Legislations | Monthly RoundUp [March, 2022]

Ministry of Corporate Affairs

National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022

The Central Government notifies National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022 to amend the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018.

Read More HERE

 

Limited Liability Partnership (Second Amendment) Rules, 2022

On March 04, 2022, the Ministry of Corporate Affairs (MCA) has notified Limited Liability Partnership (Second Amendment) Rules, 2022 to amend Limited Liability Partnership Rules, 2009, which shall come into force on the date of its publication in the Official Gazette.

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Ministry of Finance

Faceless Jurisdiction of Income-tax Authorities Scheme, 2022

On March 28, 2022, Ministry of Finance has issued Faceless Jurisdiction of Income-tax Authorities Scheme, 2022 which will come in force with immediate effect.

By this Scheme and Section 130 of Income Tax Act, 1961 (Act), Central Government determines the jurisdiction of Income Tax Authorities in Faceless/e-Assessment of taxes.

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Life Insurance Corporation of India General (Amendment) Rules, 2022

The Central Government notifies Life Insurance Corporation of India General (Amendment) Rules, 2022 in order to amend the Life Insurance Corporation of India General Rules, 1956 and introduce the provisions for audio visual means for conducting general meetings.

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Premature redemption on Non-interest bearing Government of India IDBI Special Security, 2024

The Government notifies further premature redemption on Non-interest bearing Government of India IDBI Special Security, 2024 by exercising “call option”  for an aggregate amount of Rupees One hundred eighteen crore. The date of premature redemption of the Special Security by the Government of India shall be March 31, 2022.

 

Ministry of Law and Justice

Finance Act, 2022

On 30th March, 2022, Central Government passed Finance Act, 2022 for the financial year 2022-2023. Finance Act will be effective from 1st April 2022.

Income-tax shall be charged at the rates specified in Part I of the First Schedule of the Act and such tax shall be increased by a surcharge.

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Ministry of Consumer Affairs, Food and Public Distribution

Legal Metrology (Packaged Commodities) Amendment Rules, 2022

On March 28, 2022, the Ministry of Consumer Affairs, Food and Public Distribution (MoCAFPD) has issued the Legal Metrology (Packaged Commodities) Amendment Rules, 2022 to further amend the Legal Metrology (Packaged Commodities) Rules, 2011. This shall come into force on October 1, 2022.

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Ministry of Road Transport and Highways

Central Motor Vehicles (fifth Amendment) Rules, 2022

On February 25, 2022, the Ministry of Road Transport and Highways has issued notification to mandate the procedure for detailed investigation of road accidents, the Detailed Accident Report (DAR) and its reporting, along with timelines for different stakeholders, for quick settlements of claims by the Motor Accident Claim Tribunal ( MACT).

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Compensation to kin of victims of hit and run accidents increased

On February 25, 2022, the Central Government has notified Central Motor Vehicles (Motor Vehicle Accident Fund) Rules, 2022. This shall come into force on April 1, 2022.

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Ministry of Home Affairs

Union territory of Chandigarh Employees (Conditions of Service) Rules, 2022

The President notified Union territory of Chandigarh Employees (Conditions of Service) Rules, 2022 regulating the conditions of service of persons appointed to the services and posts under the administrative control of the Administrator of the Union territory of Chandigarh. They shall come into force on the 1st of April 2022.

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Central Electricity Regulatory Commission

Central Electricity Authority (Installation and Operation of Meters) (Amendment) Regulations, 2022

Definition of “Advanced Metering Infrastructure’ has been introduced.

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CERC (Payment of Fees) (Third Amendment) Regulations, 2022

The Central Electricity Regulatory Commission has made CERC (Payment of Fees) (Third Amendment) Regulations, 2022 to amend the Central Electricity Regulatory Commission (Payment of Fees) Regulations, 2012.

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Unique Identification Authority of India

Aadhaar (Enrolment and Update) (Ninth Amendment) Regulations, 2022

On March 03, 2022, the Unique Identification Authority of India has issued the Aadhaar (Enrolment and Update) (Ninth Amendment) Regulations, 2022 to further amend the Aadhaar (Enrolment and Update) Regulations, 2016. This Notification shall come into force from January 01, 2023.

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Reserve Bank of India

Investment in Umbrella Organization (UO) by Primary (Urban) Co-operative Banks

On March 03, 2022, the Reserve Bank of India (RBI) has issued notification on Investment in Umbrella Organization (UO) by Primary (Urban) Co-operative Banks.

Applicability: Primary (Urban) Co-operative Banks.

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Geo-tagging of Payment System Touch Points

On March 25, 2022, the Reserve Bank of India (RBI) has issued a notification to provide the Framework for Geo-tagging of Payment System Touch Points to facilitate nuanced spread of acceptance infrastructure and inclusive access to digital payments.

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SECURITIES EXCHANGE BOARD OF INDIA

Introduction of Options on Commodity Indices – Product Design and Risk Management Framework

On March 24, 2022, the Securities and Exchange Board of India (SEBI) has issued notification regarding Introduction of Options on Commodity Indices – Product Design and Risk Management Framework. This came into force on March 24, 2022.

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Calculation of investment concentration norm for Category III AIFs

On March 29, 2022, SEBI has issued a circular on calculation of investment concentration norm for Category III AIFs. Regulation 15(1)(d) of SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations ”), has been amended to provide flexibility to Category III AIFs, including large value funds for accredited investors of Category III AIFs, to calculate investment concentration norm based either on investable funds or net asset value (“NAV”) of the scheme while investing in listed equity of an investee company, subject to the conditions specified by the Board from time to time.

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INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY

IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement

On February 28, 2022, the Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022 and International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022.

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International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022

On March 23, 2022, International Financial Services Centres Authority notified International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022. Performance Review Committee is formed to review and the functions carried on by the International Financial Services Centres Authority.

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STATE LEGISLATION’S

Gujarat Consumer Protection (Mediation) Rules, 2022

On 21st March, 2022, Food, Civil Supplies and Consumer Affairs Department of Gujarat notified Gujarat Consumer Protection (Mediation) Rules, 2022. Under Chapter 5 of Consumer Protection Act, 2019 (Act), states Mediation, which is a step to enhance the already existing Redressal system under Consumer Laws.

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Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) (Amendment) Act, 2022

On March 17, 2022, the Governor of Maharashtra on March 17, 2022 has issued Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) (Amendment) Act, 2022 to further amend the Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017. Section 36A dealing with ‘Name Board to be in Marathi’ has been inserted.

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DELHI HIGH COURT

e-Filing Rules of the High Court of Delhi, 2021

On 22nd February, 2022, Delhi High Court notified “e-Filing Rules of the High Court of Delhi, 2021”. These rules will be applicable on High Court of Delhi and the District Courts and Tribunals.

Read More HERE

Foreign Legislation’s

U.S| USCIS Updates Policy Guidance on Employment Authorization for Certain E and L Non-immigrant Spouses

On 18th March 2022, U.S. Citizenship and Immigration Services (USCIS) announced that it has updated their guidance to address acceptable evidence of work authorization for certain E and L non-immigrant spouses.

Read More HERE

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