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Edition 83 • August 2022

Standing Tall

India cannot be ignored. Be it completion of 75 years of independence or the 61-medal win in the Commonwealth games 2022 or the appointment of the …,,(first) woman as Director General of CSIR, a consortium of research institutes across the country or an Indian origin immigrant in the race to be Britain’s first Prime Minister, free India is rapidly progressing. Like India, the Indian corporate law has made rapid strides.

Insights

The Emancipation of Corporate Laws

The Indian corporate is governed by an umbrella of legislations to ensure its effective functioning since independence.  

Insights

Non-fungible Tokens (NFTs) and Copyright

As nations transition into the virtual world, it is increasingly important for everyone especially artists and investors to know and integrate technology and intellectual property rights. NFTs is a must know.

Tête-à-tête

The surrogacy law in India tries to maintain a delicate balance between childless couples experiencing the joy of parenthood while preventing exploitation of mothers who are wiling to rent their womb for survival.

What's Brewing

Energy Conservation Amendment Bill 2022

The Energy Conservation Amendment Bill 2022 is proposed with the objective of encouraging efficient and effective use and conservation of the country’s energy resources.

Circulars & Notifications

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

Circulars

20th July 2022
Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)

 

Notifications

1st July 2022

Note Sorting Machines - Authentication and Fitness Sorting Parameters

4th July 2022

Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank PSOs and sale / transfer of payment system activity of non-bank PSO

6th July 2022

Inclusion of “Unity Small Finance Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934

6th July 2022

Master Direction on Interest Rate on Deposits - Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] and Non-Resident (External) Rupee (NRE) Deposit

6th July 2022

Section 42 of the Reserve Bank of India Act, 1934 and Section 18 and 24 of the Banking Regulation Act, 1949 – FCNR (B)/NRE Term deposits - Exemption from maintenance of CRR/SLR

7th July 2022

Exim Bank's Government of India supported Short - Term Line of Credit (STLoC) of USD 55 million to the Government of the Democratic Socialist Republic of Sri Lanka for procurement of urea fertilizer from India

7th July 2022

Formation of new districts in the State of Andhra Pradesh – Assignment of Lead Bank Responsibility

7th July 2022

‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Additional specified securities

7th July 2022

Investment by Foreign Portfolio Investors (FPI) in Debt – Relaxations

7th July 2022

Overseas foreign currency borrowings of Authorised Dealer Category-I banks

8th July 2022

Asian Clearing Union (ACU) Mechanism – Indo-Sri Lanka trade

11th July 2022

International Trade Settlement in Indian Rupees (INR)

13th July 2022

UNSCR 1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List

26th July 2022

Board approved Loan Policy – Management of Advances – UCBs

28th July 2022

Regulation of Payment Aggregators – Timeline for submission of applications for authorisation – Review

28th July 2022

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

28th July 2022

Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2022

29th July 2022

United Nations Security Council Resolutions (UNSCR) 1718 Sanctions Committee on Democratic People’s Republic of Korea (DPRK) amends 44 existing entries on its Sanctions List

19th July 2022
Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2018-19 and subsequent years

19th July 2022
Circular No. 16/2022 : ​Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10B for Assessment Year 2018-19 and subsequent years

19th July 2022
Circular No. 17/2022 : ​Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 9A and Form No. 10 for Assessment Year 2018-19 and subsequent years

 

Notifications

1st July 2022
Notification No. 77 /2022 [F. No. 370142/29/2022-TPL (Part-1)] / GSR 505(E) : Notification No. 77 /2022 [F. No. 370142/29/2022-TPL (Part-1)] / GSR 505(E)

4th July 2022
Notification No. 78/2022 [F. No. 187/3/2020-ITA-I] / SO 3044(E):​Corrigendum

6th July 2022
Notification No. 79/2022 [F. No. 300196/38/2021-ITA-I] / SO 3105(E): Notification No. 79/2022 [F. No. 300196/38/2021-ITA-I] / SO 3105(E)

8th July 2022
Notification No. 80/2022 [F. No. 370142/11/2022-TPL] / GSR 524(E): ​Income-tax (21st Amendment) Rules, 2022

8th July 2022
Notification No. 81/2022 [F. No. 300196/14/2021-ITA-I] / SO 3142(E) : Notification No. 81/2022 [F. No. 300196/14/2021-ITA-I] / SO 3142(E)

8th July 2022
Notification No. 82/2022 [F. No. 187/3/2020-ITA-I] / SO 3148(E) : Notification No. 82/2022 [F. No. 187/3/2020-ITA-I] / SO 3148(E)

12th July 2022
Notification No. 83/2022 [F. No. 370142/30/2022-TPL] / GSR 537(E) : ​Income-tax (Twenty Second Amendment) Rules, 2022

16th July 2022
Notification No. 03/2022 Specifying Forms, returns, statements, reports, orders, by whatever name called, prescribed in 

Appendix-II to be furnished electronically under sub-rule (1) and sub-rule (2) of Rule 131 of the Income-tax Rules, 1962

19th July 2022
Notification No. 84/2022 [F. No. 370142/23/2022-TPL] / GSR 528(E) : ​Corrigendum

21st July 2022
Notification No. 85/2022 [F. No. 300196/17/2022-ITA-I] / SO 3315(E) : Notification No. 85/2022 [F. No. 300196/17/2022-ITA-I] / SO 3315(E)

21st July 2022
Notification No. 86/2022 [F. No. 500/PF1/S10(23FE)/FT&TR-II] / SO 3324(E) : Notification No. 86/2022 [F. No. 500/PF1/S10(23FE)/FT&TR-II] / SO 3324(E)

26th July 2022
Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT)

29th July 2022
Notification No. 5/2022 : Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically

Circulars
Nil

 

Notifications
Nil

Circulars

Nil

 

Notifications
A. Tariff
4th July 2022
38/2022
Seeks to extend the exemption from BCD and AIDC upon import of Raw Cotton

12th July 2022
39/2022 -
Seeks to amend notification No. 50/2017-Customs with respect to the tariff heading referring to the open cells for use in manufacture of TV Panels of heading 8524

13th July 2022
Seeks to amend notification No. 50/2017-Customs for DEC tablet and S. No. 404 Petrol operations

13th July 2022
Seeks to amend notification No. 19/2019-Customs for defence related imports.

13th July 2022
Seeks to amend notification No. 51/96-Customs for withdrawing IGST exemption.

20th July 2022
Seeks to amend notification No. 22/2022-Customs, dated 30.04.2022 to enable TRQ holders to import gold through IIBX under TRQ mechanism of India-UAE CEPA.

23rd July 2022
44/2022 - Seeks to amend notification No. 49/2021 - Customs, dated 13.10.2021, in order to extend the concessional Agriculture Infrastructure and Development Cess [AIDC] of Nil on Lentils (Mosur) up to and inclusive of the 31st March, 2023

 

B. Non-Tariff

7th July 2022
58/2022 - Exchange rate Notification No.58/2022-Cus (NT) dated 07.07.2022-reg.

12th July 2022
Publication of Controlled Delivery (Customs) Regulations 2022-reg.

13th July 2022
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- regarding.

14th July 2022
61/2022 - Amendment of Proper Officer Notification No,26/2022-Customs (NT) dated 31.03.2022

15th July 2022
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

20th July 2022
63/2022 - To amend the Customs Authority for Advance Rulings Regulations, 2021 issued vide notification 01/2021 – Customs (N.T.) dated 04.01.2021

21st July 2022
64/2022 - Exchange rate Notification No.64/2022-Cus (NT) dated 21.07.2022-reg.

29th July 2022
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

 

C. Anti - Dumping Duty
12th July 2022
23/2022 - Seeks to amend the name of Country of Export from ‘Singapore’ to ‘Any country including Indonesia’ for the producer ‘PT. ENERGI SEJAHTERA MAS’ and Exporter ‘Sinarmas CEPSA Pte. Ltd.’ in Customs notification No. 28/2018-Customs (ADD) dated 25 th May, 2018 which imposed Anti-dumping duty on imports of 'Saturated Fatty Alcohols' from Indonesia, Malaysia, Thailand and Saudi Arabia.

The Verdict

NI Act: Territorial Jurisdiction Lies Where Cheque is Delivered for Collection

The Gauhati High Court has reiterated the territorial jurisdiction for cheque bounce cases under Negotiable instruments Act.

Go Figure

Functioning of Indian Computer Emergency Response Team in India: (CERT-In)

CERT is one of a kind nodal agency to handle all cyber threats – form phishing and hacking to malware propagation and website site malfunctions.
Lawtitude

Analysing Saudi Arabia’s New Companies Law

Saudi Arabia, one of the most important countries in the global economy has introduced a new company law with the objective of aligning with international practices, safeguard investor interests and attract better investments. The new company law of Saudi Arabia was introduced in June 2022.

Impound

To take control of in the custody of the law or by legal authority

Line-item veto

An executive veto of a specific item in an appropriations bill

Kicback

A payment (as of money or property) made to one in a position to open up or control a source of income for the payor

Jurisprude

An individual who makes ostentatious show of learning in jurisprudence and the philosophy of law or who regards legal doctrine with undue solemnity or veneration

Infographic

Eyes on The Financial Services Market

The International Financial Services Centres (IFSC) is set up under the Special Economic Zones Act, 2005 to regulate financial services market in India.

Lawlipop

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

Arbitration

Express(ing) determination & obligation

MS-ME

Kirana shops

(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

Bridge of Spies (2015)

In 1957, at the peak of the cold war between USA and USSR, Rudolph Abel (Mark Rylance) was arrested on charges for spying for the USSR in US. James B Donovan (Tom Hanks) an insurance lawyer was appointed to defend Abel. Donovan managed to avert death penalty for him, instead bringing it down to imprisonment for 30 years. Though public sentiment was against him for defending a traitor (his family was harassed for the same) Donovan persisted on the belief that every individual was entitled to fair trial and chance to live. In 1960, Gary Powers, (Austin Stowell) a US pilot in the CIA spy program was shot down over USSR. On a public trial, he was convicted for 10 years confinement. The CIA then asked Donovan to negotiate the release of Powers in exchange for Abel, a task he had to carry out in East Berlin. How Donovan secures the release of Powers and another American student Frederic Pryor amidst the tense geo-political environment forms the rest of the story. The U.S government publicly acknowledges the efforts of Donovan in the spy swap. Donovan’s credibility was validated in his country. Inspired by true events, the movie was directed and co-produced by Steven Spielberg. It revolved around James Britt Donovan, an American Lawyer- Navy officer with the office of the Strategic services. He became their counsel and eventually a key U.S diplomatic negotiator. A historical cum legal drama worth a watch.

Book/Novel

Lethal Defense by Michael Stagg (2020)

The first in legal thriller series by lawyer turned author, the story centred on the fictional attorney Nate Shepherd. When Nate shepherd decides to become an independent practitioner outside his high-profile law firm, he immediately seizes the opportunity to defend his client accused of murdering an evil person.  In the process though, he ends up brining skeleton from his own closet, secrets that threaten to ruin everything he has – personally and professionally.

TV Series

Extraordinary Attorney Woo (2022)

Streaming on Netflix since June 2022, this South Korean (K-Drama) is based on the life of a 27-year-old young autistic attorney working in a large law firm. Each episode deals with the way Woo deals with the world both professionally and personally as she is endowed with very high IQ (intelligence quotient) and low EQ (Emotional quotient).

There is no better way to exercise imagination than the study of law – Ralph Waldo Emerson

Readers' Corner

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