Legislations | Monthly RoundUp [August, 2022]

   

MINISTRY OF CORPORATE AFFAIRS

Record keeping requirements modified vide Companies (Accounts) Fourth Amendment Rules, 2022

On 05-08-2022, the Ministry of Corporate Affairs (MCA) has notified Companies (Accounts) Fourth Amendment Rules, 2022 in order to amend the Companies (Accounts) Rules, 2014. The amendments have been made in the provision relating to ‘Manner of books of account to be kept in electronic mode'.

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Physical verification of the Registered Office of the company by Registrar vide Companies (Incorporation) Third Amendment Rules, 2022

The Central Government notifies Companies (Incorporation) Third Amendment Rules, 2022 to amend the Companies (Incorporation) Rules, 2014.

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MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION

Commodities like garment or hosiery included in the exemption list vide Legal Metrology (Packaged Commodities) (Third Amendment) Rules, 2022

On 22-08-2022 , the Ministry of Consumer Affairs, Food and Public Distribution notified the Legal Metrology (Packaged Commodities) (Third Amendment) Rules, 2022 in order to amend Legal Metrology (Packaged Commodities) Rules, 2011.

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MINISTRY OF LAW AND JUSTICE

Indian Antarctic Act, 2022

On 8-8-2022 the Ministry of Law and Justice notified Indian Antarctic Act, 2022 to define Antarctic environment, Indian expedition etc. The Act give effect to the Antarctic Treaty, Conservation of Antarctic Marine Living Resources, and the protocol on Environmental Protection to the Antarctic Treaty. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

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Establishment of Family Courts in Himachal Pradesh and Nagaland vide the Family Courts (Amendment) Act, 2022

On 12-8-2022 the Ministry of Law and Justice notified the Family Courts (Amendment) Act, 2022 to further amend the Family Courts Act, 1984.

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Constitution of National Board for Anti-Doping Agency vide National Anti-Doping Act, 2022

On 12-8-2022 the Ministry of Law and Justice notified the National Anti-Doping Act, 2022 to define Anti-Doping rule violation, athlete support personnel, National Sport Federation etc. The Act provides for constituting National Board for Anti-Doping Agency (‘NADA’) as a statutory body headed by a Director General appointed by the Central Government. It shall come into force on such a date as the Central Government may, by notification in the Official Gazette, appoint.

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Retired CJI & Retired Judges of the Supreme Court entitled to a security cover vide Supreme Court Judges (Amendment) Rules, 2022

The Central Government has notified Supreme Court Judges (Amendment) Rules, 2022 further to amend the Supreme Court Judges Rules, 1959. The Amendment inserts a proviso to rule 3 B, stating that the chauffeur (equivalent to the level of Chauffer in the Supreme Court) and secretarial assistant (equivalent to the level of the Branch Officer in the Supreme Court) must be deployed with a retired Chief Justice and a retired Judge of Supreme Court for a period of one year.

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Supreme Court Judges (Amendment) Rules, 2022: Lifetime domestic help, chauffeur & secretarial assistant for Retired CJI and SC Judges

On 27-08-2022, the Central Government Supreme Court Judges (Amendment) Rules, 2022 to further amend the Supreme Court Judges Rules, 1959.

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MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE

Battery Waste Management Rule, 2022

On 22-08-2022, Ministry of Environment, Forest and Climate Change has notified Battery Waste Management Rule, 2022 for management of waste, produced by batteries in the environment. The Rules will replace Batteries (Management and Handling) Rules, 2001.

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Cabinet approves signing of an MoU between India and Nepal in the field of biodiversity conservation

The Union Cabinet has approved the proposal of the Ministry of Environment, Forest and Climate Change for signing an MoU with the Government of Nepal on biodiversity conservation, with a view to strengthen and enhance the coordination and cooperation in the field of forests, wildlife, environment, biodiversity conservation and climate change.

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MINISTRY OF FINANCE

GSTN introduces single click Nil filing of GSTR-1

On 02-08-2022, the Goods and Service Tax Network has introduced a Single click Nil filing of GSTR-1 on the GSTN portal in order to improve the user experience and performance of GSTR-1/IFF filing. Taxpayers can now file NIL GSTR-1 return by simply ticking the checkbox File NIL GSTR-1 available on the GSTR-1 dashboard.

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CBDT notifies submission of COVID-19 related documents by the employees to the employer

This notification shall be deemed to have come into force from the 1st day of April, 2020 and shall apply in relation to the assessment year 2020-2021 and subsequent assessment years.

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Aircraft Operators to share international passenger data with National Customs Targeting Centre-Passenger vide Passenger Name Record Information Regulations, 2022

On 08-08-2022, the Central Board of Indirect Taxes and Customs has published the Passenger Name Record Information Regulations, 2022 which deals with collection of data of international passenger from aircraft operators for risk analysis for the purpose of prevention, detection, investigation and prosecution of offences.

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CBDT exempts non-resident from the purview of S. 206C(1G) of IT Act, 1961

The Central Government has notified that the provisions of section 206-C (IG) of the Income Tax Act, 1961 shall not apply to a person (being a buyer) who is a non-resident in terms of section 6 of the Act and who does not have a permanent establishment in India.

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New Form 29D introduced for Application by a person under S. 239A of the IT Act, 1961 vide Income-tax (26th Amendment) Rules, 2022

The Central Board of Direct Taxes has notified Income-tax (26th Amendment) Rules, 2022 to amend Income-tax Rules, 1962.

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MINISTRY OF RAILWAYS

Ministry of Railways issues guidelines for implementation of GST implications on recovery of liquidated damages

On 10-08-2022, the Ministry of Railways has issued guidelines for implementation of Goods and Service Tax (‘GST’) implications on recovery of liquidated damages which were given by the Central Board of Indirect Taxes and Customs (‘CBIC’) vide circular dated 03-08-2022.

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MINISTRY OF ROAD TRANSPORT AND HIGHWAYS

Central Motor Vehicles (Twelfth Amendment) Rules, 2022

The Central Government has notified Central Motor Vehicles (Twelfth Amendment) Rules, 2022 to amend the Central Motor Vehicles Rules, 1989.

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MINISTRY OF PETROLEUM AND NATURAL GAS

Annual Charges for Clearing Corporations revised vide PNGRB (Levy of Fee and Other Charges) Amendment Regulations, 2022

On 02-08-2022 the Petroleum and Natural Gas Regulatory Board has notified PNGRB (Levy of Fee and Other Charges) Amendment Regulations, 2022 in order to amend Petroleum and Natural Gas Regulatory Board (Levy of Fee and Other Charges) Regulations, 2007.

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SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

Sponsors which invest in various companies on behalf of the beneficiaries of insurance policies excluded from the definition of ‘Associate' vide SEBI (Mutual Funds) (Second Amendment) Regulations, 2022

The Securities and Exchange Board of India has made SEBI (Mutual Funds) (Second Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette.

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SEBI issues Circular on enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence

On 04-08-2022, the Securities and Exchange Board of India (‘SEBI') issued enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence to protect the interest of investors in securities and to promote the development of and to regulate the securities market.

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SEBI makes Block mechanism mandatory for all Early Pay-In transactions

On 18-08-2022, SEBI has issued a circular on making the facility of block mechanism mandatory for all Early Pay — In transactions by making amendments in circular no. CIR/HO/MIRSD/DOP/P/CIR/2021/595 dated July 16, 2021.

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SEBI issues circular on participation of financial account aggregators in Account Aggregator framework

On 19-08-2022, SEBI has issued a circular on participation of financial account aggregators in Account Aggregator framework. The Account Aggregators (AAs) framework is introduced by the Reserve Bank of India (RBI) for the easy availability of information and data as required. Account Aggregators (non-banking financial companies) are the one who collect and share data in the securities market.

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SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies

On 25-08-2022, the Securities and Exchange Board of India (‘SEBI’) has issued a circular on Enhanced Disclosures by Credit Rating Agencies (‘CRA’) and Norms on Rating Withdrawal amending the SEBI (Credit Rating Agencies) Regulations, 1999, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market by enhancing transparency.

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RESERVE BANK OF INDIA (RBI)

RBI increases Individual borrowing limit of USD 750 million to USD 1500 million vide FEM (Borrowing and Lending) (Amendment) Regulations, 2022

On 28-07-2022, the Reserve Bank of India (RBI) has issued Foreign Exchange Management (Borrowing and Lending) (Third Amendment) Regulations, 2022 to further amend the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018.The amendment temporarily increases individual borrowing limit of USD 750 million or equivalent per financial year to USD 1500 million or equivalent.

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RBI issues Master Circular- Credit facilities to Scheduled Castes & Scheduled Tribes

On 01-08-2022, the Reserve Bank of India (‘RBI’) issued Master Circular — Credit facilities to Scheduled Castes (‘SC’) & Scheduled Tribes (‘ST’) to help the SCs/ STs by increasing self-employment, generate income to make themselves self- liquidating and help in easy loan sanctioning. The Master Circular consolidates the circulars issued by RBI on the subject till date.

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RBI issues Master Circular on Credit Facilities to Minority Community

On 02-08-2022, the Reserve Bank of India (‘RBI’) issued Master Circular on Credit Facilities to Minority Communities, consolidating all circulars issued on the subject till date. It lays out details about the credit facilities available to the minority communities, and how the same has to be made available to them.

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RBI notifies change in Bank Rate

On 05-08-2022, the Reserve Bank of India has issued a notification regarding the change in the bank rate. The Bank Rate is revised upwards by 50 basis points from 5.15 per cent to 5.65 per cent. This shall come into force with immediate effect.

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RBI amends Gold Monetization Scheme, 2015; Guidelines issued for Renewal/ Redemption of Medium and Long-Term Government Deposit

On 04-08-2022, the Reserve of India (‘RBI’) amended the RBI (Gold Monetization Scheme, 2015) with immediate effect.

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RBI issues Overseas Direct Investment vide FEM (Overseas Investment) Regulations, 2022

On 22-08-2022, the Reserve Bank of India (‘RBI') has issued the Foreign Exchange Management (Overseas Investment) Regulations, 2022 to facilitate business between Indian and foreign entities.

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