Designs (Amendment) Rules, 2021

Legal Category: Intellectual Property Rights
Rule ACT: Designs Act
Update Type: Amendment
Release Date: 25, Jan, 2021
Notification No: G.S.R. 45(E).
Description: Department for Promotion of Industry and Internal Trade has issued Designs (Amendment) Rules, 2021 to further amend the Designs Rules, 2001.
Highlights of the Amendments:
i. Inserted the definition of Startup(Rule 2(eb)): Startup means:
a. an entity in India recognised as a startup by the competent authority under Startup India initiative
b. in case of a foreign entity, an entity fulfilling the criteria for turnover and period of incorporation or registration as per Startup India Initiative and submitting declaration to that effect.
ii. Amended the form for Application for Registration of Designs.
iii. For the purposes of the registration of designs, articles shall be classified as per current edition of “International Classification for Industrial Designs (Locarno Classification)” published by World Intellectual Property Organization (WIPO)
iv. Amended the fees submitted under the Act.

Implementation of United Nations Security Council Resolution (UNSCR) - 1518 (2003) Sanctions Committee List – Updated UNSCR 1518 list and Removal of Two Individuals from the Sanctions List

Legal Category: Finance
Rule ACT: RBI (Master Direction - Know Your Customer Guidelines)
Update Type: Circular
Release Date: 25, Jan, 2021
Notification No: RBI/2020-21/85DOR.AML.No.32/14.06.001/2020-21
Description: Reserve Bank of India has advised Regulated Entity to take note of the United Nations Security Council Resolution (UNSCR) - 1518 (2003) Sanctions Committee List and approved the removal of two individuals from its List of Individuals.
The UNSC press release concerning the amendment to the list is available at http://www.un.org/securitycouncil/sanctions/1518/press-releases
The latest version of the Sanctions list pertaining to Iraq is available at http://www.un.org/securitycouncil/sanctions/1518/materials
An updated and consolidated list of all the Sanction Committees is available at www.un.org/securitycouncil/content/un-sc-consolidated-list.

Applicability date for Provisions of the Companies Act

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Notification
Release Date: 22, Jan, 2021
Notification No: F. No. 1/3/2020-CL.I
Description: The Ministry of corporate Affairs (MCA) in exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 22nd day of January, 2021 as the date on which the following provisions of the said Act shall come into force, namely:
Section 2, 11, 18(c), 22(ii), 25, 27, 53, 55, 58, 59, 60, 62, 64 and 65.

Applicability date for Provisions of the Companies Act

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Notification
Release Date: 22, Jan, 2021
Notification No: F. No. 1/5/2019-CL.I
Description: The Ministry of corporate Affairs (MCA) in exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 22nd day of January, 2021 as the date on which the provisions of Section 21 of the said Act shall come into force.

Companies (Incorporation) Amendment Rules, 2021

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Amendment
Release Date: 25, Jan, 2021
Notification No: F. No. 1/13/2013 CL-V, Vol.III (Companies (Incorporation) Amendment Rules, 2021)
Description: The Ministry of corporate Affairs (MCA) has further amended the Companies (Incorporation) Rules, 2014 by introducing the Companies (Incorporation) Amendment Rules, 2021, by which it has made certain amendments in Rule 41 i.e. Application under section 14 for conversion of public company into private company. These amendments are as follows:
i. substituted the word "sub-rule (6)" with "clause (b)" in sub-rule (6)(c).
Ii. omitted clause (d) of sub-rule 6.
iii. renumbered existing sub-rules (9), (10), (11) as sub-rules (7), (8), (9) respectively.
iv. substituted the renumbered sub-rule (7)

Government of West Bengal Fixes the Minimum Rates of Wages in Scheduled Employment from 1st Jan 2021 to 30th June 2021

Legal Category: HR and Labour
Rule ACT: Minimum Wages Act - West Bengal
Update Type: Circular
Release Date: 31, Dec, 2020
Notification No: No.166/703/Stat/2RW/29/2016/LCS/JLC
Description: The Government of West Bengal has fixed the minimum rates of wages for those in the employment of Establishment as defined under Shops and Establishments, Act 1963. These rates will be effective for the period from 1st January 2021 to 30th June 2021.

Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Amendment
Release Date: 22, Jan, 2021
Notification No: E-F. No. CSR-05/3/2020-CSR-MCA
Description: The Ministry of Corporate Affairs (MCA) has introduced the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.

Discussion Paper on Revised Regulatory Framework for NBFCs - A Scale-Based Approach

Legal Category: Finance
Rule ACT: RBI Act
Update Type: Press Release
Release Date: 22, Jan, 2021
Notification No: 2020-2021/984
Description: The Reserve Bank of India has released a discussion Paper on Revised Regulatory Framework for NBFCs A Scale-Based Approach and invited all NBFCs, market participants, and other stakeholders for their comments within one month.

Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2021

Legal Category: SEBI
Rule ACT: SEBI (Intermediaries) Regulations
Update Type: Amendment
Release Date: 21, Jan, 2021
Notification No: No. SEBI/LAD-NRO/GN/2021/07
Description: Securities and Exchange Board of India has amended the following provisions of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008:
i. Holding of Enquiry (Regulation 25)
ii. Recommendation of action (Regulation 26)
iii. Order (Regulation 27).

Exchange Rate of Conversion of Foreign Currencies

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Release Date: 21, Jan, 2021
Notification No: No.05/2021 - Customs (N.T.)
Description: Central Board of Indirect Taxes and Custom has determined the exchange rate of conversion of each foreign currencies related to imported and export goods.

Relaxations Relating to Procedural Matters –Issues and Listing

Legal Category: SEBI
Rule ACT: SEBI(Issue of Capital and Disclosure Requirements)Regulation
Update Type: Circular
Release Date: 19, Jan, 2021
Notification No: SEBI/HO/CFD/DIL1/CIR/P/2021/13
Description: Securities and Exchange Board of India decided to extend the relaxation provided for procedure on Right Issue process (Circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020) for Right Issue opening upto March 31, 2021.

The Kerala Minimum Wages Notification (November 2020)

Legal Category: HR and Labour
Rule ACT: Minimum Wages Act - Kerala
Update Type: Others
Release Date: 16, Jan, 2021
Notification No: No. DES/953/2020-P3(1)(Nov)
Description: The Department of Economics & Statistics of Kerala has released the Consumer Price Index (Cost of Living Index) Numbers for November 2020 as applies to employees in employment under the Minimum Wages Act (Central Act XI of 1948).

Auto-Renewal Of Registration, License Under Various Labour Laws In Assam

Legal Category: HR and Labour
Rule ACT: Shops and Establishments Act- Assam
Update Type: Notification
Release Date: 12, Jan, 2021
Notification No: No.GLR.65/2019/47
Description: The Labour Department of Assam has introduced an auto-renewal scheme for certificates of registration and licenses with regard to the following acts:
1. The Contract Labour (Regulation and Abolition) Act, 1970
2. Inter-State Migrant Workmen Act, 1979
3. Assam Shops and Establishments Act, 1971
4. The Factories Act, 1948
5. The Motor Transport Workers Act, 1961.

Extension Of Time Limit To Deposit Labour Welfare Fund Contribution In Karnataka

Legal Category: HR and Labour
Rule ACT: Labour Welfare Fund Act - Karnataka
Update Type: Press Release
Release Date: 15, Jan, 2021
Notification No: KLWFB/PressNote/15-01-2021
Description: The Karnataka Labour Welfare Board has extended the last date for payment of contribution to the Labour welfare fund from 15th January 2021 to 31st January 2021 due to technical difficulties in the online portal.

Scheme for Condonation of delay for Companies restored on the Register of Companies between 01.12.2020 and 31.12.2020 under section 252 of the Companies Act, 2013

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Circular
Release Date: 15, Jan, 2021
Notification No: General Circular No. 03/2021
Description: The Central Government in exercise of its powers conferred u/s 460 read with section 403 of the Act has decided to introduce the scheme namely, "Scheme for Condonation of delay for Companies restored on the Register of Companies between 01st December 2020 and 31st December 2020 u/s 252 of the Companies Act, 2013 for the purpose of condoning the delay in filing forms with the Registrar, insofar as it relates to charging of additional fees on account of delay in such filings. Details of the scheme are as under:
1. Effective from 01 February 2021.
2. Applicable on the Companies which have filed an appeal with the respective NCLT Bench for the restoration of the name and was disposed of between 01.12.2020 to 31.12.2020, with an order for restoration of the Company.
3. The last date for filing of any overdue e-form shall be 31.03.2021.
4. This scheme shall be applicable on all e-forms except e-form SH-7, CHG-1, CHG-4, CHG-8 and CHG-9.
5. Companies are required to file normal filing fees and no additional fees shall be payable for the forms for which this scheme is applicable.

Introduction of Online e-PRC System for Application Seeking Policy/procedure Relaxation

Legal Category: Exchange Control
Rule ACT: Foreign Trade Policy
Update Type: Notice
Release Date: 15, Jan, 2021
Notification No: No. 38/2020-21
Description: Directorate General of Foreign Trade has introduced an Online e-PRC System for application Seeking Policy/Procedure Relaxation and decided all Exporter/Importer seeking relaxation of FTP/HBP provisions are required to submit their application electronically only.

Relaxation from Compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the COVID -19 Pandemic

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Circular
Release Date: 15, Jan, 2021
Notification No: SEBI/HO/CFD/CMD2/CIR/P/2021/11
Description: The Securities and Exchange Board of India has decided to provide further relaxation from the compliances related to sending physical copies of the annual report to shareholders and the requirement of proxy for general meetings held through electronic mode till December 31, 2021.

Availability of CFSS-2020 Form for filing as eForm w.e.f 16th January 2021

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Others
Release Date: 15, Jan, 2021
Notification No: Availability of CFSS-2020 Form for filing as eForm w.e.f 16th January 2021
Description: The Ministry of corporate Affairs (MCA) on January 15, 2021 has brought this important news and update that CFSS-2020 Form shall be available for filing as eForm w.e.f 16th January 2021. Stakeholders may please take note and plan accordingly.

Waiver of Bank Guarantee in Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Circular
Release Date: 14, Jan, 2021
Notification No: No.01/2021-Customs
Description: Central Board of Indirect Taxes and Customs has decided to extend the exemption from the requirement of furnishing of Bank Guarantee by the carriers for the carriage of EXIM cargo for transhipment through foreign territories of Sri Lanka and Bangladesh. This relaxation would apply if the carrier fulfills the requirement of a waiver of the Bank Guarantee.

Requirement of Filing of Bill of Coastal Goods (BCG)

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Instruction
Release Date: 14, Jan, 2021
Notification No: No.01-(Instruction)
Description: Central Board of Indirect Taxes and Customs has decided to make applicable provision of Section 30 (Delivery of import manifest or import report) & 41(Delivery of export manifest or export report) of the Customs Act for coastal vessels loading or unloading coastal goods at EXIM berths.

Parliamentary Consultative Committee meeting on New Foreign Trade Policy 2021-26

Legal Category: Exchange Control
Rule ACT: Foreign Trade Policy
Update Type: Press Release
Release Date: 12, Jan, 2021
Notification No: NA
Description: Ministry of Commerce and Industry (Consultative Committee) has informed that the new Foreign Trade Policy will come into effect from 1st April 2021 for a period of five years and will strive to make India a leader in the area of international trade and channelize the synergies gained through merchandise and services exports for growth and employment to make India a USD 5 Trillion economy. A key driver for India to achieve the USD 5 Trillion mark in an expedited time frame would be boosting exports, both merchandise and services, through systematically addressing domestic and overseas constraints related to the policy, regulatory and operational framework for lowering transactions costs and enhancing the ease of doing business, creating a low cost operating environment through efficient, cost-effective and adequate logistical and utilities infrastructure. Improvements in the operations of the domestic manufacturing and services sector in combination with efficient infrastructure support by the government would result in correcting the imbalances within India and feed into the trade policy.

Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Circular
Release Date: 13, Jan, 2021
Notification No: General Circular No. 02/2021
Description: The Ministry of corporate Affairs (MCA) on January 13, 2021 has said that in continuation to the General Circulars No. 20/2020, dated 05th May, 2020 and after due examination, it has been decided to allow companies whose AGMs were due to be held in the year 2020, or become due in the year 2021, to conduct their AGMs on or before 31.12.2021, in accordance with the requirements provided in paragraph 3 and 4 of the General Circular No. 20/2020 and it is also clarified that this Circular shall not be construed as conferring any extension of time for holding of AGMs by the Companies under the Companies Act, 2013, and the companies which have not adhered to the relevant timelines shall remain subject to legal action under the Companies Act, 2013.

Clarification on spending of CSR Funds for Awareness and public outreach on COVID-19 Vaccination Programme

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Circular
Release Date: 13, Jan, 2021
Notification No: General Circular No. 01/2021
Description: The Ministry of corporate Affairs (MCA) on January 13, 2021 has said that in continuation to the General Circulars No. 10/2020 dated 23.03.2020 wherein it was clarified that spending of CSR funds for COVID-19 is an eligible CSR activity, it is further clarified that:
1. spending of CSR funds for carrying out awareness campaigns / programmes or public outreach campaigns on COVID-19 Vaccination programme is an eligible CSR activity under item no. (i), (ii) and (Xii) of Schedule VII of the Companies Act, 2013 relating to promotion of health care, including preventive health care and sanitization, promoting education, and, disaster management respectively.
2. the companies may undertake the aforesaid activities subject to fulfillment of Companies (CSR Policy) Rules, 2014 and the circulars related to CSR, issued by this ministry from time to time.

Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021

Legal Category: Exchange Control
Rule ACT: FEMA (Master Direction - Export of Goods and Services)
Update Type: Amendment
Release Date: 08, Jan, 2021
Notification No: No. FEMA 23(R)/(4)/2021-RB
Description: Reserve Bank of India has amended the below mention provision of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015:
Regulation 4(ea) has been substituted:
“(ea) re-export of leased aircraft/ helicopter and/or engines/auxiliary power units (APUs), either completely or in partially knocked down condition re-possessed by overseas lessor and duly de-registered by the Directorate General of Civil Aviation (DGCA) on the request of Irrevocable Deregistration and Export Request Authorisation (IDERA) holder under ‘Cape Town Convention’ or any other termination or cancellation of the lease agreement between the lessor and lessee subject to permission by DGCA/Ministry of Civil Aviation for such export/s.”

Exchange Rate of Foreign Currencies

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Release Date: 07, Jan, 2021
Notification No: No. 03/2021 - Customs (N.T.)
Description: Central Board of Indirect Taxes and Custom has determined the rate of exchange of conversion of each foreign currencies related to imported and export goods in the suppression of the Notification No.113/2020-Customs(N.T.).
  • 25, Jan, 2021 Designs (Amendment) Rules, 2021
  • 25, Jan, 2021 Implementation of United Nations Security Council Resolution (UNSCR) - 1518 (2003) Sanctions Committee List – Updated UNSCR 1518 list and Removal of Two Individuals from the Sanctions List
  • 22, Jan, 2021 Applicability date for Provisions of the Companies Act
  • 22, Jan, 2021 Applicability date for Provisions of the Companies Act
  • 25, Jan, 2021 Companies (Incorporation) Amendment Rules, 2021
  • 31, Dec, 2020 Government of West Bengal Fixes the Minimum Rates of Wages in Scheduled Employment from 1st Jan 2021 to 30th June 2021
  • 22, Jan, 2021 Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021
  • 22, Jan, 2021 Discussion Paper on Revised Regulatory Framework for NBFCs - A Scale-Based Approach
  • 21, Jan, 2021 Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2021
  • 21, Jan, 2021 Exchange Rate of Conversion of Foreign Currencies
  • 19, Jan, 2021 Relaxations Relating to Procedural Matters –Issues and Listing
  • 16, Jan, 2021 The Kerala Minimum Wages Notification (November 2020)
  • 12, Jan, 2021 Auto-Renewal Of Registration, License Under Various Labour Laws In Assam
  • 15, Jan, 2021 Extension Of Time Limit To Deposit Labour Welfare Fund Contribution In Karnataka
  • 15, Jan, 2021 Scheme for Condonation of delay for Companies restored on the Register of Companies between 01.12.2020 and 31.12.2020 under section 252 of the Companies Act, 2013
  • 15, Jan, 2021 Introduction of Online e-PRC System for Application Seeking Policy/procedure Relaxation
  • 15, Jan, 2021 Relaxation from Compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the COVID -19 Pandemic
  • 15, Jan, 2021 Availability of CFSS-2020 Form for filing as eForm w.e.f 16th January 2021
  • 14, Jan, 2021 Waiver of Bank Guarantee in Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh
  • 14, Jan, 2021 Requirement of Filing of Bill of Coastal Goods (BCG)
  • 12, Jan, 2021 Parliamentary Consultative Committee meeting on New Foreign Trade Policy 2021-26
  • 13, Jan, 2021 Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)
  • 13, Jan, 2021 Clarification on spending of CSR Funds for Awareness and public outreach on COVID-19 Vaccination Programme
  • 08, Jan, 2021 Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
  • 07, Jan, 2021 Exchange Rate of Foreign Currencies
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