, attorney and former Governor of New York.

An Investment in Knowledge Always Pays the Best Interest – Benjamin Franklin

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