UNION CABINET
Cabinet approves 4% hike in DA and DR w.e.f. from 1-7-2023
On 18-10-2023, the Union Cabinet has approved a 4% hike in Dearness Allowance (‘DA’) for Central Government employees and Dearness Relief (‘DR’) for pensioners.
GOODS AND SERVICES TAX COUNCIL (GST COUNCIL)
[52nd GST Council Meeting] Recommends Amnesty Scheme for Taxpayers
On 7-10-2023, the Goods and Services Tax Council held its 52nd Meeting under the Chairpersonship of Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman.
UNIQUE IDENTIFICATION AUTHORITY OF INDIA (UIDAI)
UIDAI brings in deactivation of Aadhaar numbers of Foreign Nationals on certain conditions
On 29-9-2023, the Unique Identification Authority of India (‘UIDAI’) notified the Aadhaar (Enrolment and Update) Amendment Regulations, 2023 to amend the Aadhaar (Enrolment and Update) Regulations, 2016. The provisions came into effect on 29-9-2023.
MINISTRY OF LAW AND JUSTICE
Provisions of Mediation Act, 2023 come into force wef 1-9-2023
The Ministry of Law and Justice notified, 9-10-2023, as the date on which certain provisions of the Mediation Act, 2023 came into force.
MINISTRY OF CORPORATE AFFAIRS
Section 14 of IBC, 2016 will not apply to Transactions, Arrangements or Agreements
On 3-10-2023, the Ministry of Corporate Affairs notified that the provisions of Section 14 (1), relating to “Moratorium”, of the Insolvency and Bankruptcy Code, 2016 will not apply to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters.
MCA allows Shifting of Registered Office under certain circumstances
On 20-10-2023, the Ministry of Corporate Affairs notified the Companies (Incorporation) Third Amendment Rules, 2023 to amend the Companies (Incorporation) Rules, 2014. The provisions came into effect on 21-10-2023.
MCA mandates to maintain Register of Partners vide LLP (Third Amendment) Rules, 2023
On 27-10-2023, the Ministry of Corporate Affairs notified the Limited Liability Partnership (Third Amendment) Rules, 2023 to amend the Limited Liability Partnership Rules, 2009. The provisions came into force on 27-10-2023.
Private companies excluding small companies to issue securities only in dematerialised form
On 27-10-2023, the Ministry of Corporate Affairs notified the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014. The provisions came into force on 27-10-2023.
MINISTRY OF CONSUMER AFFAIRS
Combination Package and Group Package introduced vide Legal Metrology (Packaged Commodities) Amendment Rules, 2023
On 6-10-2023, the Ministry of Consumer Affairs, Food and Public Distribution notified the Legal Metrology (Packaged Commodities) Amendment Rules, 2023 to amend the Legal Metrology (Packaged Commodities) Rules, 2011.
MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE
Centre notifies Green Credit Rules, 2023 to promote Green Credit Programme
On 12-10-2023, the Ministry of Environment, Forest and Climate Change notified the Green Credit Rules, 2023 to leverage a competitive market-based approach for green credit for incentivizing environmental actions of various stakeholders.
MoEF revises responsibility of Producer vide Battery Waste Management (Amendment) Rules, 2023
On 25-10-2023, the Ministry of Environment, Forest and Climate Change notified the Battery Waste Management (Amendment) Rules, 2023 to amend the Battery Waste Management Rules, 2022.
RESERVE BANK OF INDIA (RBI)
RBI extends last date of exchange of Rs. 2000 banknotes until 7-10-2023
On 30-9-2023, the Reserve Bank of India (‘RBI’) announced that with effect from 8-10-2023, the deposit or exchange of Rs. 2000 banknotes will be stopped at the Bank Branches.
Banks are required to have at least 2 Whole Time Directors on Board: RBI
On 25-10-2023, the Reserve Bank of India (‘RBI’) directed all the Private Sector Banks and Wholly Owned Subsidiaries of Foreign Banks to ensure the presence of at least 2 Whole Time Directors (‘WTD’) to reduce the growing complexity of the banking sector and to establish an effective senior management team in banks to navigate ongoing and emerging challenges.
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
SEBI enhances scope of Utilisation of Investor Protection and Education Fund
On 20-10-2023, Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Investor Protection and Education Fund) (Second Amendment) Regulations, 2023 to amend the SEBI (Investor Protection and Education Fund) Regulations, 2009. The provisions came into force on 20-10-2023.
SEBI makes stringent provisions on Money Laundering and Terrorist Financing in accordance with PML (Maintenance of Records) Rules 2005
On 13-10-2023, the Securities and Exchange Board of India (‘SEBI’) notified amendments in its Master Circular dated 3-2-2023 on Guidelines on Anti-Money Laundering (‘AML’) Standards and Combating the Financing of Terrorism (‘CFT’) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under.
