{"id":273170,"date":"2022-09-06T17:30:07","date_gmt":"2022-09-06T12:00:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=273170"},"modified":"2022-09-06T17:30:07","modified_gmt":"2022-09-06T12:00:07","slug":"legislations-monthly-roundup-august-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/06\/legislations-monthly-roundup-august-2022\/","title":{"rendered":"Legislations | Monthly RoundUp [August, 2022]"},"content":{"rendered":"
\n

   <\/p>\n

MINISTRY OF CORPORATE AFFAIRS<\/h4>\n

<\/a>Record keeping requirements modified vide Companies (Accounts) Fourth Amendment Rules, 2022<\/span><\/p>\n

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

READ MORE<\/span><\/a><\/p>\n

<\/a>Physical verification of the Registered Office of the company by Registrar vide Companies (Incorporation) Third Amendment Rules, 2022<\/span><\/p>\n

The Central Government notifies Companies (Incorporation) Third Amendment Rules, 2022 to amend the <\/span>Companies (Incorporation) Rules, 2014<\/span><\/a>.<\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION<\/h4>\n

<\/a>Commodities like garment or hosiery included in the exemption list vide Legal Metrology (Packaged Commodities) (Third Amendment) Rules, 2022<\/span><\/p>\n

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 <\/span>Legal Metrology (Packaged Commodities) Rules, 2011<\/span><\/a><\/span>.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

MINISTRY OF LAW AND JUSTICE<\/h4>\n

<\/a>Indian Antarctic Act, 2022<\/span><\/p>\n

On 8-8-2022 the Ministry of Law and Justice<\/span> 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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>Establishment of Family Courts in Himachal Pradesh and Nagaland vide the Family Courts (Amendment) Act, 2022<\/span><\/p>\n

On 12-8-2022 the Ministry of Law and Justice<\/span> notified the Family Courts (Amendment) Act, 2022 to further amend the <\/span>Family Courts Act, 1984<\/span><\/a>.<\/span> <\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>Constitution of National Board for Anti-Doping Agency vide National Anti-Doping Act, 2022<\/span><\/p>\n

On 12-8-2022 the Ministry of Law and Justice<\/span> 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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>Retired CJI & Retired Judges of the Supreme Court entitled to a security cover vide Supreme Court Judges (Amendment) Rules, 2022<\/span><\/p>\n

The Central Government has notified Supreme Court Judges (Amendment) Rules, 2022 further to amend the <\/span>Supreme Court Judges Rules, 1959<\/span><\/a>. 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.<\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>Supreme Court Judges (Amendment) Rules, 2022: Lifetime domestic help, chauffeur & secretarial assistant for Retired CJI and SC Judges<\/span><\/p>\n

On 27-08-2022, the Central Government Supreme Court Judges (Amendment) Rules, 2022 to further amend the <\/span>Supreme Court Judges Rules, 1959<\/span><\/a>.<\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE<\/h4>\n

<\/a>Battery Waste Management Rule, 2022<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a><\/span><\/p>\n

<\/a>Cabinet approves signing of an MoU between India and Nepal in the field of biodiversity conservation<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

MINISTRY OF FINANCE<\/h4>\n

<\/a>GSTN introduces single click Nil filing of GSTR-1<\/span><\/p>\n

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. <\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>CBDT notifies submission of COVID-19 related documents by the employees to the employer<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>Aircraft Operators to share international passenger data with National Customs Targeting Centre-Passenger vide Passenger Name Record Information Regulations, 2022<\/span><\/p>\n

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. <\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a><\/span><\/h1>\n

<\/a>CBDT exempts non-resident from the purview of S. 206C(1G) of IT Act, 1961<\/span><\/p>\n

The Central Government has notified that the provisions of section <\/span>206-C (IG)<\/span><\/a> of the <\/span>Income Tax Act, 1961<\/span><\/a> 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.<\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

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

The Central Board of Direct Taxes has notified Income-tax (26th Amendment) Rules, 2022 to amend Income-tax Rules, 1962.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

MINISTRY OF RAILWAYS<\/h4>\n

<\/a>Ministry of Railways issues guidelines for implementation of GST implications on recovery of liquidated damages<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

MINISTRY OF ROAD TRANSPORT AND HIGHWAYS<\/h4>\n

<\/a>Central Motor Vehicles (Twelfth Amendment) Rules, 2022<\/span><\/p>\n

The Central Government has notified Central Motor Vehicles (Twelfth Amendment) Rules, 2022 to amend the Central Motor Vehicles Rules, 1989. <\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

MINISTRY OF PETROLEUM AND NATURAL GAS <\/h4>\n

<\/a>Annual Charges for Clearing Corporations revised vide PNGRB (Levy of Fee and Other Charges) Amendment Regulations, 2022<\/span><\/p>\n

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

READ MORE<\/span><\/a><\/p>\n

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)<\/h4>\n

<\/a>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<\/span><\/p>\n

The Securities and Exchange Board of India has made SEBI (Mutual Funds) (Second Amendment) Regulations, 2022 to further amend the <\/span>Securities and Exchange <\/span><\/a>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.<\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>SEBI issues Circular on enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>SEBI makes Block mechanism mandatory for all Early Pay-In transactions<\/span><\/p>\n

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. <\/span>CIR\/HO\/MIRSD\/DOP\/P\/CIR\/2021\/595<\/span><\/a> dated July 16, 2021.<\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>SEBI issues circular on participation of financial account aggregators in Account Aggregator framework<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies<\/span><\/p>\n

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 <\/span>SEBI (Credit Rating Agencies) Regulations, 1999<\/span><\/a>, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market by enhancing transparency.<\/span><\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

RESERVE BANK OF INDIA (RBI)<\/h4>\n

<\/a>RBI increases Individual borrowing limit of USD 750 million to USD 1500 million vide FEM (Borrowing and Lending) (Amendment) Regulations, 2022<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>RBI issues Master Circular- Credit facilities to Scheduled Castes & Scheduled Tribes<\/span><\/p>\n

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. <\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>RBI issues Master Circular on Credit Facilities to Minority Community<\/span><\/p>\n

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. <\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>RBI notifies change in Bank Rate<\/span><\/p>\n

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. <\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n

<\/a>RBI amends Gold Monetization Scheme, 2015; Guidelines issued for Renewal\/ Redemption of Medium and Long-Term Government Deposit<\/span><\/p>\n

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

READ MORE<\/span><\/a><\/p>\n

<\/a>RBI issues Overseas Direct Investment vide FEM (Overseas Investment) Regulations, 2022<\/span><\/p>\n

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.<\/span><\/p>\n

READ MORE<\/span><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    MINISTRY OF CORPORATE AFFAIRS Record keeping requirements modified vide Companies (Accounts) Fourth Amendment Rules, 2022 On 05-08-2022, the Ministry of <\/p>\n","protected":false},"author":8808,"featured_media":273171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45673,48207],"tags":[51493,51086],"class_list":["post-273170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columns-for-roundup","category-legislation-roundup","tag-family-courts-act-1984","tag-income-tax-act-1961"],"yoast_head":"\nLegislations | Monthly RoundUp [August, 2022] | SCC Times<\/title>\n<meta name=\"description\" content=\"On 05-08-2022, the Ministry of Corporate Affairs (MCA) has notified Companies (Accounts) Fourth Amendment Rules, 2022 in order to amend\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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