Legislations | Monthly RoundUp [April, 2022]


MINISTRY OF AYUSH


Drugs (4th Amendment) Rules, 2022

On April 04, 2022, the Central Government has notified the Drugs (4th Amendment) Rules, 2022 to further amend the Drugs Rules, 1945. This has come into force on April 4, 2022.

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MINISTRY OF CORPORATE AFFAIRS


Nidhi (Amendment) Rules, 2022

On April 19, 2022, the Ministry of Corporate Affairs has notified Nidhi (Amendment) Rules, 2022 to amend the Nidhi Rules, 2014.

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Companies (Management and Administration) Amendment Rules, 2022

The Central Government has notified Companies (Management and Administration) Amendment Rules, 2022 to amend the Companies (Management and Administration) Rules, 2014. The amendment inserts a proviso in Rule 14 which deals with Inspection of registers, returns. The proviso states a list of particulars of the register or index or return in respect of the members of a company shall not be made available for any inspection.

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MINISTRY OF FINANCE


Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022

On April 12, 2022, the Department of Economic Affairs (DEA) has issued the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022 to further amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019.

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Income-tax (Eleventh Amendment) Rules, 2022

On April 29, 2022, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (Eleventh Amendment) Rules, 2022 to amend the Income-tax Rules, 1962 and introduces manner for filing updated return of income and Form ITR-U (ITR for updated return).

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Income-tax (10th Amendment) Rules, 2022

On April 22, 2022, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (10th Amendment) Rules, 2022 to amend the Income-tax Rules, 1962.

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Income-tax (Ninth Amendment) Rules, 2022

On April 21, 2022, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (Ninth Amendment) Rules, 2022 to amend Income-tax Rules, 1962. Rule 12AB dealing conditions for furnishing return of income by persons referred in section 139 (1) (a) has been inserted.

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Income Tax (8th Amendment) Rules, 2022

On 6th April, 2022, Ministry of Finance notified Income Tax (8th Amendment) Rule, 2022. This amendment aims to amend the guidelines of Infrastructure Debt Fund in the parent rules of Income Tax Rules, 1961. The 8th amendment will be in force with immediate effect.

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Income Tax (7th Amendment) Rules, 2022

On 5th April, 2022, Ministry of Finance notified Income Tax (7th Amendment) Rules, 2022. The Central Board of Direct Taxes (CBDT) with the new financial year aims to bring more transparency in tax payments and returns by reducing disputes between officials /authorities and taxpayers. These rules will be made applicable with immediate effect.

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Income-tax (5th Amendment) Rules, 2022

The Central Board of Direct Taxes vide notification dated 1st April, 2022 has issued the Income-tax (5th Amendment) Rules, 2022 effective April 01, 2022. The amendment has substituted Form ITR-7 with the new one.

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International Financial Services Centres Authority (Fund Management) Regulations, 2022

On 19th April, 2022, Ministry of Finance introduced International Financial Services Centres Authority (Fund Management) Regulations, 2022. These regulations aim to define powers of the International Financial Services Centres Authority (IFSCA) in respect of fund management which will be applicable from 2nd May, 2022.

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Customs (Electronic Cash Ledger) Regulations, 2022

The Central Board of Indirect Taxes and Customs notifies Customs (Electronic Cash Ledger) Regulations, 2022. The Regulations provides provisions relating to Manner of maintaining Electronic Cash Ledger, Manner of making payment from the electronic cash ledger and Refund.

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e-Dispute Resolution Scheme, 2022

On April 05, 2022, the Central Board Of Direct Taxes (CBDT) has issued the e-Dispute Resolution Scheme, 2022 by the Dispute Resolution Committee on applications made for dispute resolution under Chapter XIX-AA of the Act in respect of dispute arising from any variation in the specified order by such persons or class of persons, as may be specified by the Board.

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National Insurance Company Limited (Merger) Amendment Scheme, 2022

The Central Government notifies National Insurance Company Limited (Merger) Amendment Scheme, 2022 to amend the National Insurance Company Limited (Merger) Scheme, 1973.

In the National Insurance Company Limited (Merger) Scheme, 1973, the authorised share capital of three public sector general insurance companies has been enhanced from ‘seven thousand five hundred crore divided into seven hundred fifty crore’ to ‘fifteen thousand crore divided into fifteen hundred crore’

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MINISTRY OF LAW AND JUSTICE


Criminal Procedure (Identification) Bill, 2022

On April 18, 2022, the Criminal Procedure (Identification) Bill, 2022 has received President’s assent in order to authorise the law enforcement agencies for taking measurements of convicts and other persons for the purposes of identification and investigation in criminal matters and to preserve records. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

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Delhi Municipal Corporation (Amendment) Act, 2022

On 18th April, 2022, Central government notified Delhi Municipal Corporation (Amendment) Act, 2022. In an attempt to improvise the constitutional setup of Delhi Municipal Corporation, provisions of Delhi Municipal Corporation Act, 1957(Act) have been amended which will come into force on date(s) yet to be announced by Central Government from time to time.

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MINISTRY OF SHIPPING


Merchant Shipping (Recruitment and Placement of Seafarers) Amendment Rules, 2022

The Central Government notified Merchant Shipping (Recruitment and Placement of Seafarers) Amendment Rules, 2022 to amend the Merchant Shipping (Recruitment and Placement of Seafarers) Rules, 2016. In the Merchant Shipping (Recruitment and Placement of Seafarers) Rules, 2016, in rule 9 dealing with Procedure for issue of licence and its renewal, in sub-rule (3), after the word “licence”, the words “within fifteen days” shall be inserted.

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MINISTRY OF POWER


Electricity (Rights of Consumers) Amendment Rules, 2022

On April 20, 2022, the Ministry of Power has issued the Electricity (Rights of Consumers) Amendment Rules, 2022 to amend Electricity (Rights of Consumers) Rules, 2020.

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SECURITIES EXCHANGE BOARD OF INDIA


Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022

The Securities and Exchange Board of India has issued the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022 to amend Securities and Exchange Board of India (Custodian) Regulations, 1996.

The amendment modifies Regulation 8 dealing with Procedure and grant of certificate and inserts clause (7) to provide that a custodian holding a certificate of registration as on the date of commencement of the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, may provide custodial services in respect of silver or silver related instruments held by a mutual fund only after taking prior approval of the Board.

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Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (3rd Amendment) Regulations, 2022

On 11th April, 2022, Securities and Exchange Board of India issues Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (3rd Amendment) Regulations, 2022. This regulation comes into effect with immediate effect and aims to replace “asset cover” with “security cover” for the listed debt with Securities and Exchange Board of India (SEBI). Asset cover certificate is used to monitor the adequacy of assets charged against the debt obligations of the person issuing it. It is submitted to the Debenture Trustee.

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RESERVE BANK OF INDIA


Master Direction on Penal Provisions in deficiencies in reporting of transactions/ balances at Currency Chests

On April 01, 2022, the Reserve Bank of India (RBI) has issued Master Direction on Penal Provisions in deficiencies in reporting of transactions/ balances at Currency Chests.

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Master Directions RBI (Credit Card and Debit Card- Issuance and Conduct) Directions, 2022

On 21st April, 2022, Reserve Bank of India issued Master Directions RBI (Credit Card and Debit Card- Issuance and Conduct) Directions, 2022. Enforceable from 1st July 2022, these directions regulate the conduct of Credit/Debit payments in Banks and Non-Banking Financial Companies (NBFCs). These provisions are non-operative on Payments Banks, State Co-operative Banks and District Central Co-operative Banks. These directions aim to adapt friendly provisions for credit/debit card customers and introduce Co-branding cards.

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FOREIGN LEGISLATIONS


CANADA-ONTARIO | Bill 88, Working for Workers Act 2022

On 11th April 2022, Bill 88, Working for Workers Act 2022 has received the Royal Assent. The new law amends some of the Acts that are Employment Standards Act, 2000 (ESA), the Occupational Health and Safety Act (OSHA), and the Fair Access to Regulated Professions and Compulsory Trades Act, 2006 (FARPCTA).

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US-VIRGINIA | NEW OVERTIME WAGE LAW

On 11th April 2022, Governor Glenn Youngkin signed into law House Bill (HB) 1173 and Senate Bill (SB) 631. It was sent to Governor  by Democrat-controlled Senate and Republican-led House of Delegates. As a result, on 1st July 2022 overtime requirement in Virginia return to federal overtime standards. Virginia adopts the Fair Labor Standards Act’s (FLSA), and does not have any state-specific overtime labor laws.

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CROATIA | WHISTLEBLOWER LAW

On 23rd April, 2022 the new Croatia Whistleblower Law came into force. The aim of the law is to protect the whistleblowers by providing convenient and reliable ways of reporting irregularities. Back in 2019 this Act transposes into Croatian Legislation  Directive European Union (EU) on the protection of persons who report breaches of Union Law (EU 2019/1937).

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