MY REGULATORY UPDATES

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).

Source: http://www.jawaharcustoms.gov.in/pdf/PN-2020/PN-122-2020.pdf

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.

Source: https://incometaxindia.gov.in/communications/notification/notification_75_2020.pdf

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to further amend the Haryana Fire Service Act, 2009 and therefore, Haryana Fire Service (Amendment) Ordinance, 2020 is repealed.

Source: http://www.egazetteharyana.gov.in/Gazette/Extra-Ordinary/2020/137-2020-Ext/10472.pdf

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.

Source: http://www.ppcb.gov.in/Attachments/Notifications%20and%20Office%20Orders/523_259.pdf

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.

Source: https://www.mahagst.gov.in/sites/default/files/notification/PT%20Act%20No.XX%20of%202020.pdf

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.

Source: http://egazette.nic.in/WriteReadData/2020/221870.pdf

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.

Source: https://www.sebi.gov.in/web/?file=https://www.sebi.gov.in/sebi_data/attachdocs/sep-2020/1600864428520.pdf#page=1&zoom=page-width,-16,316

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.

Source: https://www.sebi.gov.in/web/?file=https://www.sebi.gov.in/sebi_data/attachdocs/sep-2020/1600855849350.pdf#page=2&zoom=page-width,-16,444

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.

Source: http://rajpatrahimachal.nic.in/OPENFILE1.aspx?ID=%20107/GAZETTE/2020-18/09/2020%20&etype=SPECIAL

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.

Source: https://public.mlwb.in/public

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.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-68-central-tax-english-2020.pdf

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.‖

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-67-central-tax-english-2020.pdf

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.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-66-central-tax-english-2020.pdf

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.

Source: https://goir.telangana.gov.in/

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.

Source: https://shramadhan.jharkhand.gov.in/ftp/WebAdmin/documents/VDA-77%20Schedule-01-04-2020.pdf

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.

Source: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200921-11

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.

Source: https://dipp.gov.in/sites/default/files/pn4-2020_0.PDF

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.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2020/cs-nt2020/csnt_caa_dri_90.pdf

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.

Source: https://static.nseindia.com//s3fs-public/inline-files/NSE_Circular_18092020.pdf

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.

Source: https://www.sebi.gov.in/web/?file=https://www.sebi.gov.in/sebi_data/attachdocs/sep-2020/1600431616958.pdf#page=1&zoom=page-width,-16,792

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.).

Source: https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2020/cs-nt2020/csnt88-2020.pdf

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.

Source: https://static.nseindia.com//s3fs-public/inline-files/NSE_Circular_16092020.pdf

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.

Source: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200916-35

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.

Source: https://content.dgft.gov.in/Website/dgftprod/f7c915e3-80b4-46aa-8e40-d22da8517092/Trade%20Notice%2026.pdf