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Edition 92 • May 2023

Trials and Tribulations

May. Arguably the hottest month of the year across the country. The woes of people in summer must be seen to be believed. Similarly, is the case with one an amendment in 2021 which became effective in the latest financial year. The introduction of mandatory audit trail while maintaining books of accounts.

Insights

(Audit) Trails and Tribulations

The 2021 amendment which became effective from 1st April 2023 mandates audit trail to be included as part of maintenance of books of accounts for all companies.

Insights

Interface and Conflict Geographical Indication and Trade Mark

There are growing instance of geographical indication tags and trademarks conflicting one another.

Tête-à-tête

Live in relationships are considered ‘in the nature’ of marriage and hence legal rights are being debated.

What's Brewing

Practicing Professionals Under Money Laundering Law

CAs, CSs and CWAs  have been brought under the ambit of Prevention of Money Laundering Act 2002 (PMLA).

Circulars & Notifications

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

Circulars

1st April 2023
Master Circular on Credit Facilities to Minority Communities - (Financial Inclusion and Development)

1st April 2023
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs) – (Financial Inclusion and Development)

1st April 2023
Master Circular on SHG-Bank Linkage Programme - (Financial Inclusion and Development)

1st April 2023
Master Circular - Guarantees and Co-acceptances – (Commercial Banking)

1st April 2023
Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – (Commercial Banking)

1st April 2023
Master Circular - Guarantees, Co-Acceptances & Letters of Credit – UCBs – (Co-operative Banking)

1st April 2023
Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission – (Banker and Debt Manager to Government)

3rd April 2023
Master Circular - Asset Reconstruction Companies (Non-banking)

3rd April 2023
Master Circular – Lead Bank Scheme – (Financial Inclusion and Development)

3rd April 2023
Master Circular – Housing Finance – (Commercial Banking)

3rd April 2023
Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs) – (Commercial Banking)

3rd April 2023
Master Circular - Disbursement of Government Pension by Agency Banks – (Banker and Debt Manager to Government)

11th April 2023
Master Circular - Housing Finance for UCBs – (Co-operative Banking)

20th April 2023
Master Circular- Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs) – (Co-operative Banking)

26th April 2023
Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) – (Financial Inclusion and Development)

 

Notifications

24th April 2023
Provisioning for standard assets by primary (Urban) co-operative banks – revised norms under four-tiered regulatory framework

25th April 2023
General Credit Card (GCC) Facility – Review

26th April 2023
Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

26th April 2023
Merger of Districts in the state of Assam – Assignment of Lead Bank Responsibility

27th April 2023
Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Addition of two entries

27th April 2023
Amendment to the Master Direction (MD) on KYC

Circulars

5th April 2023
Advertisement code for Investment Advisers (IA) and Research Analysts (RA)

6th April 2023
Usage of brand name/trade name by Investment Advisers (IA) and Research Analysts (RA)

10th April 2023
Guidelines with respect to excusing or excluding an investor from an investment of AIF

10th April 2023
Direct plan for schemes of Alternative Investment Funds (AIFs) and trail model for distribution commission in AIFs

11th April 2023
Formulation of price bands for the first day of trading pursuant to Initial Public Offering (IPO), re-listing etc. in normal trading session

13th April 2023
Contribution by eligible Issuers of debt securities to the Settlement Guarantee Fund of the Limited Purpose Clearing Corporation for repo transactions in debt securities

17th April 2023
Dispute Resolution Mechanism for Limited Purpose Clearing Corporation (LPCC)

20th April 2023
Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories

21st April 2023
Procedure for seeking prior approval for change in control of Vault Managers

25th April 2023
Bank Guarantees (BGs) created out of clients’ funds

25th April 2023
Modifications in the requirement of filing of Offer Documents by Mutual Funds

26th April 2023
Procedure for implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 – Directions to stock exchanges and registered intermediaries

27th April 2023
Master Circular for Custodians

 

Notifications

Nil

Circulars

Nil

 

Notifications

Nil

Circulars
Nil

 

Notifications
Nil

Circulars

11th April 2023
10/2023 - Online filing of AEO-LO application

 

Notifications
A. Tariff
1st April 2023
21/2023-Customs - Regarding implementation of Advance Authorisation Scheme under Foreign Trade Policy, 2023

1st April 2023
22/2023-Customs - Regarding implementation of Advance Authorisation Scheme for deemed export under Foreign Trade Policy, 2023, 2023

1st April 2023
23/2023-Customs - Regarding implementation of Advance Authorisation Scheme for annual requirement under Foreign Trade Policy, 2023, 2023

1st April 2023
24/2023-Customs - Regarding implementation of Advance Authorisation Scheme for export of prohibited goods under Foreign Trade Policy, 2023

1st April 2023
5/2023-Customs - Regarding implementation of Advance Authorisation Scheme for export of prohibited goods under Foreign Trade Policy, 2023

1st April 2023
26/2023 – Customs - Regarding implementation of EPCG Scheme under Foreign Trade Policy, 2023

1st April 2023
27/2023 Customs - Regarding Exemption for import of fabrics under Special Advance Authorization Scheme under para 4.04A of Foreign Trade Policy, 2023 for manufacture and export of garments.

1st April 2023
28/2023 Customs - Seeks to amend Notifications of G&J and EOU schemes-reg, 2023

3rd April 2023
29/2023 Customs - Amendment to Notification 40/2015 - Customs dated 21.07.2015.

10th April 2023
30/2023 Customs - Seeks to amend notification No. 55/2022- Customs, dated 31.10.2022, in order to exempt Rice in the husk (paddy or rough), of seed quality, from export duty of 20%

20th April 2023
31/2023 Customs - Seeks to further amend notification No. 55/2022- Customs, dated 31.10.2022, in order to notify Nepalgunj road as an additional LCS against condition number 1.

26th April 2023
32/2023 Customs - Amending Customs Notifications to implement the "Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders" notified by DGFT

27th April 2023
33/2023 Customs - Seeks to amend notification Nos. 11/2022-Customs and 12/2022-Customs dated 01.02.2022 with respect to PMP of wearable and hearable devices

29th April 2023
34/2023 Customs - Seeks to amend various electronics related notifications in order to align the HS Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023

29th April 2023
35/2023 Customs - Seeks to amend 50/2017-Customs in order to align the HS Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023

29th April 2023
36/2023 Customs - Seeks to amend the various Customs Tariff notifications in order to align the HS Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023

 

 

B. Non-Tariff

1st April 2023
24/2023-Customs (NT) - Regarding the manner of issue of duty credit for goods exported under the RoDTEP Scheme under Foreign Trade Policy, 2023

1st April 2023
25/2023 Customs (NT) - Regarding the manner of issue of duty credit for goods exported under the RoSCTL Scheme under Foreign Trade Policy, 2023

6th April 2023
26/2023 Customs (NT) - Exchange rate Notification No. 26/2023-Cus (NT) dated 06.04.2023-reg

10th April 2023
27/2023 Customs (NT) - Amendment to Notification No. 12/97-Customs (N.T.) dated 02.04.1997.

13th April 2023
28/2023 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

20th April 2023
29/2023 Customs (NT) - Exchange rate Notification No. 29/2023-Cus (NT) dated 20.04.2023-reg

26th April 2023
30/2023 Customs (NT) - Amendment of Notification No.19/2022 Customs (NT) dated 30.03.2022

26th April 2023
31/2023 Customs (NT) - Amendment of Notification No.18/2023 Customs (NT) dated 30.03.2023

28th April 2023
32/2023 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

 

C. Anti Dumping Duty

6th April 2023
Customs (ADD) - Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR

10th April 2023
Customs (ADD) - Seeks to impose definitive anti-dumping duty on imports of "Ursodeoxycholic Acid (UDCA)" originating in or exported from China PR and Korea RP for a period of 5 Years.

19th April 2023
Customs (ADD) - Seeks to levy ADD on imports of "Vinyl Tiles other than in roll or sheet form" originating in or exported from China PR, Taiwan and Vietnam

The Verdict

Online Fraud and Claim of Victim

Based on documentary evidence, a State Consumer dispute redressal Commission ordered payment of compensation to the customer of a bank for suffering fraudulent online transaction of which he had no knowledge of.

Go Figure

India Justice Report 2022 at a Glance

The presence of women in law enforcement agencies is slowly on the rise.
Lawtitude

Mail-order Bride Industry: a Soft Version of Human Trafficking

Bride shopping has become a subtle way of human trafficking internationally.

Testament

An act by which a person determines the disposition of his or her property after death

Usufruct

The right to the use and enjoyment of another's property and its profits

Vend

To dispose of something by sale

Wiretapping

Interception of the contents of communication through a secret connection to the telephone line of one whose conversations are to be monitored usually for purposes of criminal investigation by law enforcement officers

Infographic

Our Rich and Regulated Aqua

The Coastal Aquaculture Authority Act, 2005 was enacted to regulate activities connected with coastal aquaculture.

Lawlipop

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

Br(AI)n: Decoding ‘gist’ of human thought

Beyond salvation? SC can dissolve marriage without 6 months waiting period

(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

Jana Gana Mana (Malayalam) (2022)

Professor Saba Mariyam (Mamta Mohandas) is young, socially active and popular amongst her students. When her burnt body is found on the outskirts of Ramanagaram it sparks widespread protests across the state. Police suppress the protests and this further outrage the youth. Sensing political trouble, the state government appoints senior police officer Sajjan Kumar (Suraj Venjaramoodu) to investigate the incident. Even as he zeroes in on the culprits, he is abruptly taken off the case due to political interference. To ensure that the criminals do not go free, Sajjan kills them in an encounter. Facing trial for taking law into his own hands, Sajjan must defend himself. Defending him is Advocate Aravind Swaminathan, portrayed by the brilliant and intense Prithviraj Sukumaran, an emotionally scarred righteous lawyer who slowly and legally uncovers the case only to expose the real perpetrator of the case and the real vigilante.

Book/Novel

With prejudice by Robin Peguero (2022)

The debut novel from Harvard educated lawyer serving in the U.S government, the novel is a courtroom thriller. When Melina Mora is found murdered, Gabriel Soto, the person she was last seen with is arrested on charge of murdering her. Sandy Grunwald, a young and politically ambitious prosecutor’s future depends on this conviction. She is pitted against Jordan Whipple defending the case who discovers an explosive truth. The truth however, meanders through the lawyers, presiding Judge and most importantly the jury – members from various walks of life who would have otherwise not met. The mind set, experience, skills, prejudices and opinions of the jury members make this a psychological court room thriller.

TV Series

Miss Hammurabi (2018)

A Korean courtroom series that delves into the lives and personality of Judges – from a righteous and empathetic young rookie Judge to a seasoned senior judge who knows all about law and everything else.

It takes courage to originate, not imitate - Unknown

Readers' Corner

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