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Edition 84 • September 2022

Adapting to Change

Insolvency and Bankruptcy Code is a dynamic legislation. The latest set of amendments are testimony to this.

Insights

OLD The Emancipation of Corporate Laws

The latest amendments to IBC – from capping the fee to insolvency professional to streamlining CIRP is the need of the hour.

Insights

The Art Law of India

Moral, economic and legal rights under the Copyrights Act 1957 ought to remain effective in light of art and NFTs.

Tête-à-tête

Unwanted pregnancies are not recognized as a valid reason for safe medical termination of pregnancies in India under MTP Act.

What's Brewing

Competition Amendment Bill 2022

The Competition (Amendment) Bill 2022 has brought in amendments to make the competition law in India a tight law in line with global laws.

Circulars & Notifications

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

Circulars

1st August 2022
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)

2nd August 2022
Master Circular on Credit Facilities to Minority Communities

 

Notifications

1st August 2022
External Commercial Borrowings (ECB) Policy – Liberalisation Measures

4th August 2022
Gold Monetization Scheme (GMS), 2015

5th August 2022
Liquidity Adjustment Facility- Change in rates

5th August 2022
Standing Liquidity Facility for Primary Dealers

5th August 2022
Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)

5th August 2022
Change in Bank Rate

8th August 2022
Authorised Dealer Category-I License eligibility for Small Finance Banks

8th August 2022
Rupee Interest Rate Derivatives (Reserve Bank) Directions – Review

11th August 2022
Section 23 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Opening of new place of business by District Central Co-operative Banks (DCCBs)

11th August 2022
Bilateral Netting of Qualified Financial Contracts - Amendments to Prudential Guidelines

12th August 2022
Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents

22nd August 2022
Section 23 of the Banking Regulation Act, 1949 – Branch Authorisation Policy – Left Wing Extremism affected districts – Revised List

22nd August 2022
Foreign Exchange Management (Overseas Investment) Regulations, 2022

22nd August 2022
Foreign Exchange Management (Overseas Investment) Directions, 2022

Circulars

Nil

 

Notifications

1st August 2022
Notification No. 87/2022 [F. No. 370142/36/2022-TPL] / GSR 610(E) : ​Income-tax (Twenty Third Amendment) Rules, 2022

2nd August 2022
Notification No. 88/2022 [F. No. 300196/19/2017-ITA-I] / SO 3616(E)

3rd August 2022
Notification No. 89/2022 [F. No. 370142/26/2019-TPL-Part(1)] / SO 3652(E)

5th August 2022
Notification No. 90 /2022 [F. No. 370142/31/2022-TPL (Part-2)] / SO 3703

5th August 2022
Notification No. 91 /2022 [F. No. 370142/31/2022-TPL (Part-2)] / SO 3704

5th August 2022
Notification No. 92 /2022 [F. No. 370142/31/2022-TPL (Part-2)] / SO 3705

5th August 2022
Notification No. 93 /2022 [F. No. 370142/31/2022-TPL (Part-2)] / SO 3707

10th August 2022
Notification No. 94/2022 [F. No. 370142/34/2022-TPL] / GSR 622(E) : ​Income-tax (24th Amendment) Rules, 2022

16th August 2022
Notification No. 95/2022 [F. No. 500/SWF4/S10(23FE)/FT&TR-II(Pt.4)] / SO 3828(E)

17th August 2022
Notification No. 96/2022 [F.No. 370142/34/2022-TPL] / GSR 632(E) : ​Income-tax (25th Amendment) Rules, 2022

17th August 2022
Notification No. 97/2022 [F. No. 500/PF2/S10(23FE)/FT&TR-II-Part(3)] / SO 3867(E)

17th August 2022
Notification No. 98/2022 [F. No. 370142/33/2022-TPL] GSR 634(E) : ​Income-tax (26th Amendment) Rules, 2022

17th August 2022
Notification No. 99/2022 [F. No. 370142/9/2022-TPL Part (2)] / SO 3878(E)

18th August 2022
Notification No. 100/2022 [F. No. 370142/35/2022-TPL] / GSR 636(E) : Income-tax (27thAmendment) Rules, 2022

22nd August 2022
Notification No. 101/2022 [F.No. 370142/37/2022-TPL] / GSR 647(E) : ​Income-tax (Twenty Eighth Amendment) Rules, 2022

22nd August 2022
Notification No. 102/2022 [F. No. 285/13/2022-IT(Inv.V)/CBDT] / SO 3930(E)

24th August 2022
Notification No. 103/2022 [F. No. 300196/18/2017-ITA-I (PT.-1)] / SO 4001(E)

Circulars
Nil

 

Notifications
Nil

Circulars

Nil

 

Notifications
A. Tariff
31st August 2022
46/2022 Seeks to amend notification Nos. 48/2021 and 49/2021 - Customs, both dated 13.10.2021, in order to extend the existing concessional import duties on specified edible oils up to and inclusive of the 31st March, 2023.

31st August 2022
45/2022 -
Seeks to further amend notification no. 130/2010-Customs dated 23rd December 2010.

 

B. Non-Tariff

4th August 2022
66/2022 Customs (NT) - Exchange rate Notification No.66/2022-Cus (NT) dated 04.08.2022-reg.

8th August 2022
67/2022 Customs (NT) - Passenger Name Record Information Regulations, 2022.

12th August 2022
68/2022 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

18th August 2022
70/2022 Customs (NT) - Exchange rate Notification No. 70/2022-Cus (NT) dated 18.08.2022-reg.

22nd August 2022
69/2022 Customs (NT)  - Seeks to amend Customs (Compounding of Offences) Rules 2005

31st August 2022
72/2022 - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

 

C. Anti - Dumping Duty
3rd August 2022
24/2022 Customs (ADD) seeks to impose anti-dumping duty on Opal Glassware from UAE & China PR for a period of 5 years

18th August 2022
25/2022 Customs (ADD) Seeks to impose provisional anti-dumping duty on imports of Ursodeoxycholic Acid (UDCA) originating in or exported from China PR and Korea RP for a period of six months

31st August 2022
Seeks to extend the levy of ADD on Jute Products originating in or exported from Nepal and Bangladesh

The Verdict

IBC: Dues of a secured creditor rank higher than dues of government on sale of asset

A full bench of the Bombay HC laid down thread bare issues of law relating to ‘priority’ of claim by a secured creditor over state government dues in the event of sale of a secured asset.

Go Figure

Tracing the trend of Foreign Direct Investments (FDIs) as per World Investment Report

Foreign direct investment or ‘FDI’ means the inflow / outflow of funds into or from a country to another country with the objective of establishing an interest in that country though investment(s).
Lawtitude

Understanding the Law of Defamation Around the World

Libel and slander different forms of the same wrong – defamation. This has increased manifold the world over with the advent of social media.

Moratorium

Refers to an authorized period of delay in the performance of an obligation.

Nuncupative

Something stated by spoken word.

Optionee

Refers to the one who is granted or buys an option.

Privity

The direct connection or relationship between parties to a contract or transaction.

Infographic

Break the records with no dopes

The National Anti-Doping Act 2022 was enacted to weed out usage of banned and performance enhancing drugs in any sport and maintain highest standard of ethics and integrity.

Lawlipop

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

Matter of Pride

Steady increase in transgender directors of companies

Cut to size

Shade trees constitute “Agricultural Produce”, No Sales Tax Applicable: Madras HC

(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

Yara (2021)

Streaming on Netflix, this movie is an Italian film. It contains fictionalized depiction based of a true story. Yara, a 13-year-old girl returning from her gym class goes missing. The disappearance becomes sensational with the media covering it widely. Three months later, her body is found. Prosecutor Letizia Ruggeri (Isabella Ragonese) takes this case upon her and begins an extra ordinary criminal investigation in to bring the perpetrators to book. Netflix has rated it as best “non-English” movie.

Book/Novel

With Prejudice by Robin Peguero (2022)

The debut novel by Harvard educated lawyer cum passionate writer, Robin Peguero, the plot revolves around the murder of a woman. The person in whose company she was last seen is accused of murdering her. When the trial begins, everything (except the facts and truth) and are on full display – from each of the jury brining their own experience and bias to the prosecuting and defending lawyers pursuing the case to meet their own end. As it is, the criminal justice system is complicated. Read on to find out the case and its verdict.

TV Series

Doctor Lawyer (2022)

Streaming on Disney+ Hotstar, this South Korean drama traces the life of doctor turned lawyer Han Yi Han through 16 episodes. Han is the youngest and most brilliant surgeon having niche medical specialization. Things go south when Han is held responsible for the unexpected death of a patient (through a rigged operation). His medical license is revoked. It is then that he decides to switch professions and become a lawyer and specializes in medical litigation while uncovering the truth of the death of his patient. In this process, he must associate with another lawyer who loses a loved one due to the operation that Han performed.

The vacation we often need is freedom from our own mind - Jack Adam Weber

Readers' Corner

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