STATUTES/BILLS/ORDINANCES
106th Constitutional Amendment Act 2023 paves the way for Women Lawmakers
On 28-9-2023, the Ministry of Law and Justice notified the Constitution (One Hundred and Sixth Amendment) Act, 2023 to further amend the Constitution of India.
[Women’s Reservation Bill] Government introduces ‘Nari Shakti Vandan Adhiniyam’ in Lok Sabha
On 19-9-2023, the Constitution (One hundred and Twenty-eighth Amendment) Bill, 2023 was introduced in Lok Sabha by the Law Minister, Arjun Ram Meghwal to amend the Constitution of India.
Upper House unanimously passes the Constitution (One hundred and Twenty-eighth Amendment) Bill, 2023
The Bill was passed by Lok Sabha on 20-9-2023 with a ratio of 254:2 and on 21-9-2023, the bill was laid on the table of Rajya Sabha for approval.
LAW COMMISSION REPORT
[Law Commission Report 283] Law Commission recommends amending POCSO Act, JJ Act and Penal Code
On 27-9-2023, the Law Commission of India publishes its Report No. 283 on the subject “Age of Consent under the Protection of Children from Sexual Offences Act, 2012” (‘POCSO’). The Report talks about bringing certain amendments in the POCSO Act to remedy the situation where there is a tacit approval in fact and not a consent in law on part of the child aged between 16 to 18 years. However, the Commission was of the view that it is not advisable to tinker with the existing age of consent under the POCSO Act.
MINISTRY OF FINANCE
Government constitutes State Benches of GST Appellate Tribunal with effect from 14-9-2023
On 14-9-2023, the Central Government, on recommendations of the Goods and Services Tax (‘GST’) Council, constitutes the State Benches of the Goods and Services Tax Appellate Tribunal with effect from 14-9-2023.
Principal Officer to also be a Management Level Officer vide PMLA (Maintenance of Records) Rules 2005
On 4-9-2023, the Ministry of Finance notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2023 to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
CBDT lays down provisions relating to online gaming vide CGST (Third Amendment) Rules, 2023
On 29-9-2023, the Central Board of Indirect Taxes and Customs notified the Central Goods and Services Tax (Third Amendment) Rules, 2023 to amend the Central Goods and Services Tax Rules, 2017. The provisions will come into force on 1-10-2023.
MINISTRY OF LAW & JUSTICE
Mediation Bill 2023 receives President’s assent
On 15-9-2023, the Ministry of Law and Justice notified the Mediation Act, 2023 to especially promote institutional mediation for resolution of disputes, enforce mediated settlement agreements, provide for a body for registration of mediators, to encourage community mediation and to make online mediation as acceptable and cost-effective process.
MINISTRY OF CORPORATE AFFAIRS
MCA revises Forms 3 & 4 vide LLP (Second Amendment) Rules, 2023
On 1-9-2023, the Ministry of Corporate Affairs notified the Limited Liability Partnership (Second Amendment) Rules, 2023 to amend the Limited Liability Partnership Rules, 2009. The provisions came into force on 1-9-2023.
INDIAN INTERNATIONAL ARBITRATION CENTRE (‘IIAC’)
IIAC (Conduct of Arbitration) Regulations, 2023
On 01-09-2023, India International Arbitration Centre (IIAC) notified the India International Arbitration Centre (Conduct of Arbitration) Regulations, 2023 (The ‘Regulations’).
SECURITIES & EXCHANGE BOARD OF INDIA (‘SEBI’)
SEBI notifies new format of Abridged Prospectus for Public Issue of Non-Convertible Debt Securities and/or Non-convertible Redeemable Preference Shares
On 4-9-2023, the Securities and Exchange Board of India (‘SEBI’) notified new format of Abridged Prospectus for public issues of Non-convertible Redeemable Preference Shares to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
RESERVE BANK OF INDIA (‘RBI’)
RBI asks lenders to maintain additional daily balance to keep liquidity tight
On 8-9-2023, the Reserve Bank of India (‘RBI’) decides to discontinue the Incremental Cash Reserve Ration (‘I-CRR’) in a phased manner and start releasing the amount in stages so that the liquidity is not subjected to sudden shocks and money markets function properly.
RBI issues Master Directions on Classification, Valuation and Operation of Investment Portfolio of Commercial Banks excluding RRBs
On 12-9-2023, the Reserve Bank of India (‘RBI’) notified the Classification, Valuation and Operation of Investment Portfolio of Commercial Banks, Directions, 2023 updating the regulatory guidelines with global standards and best practices. The provisions will come into force on 1-4-2024.
