Manufacturing and other operations in a Warehouse Regulations (MOOWR) and waiver of interest – Changes in ICES – reg

Legal Category: FEMA / EXIM
Rule ACT: Customs Act
Update Type: Notice
Release Date: 17, Sep, 2020
Notification No: NO. -119/2020
Description: Office of Commissioner of Customs, Maharashtra has made the following changes in the Indian Customs EDI System (ICES):
i. IEC – Warehousing Mapping: For identifying the Warehouses which have been licensed for manufacturing activity under the MOOWR, an option has been given under the ACB i.e. AC (Bonds) role in the IEC-Warehouse Mapping menu to enter the IEC and Warehouse Code for mapping in the System once the license has been granted by the Principal Commissioner or Commissioner of Customs.
ii. Changes in the declaration of Ex-Bond Bill of Entry: An updated BE message format has been uploaded on the ICEGATE website (https://icegate.gov.in/msg_guideline.html). Changes have been made in the BE_ITEM_SW_CTRL table of the BE.
iii. Re-crediting of WBE Ledger in case of Re-export: In case of export of the resultant goods/finish products from the Sec 65 warehouse, the option has been given under the ACB role menu to re-credit the Warehouse BE ledger by entering the concerned Shipping Bill details through Exports details of WHBE option.

Streamlining of UQCs in Export Declarations-Certain relaxations to license SBs-reg.

Legal Category: FEMA / EXIM
Rule ACT: Customs Act
Update Type: Notice
Release Date: 21, Sep, 2020
Notification No: NO. -121/2020
Description: Office of the Commissioner of Customs has decided exporters should continue declaring standard Unique Quantity Codes (UQCs) only in the item table of the Shipping Bill. In the license table, the quantity should be given as per the license Unique Quantity Code (UQC).

Income-tax (21th Amendment) Rules, 2020

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Notification
Release Date: 22, Sep, 2020
Notification No: Notification No. 75/2020/F. No. 370142/8/2020-TPL
Description: The Central Board of Direct Taxes (CBDT) on September 22, 2020 issued the Income-Tax (21th Amendment) Rules, 2020 to further amend the Income-Tax Rules, 1962.

Haryana Fire Service (Amendment) Act, 2020

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Fire Service Act - Haryana
Update Type: Amendment
Release Date: 19, Sep, 2020
Notification No: No. 21 of 2020
Description: The Haryana Law and Legislative Department have issued the Haryana Fire Service (Amendment) Act, 2020 to further amend the Haryana Fire Service Act, 2009 and therefore, Haryana Fire Service (Amendment) Ordinance, 2020 is repealed.

Punjab PCB Issues an Order Regarding Obtaining Passbook under Hazardous and Other Waste Rules, 2016

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Hazardous and Other Wastes Rules - Punjab
Update Type: Order
Release Date: 17, Sep, 2020
Notification No: No.SEE(HQ-2)/2020/523
Description: The Punjab Pollution Control Board (PPCB) has issued an Order regarding obtaining a passbook under Hazardous and other waste Rules, 2016, and made a provision so that the purchase of hazardous and other wastes shall be maintained as a record in a passbook issued by the SPCB along with the authorization. The Board has issued detailed guidelines in its order regarding the issuance of passbook as well as maintenance of records in the passbook.

Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Act, 2020

Legal Category: Taxation
Rule ACT: Professional Tax Act - Maharashtra
Update Type: Amendment
Release Date: 15, Sep, 2020
Notification No: No. XX of 2020
Description: The Government of Maharashtra has notified the Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Act, 2020, and therefor The Maharashtra State Tax on Professions, Trades, Callings, and Employments (Amendment) Ordinance, 2020, is hereby repealed.

Ministry of Education Issues Amendment in the National Apprenticeship Training Scheme

Legal Category: HR and Labour
Rule ACT: Apprentices Act
Update Type: Notification
Release Date: 22, Sep, 2020
Notification No: S.O. 3214( E )
Description: The Ministry of Education has issued a notification for the beneficiaries of the National Apprenticeship Training Scheme (Scheme) in pursuance of section 7 of the Aadhar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016.

Rationalization of Eligibility criteria and Disclosure requirements for Rights Issues

Legal Category: SEBI
Rule ACT: SEBI(Issue of Capital and Disclosure Requirements)Regulation
Update Type: Press Release
Release Date: 23, Sep, 2020
Notification No: No.51/2020
Description: Securities and Exchange Board of India has decided to amend SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 to rationalize eligibility criteria and disclosure requirements for Rights Issues to make the fundraising through this route, easier, faster, and cost-effective.
Highlights of the amendment:
a. Issuer shall be eligible to make truncated disclosures in terms of Part B:
i. where it has been filing periodic reports/statements/information in compliance with Listing Regulations as applicable, for the last one year instead of the last three years as required earlier.
ii. where three years have passed after the change in management pursuant to the acquisition of control or Listing consequent to a scheme of arrangement.
b. All other issuers not satisfying Part B eligibility conditions shall make disclosures in terms of a new set of proposed disclosures i.e. Part B-1. Part B-1 disclosures would be more detailed than Part B, but truncated compared to Part A, which is meant for IPO/FPO offer document.
c. Disclosure requirements under Part B have been rationalized to avoid duplication of information in the letter of offer, especially the information which is already available in the public domain and is disclosed by the companies in compliance with the disclosure requirements under SEBI Listing regulations.
d. Threshold increased from Rs. 10 crores to Rs. 50 crores, for filing requirement of Rights issue draft letter of offer with the Board for its observations.
e. Mandatory 90% minimum subscription criteria for Rights Issue shall not be applicable to those issuers where the object of the issue involves financing other than the financing of capital expenditure for a project, provided that the promoters and promoter group of the issuer undertake to subscribe fully to their portion of rights entitlement.
f. Issuer shall be eligible to make Fast Track Rights Issue, in case of pending show-cause notices in respect to adjudication, prosecution proceedings, and audit qualification, provided that necessary disclosures along with the potential adverse impact on the issuer are made in the letter of offer.

System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011

Legal Category: SEBI
Rule ACT: SEBI (Substantial Acquisition of Shares and Takeovers) Regulation
Update Type: Circular
Release Date: 23, Sep, 2020
Notification No: SEBI/CIR/CFD/DCR1/CIR/P/2020/181
Description: Securities and Exchange Board of India decided to use the procedure of capturing the PAN of the promoters from listed companies for System-Driven Disclosures (SDD) under the provisions of Substantial Acquisition of Shares and Takeovers (SAST) disclosures.

Industrial Employment (Standing Orders) Himachal Pradesh (Amendment) Rules, 2020

Legal Category: HR and Labour
Rule ACT: Industrial Employment (Standing Orders) Act - Himachal Pradesh
Update Type: Amendment
Release Date: 09, Sep, 2020
Notification No: No. Shram (A)3-5/2012-P-II
Description: The Himachal Pradesh Government has issued Industrial Employment (Standing Orders) Himachal Pradesh (Amendment) Rules, 2020 further to amend the Industrial Employment (Standing Orders) Himachal Pradesh Rules 1973. Through this amendment, it is prohibited for an employer to convert the posts of the permanent workmen existing in his industrial establishment as Fixed Term Employment. Schedule I appended to Industrial Employment (Standing Orders) Himachal Pradesh (Amendment) Rules, 2020 has substituted the Schedule I of Industrial Employment (Standing Orders) Himachal Pradesh Rules 1973.

Maharashtra Labor Welfare Board Further Extends the Date of Contribution Payment till 30th September 2020

Legal Category: HR and Labour
Rule ACT: Labour Welfare Fund Act - Maharashtra
Update Type: Others
Release Date: 22, Sep, 2020
Notification No: MLWB-22/09/20
Description: The Maharashtra Labour Welfare Board has further extended the last date for the online Maharashtra Labour Welfare fund contribution payment till 30th September 2020, due to lockdown across the state during COVID-19 pandemic.

Waiver reduction in late fee for not furnishing FORM GSTR-10, subject to the condition that the returns are filled between 22.09.2020 to 31.12.2020

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 21, Sep, 2020
Notification No: Notification No. 68/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs on 21st September 2020 by this notification waives the amount of late fee payable under section 47 of the said Act which is in excess of two hundred and fifty rupees, for the registered persons who fail to furnish the return in FORM GSTR-10 by the due date but furnishes the said return between the period from 22th day of September, 2020 to 31st day of December, 2020.

Waiver reduction in late fee for not furnishing FORM GSTR-4 for 2017-18 and 2018-19, subject to the condition that the returns are filled between 22.09.2020 to 31.10.2020

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 21, Sep, 2020
Notification No: Notification No. 67/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs on 21st September 2020 by this notification says that late fee payable under section 47 of the said Act, shall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived where the total amount of central tax payable in the said return is nil, for the registered persons who failed to furnish the return in FORM GSTR-4 for the quarters from July, 2017 to March, 2020 by the due date but furnishes the said return between the period from 22
th day of September, 2020 to 31st day of October, 2020.‖

One time extension for the time limit provided under Section 31(7) of the CGST Act 2017 till 31.10.2020

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 21, Sep, 2020
Notification No: Notification No. 66/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs on 21st September 2020 by this notification says that where, any time limit for completion or compliance of any action, by any person, has been specified in, or prescribed or notified under sub-section (7) of section 31 of the said Act in respect of goods being sent or taken out of India on approval for sale or return, which falls during the period from the 20th day of March, 2020 to the 30th day of October, 2020, and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance of such action, shall stand extended upto the 31st day of October, 2020.

Online Renewal Of License Under Contract Labour (Regulation And Abolition) Act, 1970 In Telangana

Legal Category: HR and Labour
Rule ACT: Contract Labour Act - Telangana
Update Type: Order
Release Date: 17, Sep, 2020
Notification No: G.O.Rt.No.288
Description: The Government of Telangana has ordered that the license granted/renewal under the Contract Labour (Regulation and Abolition) Act, 1970 shall be in an automatic non-discretionary, deemed renewal manner through an online system without the requirement of filing an application for renewal, subject to payment of the fee prescribed by the Government from time to time, within the time prescribed.

The Jharkhand Minimum Wages Notification (April 2020)

Legal Category: HR and Labour
Rule ACT: Minimum Wages Act - Jharkhand
Update Type: Notification
Release Date: 03, Sep, 2020
Notification No: No-2/MW-2071/2010, L&T-912
Description: The Government of Jharkhand has released the Minimum Rate of Wages effective from 1st April 2020 for the State of Jharkhand.

Extension of time for sharing information by listed companies relating to System driven disclosures

Legal Category: SEBI
Rule ACT: SEBI (Prohibition of Insider Trading) Regulation
Update Type: Circular
Release Date: 21, Sep, 2020
Notification No: LIST/COMP/51/2020-21
Description: Securities and Exchange Board of India has decided to extend the time for sharing information by listed companies relating to System driven disclosures till September 30, 2020. Bombay Stock Exchange (BSE) has requested all the Listed Entity to take note of the same and comply accordingly.

Review of Foreign Direct Investment (FDI) Policy in Defence Sector

Legal Category: FEMA / EXIM
Rule ACT: FDI Policy
Update Type: Press Release
Release Date: 18, Sep, 2020
Notification No: No. 4 (2020 Series)
Description: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has decided to review the Foreign Direct Investment (FDI) Policy in Defence Sector.
Highlights of the Review:
i. FDI allowed upto 74% through automatic route
ii. FDI beyond 74% to be permitted under Government Route.

Bill of Entry (Forms) (Amendment) Regulations, 2020

Legal Category: FEMA / EXIM
Rule ACT: Customs Act
Update Type: Amendment
Release Date: 17, Sep, 2020
Notification No: No.90/2020-Customs (N.T.)
Description: Central Board of Excise and Customs has notified the Bill of Entry (Forms) (Amendment) Regulations, 2020, and decided to substitute Form I, Form II, and Form III of the Bill of Entry (Forms) Regulations,1976.

Extension of time for sharing information by listed companies relating to System driven disclosures

Legal Category: SEBI
Rule ACT: SEBI (Prohibition of Insider Trading) Regulation
Update Type: Circular
Release Date: 18, Sep, 2020
Notification No: NSE/CML/2020/47
Description: Securities and Exchange Board of India has decided to extend the time for sharing information by listed companies relating to System driven disclosures till September 30, 2020. National Stock Exchange (NSE) has requested all the Listed Entity to take note of the same and comply accordingly.

Regulatory Measures to continue

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Press Release
Release Date: 18, Sep, 2020
Notification No: PR No.48/2020
Description: On review of the COVID-19 pandemic related situation, the Securities and Exchange Board of India has decided the regulatory measures introduced vide SEBI Press Release dated March 20, 2020, shall continue to be in force till October 29, 2020.

Exchange Rate of Foreign Currency

Legal Category: FEMA / EXIM
Rule ACT: Customs Act
Update Type: Notification
Release Date: 17, Sep, 2020
Notification No: No.88/2020 - Customs (N.T.)
Description: Central Board of Indirect Taxes and Customs (CBIC) has determined the exchange rate of foreign currency related to import and export of goods in supersession of the notification No.84/2020-CUSTOMS (N.T.).

NSE Clarification pertaining to submission of disclosures along with the financial statements by listed entities for the purpose of compliance with SEBI Commercial Paper circulars read with SEBI LODR Regulations,2015

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Circular
Release Date: 16, Sep, 2020
Notification No: NSE/CML/2020/14
Description: Securities and Exchange Board of India has advised that the issuer(s) of the Listed Commercial Paper shall disclose detailed data regarding previous due dates for repayment of principal of Commercial Papers/Non-Convertible Debentures/Non-Convertible Redeemable Preference Shares along with the payments of interest/dividend for Non-Convertible Debentures/Non-Convertible Redeemable Preference Shares and whether the same has been paid or not while submitting half-yearly/annual financial statements to the Exchange as per the provisions of Regulation 52(4)(d) SEBI LODR Regulations,2015. The issuer should disclose information for all outstanding ISINs about the previous due date for the payment of interest/ dividend for Non-Convertible Redeemable Preference Shares/ Repayment of Principal of Non-Convertible Preference Shares /Non-Convertible Debt Securities/Commercial Papers and whether the same has been paid or not. Further, if the Issuer has paid any amounts in the current reporting period, which was due in the previous reporting periods, the same shall also be disclosed along with the financial results.

BSE Clarification pertaining to submission of disclosures along with the financial statements by listed entities for the purpose of compliance with SEBI Commercial Paper circulars read with SEBI LODR Regulations,2015

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Circular
Release Date: 16, Sep, 2020
Notification No: 20200916-35
Description: Securities and Exchange Board of India has advised that the issuer(s) of the Listed Commercial Paper shall disclose detailed data regarding previous due dates for repayment of principal of Commercial Papers/Non-Convertible Debentures/Non-Convertible Redeemable Preference Shares along with the payments of interest/dividend for Non-Convertible Debentures/Non-Convertible Redeemable Preference Shares and whether the same has been paid or not while submitting half-yearly/annual financial statements to the Exchange as per the provisions of Regulation 52(4)(d) SEBI LODR Regulations,2015. The issuer should disclose information for all outstanding ISINs about the previous due date for the payment of interest/ dividend for Non-Convertible Redeemable Preference Shares/ Repayment of Principal of Non-Convertible Preference Shares /Non-Convertible Debt Securities/Commercial Papers and whether the same has been paid or not. Further, if the Issuer has paid any amounts in the current reporting period, which was due in the previous reporting periods, the same shall also be disclosed along with the financial results.

Streamlining of Unit Quantity Codes (UQCs) in DGFT's EDI system and Customs

Legal Category: FEMA / EXIM
Rule ACT: Customs Act
Update Type: Notice
Release Date: 14, Sep, 2020
Notification No: No. 26/2020-21
Description: Ministry of Commerce and Industry has decided the followings to address the issue related to standard Unit Quantity Codes (UQCs):
i. No new authorizations mentioning Non-standard units such as BoU, packs, Boxes cartons, and bottles, etc would be issued by RAs. These necessary changes are being carried out in the DGFT EDI system also.
ii. To ensure that exports do not suffer in the meanwhile, for the authorizations already issued and carrying any Non-standard units such as BoU, packs, Boxes cartons, and bottles, etc, Customs have been requested to allow exports against such authorizations till 30.10.2020 by accepting exporter’s shipping bills in the UQCs provided in ICEGATE. After 1.11.2020, exports/imports without standard UQCs will not be permitted.
iii. In the meanwhile, such authorization holders are requested to approach concerned RA and get the non-standard units indicated in their authorizations in the import and export quantities, converted to standard quantity units. In case RAs face any difficulty in carrying out these amendments, they will get in touch with the concerned Norms Committee (NC) in Hqrs.
  • 17, Sep, 2020 Manufacturing and other operations in a Warehouse Regulations (MOOWR) and waiver of interest – Changes in ICES – reg
  • 21, Sep, 2020 Streamlining of UQCs in Export Declarations-Certain relaxations to license SBs-reg.
  • 22, Sep, 2020 Income-tax (21th Amendment) Rules, 2020
  • 19, Sep, 2020 Haryana Fire Service (Amendment) Act, 2020
  • 17, Sep, 2020 Punjab PCB Issues an Order Regarding Obtaining Passbook under Hazardous and Other Waste Rules, 2016
  • 15, Sep, 2020 Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Act, 2020
  • 22, Sep, 2020 Ministry of Education Issues Amendment in the National Apprenticeship Training Scheme
  • 23, Sep, 2020 Rationalization of Eligibility criteria and Disclosure requirements for Rights Issues
  • 23, Sep, 2020 System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011
  • 09, Sep, 2020 Industrial Employment (Standing Orders) Himachal Pradesh (Amendment) Rules, 2020
  • 22, Sep, 2020 Maharashtra Labor Welfare Board Further Extends the Date of Contribution Payment till 30th September 2020
  • 21, Sep, 2020 Waiver reduction in late fee for not furnishing FORM GSTR-10, subject to the condition that the returns are filled between 22.09.2020 to 31.12.2020
  • 21, Sep, 2020 Waiver reduction in late fee for not furnishing FORM GSTR-4 for 2017-18 and 2018-19, subject to the condition that the returns are filled between 22.09.2020 to 31.10.2020
  • 21, Sep, 2020 One time extension for the time limit provided under Section 31(7) of the CGST Act 2017 till 31.10.2020
  • 17, Sep, 2020 Online Renewal Of License Under Contract Labour (Regulation And Abolition) Act, 1970 In Telangana
  • 03, Sep, 2020 The Jharkhand Minimum Wages Notification (April 2020)
  • 21, Sep, 2020 Extension of time for sharing information by listed companies relating to System driven disclosures
  • 18, Sep, 2020 Review of Foreign Direct Investment (FDI) Policy in Defence Sector
  • 17, Sep, 2020 Bill of Entry (Forms) (Amendment) Regulations, 2020
  • 18, Sep, 2020 Extension of time for sharing information by listed companies relating to System driven disclosures
  • 18, Sep, 2020 Regulatory Measures to continue
  • 17, Sep, 2020 Exchange Rate of Foreign Currency
  • 16, Sep, 2020 NSE Clarification pertaining to submission of disclosures along with the financial statements by listed entities for the purpose of compliance with SEBI Commercial Paper circulars read with SEBI LODR Regulations,2015
  • 16, Sep, 2020 BSE Clarification pertaining to submission of disclosures along with the financial statements by listed entities for the purpose of compliance with SEBI Commercial Paper circulars read with SEBI LODR Regulations,2015
  • 14, Sep, 2020 Streamlining of Unit Quantity Codes (UQCs) in DGFT's EDI system and Customs
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