The Supreme Court Judgment upholding the 10% reservation for the Economically weaker sections of the society received contrasting views even from within the 5 Judge Bench that presided over the case.
Edition 86 • November 2022
On Merit
The recent judgment upholding reservation for the economically weaker sections (EWS) has put the focus back on reservation system in India.
Insights
Secrecy of Inventions
In the simplest form, Patent is described as an exclusive right granted for an invention, which is either a product or process giving new resolutions to problems from a technical front. In a lot of cases, inventions are to be utilized for secretive purposes, such as Military Applications.
Tête-à-tête
The Right to information Act is a modern-day tool in the hands of the common man to seek legitimate information on the workings of government departments and public institutions.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Guidelines for the Influencer
Recently, the Department of Consumer Affairs issued a statement that the government will soon publish guidelines for social media influencers making it mandatory for them to disclose certain information. These ‘soon to be released’ guidelines are to ensure that social media influencers are held responsible / liable for their acts of endorsing products or services.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
Nil
Notifications
Nil
Circulars
14th October 2022
Master
Circular – Asset Reconstruction Companies (Updated as on October 14, 2022)
Notifications
6th October 2022
Appointment
of Internal Ombudsman by the Credit Information Companies
10th October 2022
Review
of Prudential Norms – Risk Weights for Exposures to Corporates and NBFCs
11th October 2022
Diversification
of activities by SPDs – Review of permissible non-core activities
11th October 2022
Diversification
of activities by SPDs – Review of permissible non-core activities – Prudential
regulations and other instructions
11th October 2022
Review
of Regulatory Framework for Asset Reconstruction Companies (ARCs)
11th October 2022
Multiple
NBFCs in a Group: Classification in Middle Layer
11th October 2022
Reserve
Bank of India (Financial Statements - Presentation and Disclosures) Directions,
2021 - Disclosure of Divergence in Asset Classification and Provisioning
11th October 2022
Reserve
Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022
20th October 2022
Exim
Bank’s Short-Term Line of Credit (STLoC) of EUR 100
million to the Banco Exterior de Cuba for purchase of rice from India
Circulars
10th October 2022
Review
of provisions pertaining to Electronic Book Provider platform – Replacement of
Chapter VI to Operational Circular dated August 10, 2021
13th October 2022
Suspension,
Cancellation or Surrender of Certificate of Registration of a Credit Rating
Agency
13th October 2022
Governing
Council for Social Stock Exchange (“SSE”)
27th October 2022
Block
Mechanism in demat account of clients undertaking
sale transactions – Clarification
28th October 2022
Reduction
in denomination for debt securities and non-convertible redeemable preference
shares
28th October 2022
Addendum
to SEBI Circular on Development of Passive Funds
31st October 2022
Standardisation
of Rating Scales Used by Credit Rating Agencies (CRAs)
Notifications
Nil
Circulars
Nil
Notifications
6th
October 2022
Appointment
of Ms. Reetu Jain as Ex-officio member of IBBI
Circulars
26th October 2022
Circular
No. 20/2022: Extension of due date for furnishing return of income for the
Assessment Year 2022-23
27th October 2022
Circular
No. 21/2022: Order under section 119 of the Income-tax Act, 1961
Notifications
7th October 2022
Notification
No.112/2022 [F. No. 370142/43/2022-TPL (Part 2)] / GSR 769(E) : Income-tax
(Thirty Third Amendment) Rules, 2022
13th October 2022
Notification
No. 113/2022 [F.No. 279/Misc./66/2014-ITJ(Pt.)]/SO
4873(E) : Notification No. 113/2022 [F.No.
279/Misc./66/2014-ITJ(Pt.)]/SO 4873(E)
19th October 2022
Notification
No. 116/2022 [F. No. 300196/33/2021-ITA-I] / SO 4944(E) : Notification No.
116/2022 [F. No. 300196/33/2021-ITA-I] / SO 4944(E)
19th October 2022
Notification
No. 117/2022 [F. No. 300196/33/2022-ITA-I] / SO 4936(E) : Notification No.
117/2022 [F. No. 300196/33/2022-ITA-I] / SO 4936(E)
28th October 2022
Notification
No. 118 /2022 [F. No. 203/13/2021-ITA-II] / SO 5070(E) : Notification No. 118
/2022 [F. No. 203/13/2021-ITA-II] / SO 5070(E)
31st October 2022
Notification
No. 119/2022 [F. No. 500/PF4/S10(23FE)/FT&TR-II(2)] / SO 5080(E) :
Notification No. 119/2022 [F. No. 500/PF4/S10(23FE)/FT&TR-II(2)] / SO
5080(E)
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
3rd
October 2022
52/2022 Customs - Seeks
to increase basic customs duty on imports of platinum.
3rd October 2022
53/2022 Customs - Seeks to increase AIDC on imports of platinum.
19th October 2022
54/2022 Customs - Seeks to amend Project
Import Regulations, 1986
31st October 2022
55/2022 Customs - Seeks to provide export
duty exemption to specified varieties of Rice subject to the prescribed
condition(s).
B. Non-Tariff
6th October 2022
87/2022
Customs (NT) - Exchange
rate Notification No. 87/2022-Cus (NT) dated 06.10.2022
10th October 2022
88/2022
Customs (NT) - Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
14th October 2022
89/2022
Customs (NT) - Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
20th October 2022
90/2022
Customs (NT) - Exchange
rate Notification No. 90/2022-Cus (NT) dated 20.10.2022
31st October 2022
91/2022
Customs (NT) - Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
C. Anti -
Dumping Duty
19th
October 2022
29/2022 Customs (ADD) -
Seeks to
impose Anti-Dumping duty on "Electrogalvanized Steel" originating in
or exported from Korea RP, Japan and Singapore, for a period of 5 years, in
pursuance of fresh final findings issued by DGTR
The Verdict
Gratuity of Bank Employees Cannot be Adjusted Towards their Loan Account
Recently, a single Judge Bench of the Karnataka High Court held that the gratuity amount payable to an employee cannot be adjusted towards his loan account. A look at the highlights of the case.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Measuring CCTV Surveillance Across the World
Presenting to you some interesting data on the top 10 most surveilled cities in the world.
Lawtitude
Explaining the U.S. Blueprint for Artificial Intelligence (AI) Bill of Rights
With the increase in global usage of artificial intelligence and automated systems in our day-to-day functioning, there is a potential of causing a certain level of harm due to a lack of guiding principles or a reasonable framework. This technological upgradation which is seen as progress of human advancement can result in causing irreversible damage if there is no mechanism to keep a check on its applicability.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Veto
Indicates an authoritative prohibition
Write-off
Denotes the elimination of an asset or amount due from the books
Usurp
It means to seize and hold (as office, place, or powers) in possession by force or without right
Year-and-a-day rule
This is a common-law rule that relieves a defendant of responsibility for homicide if the victim lives for more than one year and one day after being injured
Infographic
Safe Dams to Save Water
The Dam Safety Act, 2021 declares that the Union should regulate the Uniform Dam Safety procedure in public interest. Read on for more updates.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
One Nation One Uniform?!
PM suggests
Cut to Size
Amazon fined for selling knives above MRP
(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
Denial (2016)
The movie is a 2016 biographical drama on holocaust. Based on the legal case – David Irving v Penguin Books and Deborah Lipstadt, the case (and the movie) centres on American historian Deborah Lipstadt, British publisher Penguin Books Ltd and British author and Holocaust denier David Irving. Irving files a libel case against Lipstadt. She must prove that the holocaust indeed occurred while Irving denies it. Eventually the Court ruled that Irving’s claim of libel (denying that holocaust did not happen) was incorrect. The movie won critical acclaim for its accurate portrayal of events. Legally and historically enriching.
Book/Novel
The Boys from Blioxi by John Grisham (2022)
The latest offering from the master storyteller whose 28 novels were best sellers, this novel is a legal thriller with a twist.
Biloxi is a city in Mississippi. Its scenic beaches / resorts and seafood are shadowed by a dark underbelly of gambling, drugs, prostitution, and contract killings. Such activities are managed by a dreaded cartel of mobsters.
Like Biloxi, the characters of the novel also have two sides. Keith Rudy and Hugh Malco are childhood friends. As they grow up, they find themselves on the opposite sides of society and law. While Keith becomes a lawyer following his father’s footsteps, Hugh becomes an outlaw following his mobster father footsteps. The families are at war and their battle is in the courtroom. Life takes a u turn thereafter. A thrilling read.
TV Series
Your Honor (2020)
A mini-series streaming on Amazon Prime, the series is adapted from an Israeli tv series. It was further adapted to the Indian audience as a web series with the same name.
Michael Desiato is a respected judge in New Orleans. When his teenage son kills another in a hit and run case, Michael counsels him to surrender to law. However, on learning that the victim was the son of a dreaded mafia lord, Michael does a u turn and does everything to protect his son from them. Michael trades off his ethics and credibility to keep his son safe.
Life Can Only be Understood Backwards; But it Must be Lived Forwards - Soren Kierk
Readers' Corner
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Write to subathra@akmllp.com and get featured in our next edition with responses from our experts
