The recent amendments to the Prevention of Money Laundering (Maintenance of Records) Rules 2023 indicate the government’s seriousness in tackling black money in the economy.
Edition 90 • March 2023
Hues of Colour
Summer has set in bringing an array of colour – from earthy brown to bright blue and delicate crimson, pink. Summer or winter, the economy deals with hues of another kind – black money being converted into white and everything in between. In a bid to tighten the noose on money laundering, the Finance ministry recently amended the rules to Prevention of Money Laundering Act (PMLA). An Insight into the same.
Insights
Digital Copyright Law
The subject of law is a topic that is ever evolving since it is a response to social problems, which change through time. Technology is one such sector where the law needs to be updated frequently. Technology is one of the most amazing gifts that the human mind has given to the human race, and digital technology is the most recent development that is being made on a global basis.
Tête-à-tête
Passive euthanasia continues to remain a moral and legal issue in the society.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Crypto Under PMLA
Several transactions of involving crypto currencies have been brought under the ambit of the Prevention of Money Laundering Act (PMLA) to protect investors from the pitfalls of the highly volatile virtual currency.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
3rd February 2023
Implementation of Section 51A of UAPA,1967:
Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List (Amendments
to 29 entries)
8th February 2023
Standing Liquidity Facility for Primary Dealers
8th February 2023
Change in Bank Rate
8th February 2023
Liquidity Adjustment Facility - Change in rates
10th February 2023
Issuance of PPIs to Foreign Nationals /
Non-Resident Indians (NRIs) visiting India
13th February 2023
Formation of new district in the State of Sikkim
– Assignment of Lead Bank Responsibility
16th February 2023
Introduction of Foreign Contribution
(Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems
17th February 2023
Governance, measurement and management of
Interest Rate Risk in Banking Book
20th February 2023
Reserve Bank of India (Financial Statements -
Presentation and Disclosures) Directions, 2021 – Disclosures for State
Co-operative Banks and Central Co-operative Banks
20th February 2023
Implementation of Indian Accounting Standards
(Ind AS)
Circulars
1st February 2023
Changes
to the Framework to Enable Verification of Upfront Collection of Margins from
Clients in Cash and Derivatives segments
1st February 2023
Transaction
in Corporate Bonds through Request for Quote (RFQ) platform by Alternative
Investment Funds (AIFs)
3rd February 2023
Amendments
to Operational Circular for Credit Rating Agencies
3rd February 2023
Manner
of achieving minimum public shareholding
3rd February 2023
Updated
Operational Circular for Credit Rating Agencies
3rd February 2023
Dos
and don’ts relating to green debt securities to avoid occurrences of greenwashing
6th February 2023
Revised
Disclosure Requirements for Issuance and Listing of Green Debt Securities
6th February 2023
Enhanced
obligations and responsibilities on Qualified Stock Brokers (QSBs)
8th February 2023
Entities
allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities
Market as sub-KUA
15th February 2023
Introduction
of Issue Summary Document (ISD) and dissemination of issue advertisements
15th February 2023
Maintenance
of a website by stock brokers and depository participants
16th February 2023
Master
Circular for Substantial Acquisition of Shares and Takeovers
22nd February 2023
Advisory
for SEBI Regulated Entities (REs) regarding Cybersecurity best practices
Notifications
Nil
Circulars
Nil
Notifications
Nil
Circulars
6th February 2023
Notifications
7th February 2023
Notification No. 03/2023 [F.No.370142/1/2023-TPL] / SO 614(E) :
Notification No. 03/2023 [F.No.370142/1/2023-TPL] / SO 614(E)
10th February 2023
Notification No. 4/2023 [F.No.
370142/51/2022-TPL] / GSR 91(E) : Income-tax (First Amendment) Rules, 2023
14th February 2023
16th February 2023
21st February 2023
28th February 2023
Notification No. 8/2023 [F. No. 370142/51/2022–TPL] / GSR 156(E) :
Corrigendum
Circulars
Nil
Notifications
Nil
Circulars
7th February 2023
03/2023
- Amendment in Circular No. 29/2020-Customs dated 22.06.2020 for allowing
transhipment of Bangladesh export cargo to third countries through Delhi Air Cargonotifications related thereto with reference to
appointment of officers of customs and assignment of functions - reg.
21st February 2023
04/2023
- Amendment in Circular No. 25/2016-Customs dated 08.06.2016 for including
details of Ex-bond Bill of Entry/Shipping Bill in Form A -reg.
21st February 2023
05/2023
- Amendment in Circular No. 26/2016-Customs dated 09.06.2016-reg.
Notifications
A. Tariff
7th
February 2023
Corrigendum -
corrigendum to notification No. 02/2023-Customs (tariff), dated 1st
February,2023
1st February 2023
02/2023-Customs - Seeks
to further amend notification No. 50/2017-Customs, dated the 30th June, 2017,
so as to revise/provide exemption(s) on the specified goods.
1st February 2023
03/2023-Customs - Seeks
to further amend notification No. 11/2021-Customs dated 1st February 2021, so
as to levy/exempt Agriculture and Infrastructure Development Cess (AIDC) on
certain items.
1st February 2023
04/2023-Customs - Seeks
to further amend notification No. 11/2018-Customs, dated 2nd February, 2018, to
revise/provide Social Welfare Surcharge (SWS) exemption(s) on specified goods.
1st February 2023
05/2023-Customs - Seeks
to rescind notification Nos. 13/2021-Customs and 34/2022-Customs, related to
Social Welfare Surcharge (SWS).
1st February 2023
06/2023-Customs - Seeks
to further amend notification Nos. 25/1999-Customs, 25/2002-Customs and
57/2017-Customs related to certain electronic items.
1st February 2023
07/2023-Customs - Seeks
to further amend notification No. 230/86-Customs related to Project Import
Regulations.
1st February 2023
08/2023-Customs - Seeks
to further amend notification No. 22/2022-Customs regarding India-UAE
Comprehensive Economic Partnership Agreement.
1st February 2023
09/2023-Customs - Seeks
to further amend notification No. 57/2000-Customs which exempts gold, silver
and platinum imported under specified schemes.
1st February 2023
10/2023-Customs - Seeks
to further amend notification No. 146/94-Customs, dated the 13th July, 1994 to
extend the exemption benefit to Warm blood horse for equestrian sports and
extend the validity of said notification up to the 31st March, 2028.
1st February 2023
11/2023-Customs - Seeks
to amend the notification Nos. 90/2009-Customs, dated the 7th September, 2009,
33/2017-Customs, dated the 30th June, 2017, and 41/2017-Customs, dated the 30th
June, 2017 to extend the validity of said notifications up to the 31st March,
2028.
1st February 2023
12/2023-Customs - Seeks
to amend 32 notifications in order to provide a specific end date for these
notifications.
23rd February 2023
13/2023-Customs - Seeks
to exempt BCD on ships/ vessels for breaking up.
28th February 2023
14/2023-Customs - Seeks
to amend notification no. 104/94-Customs, dated 16.03.1994
B. Non-Tariff
2nd February 2023
08/2023-Customs
(NT) - Exchange rate Notification No. 08/2023-Cus (NT) dated 02.02.2023-reg
15th February 2023
09/2023
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver- Reg.
16th February 2023
10/2023
Customs (NT) - Exchange rate Notification No. 10/2023-Cus (NT) dated
16.02.2023-reg.
28th February 2023
11/2023
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver-regarding.
The Verdict
Authorized Signatory not ‘Drawer’
While passing a consolidated judgment on a batch of cases with common issues, the Bombay High Court decided on important questions of law. A look at the highlights of the case.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Statistics Related to International Migrants in the World
In 2022 there were an estimated 281 million international migrants the world over. Go figure the concerning statistics which is steadily increasing.
Lawtitude
Critical Analysis of the UK’s New Illegal Migration Bill
UK recently passed a Bill – the illegal migration Bill that focuses on removing persons who have entered violating immigration laws of the country.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Litigant
Refers to an active party to litigation
Outlaw
A person excluded from the benefit or protection of the law
Nonprobate
Something not involving or involved in a probate proceeding
Mistrial
A trial that terminates without a verdict because of error, necessity, prejudicial misconduct, or a hung jury
Infographic
The Major Ports & Their Checkpoints
The Major Port Authorities Act, 2021 regulates the operation and planning of Major Ports in India. Major Port authorities are vested with powers of administration, control, and management of such ports upon the Boards of Major Port Authorities.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Soaring high
First woman to command a combat unit in IAF
Double trouble
Fine imposed on petitioners for repeated litigation
(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
Monster (2018)
Adapted from the novel “All rise”, the movie deals with the life of Steve Harmon an affable 17-year-old film school student who is dedicated and determined to make it big despite being in Harlem. His life topples one day when is arrested for felony murder. The challenges he goes through in proving his innocence given his ethnicity and the prejudice even in legal corridors forms the rest of the story.
Book/Novel
A Murder on Malabar Hill by Sujatha Massey (2018)
The protagonist of this novel Perveen Mistry is based on the Cornelia Sorabji, the first woman solicitor in British empire and Mithan Tata Lam, the first woman barrister of India.
In 1921, when Perveen joins her father’s illustrious law firm in Bombay, she seeks to protect and uphold women’s rights. So when their law firm is appointed to execute the will of a wealthy businessman, Perveen suspects that his three wives may cleverly be left out of it and inherit nothing. Slowly, Perveen realizes that all is not well with the women. She begins to investigate and unravels murderous threat involving her as well. A thrilling read.
TV Series
One Dollar Lawyer (Korean) (2022)
Streaming on Netflix, this legal series centres around the multifaceted and brilliant lawyer Cheon Ji Hun who fights against some of the wealthiest and affluent lawyers and their clients but charges only one dollar as his fee.
Success is Stumbling from Failure to Failure with no Loss of Enthusiasm - Winston Churchill
Readers' Corner
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