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Edition 89 • February 2023

Made in India

In its 75th year of independence, the Union government presented the budget for the year 2023-24. While the budget included several incentives for all sections of the society, one aspect that stood out was the focus given to artificial intelligence (AI).

Insights

Union Budget 2023-24: AI(l) Inclusive

Artificial Intelligence has been given importance in the Union Budget 2023-24 for the second year in a row indicating the keenness of the union government in tapping its potential.

Insights

Intellectual Property Rights (IPR) and Biodiversity

Biological diversity is the hallmark of life for living things in the modern, globalised world. It serves as the foundation for sustainable development, to use a cliché. The protection of new plant varieties, microbes, genetically modified organisms, and other things is made possible by the present intellectual property rights (IPR).

What's Brewing

Taxation and Online Gaming

The FM announced a consolidated 30% tax irrespective of amount earned in online gaming.

Circulars & Notifications

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

Circulars

Nil

 

Notifications

Nil

Circulars

Nil

 

Notifications

4th January 2023
Foreign Investment in India - Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal

6th January 2023
Formation of new districts in the State of Chhattisgarh – Assignment of Lead Bank Responsibility

9th January 2023
Basel III Capital Regulations - Eligible Credit Rating Agencies

11th January 2023
Operational Risk Management: Price / Yield range setting in e-Kuber

13th January 2023
Formation of new district in the State of Arunachal Pradesh – Assignment of Lead Bank Responsibility

13th January 2023
Formation of new district in the State of Sikkim – Assignment of Lead Bank Responsibility

16th January 2023
Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023

16th January 2023
Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies

17th January 2023
Designation of two individuals and one organisation under Section 35(1) (a) and 2(1) (m) of the Unlawful Activities (Prevention) Act,1967 and their listing in the First and Fourth Schedule of the Act

17th January 2023
Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Addition of 1 entry

23rd January 2023
Safe Deposit Locker/Safe Custody Article Facility provided by banks

23rd January 2023
‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds

24th January 2023
Designation of 3 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.

30th January 2023
Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Addition of 1 entry

Circulars

5th January 2023
Limited relaxation – dispatch of physical copies of financial statements etc. – Regulation 58 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

5th January 2023
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

5th January 2023
Monitoring and Periodical reporting of the compliance with the requirements pertaining to ‘Security and Covenant Monitoring’ system hosted by Depositories

5th January 2023
Extension of timelines for entering and verification of the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories

6th January 2023
Management and advisory services by AMCs to Foreign Portfolio Investors

6th January 2023
Operational Circular for Credit Rating Agencies

9th January 2023
Mode of settlement for trades executed on the Request for Quote (RFQ) platform

9th January 2023
Standard Operating Procedure for handling of Stock Exchange Outage and extension of trading hours thereof

10th January 2023
Comprehensive Framework on Offer for Sale (OFS) of Shares through Stock Exchange Mechanism

10th January 2023
Change in control of Portfolio Managers providing Co-investment services

10th January 2023
Introduction of future contracts on Corporate Bond Indices

11th January 2023
Allowing stock exchanges to launch multiple contracts on the same commodity in commodity derivatives segment

12th January 2023
Participation of AIFs in Credit Default Swaps

12th January 2023
Facility of conducting meetings of unit holders of InvITs through Video Conferencing or Other Audio Visual means

12th January 2023
Facility of conducting meetings of unit holders of REITs through Video Conferencing or Other Audio-Visual means

 

Notifications

Nil

Circulars

Nil

 

Notifications

Nil

Circulars
Nil

 

Notifications
Nil

Circulars

Nil

 

Notifications
A. Tariff
13th January 2023
01/2023 Customs - Seeks to give effect to the first tranche of tariff concessions under India Australia ECTA

 

B. Non-Tariff

4th January 2023
01/2023 Customs (NT) - Seeks to further amend Notification No. 61/94-Customs (N.T.) dated the 21st November 1994.

5th January 2023
02/2023 Customs (NT) - Exchange rate Notification No. 02/2023-Cus (NT) dated 5.1.2023-reg

11th January 2023
03/2023 Customs (NT) - Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023- Reg.

13th January 2023
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

19th January 2023
05/2023 Customs (NT) - Exchange rate Notification No. 05/2023-Cus (NT) dated 19.1.2023.

25th January 2023
06/2023 Customs (NT) - Presidential Award of Appreciation Certificates and Medals announced on the occasion of Republic Day, 2023.

32st January 2023
07/2023 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

 

C. Anti - Dumping Duty
6th January 2023
01/2023 Customs (ADD) - Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR

25th January 2023
02/2023 Customs (ADD) - Seeks to amend notification No. 43/2021-Customs(ADD) regarding levy of anti-dumping duty on Phthalic anhydride to amend the name of the producer from "Aekyung Petrochemical Co. Ltd." to "Aekyung Chemical Co., Ltd."

The Verdict

Alternative statutory remedy under SARFAESI Act

A division bench of the Supreme Court has observed that when an alternative statutory remedy is available under an law, the High court cannot allow any party to circumvent that and directly approach the High court for relief. The bench also laid clarity on what will be considered as agricultural land under the SARFAESI Act.

Go Figure

Analysing the Insurance Sector of India

Knowledge of life insurance and all other kinds of insurance the word over is rapidly on the rise.
Lawtitude

The Scottish Gender Recognition Bill, 2022: From introduction to its Veto

The Scottish Gender recognition Bill 2022 which was seen as an important legislation got vetoed under section 35 of the Scotland Act 1998.

Hypothecate

It means to pledge as security without delivery of title or possession.

Indemnify

It denotes to secure against hurt, loss, or damage.

Jural

Of or relating to rights or obligations.

Keeper

One who takes care of and often is legally responsible for something

Infographic

The Crime Record

The Criminal Procedure (Identification) Act, 2022 (“Act”) enables procuring vitals like finger or footprints, handwriting excerpts etc of persons for identification in criminal investigation.

Lawlipop

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

Chat(ter) bots:

Googles Bard Vs MS ChatGPT

Matrimony:

T&C (DO NOT) apply

(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

Mulk (Hindi) (2018)

Based on real life story, the movie is based on religious divide and prejudice. Murad Ali Mohammed (Rishi Kapoor) is a lawyer who lives with his extended joint family in Varanasi. The family lives harmoniously in a religiously diverse neighbourhood. Murad’s son and (Hindu) daughter in law Aarti (Taapsee Pannu), also a lawyer live abroad. His idyllic life is shattered when his nephew Shahid (Prateik Babbar) joins hands with extremists and executes a bomb blast in Allahabad. After the tragedy, the police trace it down to Shahid and shoot him dead when he tries to flee. All this, while Murad’s family is entirely ignorant of Shahid’s radicalization. However, the behaviour of the neighbours towards Murad’s family drastically changes. All Murad’s good friends turn hostile against the family. Murad’s family is branded terrorists. Determined to clear their name, Murad files a case in the Court. His daughter in late Aarti defends the family. Swimming against the tide, Aarti has to gather evidence and prove the innocence of the family at every stage starting from the lawyer who religiously biased. The closing arguments are legally and emotionally loaded. In his verdict on religious divide, the Judge says, “we should stop thinking as ‘them’ and ‘us’”. Only then the society will change.

Book/Novel

Litigators by John Grisham (2011)

The 25th novel from the master storyteller, the novel revolves around David Zinc, a Harvard law school graduate working in a high-end law firm. He is burnt out with the high pressured though well-paying job. He quits the job and in a freak decision, joins a small-time Chicago law firm with two partners. The Law firm is planning to strike gold with a class action suit against a pharma giant which manufactures a drug that supposedly reduces cholesterol levels. David decides to take up the case, only to find that the pharmaceutical company is being represented by his former employer. how the case unfolds forms the rest of the novel.

TV Series

Legal High (Korean) (2019)

A Koran legal series based on a 2012 Japanese series by the same name, the series centres around two lawyers  who are chalk and cheese. Go Tae Rim is a haughty lawyer who has never lost a case and wins cases in all possible ways, Seo Jae is a righteous lawyer who goes by justice and ethics. Despite their contrasting nature, the two work together on several cases.

A law is valuable not because it is a law, but because there is right in it – Henry Ward Beecher

Readers' Corner

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