MY REGULATORY UPDATES

Customs Brokers Licensing (Amendment) Regulations, 2021

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Release Date: 23, Jul, 2021

Notification No: No. 62/2021-Customs (N.T.)

Description: Central Board of Indirect Taxes and Customs has issued Customs Brokers Licensing (Amendment) Regulations, 2021 to further amend the Customs Brokers Licensing Regulations, 2018.

Reduction of the Compliance Burden for Citizens and Business Activities

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Circular

Release Date: 23, Jul, 2021

Notification No: Circular No. 17/2021-Customs

Description: Central Board of Indirect Taxes and Customs has issued a circular to reduce compliance burden for citizens and business activities. Accordingly, The Board has decided to abolish renewals of Licence/Registration in Customs Brokers Licensing Regulations, 2021 and Sea Cargo Manifest and Transhipment Regulations, 2018 incorporating the following changes:
1. To provide lifetime validity of the licenses/registrations
2. To enable provision for making the licenses/registrations invalid in case the licensee/registration holder is inactive for the period exceeding 1 year at a time
3. To empower Principal Commissioner or Commissioner of Customs to renew a license/registration which has been invalidated due to inactivity
4. To provide for voluntary surrender of license/registration.

Amendments in Para 4.41, 4.51 and 4.57 of Handbook of Procedures 2015-2020

Legal Category: Exchange Control

Rule ACT: Foreign Trade Policy

Update Type: Notice

Release Date: 22, Jul, 2021

Notification No: No. 16/2015-2020

Description: The Director-General of Foreign Trade (DGFT) has issued amendments in Para 4.41, 4.51, and 4.57 in Hand Book of Procedures 2015-2020. The amendments are as follows:
1. Para 4.41 of Handbook of Procedures 2015-20 is amended to allow only one revalidation for a period of 12 months to Advance Authorisations issued on or after
15.08.2020 (instead of 2 revalidations of 6 months each, provided earlier).
2. Para 4.51 and 4.57 of Handbook of Procedures 2015-20 are amended to allow submission of records in online mode.

Enlistment of Kamarajar Port as a Designated Port for Import of Unshredded Metalic Scrap and Waste

Legal Category: Exchange Control

Rule ACT: Foreign Trade Policy

Update Type: Notice

Release Date: 20, Jul, 2021

Notification No: No.15/2015-2020

Description: The Directorate General of Foreign Trade (DGFT) has inserted the name of "Kamarajar Port" in Para 2.54(d)(iv) of HBP, 2015-2020.
Effect of this Public Notice- Kamarajar Port is enlisted as a designated port for import of unshredded metalic scrap and waste

DGFT Issues Extension of Date for Mandatory Electronic Filing of Non-Preferential Certificate of Origin (CoO)

Legal Category: Exchange Control

Rule ACT: Foreign Trade Policy

Update Type: Notice

Release Date: 19, Jul, 2021

Notification No: No.10/2021-2022

Description: The Directorate General of Foreign Trade (DGFT) has issued the date extension for Mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 1st October 2021.
The option of submission and issuance of CoO (Non-Preferential) by the issuing agencies through their paper-based systems may continue further up to 30th September 2021.

Development Commissioner of NSEZ Noida Granted Extension of the WFH facility upto 31.12.2021 for all SEZ units in its Jurisdiction

Legal Category: Special economic zone

Rule ACT: SEZ Act - Haryana

Update Type: Circular

Release Date: 20, Jul, 2021

Notification No: F.No. 10/311/2010-SEZ/5939

Description: Development Commissioner of NSEZ Noida has granted extension of the WFH facility upto 31.12.2021 or till further orders, whichever is earlier, for all SEZ units in its jurisdiction.

Circular Regarding Removal of Debris, Waste or Scrap Materials by Unit Holders

Legal Category: Special economic zone

Rule ACT: SEZ Act - Maharashtra

Update Type: Circular

Release Date: 20, Jul, 2021

Notification No: No. 02/2021

Description: SEEPZ SEZ has issued a circular regarding the removal of unauthorized materials/debris/scrap/waste stacked and found in and around the unit premises or common passage. It shall be removed and shifted immediately by the units to the scrap/waste segregation points within 14(fourteen) working days of the issue of this circular.

Top 100 Listed Entities by Market Capitalization hold Annual General Meeting within a Period of Six Months

Legal Category: SEBI

Rule ACT: SEBI (Listing Obligations and Disclosure Requirements) Regulations

Update Type: Circular

Release Date: 23, Jul, 2021

Notification No: SEBI/HO/CFD/CMD1/P/CIR/2021/602

Description: The Securities and Exchange Board of India has decided that the top 100 listed entities by market capitalization will hold their Annual General Meeting within a period of six months from the date of the closing of the financial year for 2020-21.

MCA appoints 1st day of September for giving effect to section 4 of Companies (Amendment) Act, 2020

Legal Category: Corporate

Rule ACT: Companies Act, 2013

Update Type: Notification

Release Date: 22, Jul, 2021

Notification No: S.O. 2904(E)

Description: The Ministry of Corporates affairs on July 22nd 2021 issued this notification and appoints the 1st September, 2021 as the date on which the provisions of section 4 of the Companies (Amendment) Act, 2020 shall come into force.

Companies (Incorporation) Fifth Amendment Rules, 2021

Legal Category: Corporate

Rule ACT: Companies Act, 2013

Update Type: Amendment

Release Date: 22, Jul, 2021

Notification No: G.S.R. 503(E)

Description: The Ministry of Corporates affairs on July 22nd 2021 issued Companies (Incorporation) Fifth Amendment Rules, 2021 to further amend the Companies Rules, 2013 by which Rule 33A which specifies Allotment of a new name to the existing company under section 16(3) of the Act has been inserted.

Securities and Exchange Board of India Modified SCORES Complaints Received by the REIT

Legal Category: SEBI

Rule ACT: SEBI Act

Update Type: Circular

Release Date: 22, Jul, 2021

Notification No: SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/599

Description: The Securities and Exchange Board of India has decided to enhance investor protection and to increase transparency in grievance redressal and modified that all complaints including SCORES complaints received by the REIT shall be disclosed in the format mentioned in Annexure -A on the website of the REIT and also filed with the recognized stock exchanges, where its units are listed within 21 days from the end of financial year or end of quarter, as the case may be.

Securities and Exchange Board of India Modified SCORES Complaints Received by the InvIT

Legal Category: SEBI

Rule ACT: SEBI Act

Update Type: Circular

Release Date: 22, Jul, 2021

Notification No: SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/600

Description: The Securities and Exchange Board of India has decided to enhance investor protection and to increase transparency in grievance redressal and modified that all complaints including SCORES complaints received by the InvIT shall be disclosed in the format mentioned in Annexure -A on the website of the InvIT and also filed with the recognized stock exchanges, where its units are listed within 21 days from the end of financial year or end of quarter, as the case may be.

Securities and Exchange Board of India Extended Timeline for Debenture Trustees for Compliance with Regulatory Requirements Due to Covid-19

Legal Category: SEBI

Rule ACT: SEBI Act

Update Type: Circular

Release Date: 20, Jul, 2021

Notification No: SEBI/HO/MIRSD/CRADT/CIR/P/2021/597

Description: The Securities and Exchange Board of India has decided to extend the timeline for Debenture Trustees for compliance with the below mention regulatory requirements of the SEBI (Monitoring and Disclosures by Debenture Trustees) for the quarter/half-year/year ending March 31, 2021, as under:
1. Submission of reports/certifications to Stock Exchanges:
i. Asset Cover Certificate current timeline is 15 July 2021 and the extended timeline is 31 August 2021
ii. A statement of value of pledged securities current timeline is 15 July 2021 and the extended timeline is 31 August 2021
iii. A statement of value for Debt Service Reserve Account (DSRA) or any other form of security offered current timeline is 15 July 2021 and the extended timeline is 31 August 2021
iv. Net worth certificate of guarantor (secured by way of personal guarantee) current timeline is 15 July 2021 and the extended timeline is 31 October 2021
v. Financials/value of guarantor prepared on basis of audited financial statement etc of the guarantor(secured by way of corporate guarantee) current timeline is 15 July 2021 and the extended timeline is 31 October 2021
vi. Valuation report and title search report for the immovable/movable assets, as applicable current timeline is 15 July 2021 and the extended timeline is 31 October 2021.
2. Disclosures on the website:
i. Monitoring of asset cover certificate and quarterly compliance report of the listed entity current timeline is 15 July 2021 and the extended timeline is 31 August 2021
ii. Monitoring of utilization certificate current timeline is 15 July 2021 and the extended timeline is 31 August 2021
iii. Status of information regarding breach of covenants/terms of the issue, if any action taken by debenture trustee current timeline is 15 July 2021 and the extended timeline is 31 August 2021
iv. Status regarding maintenance of accounts maintained under supervision of debenture trustee current timeline is 15 July 2021 and the extended timeline is 31 August 2021.

Direction for Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)

Legal Category: Finance

Rule ACT: RBI Act

Update Type: Master Direction

Release Date: 22, Jul, 2021

Notification No: RBI/DOR/2021-22/80 DOR.No.RET.REC.32/12.01.001/2021-22

Description: The Reserve Bank of India has introduced, Reserve Bank of India Directions, 2021 on Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).

Further Relaxation for Electronic Filing of Income Tax Forms 15CA and 15CB

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Press Release

Release Date: 20, Jul, 2021

Notification No: NA(Further Relaxation for Electronic Filing of Income Tax Forms 15CA and 15CB)

Description: The Central Board of Direct Taxes(CBDT) on 20th July, 2021 has issued a press release in view of the difficulties faced in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov and it has been decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till 15th August, 2021.

Directions regarding Food Category for Registration or Licensing of FBOs Manufacturing Indian Sweets and Snacks & Savouries

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Food and Safety Standards Act

Update Type: Order

Release Date: 19, Jul, 2021

Notification No: File No.1(13)/Indian Snacks and Sweets/Codex/FSSAI-2021

Description: Food Safety and Standards Authority of India has issued an order to ease out the licensing/registration for such small and medium food businesses manufacturing sweets and snacks & savouries, it has been decided to assign the Food Product Category 18 in the Food Safety Compliance System(FoSCoS) under 'General Manufacturing' Kind of business.

Withdrawal of Alert Notice from INFOSAN regarding Detection of Salmonella in Sweden in dried Oregano from Chile

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Food and Safety Standards Act

Update Type: Order

Release Date: 15, Jul, 2021

Notification No: No- 1-11/INFOSAN-2019/FSSAI-2019

Description: Food Safety and Standards Authority of India has issued an order to withdraw the notice regarding the alert from INFOSAN on detection of Salmonella in dried Oregano from Chile. The investigation of the case concluded that only the consignment detected in Sweden was affected, due to unusual summer rain in that central zone of Chile that affected this condiment in its drying stage. Therefore, there is no other consignment exported to other countries affected by this problem.

Proposals for Projects or Activities in respect of Active Pharmaceutical Ingredients (API) Appraised as Category B2

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Environment Impact Assessment-Central

Update Type: Notification

Release Date: 16, Jul, 2021

Notification No: S.O. 2859(E)

Description: The Central Government has notified that all the proposals for projects or activities in respect of Active Pharmaceutical Ingredients (API) from 16th July, 2021 to 31st December, 2021 shall be appraised, as Category ‘B2’ projects.

Amendment to Exemption to Re-Import of Goods Exported under Duty Drawback, Rebate of Duty or Under Bond(Notification No. 46 of 2017)

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Release Date: 19, Jul, 2021

Notification No: Notification No. 37/2021-Customs

Description: Central Board of Indirect Taxes and Customs has issued a notification to amend the Notification No. 46/2017 which defines the exemption to re-import of goods exported under duty drawback, rebate of duty or under Bond on or before the 30th June 2017, in order to clarify the leviability of IGST.

Amendment to Exemption to Re-Import of Goods Exported under Duty Drawback, Rebate of Duty or Under Bond(Notification No. 45 of 2017)

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Release Date: 19, Jul, 2021

Notification No: Notification No. 36/2021-Customs

Description: Central Board of Indirect Taxes and Customs has issued a notification to amend the Notification No. 45/2017 which defines the exemption to re-import of goods exported under duty drawback, rebate of duty or under Bond on or after the 1st July 2017, in order to clarify the leviability of IGST.

Introduction of Expected Loss (EL) based Rating Scale and Standardisation of Rating Scales Used by Credit Rating Agencies

Legal Category: SEBI

Rule ACT: SEBI (Credit Rating Agencies) Regulations

Update Type: Circular

Release Date: 16, Jul, 2021

Notification No: SEBI/HO/MIRSD/MIRSD_CRADT/P/CIR/2021/594

Description: Securities and Exchange Board of India has introduced Expected Loss (EL) based Rating Scale and decided to standardize the Rating Scales Used by Credit Rating Agencies.

Implementation of RMS for Processing of Duty Drawback Claims

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Circular

Release Date: 15, Jul, 2021

Notification No: Circular No. 15/2021- Customs

Description: Central Board of Indirect Taxes and Customs has issued a circular to implement the Second phase of Risk Management System(RMS). RMS was introduced in export with effect from 15.7.2013. It had been decided at that time to implement RMS in export in two phases. In the first phase of implementation, RMS processed the data and provided output to ICES up to goods examination stage. In the second phase, which is now being taken up, RMS will process the shipping bill data after the Export General Manifest(EGM) is filed electronically and will provide required output to ICES for selection of shipping bills for risk-based processing of duty drawback claims. The second phase shall come in effect from 26.07.2021.

Publication of Recommended Dietary Allowances(RDA)

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Food and Safety Standards Act

Update Type: Order

Release Date: 16, Jul, 2021

Notification No: F.No.Stds/Sp-05/Orders/FSSAI

Description: Food Safety and Standards Authority of India has issued an order to publish the Recommended Dietary Allowance(RDA) wherein the RDA values for vitamins, minerals and amino acids. ICMR has revised the nutrient requirements for Indians and has published the new RDAs in 2020 and the food authority has decided to adopt the same. It shall come into force from 1st July,2023 for compliance.

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Release Date: 15, Jul, 2021

Notification No: Notification No. 60 /2021-CUSTOMS (N.T.)

Description: Central Board of Indirect Taxes and Customs has issued a tariff notification in respect of fixation of tariff value of edible oils, brass scrap, areca nut, gold and silver.