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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

Socially Backward Vs Economically Weak

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.

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.

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

13th October 2022
Claims Received from the National Credit Guarantee Trustee Company Ltd (NCGTC) - Classification for the Purpose of Maintenance of Cash Reserve Ratio (CRR)/Statutory Liquidity Ratio (SLR)

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

27th October 2022
Designation of 10 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.

Circulars

3rd October 2022
Extension of timeline for entering the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories

6th October 2022
Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities towards deliveries/ settlement obligations and pledging/ re-pledging of securities – clarification

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”)

19th October 2022
Request for Quote (RFQ) platform for trade execution and settlement for trades in listed Non-convertible Securities, Securitised Debt Instruments, Municipal Debt Securities and Commercial Paper

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)

31st October 2022
Review of provisions pertaining to specifications related to International Securities Identification Number (ISIN) for debt securities issued on private placement basis – Modification to Chapter VIII of Operational Circular dated August 10, 2021

 

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)

13th October 2022
Notification No. 114/2022 [F. No. 500/PF3/S10(23FE)/FT&TR-II-Part(2)] / SO 4872(E) : Notification No. 114/2022 [F. No. 500/PF3/S10(23FE)/FT&TR-II-Part(2)] / SO 4872(E)

14th October 2022
Notification No. 115/2022 [F. No. 500/SWF5/S10(23FE)/FT&TR-II(Pt.2)] / SO 4893(E) : Notification No. 115/2022 [F. No. 500/SWF5/S10(23FE)/FT&TR-II(Pt.2)] / SO 4893(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.

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.

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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