{"id":306011,"date":"2023-10-31T11:00:54","date_gmt":"2023-10-31T05:30:54","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=306011"},"modified":"2023-10-31T11:03:52","modified_gmt":"2023-10-31T05:33:52","slug":"legislation-roundup-october-2023-legal-update","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/31\/legislation-roundup-october-2023-legal-update\/","title":{"rendered":"Legislation Roundup October 2023: Amnesty Scheme for taxpayers; Approval of 4% hike in DA and DR; Green Credit Rules; and more"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"font-weight: bold; font-size: 14.0pt;\">UNION CABINET<\/p>\n<p style=\"font-weight: bold;\">Cabinet approves 4% hike in DA and DR w.e.f. from 1-7-2023<\/p>\n<p style=\"\">On 18-10-2023, the Union Cabinet has approved a 4% hike in Dearness Allowance (&#8216;DA&#8217;) for Central Government employees and Dearness Relief (&#8216;DR&#8217;) for pensioners.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/19\/cabinet-approves-hike-in-dearness-allowance-and-dearness-relief-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">GOODS AND SERVICES TAX COUNCIL (GST COUNCIL)<\/p>\n<p style=\"font-weight: bold;\">[52nd GST Council Meeting] Recommends Amnesty Scheme for Taxpayers<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/09\/recommendations-of-fifty-second-gst-council-meeting-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">UNIQUE IDENTIFICATION AUTHORITY OF INDIA (UIDAI)<\/p>\n<p style=\"font-weight: bold;\">UIDAI brings in deactivation of Aadhaar numbers of Foreign Nationals on certain conditions<\/p>\n<p style=\"\">On 29-9-2023, the Unique Identification Authority of India (&#8216;UIDAI&#8217;) 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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/06\/uidai-notifies-aadhaar-enrolment-and-update-amendment-regulations-2023-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">MINISTRY OF LAW AND JUSTICE<\/p>\n<p style=\"font-weight: bold;\">Provisions of Mediation Act, 2023 come into force wef 1-9-2023<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/10\/mediation-act-2023-effective-date-notified-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">MINISTRY OF CORPORATE AFFAIRS<\/p>\n<p style=\"font-weight: bold;\">Section 14 of IBC, 2016 will not apply to Transactions, Arrangements or Agreements<\/p>\n<p style=\"\">On 3-10-2023, the Ministry of Corporate Affairs notified that the provisions of Section 14 (1), relating to &#8220;Moratorium&#8221;, of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002802178\" target=\"_blank\" rel=\"noopener\">Insolvency and Bankruptcy Code, 2016<\/a> will not apply to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/11\/mca-notifies-section-14-of-ibc-will-not-apply-to-transactions-agreements-arrangements-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold;\">MCA allows Shifting of Registered Office under certain circumstances<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/24\/mca-notifies-companies-incorporation-third-amendment-rules-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold;\">MCA mandates to maintain Register of Partners vide LLP (Third Amendment) Rules, 2023<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/30\/mca-notifies-limited-liability-partnership-third-amendment-rules-2023-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold;\">Private companies excluding small companies to issue securities only in dematerialised form<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/30\/mca-issues-companies-prospectus-and-allotment-of-securities-rules-2014-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">MINISTRY OF CONSUMER AFFAIRS<\/p>\n<p style=\"font-weight: bold;\">Combination Package and Group Package introduced vide Legal Metrology (Packaged Commodities) Amendment Rules, 2023<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/07\/legal-metrology-packaged-commodities-amendment-rules-2023-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE<\/p>\n<p style=\"font-weight: bold;\">Centre notifies Green Credit Rules, 2023 to promote Green Credit Programme<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/17\/green-credit-rules-2023-notified-to-incentivise-environmental-actions-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold;\">MoEF revises responsibility of Producer vide Battery Waste Management (Amendment) Rules, 2023<\/p>\n<p style=\"\">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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/28\/moef-notifies-battery-waste-management-amendment-rules-2023-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">RESERVE BANK OF INDIA (RBI)<\/p>\n<p style=\"font-weight: bold;\">RBI extends last date of exchange of Rs. 2000 banknotes until 7-10-2023<\/p>\n<p style=\"\">On 30-9-2023, the Reserve Bank of India (&#8216;RBI&#8217;) announced that with effect from 8-10-2023, the deposit or exchange of Rs. 2000 banknotes will be stopped at the Bank Branches.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/04\/rbi-extends-last-date-of-deposit-of-rs-2000-banknotes-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold;\">Banks are required to have at least 2 Whole Time Directors on Board: RBI<\/p>\n<p style=\"\">On 25-10-2023, the Reserve Bank of India (&#8216;RBI&#8217;) directed all the Private Sector Banks and Wholly Owned Subsidiaries of Foreign Banks to ensure the presence of at least 2 Whole Time Directors (&#8216;WTD&#8217;) 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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/26\/rbi-directs-banks-to-have-two-whole-time-directors-on-board-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold; font-size: 14.0pt;\">SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)<\/p>\n<p style=\"font-weight: bold;\">SEBI enhances scope of Utilisation of Investor Protection and Education Fund<\/p>\n<p style=\"\">On 20-10-2023, Securities and Exchange Board of India (&#8216;SEBI&#8217;) 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.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/26\/sebi-increases-scope-of-utilization-of-investor-protection-and-education-fund-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<p style=\"font-weight: bold;\">SEBI makes stringent provisions on Money Laundering and Terrorist Financing in accordance with PML (Maintenance of Records) Rules 2005<\/p>\n<p style=\"\">On 13-10-2023, the Securities and Exchange Board of India (&#8216;SEBI&#8217;) notified amendments in its Master Circular dated 3-2-2023 on Guidelines on Anti-Money Laundering (&#8216;AML&#8217;) Standards and Combating the Financing of Terrorism (&#8216;CFT&#8217;) \/Obligations of Securities Market Intermediaries under the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002801311\" target=\"_blank\" rel=\"noopener\">Prevention of Money Laundering Act, 2002<\/a> and Rules framed there under.<\/p>\n<p style=\"margin-bottom: 3%; text-align: right; font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/17\/sebi-revises-master-circular-on-anti-money-laundering-and-terrorist-combating-terrorist-fiancing-legal-news\/\" target=\"_blank\" rel=\"noopener\">READ MORE<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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% <\/p>\n","protected":false},"author":67515,"featured_media":306017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45673,48207],"tags":[45675,58091,58092,62372],"class_list":["post-306011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columns-for-roundup","category-legislation-roundup","tag-legal-roundup","tag-legislation-roudup","tag-monthly","tag-october-roundup"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Legislation Roundup October 2023 | SCC Blog<\/title>\n<meta name=\"description\" content=\"Legislation Roundup October 2023: Amnesty Scheme for taxpayers; 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Key Points: The hike is an additional instalment with effect from 1-7-2023. 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