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Edition 85 • October 2022

What goes around comes around

Whether it is darkness followed by shining bright light which is the essence of Diwali or a person of Indian origin becoming the head of a country that once ruled his country, one thing is clear - What goes around comes around. What goes down comes up.

Insights

Small is Big

The many versions of the entity called the ‘company’ and how ‘small company’ is in big business.

Insights

Hashtag Trademark

Today, social media is a crucial marketing platform for the majority of enterprises. Online marketing solutions are continuously being developed by social media platforms to assist businesses in reaching their current and potential clients. One of the most cutting-edge marketing techniques on all social media platforms is the hashtag.

What's Brewing

National Logistics Policy 2022

In the third week of September 2022, the Prime minister unveiled the National Logistics Policy (NLP). Simply put, logistics is a broad term used for moving and co-ordinating resources – people, machinery, raw material etc from one place to another.  This is an intangible yet definite part of any business or trade.

Circulars & Notifications

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

Circulars

2nd September 2022
Performance/return claimed by unregulated platforms offering algorithmic strategies for trading

13th September 2022
Master Circular on Surveillance of Securities Market

19th September 2022
Validation of Instructions for Pay-In of Securities from Client demat account to Trading Member (TM) Pool Account against obligations received from the Clearing Corporations

19th September 2022
Framework on Social Stock Exchange

21st September 2022
Firewall between Credit Rating Agencies and their Affiliates

22nd September 2022
Issue and listing of Commercial Paper by listed InvITs

22nd September 2022
Issue and listing of Commercial Paper by listed REITs

26th September 2022
Modification in the Operational Guidelines for FPIs, DDPs and EFIs pertaining to FPIs registered under Multiple Investment Managers (MIM) structure

27th September 2022
Circular on Modification in Daily Price Limits (DPL) for Commodity Futures Contracts

28th September 2022
Credit Ratings supported by Credit Enhancement (CE)

28th September 2022
Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

28th September 2022
Amendments to guidelines for preferential issue and institutional placement of units by a listed REIT

29th September 2022
Participation of SEBI registered Foreign Portfolio Investors (FPIs) in Exchange Traded Commodity Derivatives in India

30th September 2022
Two-Factor Authentication for transactions in units of Mutual Funds

30th September 2022
Circular for Portfolio Managers

30th September 2022
Amendment to guidelines and extension of timeline for implementation of Standardized industry classification by Credit Rating Agencies (CRAs)

 

Notifications

Nil

Circulars

13th September 2022
Circular No. 18/2022 : Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961

30th September 2022
Circular No. 19/2022 : Extension of timeline for filing of various reports of audit for the Assessment Year 2022-23

 

Notifications

1st September 2022
Notification No. 105/2022 [F. No. 370142/38/2022-TPL-Part-I] / GSR 677(E) : ​Income-tax (29thAmendment) Rules, 2022

2nd September 2022
Notification No.106/2022 [F. No. 279/Misc./66/2014-ITJ(Pt.)] / SO 4156(E) : Notification No.106/2022 [F. No. 279/Misc./66/2014-ITJ(Pt.)] / SO 4156(E)

5th September 2022
Notification No. 107/2022 [F. No. 300196/25/2018-ITA-I] / SO 4154(E): Notification No. 107/2022 [F. No. 300196/25/2018-ITA-I] / SO 4154(E)

5th September 2022
Notification No. 108/2022/F. No. 300196/25/2022-ITA-I] / SO 4155(E): Notification No. 108/2022/F. No. 300196/25/2022-ITA-I] / SO 4155(E)

14th September 2022
Notification No. 109/2022 [F. No. 370142/ 44/2022-TPL] / GSR 697(E) : Form of statement to be furnished by producers of cinematograph films or persons engaged in specified activity under Rule 121A of the Income -tax Rules, 1962 read with section 285B of I

19th September 2022
Notification No. 110/2022 [F.No. 370142/41/2022-TPL] / GSR 709(E) : ​Income-tax (31st Amendment) Rules, 2022

28th September 2022
Notification No. 111/2022 [F. No. 370142/32/2022-TPL] / GSR 733(E) : ​Application for recomputation of income under sub-section (18) of section 155 of Income -tax Act,1961”.

Circulars
Nil

 

Notifications
Nil

Circulars

Nil

 

Notifications
A. Tariff
7th September 2022
47/2022 Customs - Seeks to amend notification No. 56/2000-Customs, dated the 5th May, 2000 to apply IGCR Rules with effect from 01.10.2022

7th September 2022
Seeks to amend notification No. 57/2000-Customs, dated the 8th May, 2000 to apply IGCR Rules with effect from 01.10.2022

8th September 2022
49/2022 Customs - Seeks to amend Second Schedule to the Customs Tariff Act to prescribe export duty on specified Rice products.

27th September 2022
50/2022 Customs - Seeks to further amend notification No. 50/2017-Customs, dated the 30th June, 2017

28th September 2022
Seeks to amend notification No 25/2021-Customs to amend prescribed TRQ for specialty sugar.

 

B. Non-Tariff

1st September 2022
73/2022 Customs (NT) - Exchange rate Notification No. 73/2022-Cus (NT) dated 01.09.2022-reg.

9th September 2022
74/2022 Customs (NT) - Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 superseding the existing Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.

14th September 2022
75/2022 Customs (NT) - Seeks to amend RoDTEP notification.

14th September 2022
76/2022 Customs (NT) - Seeks to amend RoSCTL notification.

15th September 2022
77/2022 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

15th September 2022
78/2022 Customs (NT) - Exchange rate Notification No. 78/2022-Cus (NT) dated 15.09.2022-reg.

15th September 2022
79/2022 Customs (NT) - Electronic Duty Credit Ledger (Amendment) Regulations, 2022

21st September 2022
80/2022 Customs (NT) - Seeks to amend notification no. 12/97-Customs (N.T.) dated the 2nd April, 1997.

23rd September 2022
81/2022 Customs (NT) - Courier Imports and Exports (Electronic Declaration and Processing ), Second Amendment, Regulations, 2022 for facilitating E-commerce exports of jewellery-Reg.

23rd September 2022
82/2022 Customs (NT) - Amendments in the provisions of GSR keeping in view the Guidelines issued by Department of Science & Technology (DST) for acquiring and producing Geospatial Data and Geospatial Data Services including Maps.-reg.

26th September 2022
83/2022 Customs (NT) - Exchange rate Notification No. 83/2022-Cus (NT) dated 26.09.2022-reg.

30th September 2022
84/2022 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

30th September 2022
85/2022 Customs (NT) - Exchange rate Notification No. 85/2022-Cus (NT) dated 30.09.2022-reg

30th September 2022
86/2022 Customs (NT) - Notification in relation to Land Customs Stations and routes "the pipeline of M/s Numaligarh Refinery Ltd. connecting NRL Siliguri Marketing Terminal in India to Parbatipur in Banlgadesh" as a route of Phulbari LCS by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994.

 

C. Anti - Dumping Duty
21st September 2022
27/2022 Customs (ADD) - Seeks to amend Notification No. 75/2021-Customs(ADD) dated 21.12.2021 regarding levy of anti-dumping duty on "HFC Component R-32" to amend the name of producer from “Zhejiang Quzhou Juxin Fluorine Chemical Co., Ltd” to “Zhejiang Quhua Fluor-Chemistry Co., Ltd.

21st September 2022
28/2022 Customs (ADD) - Seeks to impose Anti-Dumping duty on "Toluene Di-Isocyanate (TDI)" originating in or exported from China PR, Japan and Korea RP, for a period of 5 years, in pursuance of sunset review final findings issued by DGTR.

The Verdict

Applicability of Section 138 NI Act 1881 for part payment made after cheque is drawn and before being encashed

A Division Bench of the Supreme Court ruled that for a cheque to be dishonoured u/s 138 of the NI Act, it must represent a legally enforceable debt at the time of encashment.

Go Figure

Measuring the access to digitalization across the globe

Digital access includes internet, social media and mobile usage besides a host of other platforms.
Lawtitude

UK’s Economic Crime & Corporate Transparency Bill, 2022

With the new laws enacted and some in the pipeline, the United Kingdom is trying to strengthen the UK’s fight against economic crime. Recently, the UK enacted the Economic Crime (Transparency and Enforcement) Act 2022 with the aim to set up a register of overseas entities and their beneficial owners so as to make it a requirement for the overseas entities who own land in the UK to register with the aim to create a record.

Ratify

To make something valid or effective

Quaere

Refers to a Question —usually used to introduce a question

Talesman

Indicates a person summoned as one of the tales added to a jury

Squatter

Refers to a person who occupies a real property without a claim of right or title

Infographic

India Towards the Ice Continent

India is party to the Antarctic treaty which contains permission for expeditions and preservation / protection of environment in the Antarctic region.

Lawlipop

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

Worth the wait

TTD directed to pay compensation to devotee awaiting seva ticket allotment since 2006

Filling in

Cheque drawer is liable even if another filled in details

(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

Gargi (2022)

A Tamil legal drama that deals with the child abuse. Gargi (Sai Pallavi) is a schoolteacher whose lower middle-class family consists of her parents and a school going sister. Life turns upside down when her father who works as a security guard in an apartment is arrested on charges of sexually assaulting a minor girl residing in the apartment. Gargi is determined to save her father at any cost. She is certain of his innocence while remembering how her father protected her in childhood from her lecherous schoolteacher. 

There is growing public hatred against the father. The family is near ostracised. No lawyer takes up her father’s case including their family friend, a reputed lawyer. With no alternative, Gargi takes the help of his junior – a struggling, stammering lawyer Indrans Kaliyaperumal (Kaali Venkat) who has never argued a case. He works in a medical shop to make ends meet. 

In the hearing, Indrans fumbles and struggles to establish his in what seems to be an open and shut case. Then, he begins to unravel the case and makes a breakthrough with his medical (shop) knowledge. Gargi tries everything including meeting the victim who she believes wrongly identified her father. In the end, she finds out the perpetrator and get a sense of closure. 

This is perhaps one of the finest movies on child abuse. The court room, led by a transwoman judge, the cynical public prosecutor, the victims’s father and Gargi herself are all characters identifiable in our daily life. An absolute must watch.       

Book/Novel

The Final Case by David Guterson (2022)

A young Ethiopian girl adopted by conservative white Christian parents in Seattle is found dead in the backyard of her home. Police arrest Delvin and Betsy Harvey, parents on charges of murdering the Abeba, the young girl. Royal, an octogenarian lawyer, preparing to retire takes agrees to defend Betsy Harvey, the mother as his final case. In the course of trial, lot of interesting legal and moral issues surface – religious belief of adopted parents vis-a-vis international adoption rights and related issues. Read the book. Find out the culprit and motive.      

TV Series

Criminal Justice: Adhura Sach (HINDI) (2022)

An ongoing series on Netflix, the third season of this investigative court room drama is back with another case. A child TV star Zara Ahuja is gruesomely murdered and her step-brother Mukul Ahuja is arrested for it. Mukul’s hatred for Zara, his narcotics addiction, short temper and counselling therapy make it certain that he is the perpetrator. He is sent to juvenile home as he is not yet a major. The once affluent lifestyle boy faces lot of hardship. His stepfather has turned against him. His mother and biological father turn to Advocate Madhav Mishra (Pankaj Tripathi) to help solve the case as defence lawyer. He is pitted against assistant public prosecutor Lekha (Swetha Basu Prasad) a no-nonsense lawyer convinced of the evidence on hand pointing towards Mukul.

The Law is Perfection of Reason - Sir Edward Coke

Readers' Corner

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