Around 50 Legislation Updates | Relating to Controlled Delivery (Customs) Regulations, 2022, Bullion exchange units, Legal Metrology, Work from Home for the Unit, Project Screening Committee, Biodegradable plastic, Zero coupon zero principal, Note Authentication and Fitness Sorting Parameters and International Trade Settlement in Indian Rupees
MINISTRY OF CORPORATE AFFAIRS
Obligations on the part of ‘Insolvency Professionals’ regulated vide Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022
On 4-7-2022, Insolvency and Bankruptcy Board of India (IBBI), notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022. With immediate effect it amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Through this regulation, the professionals that conduct the resolution of insolvency of any third person are obliged to make it impartial, paying the costs incurred, managing their information with the Board.
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MINISTRY OF FINANCE
Insertion of Form No. 26QF to the Income tax Rules, 1962 vide Income-tax (20th Amendment) Rules, 2022
The Central Board of Direct Taxes has notified Income-tax (20th Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. The amendment modifies Rule 31 A dealing with Statement of deduction of tax under section 200 (3) and insertion of Form No. 26QF to the Income tax Rules, 1962.
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CBDT specifies non fungible token as virtual digital asset
The Central Government has specified a token which qualifies to be a virtual digital asset as non-fungible token within the meaning of sub-clause (a) of clause (47A) of section 2 of the Income-tax Act, 1961.
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SIDBI modifies 10% contribution to a fixed percentage which will be decided by the Bank vide SIDBI (Defined Contributory New Pension) [Amendment] Regulations, 2022
On 21-06-2022, the Small Industries Development Bank of India notified Small Industries Development Bank of India (Defined Contributory New Pension) [Amendment] Regulations, 2022 in order to amend Small Industries Development Bank of India (Defined Contributory New Pension) Regulations, 2012. These Amendments will have a retrospective effect and comes into force with effect from January 01, 2020.
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Regulation of provisions on re-import of jewellery exported on E-commerce platforms vide Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2022
On 30-6-2022, Ministry of Finance notified Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2022. By this amendment, Central Board of Indirect Taxes and Customs (CBIC) elaborates the provisions of import/export of jewellery sold on e-commerce exchanged through courier, which will come into force with immediate effect.
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Manner of obtaining certificate of registration by ‘Finance Company’ under IFSCA revised vide IFSCA (Finance Company) (Amendment) Regulations, 2022
On 1-7-2022, International Financial Services Centres Authority (IFSCA) notifies International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2022. This Amendment seeks to amend International Financial Services Centres Authority (Finance Company) Regulations, 2021, with the aim of defining the certification process and updating activities permitted to be carried out by the Finance Company under IFSCA. These regulations will come into force with immediate effect.
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Deposit and refund scheme for taxes in Electronic Ledgers revised vide Central Goods and Services Tax (Amendment) Rules, 2022
On 5-7-2022, Central Government notified Central Goods and Services Tax (Amendment) Rules, 2022 that amends Central Goods and Services Tax Rules, 2017. Any registration of tax persons which has to be suspended under Rule 21A, if it hasn’t already been cancelled by Rule 22, then it will stand revoked on payments of the due returns on them.
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CBIC extends waiver of late fee for delay in filing Form GSTR-4 for FY 2021-22
On 05-07-2022, the Central Board of Indirect Taxes and Customs has waived the late fee for delay in furnishing Form GSTR-4 for the period for the FY 2021-22 till 28-07-2022.
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Application u/s 158AB to defer filing of appeal before Tribunal or jurisdictional High Court introduced vide Income-tax (Twenty Second Amendment) Rules, 2022
The Central Board of Direct Taxes notifies Income-tax (Twenty Second Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. The amendment introduces a provision dealing with Application u/s 158AB to defer filing of appeal before Tribunal or jurisdictional High Court.
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CBIC notifies Controlled Delivery (Customs) Regulations, 2022
The Central Board of Indirect Taxes and Customs (CBIC) has notified Controlled Delivery (Customs) Regulations, 2022 in order to track shipments of gold, silver etc.
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Ministry of Finance notifies 7.1% rate of interest under the special deposit scheme
Special Deposit Scheme
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MINISTRY OF HOME AFFAIRS
Transaction limit of foreign contribution received from relatives has been increased from one lakh to ten lakhs vide Foreign Contribution (Regulation) Amendment Rules, 2022
On 01-07-2022, the Ministry of Home Affairs has notified the Foreign Contribution (Regulation) Amendment Rules, 2022 to further amend the Foreign Contribution (Regulation) Rules, 2011. The amendment extends the time period to notify the Government regarding the overseas transaction from 30 days to three months and transaction limit from relatives has been increased from one lakhs to 10 lakhs.
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MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION
CCPA issues Guidelines to prohibit automatic levy of service charge in hotels and restaurants
On 04-07-2022, the Central Consumer Protection Authority (‘CCPA’) has issued Guidelines to prevent unfair trade practices and to protect the consumer interest with regard to levy of service charge in hotels and restaurants.
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Legal Metrology (Packaged Commodities) (Second Amendment) Rules, 2022
The Department of Consumer Affairs has issued the Legal Metrology (Packaged Commodities) (Second Amendment) Rules, 2022 in order to allow the electronic products to declare certain mandatory declarations through the QR Code for a period of one year, if not declared in the package itself.
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MINISTRY OF COMMERCE AND INDUSTRY
Bullion exchange units will now be deemed IFSCs vide Special Economic Zones (Second Amendment) Rules, 2022
On 6th July, 2022, Central Government passed Special Economic Zones (Second Amendment) Rules, 2022. It will be coming into force with immediate effect. The authority unit stores bullion as an asset for the purpose of issuance of ‘bullion’ spot delivery/depository receipts as per Rule 19. These units will now be deemed as International Financial Services Centre.
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Provision for Work from Home for the Unit introduced vide SEZ (Third Amendment) Rules, 2022
On 13-07-2022, the Ministry of Commerce and Industry has issued the Special Economic Zones (Third Amendment) Rules, 2022 to further amend the Special Economic Zones Rules, 2006. A new Rule 43A has been introduced which provides that a Unit may permit its employees, including contractual employees, to work from home or from any place outside the Special Economic Zone.
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MINISTRY OF HEALTH AND FAMILY WELFARE
FSSAI issues Guidelines for submission of applications for endorsement of vegan logo
On 25-07-2022, FSSAI has issued Guidelines for submission of applications for endorsement of vegan logo in exercise of power conferred by sub-regulation 5 of FSS (Vegan Foods) Regulations, 2022.
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MINISTRY OF LAW AND JUSTICE
Remunerations of Executive Officers in Arbitration Council decide vide Arbitration Council of India (Terms and conditions and salary and allowances payable to Chairperson and Members) Rules, 2022
On 9-7-2022, Central Government notified Arbitration Council of India (Terms and conditions and salary and allowances payable to Chairperson and Members) Rules, 2022 to defines rules of appointment, qualifications and conditions of service of officers of Arbitration Council and applicable with immediate effect.
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Relaxation for renewal of notary practice certificate beyond six months from expiry vide Notaries (Second Amendment) Rules, 2022
The Central Government has notified Notaries (Second Amendment) Rules, 2022 in order to amend Notaries Rules, 1956. The amendment inserts a proviso in Rule 8B relating to Renewal of Certificate of Practice in order to relax the application for renewal.
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MINISTRY OF ELECTRONICS AND INFORMATION TECHNOLOGY
Meity issues Draft Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021
On 6-7-2022, Ministry of Electronics & Information Technology published draft amendment rules to amend the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. These amendments aim to direct the intermediaries of social media to further limit and instruct the users to abide by the rules and regulations, privacy policy and user agreement for accessor usage of its computer resource by any person and on failure the account of users can be removed and suspended. These issues can be resolved by appealing to the Grievance Appellate Committee.
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MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE
Formation of Project Screening Committee to screen project proposals for use of forest land vide Forest (Conservation) Rules, 2022
On 28-06-2022, Central Government notified new rules namely, “Forest (Conservation) Rules, 2022” to further carry out the protection and preservation of forests in India under Forest Conservation Act, 1980 (Act). These rules supersede the Forest Conservations Rules, 2003 and come into immediate effect.
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Use of biodegradable plastic, introduced vide Plastic Waste Management (Second Amendment) Rules, 2022
On 6-07-2022 the Ministry of Environment, Forest and Climate Change further amended the Plastics Waste Management Rules, 2016 by adding a second amendment named Plastic Waste Management (Second Amendment) Rules, 2022. The Rules have added some new definitions, such as, biodegradable plastics, end of life disposal, plastic packaging, Plastic Waste Processors, pre-consumer plastic packaging waste, post-consumer plastic packaging waste, recyclers, waste to energy etc.
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STATE LEGISLATIONS
Andhra Pradesh Consumer Protection (Direct Selling) Rules, 2021
On 15-07-2022, the Ministry of Consumer Affairs has notified Andhra Pradesh Consumer Protection (Direct Selling) Rules, 2021 to define direct selling entity, cooling off period, money circulation scheme, etc.
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Manner of determining input tax credit introduced vide Rajasthan Goods and Services Tax (Amendment) Rules, 2022
On 16-7-2022 the Finance Department of Rajasthan has notified the Rajasthan Goods and Services Tax (Amendment) Rules, 2022 to further amend the Rajasthan Goods and Services Tax Rules, 2017. The Amendment Rules has come into effect from 05-07-2022.
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SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI issues circular on disclosure of specified securities and holding of specified securities in dematerialized form to bring transparency to investors
On 30-06-2022, Securities and Exchange Board of India (‘SEBI’) issued a circular providing the investors in the securities market more clarity and transparency in disclosure of shareholding pattern and manner of maintaining shareholding in dematerialized format.
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SEBI issues circular on investor grievance mechanism to expedite redressal and disposal of complaints
On 04-07-2022, Securities and Exchange Board of India (‘SEBI’) issued a circular on Investor Grievance Mechanism also amending its circular dated 23-02-2017 to protect the interests of investors in securities market and to promote the development and regulate the securities market.
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SEBI issues circular on framework for Cyber Security and Cyber Resilience for all Qualified Registrars to an Issue and Share Transfer Agents
On 06-07-2022, Securities and Exchange Board of India (‘SEBI’) issued a circular on framework for Cyber Security and Cyber Resilience for all Qualified Registrars to an Issue and Share Transfer Agents (‘QRTAs’) to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
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SEBI declares Zero coupon, zero principal bond as securities
The Central Government has declared “zero coupon zero principal instruments” as securities for the purposes of the Securities Contracts (Regulation) Act, 1956.
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Levy of GST on the fees payable to SEBI
On 18-07-2022, SEBI has issued a circular for all the Market Infrastructure Institutions, Companies who have listed / are intending list their securities, other intermediaries and persons who are dealing in the securities market, that the fees and other charges payable to SEBI shall be subject to GST at the rate of 18%.
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SEBI issues circular permitting 155 entities to use e-KYC Aadhaar Authentication services as sub-KYC User Agency
On 20-02-2022, Securities and Exchange Board of India (‘SEBI’) has issued guidelines on entities allowed to use e-KYC Aadhaar Authentication services of Unique Identification Authority of India (‘UIDAI’) in Securities Market as sub- KYC User Agency (‘KUA’) to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
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SEBI introduces Chapter on Social Stock Exchange vide SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022
On 25-07-2022, the Securities and Exchange Board of India has issued SEBI (Issue of Capital and Disclosure Requirements) Third Amendment) Regulations, 2022 to amend the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The amendment inserts a Chapter X-A dealing with Social Stock Exchange (‘SSE’).
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SEBI introduces Chapter on Obligations of Social Enterprises vide SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2022
On 25-07-2022, the Securities and Exchange Board of India has issued SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2022 to amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The amendment inserts Chapter IX-A dealing with Obligations of Social Enterprises.
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SEBI inserts definition of Social Impact Fund vide SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022
On 25-07-2022, the Securities Exchange Board of India(‘SEBI’) has issued SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022 to amend the SEBI (Alternative Investment Fund) Regulations, 2012.
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SEBI issues circular extending the timeline for Nomination/ Opting out for Mutual Fund Unit Holders
On 29-07-2022, the Securities and Exchange Board of India (‘SEBI’) has extended the timeline for Nomination for Mutual Fund (‘MF’) Unit Holders till October 01, 2022 in order to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
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SEBI issues Operational Circular for listing obligations and disclosure requirements or Non- convertible Securities, Securitized Debt Instruments, and Commercial Paper
On 29-07-2022, the Securities and Exchange Board of India(‘SEBI’) issued an operational circular for listing obligations and disclosure requirements or Non- convertible Securities, Securitized Debt Instruments, and/or Commercial Paper for effective regulation of the corporate bond market and to enable the issuers and other market stakeholders to get access to all the applicable circulars at one place. The provisions of this circular shall come into force with effect from 01-08-2022.
RESERVE BANK OF INDIA
RBI notified provisioning requirement for Investment in Security Receipts in order to provide glide path for the Regional Rural Banks
On 28-08-2022, Reserve Bank of India (‘RBI’) notified that for smooth functioning of the Regional Rural Banks (‘RRBs’) and to ensure smooth implementation of Clause 77 of the Master Direction- Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 (‘MD-TLE’) notified on 24-09-2021, the difference between the carrying value of Security Receipts (‘SR’) should be calculated over a 5-year period starting with the financial year ending 31-03-2022.
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RBI issued Guidelines on Note Authentication and Fitness Sorting Parameters
On 01-07-2022, Reserve Bank of India (‘RBI’) issued guidelines on authentication of note and fitness sorting parameters for the Note Sorting Machines (‘Machine’) installed in banks. To get recycled, a note must pass all the fitness parameters: genuine notes, authenticity check.
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RBI issues circular on takeover/ acquisition of control of non- bank payment system operators and sale and transfer of payment system activity
On 04-07-2022, the Reserve Bank of India (‘RBI’) has issued a circular determining the requirements for obtaining prior approval in case of any takeover or/and acquisition of control of non-bank Payment System Operators (‘PSOs’) and sale or transfer of payment system activity of the same.
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RBI imposes Rs.1.5 crore penalty on Kotak Mahindra Bank Ltd for deficiency in regulatory compliance
The Reserve Bank of India (‘RBI’) has imposed a penalty of Rs. 1.5 crore on Kotak Mahindra Bank Ltd.(‘Kotak’) for contravening the provisions of the Banking Regulation Act, 1949, the Depositor Education and Awareness Fund Scheme, 2014, and RBI directions.
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RBI issues guidelines on International Trade Settlement in Indian Rupees
On 11-07-2022, Reserve Bank of India has issued guidelines on International Trade Settlement in Indian Rupees to promote growth of global trade, emphasizing exports, and to support the increasing interest of global trading community in INR.
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RBI imposes penalty of more than Rs. 1 crore on Ola Financial Services Private Ltd. for non-compliance with Master Direction on Prepaid Payment Instruments, 2021 and Know Your Customer, 2016
On 12-07-2022, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs 1 crore and 67.80 lakh on Ola Financial Services Private Ltd (‘Ola’) for not complying with certain provisions of Master Direction on Prepaid Payment Instruments (‘PPI’) dated 27-08-2021 and Master Direction Know Your Customer (‘KYC’) Direction dated 25-02-2016.
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RBI issues revised regulatory framework for Urban Co-operative Banks (UCBs)
On 15-02-2021, the Reserve Bank of India had constituted the Expert Committee on Urban Co-operative Banks (‘the Committee’) to examine the issues in urban co-operative banking sector, provide a medium term road map, suggest measures for faster resolution of UCBs and recommend suitable regulatory/ supervisory changes for strengthening the sector by leveraging the recent amendments to Banking Regulation Act, 1949.
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