MY REGULATORY UPDATES

Amendment in Policy Conditions of Non-Basmati Rice and Basmati Rice, Chapter 10 Schedule 2, ITC(HS) Export Policy, 2018

Legal Category: Exchange Control

Rule ACT: Foreign Trade Policy

Update Type: Amendment

Notification Date: 17, Aug, 2022

Notification No: S.O. 3879(E)

Description: The Directorate General of Foreign Trade has amended pervious notification to the extend that export of Rice (Basmati and Non Basmati) to EU member states and other European Countries namely United kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except United Kingdom, Iceland, Liechtenstein, Norway and Switzerland) will require Certificate of Inspection by Export Inspection Council / Export Inspection Agency for export from 1st January, 2023

Guidelines for Overseas Investment by Alternative Investment Funds (AIFs) / Venture Capital Funds (VCFs)

Legal Category: SEBI

Rule ACT: SEBI (Alternative Investment Funds) Regulations

Update Type: Guidelines

Notification Date: 17, Aug, 2022

Notification No: SEBI/HO/AFD-1/PoD/CIR/P/2022/108

Description: The Securities and Exchange Board of India has specified following in terms of investment permitted to Alternative Investment Funds and Venture Capital Funds in securities of companies incorporated outside India:
i. Funds shall file an application to SEBI for allocation of overseas investment limit in the format specified at Annexure A
ii. The requirement of the overseas investee company to have an Indian Connection has been done away with
iii. AIFs/VCFs shall invest in an overseas investee company, which is incorporated in a country whose securities market regulator is a signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to the bilateral Memorandum of Understanding with SEBI
iv. AIFs/VCFs shall transfer/sell the investment in overseas investee company only to the entities eligible to make overseas investments, as per the extant guidelines issued under the Foreign Exchange Management Act, 1999
v. AIFs/VCFs shall furnish the sale/divestment details of the overseas investments to SEBI in the format given at Annexure B within 3 working days of the divestment.
All the overseas investments sold/divested by AIFs/VCFs till date, shall also be reported to SEBI in the format given at Annexure B within 30days from the date of this circular, by emailing to aifreporting@sebi.gov.in.

Discussion Paper on Charges in Payment Systems

Legal Category: Finance

Rule ACT: Payment and Settlement Systems- RBI

Update Type: Consultation Paper

Notification Date: 17, Aug, 2022

Notification No: Press Release: 2022-2023/719

Description: 1. The Reserve Bank of India has floated a discussion paper outlining existing rules and manner of charges levied in payment systems and presented other options through which such charges could be levied.
2. Charges in a payment system are the costs imposed by the PSPs on the users (originators or beneficiaries), for facilitating a digital transaction. The charges are recovered from the originators or the beneficiaries depending on the type of payment system. In a funds transfer payment system, the charges are generally recovered from originator of the payment instruction. In case of a merchant payment system, the charges are generally recovered from the
final recipient of money (i.e., merchant).
3. RBI has put forth various questions in relation to regime of charges for feedback from stakeholders and requested responses before October 3, 2022.

Non Availability of Liberalised Remittance Scheme for Non-Resident Buyers

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Notification

Notification Date: 17, Aug, 2022

Notification No: 99/2022 S.O. 3878(E)

Description: The Central Board of Direct Taxes (CBDT) has notified that the provisions of Section 206C(1G) of the Act shall not be applicable to a person (being a buyer) who is a non-resident and who does not have a permanent establishment in India, wherein Section 206C(1G) provides that every person:
1. Being an authorised dealer, who receives an amount, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India
2. Being a seller of an overseas tour program package, who receives any amount from a buyer, being the person who purchases such package,
shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to five per cent of such amount as income-tax.

Income-tax (26th Amendment) Rules, 2022

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Amendment

Notification Date: 17, Aug, 2022

Notification No: 98/2022 G.S.R. 634(E)

Description: The Central Board of Direct Taxes (CBDT) has issued the Income-tax (26th Amendment) Rules, 2022, w.e.f. August 17, 2022. The Amendment Rule has introduced a new provision regarding refund for denying liability to deduct tax in certain cases.

Income-tax (25th Amendment) Rules, 2022

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Amendment

Notification Date: 17, Aug, 2022

Notification No: 96/2022 G.S.R. 632(E)

Description: The Central Board of Direct Taxes (CBDT) has issued the Income-tax (25th Amendment) Rules, 2022, w.e.f. April 01, 2023. The Amendment Rules has substituted the existing provision regarding exercise of option in respect of any income from property held for charitable or religious purposes.

Adulteration in Edible Oils, Trans-Fatty Acids, and Sale of Multi-Source Edible Oils without Proper Labelling

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Food Safety and Standards Act

Update Type: Press Release

Notification Date: 16, Aug, 2022

Notification No: NA(Adulteration in Edible Oils, Trans-Fatty Acids, and Sale of Multi-Source Edible Oils without Proper Labelling)

Description: The Food Safety and Standards Authority of India (FSSAI) has issued a Press Release relating to Adulteration in Edible Oils, Trans-Fatty Acids, and the Sale of Multi-Source Edible Oils without Proper Labelling for carrying out intensive surveillance:
1. To track down and heavily upon the delinquent FBOs for selling adulterated edible oils or loose edible oils
2. To check the sale of loose oil in the country, a quantity of loose edible oil, i.e., more than 27,500 liters, has been seized across the country during the inspection.

Guidelines for Launching of Prosecution in Relation to Offences Punishable under the Customs Act, 1962

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Circular

Notification Date: 16, Aug, 2022

Notification No: 12/2022-Customs

Description: The Central Board of Indirect Taxes & Customs (CBIC) has notified revised threshold limits for various categories of cases for launching prosecution as under:
1. Baggage and Outright smuggling cases:
i. Cases involving unauthorized importation in baggage/cases under the Transfer of Residence Rules, where the market value of the goods involved is Rs. 50,00,000/-(Rupees Fifty Lakh) or more
ii. Outright smuggling of high value goods such as precious metal, restricted items or prohibited items notified under section 11 of the Customs Act, 1962 or goods notified under section 123 of the Customs Act, 1962 or foreign currency where the market value of offending goods is Rs. 50,00,000/-(Rupees Fifty Lakh) or more
2. Appraising Cases/ Commercial Frauds:
i. In cases related to the importation of trade goods i.e. appraising cases involving wilful mis-declaration in value/description or concealment of restricted goods or goods notified under section 11 of the Customs Act, 1962, where the market value of the offending goods is Rs. 2,00,00,000/- (Rupees Two Crores) or more
ii. In cases related to fraudulent evasion or attempt at evasion of duty under the Customs Act 1962, if the amount of duty evasion is Rs. 2,00,00,000/- (Rupees Two Crore) or more
iii. In cases related to fraudulent availment of drawback or attempt to avail drawback or any duty exemption provided under the Customs Act, 1962, in connection with the export of goods, if the amount of drawback or exemption from duty is Rs. 2,00,00,000/- (Rupees Two Crore) or more
iv. In cases related to the exportation of trade goods i.e. appraising cases involving wilful mis-declaration in value/description or concealment of restricted goods or goods notified under section 11 of the Customs Act, 1962, where the market value of the offending goods is Rs. 2,00,00,000/- (Rupees Two Crores) or more
v. Obtaining an instrument from any authority by fraud, collusion, wilful misstatement or suppression of facts and utilisation of such instrument where the duty relatable to utilisation of the instrument is Rs. 2,00,00,000/-(Rupees Two Crore) or more
3. In cases involving non-declaration of foreign currency by foreign nationals and Non-Resident Indians who are normally visiting India for travel/business trips etc. being detected at the time of departure from India, exceeding the threshold limits of Rs. 50 lakh, if it is claimed that the currency has been legally acquired and brought into India but not been declared inadvertently, then the prosecution need not be considered as a routine.

Revised Guidelines for Arrest and Bail in Relation to Offences Punishable under Customs Act, 1962

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Circular

Notification Date: 16, Aug, 2022

Notification No: 13/2022-Customs

Description: The Central Board of Indirect Taxes & Customs (CBIC) has issued revised guidelines for arrest and bail in relation to offences punishable under the Customs Act, 1962 wherein it has been clarified that the Customs Act, 1962 does not specify any value limits for exercising the powers of arrest, so any arrest in respect of an offence, should be effected only in exceptional situations as under:
1. Cases involving unauthorised importation in baggage or cases under Transfer of Residence Rules, where the market value of the goods involved is Rs. 50,00,000/-(Rupees Fifty Lakh) or more
2. Cases of outright smuggling of high value goods such as precious metal, restricted items or prohibited items or goods notified under section 123 of the Customs Act, 1962 or an offence involving foreign currency where the value of offending goods is Rs. 50,00,000/ (Rupees Fifty Lakh) or more
3. Cases related to importation of trade goods i.e. appraising cases involving wilful mis-declaration in the description of goods/concealment of goods/goods covered under Section 123 of the Customs Act, 1962 with a view to import restricted or prohibited items and where the market value of the offending goods is Rs. 2,00,00,000/- (Rupees Two Crore) or more
4. Cases involving fraudulent evasion or attempt at evasion of duty involving Rs. 2,00,00,000/- (Rupees Two Crore) or more
5. Cases involving fraudulent availment of drawback or attempt to avail drawback or any duty exemption provided under the Customs Act, 1962, in connection with the export of goods, if the amount of drawback or exemption from duty is Rs. 2,00,00,000/- (Rupees Two Crore) or more. In cases related to exportation of trade goods i.e. appraising cases involving wilful mis-declaration in the value/description or concealment of restricted goods or goods notified under section 11 of the Customs Act, 1962, where the market value of the offending goods is Rs. 2,00,00,000/- (Rupees Two Crore) or more
6. Cases involving obtaining an instrument from any authority by fraud, collusion, wilful misstatement or suppression of facts and utilisation of such instrument where the duty relatable to such utilisation of the instrument is Rs. 2,00,00,000/- (Rupees Two Crore) or more.
However, the aforestated criteria of value would not be applicable in cases involving offences relating to the items i.e. Fake Indian Currency Notes (FICN), arms, ammunitions and explosives, antiques, art treasures, wild life items and endangered species of flora and fauna because in such cases, arrest, if so required, on the basis of facts and circumstances of the case, may be considered irrespective of the value of offending goods involved.

Invitation for Public Consultation to Declare Two or More Prime Constituents of the Commodity on Front Side of the Package with the Brand Name or Logo

Legal Category: Industry Specific

Rule ACT: Legal Metrology Act - Central

Update Type: Notification

Notification Date: 16, Aug, 2022

Notification No: I-19/42/2022-W&M

Description: The Department of Consumer Affairs, Legal Metrology Division, has issued a Notification in relation to the Invitation for Public Consultation to Declare Two or More Prime Constituents of the Commodity on the Front Side of the Package with the Brand Name or Logo under the Legal Metrology (Packaged Commodities) Rules, 2011, to declare a few declarations like name and address of the manufacturer/packer/importer, country of origin, common or generic name of the commodity, net quantity, month and year of manufacture, MRP, consumer care details, etc., on all pre-packaged commodities, in the interest of consumers. Comments and suggestions are invited from all stakeholders up to August 31, 2022.

Extension of Date for Registration of E-Autorickshaw

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Delhi

Update Type: Circular

Notification Date: 12, Aug, 2022

Notification No: JC/(ARU/TU)/TPT/2022/3872

Description: The Transport Department, Government of NCT of Delhi, has issued a circular relating to the Extension of Date for Registration of E-Autorickshaws for the conditions of the LOI (Letter of Intent) for registration of E-Autorikshaws conveyed in respect of possessing the PSV (Public Service Vehicle) Badge. It extends the date from July 31, 2022, to October 31, 2022.

Guidelines Providing SOP for Implementation of Work From Home(WFH) Permission

Legal Category: Special economic zone

Rule ACT: SEZ Act - Tamil Nadu

Update Type: Instruction

Notification Date: 12, Aug, 2022

Notification No: K-43013(12)/1/2021-SEZ

Description: The Ministry of Commerce and Industry has issued instructions for all SEZ units to provide a Standard Operation procedure(SOP) for implementation of Work From Home(WFH) permission. Following are the Standard Operation procedure(SOP) for all the Sez Units, namely:
1. The units are to formulate and adopt a WFH Scheme and submit an application to the respective Development Commissioner, at least 15 days in advance from the date that such WFH Scheme is intended to be put into effect at the unit through the registered email id of the unit.
2. The application should contain a covering note signed by the authorized signatory of the unit mentioning specified details as per the Instructions issue. (Please refer to the document)
3. The attachment submitting the WFH Scheme with the application being submitted should be an excel sheet containing the specified columns.
4. Units that are already operating under the WFH option covering the existing employees shall comply with this compliance within 90 days of providing the required information, as a one-time exception.
5. Units shall ensure that the electronic assets removed are duly accounted for in appropriate records.
6. Provisional permission for WFH may be availed on an immediate basis for new employees,
7. The WFH facility may be flexibly utilized by units among employees due to day-to-day business requirements subject to the limit of 50% or such percentage of attendance as approved by the Development Commissioner.
8. Units shall self-certify that at any point in time, the approved percentage of the employees are working physically from the premises of the unit at the SEZ. There is no requirement to submit attendance records, however, each unit shall maintain accurate attendance records which would be subject to verification by any officer authorized by Development Commissioner.

Guidelines Providing SOP for Implementation of Work From Home(WFH) Permission

Legal Category: Special economic zone

Rule ACT: SEZ Act - Gujarat

Update Type: Instruction

Notification Date: 12, Aug, 2022

Notification No: K-43013(12)/1/2021-SEZ

Description: The Ministry of Commerce and Industry has issued instructions for all SEZ units to provide a Standard Operation procedure(SOP) for implementation of Work From Home(WFH) permission. Following are the Standard Operation procedure(SOP) for all the Sez Units, namely:
1. The units are to formulate and adopt a WFH Scheme and submit an application to the respective Development Commissioner, at least 15 days in advance from the date that such WFH Scheme is intended to be put into effect at the unit through the registered email id of the unit.
2. The application should contain a covering note signed by the authorized signatory of the unit mentioning specified details as per the Instructions issue. (Please refer to the document)
3. The attachment submitting the WFH Scheme with the application being submitted should be an excel sheet containing the specified columns.
4. Units that are already operating under the WFH option covering the existing employees shall comply with this compliance within 90 days of providing the required information, as a one-time exception.
5. Units shall ensure that the electronic assets removed are duly accounted for in appropriate records.
6. Provisional permission for WFH may be availed on an immediate basis for new employees,
7. The WFH facility may be flexibly utilized by units among employees due to day-to-day business requirements subject to the limit of 50% or such percentage of attendance as approved by the Development Commissioner.
8. Units shall self-certify that at any point in time, the approved percentage of the employees are working physically from the premises of the unit at the SEZ. There is no requirement to submit attendance records, however, each unit shall maintain accurate attendance records which would be subject to verification by any officer authorized by Development Commissioner.

Guidelines Providing SOP for Implementation of Work From Home(WFH) Permission

Legal Category: Special economic zone

Rule ACT: SEZ Act - Karnataka

Update Type: Instruction

Notification Date: 12, Aug, 2022

Notification No: K-43013(12)/1/2021-SEZ

Description: The Ministry of Commerce and Industry has issued instructions for all SEZ units to provide a Standard Operation procedure(SOP) for implementation of Work From Home(WFH) permission. Following are the Standard Operation procedure(SOP) for all the Sez Units, namely:
1. The units are to formulate and adopt a WFH Scheme and submit an application to the respective Development Commissioner, at least 15 days in advance from the date that such WFH Scheme is intended to be put into effect at the unit through the registered email id of the unit.
2. The application should contain a covering note signed by the authorized signatory of the unit mentioning specified details as per the Instructions issue. (Please refer to the document)
3. The attachment submitting the WFH Scheme with the application being submitted should be an excel sheet containing the specified columns.
4. Units that are already operating under the WFH option covering the existing employees shall comply with this compliance within 90 days of providing the required information, as a one-time exception.
5. Units shall ensure that the electronic assets removed are duly accounted for in appropriate records.
6. Provisional permission for WFH may be availed on an immediate basis for new employees,
7. The WFH facility may be flexibly utilized by units among employees due to day-to-day business requirements subject to the limit of 50% or such percentage of attendance as approved by the Development Commissioner.
8. Units shall self-certify that at any point in time, the approved percentage of the employees are working physically from the premises of the unit at the SEZ. There is no requirement to submit attendance records, however, each unit shall maintain accurate attendance records which would be subject to verification by any officer authorized by Development Commissioner.

Guidelines Providing SOP for Implementation of Work From Home(WFH) Permission

Legal Category: Special economic zone

Rule ACT: SEZ Act - Uttar Pradesh

Update Type: Instruction

Notification Date: 12, Aug, 2022

Notification No: K-43013(12)/1/2021-SEZ

Description: The Ministry of Commerce and Industry has issued instructions for all SEZ units to provide a Standard Operation procedure(SOP) for implementation of Work From Home(WFH) permission. Following are the Standard Operation procedure(SOP) for all the Sez Units, namely:
1. The units are to formulate and adopt a WFH Scheme and submit an application to the respective Development Commissioner, at least 15 days in advance from the date that such WFH Scheme is intended to be put into effect at the unit through the registered email id of the unit.
2. The application should contain a covering note signed by the authorized signatory of the unit mentioning specified details as per the Instructions issue. (Please refer to the document)
3. The attachment submitting the WFH Scheme with the application being submitted should be an excel sheet containing the specified columns.
4. Units that are already operating under the WFH option covering the existing employees shall comply with this compliance within 90 days of providing the required information, as a one-time exception.
5. Units shall ensure that the electronic assets removed are duly accounted for in appropriate records.
6. Provisional permission for WFH may be availed on an immediate basis for new employees,
7. The WFH facility may be flexibly utilized by units among employees due to day-to-day business requirements subject to the limit of 50% or such percentage of attendance as approved by the Development Commissioner.
8. Units shall self-certify that at any point in time, the approved percentage of the employees are working physically from the premises of the unit at the SEZ. There is no requirement to submit attendance records, however, each unit shall maintain accurate attendance records which would be subject to verification by any officer authorized by Development Commissioner.

Guidelines Providing SOP for Implementation of Work From Home(WFH) Permission

Legal Category: Special economic zone

Rule ACT: SEZ Act - Maharashtra

Update Type: Instruction

Notification Date: 12, Aug, 2022

Notification No: K-43013(12)/1/2021-SEZ

Description: The Ministry of Commerce and Industry has issued instructions for all SEZ units to provide a Standard Operation procedure(SOP) for implementation of Work From Home(WFH) permission. Following are the Standard Operation procedure(SOP) for all the Sez Units, namely:
1. The units are to formulate and adopt a WFH Scheme and submit an application to the respective Development Commissioner, at least 15 days in advance from the date that such WFH Scheme is intended to be put into effect at the unit through the registered email id of the unit.
2. The application should contain a covering note signed by the authorized signatory of the unit mentioning specified details as per the Instructions issue. (Please refer to the document)
3. The attachment submitting the WFH Scheme with the application being submitted should be an excel sheet containing the specified columns.
4. Units that are already operating under the WFH option covering the existing employees shall comply with this compliance within 90 days of providing the required information, as a one-time exception.
5. Units shall ensure that the electronic assets removed are duly accounted for in appropriate records.
6. Provisional permission for WFH may be availed on an immediate basis for new employees,
7. The WFH facility may be flexibly utilized by units among employees due to day-to-day business requirements subject to the limit of 50% or such percentage of attendance as approved by the Development Commissioner.
8. Units shall self-certify that at any point in time, the approved percentage of the employees are working physically from the premises of the unit at the SEZ. There is no requirement to submit attendance records, however, each unit shall maintain accurate attendance records which would be subject to verification by any officer authorized by Development Commissioner.

Guidelines Providing SOP for Implementation of Work From Home(WFH) Permission

Legal Category: Special economic zone

Rule ACT: SEZ Act - Haryana

Update Type: Instruction

Notification Date: 12, Aug, 2022

Notification No: K-43013(12)/1/2021-SEZ

Description: The Ministry of Commerce and Industry has issued instructions for all SEZ units to provide a Standard Operation procedure(SOP) for implementation of Work From Home(WFH) permission. Following are the Standard Operation procedure(SOP) for all the Sez Units, namely:
1. The units are to formulate and adopt a WFH Scheme and submit an application to the respective Development Commissioner, at least 15 days in advance from the date that such WFH Scheme is intended to be put into effect at the unit through the registered email id of the unit.
2. The application should contain a covering note signed by the authorized signatory of the unit mentioning specified details as per the Instructions issue. (Please refer to the document)
3. The attachment submitting the WFH Scheme with the application being submitted should be an excel sheet containing the specified columns.
4. Units that are already operating under the WFH option covering the existing employees shall comply with this compliance within 90 days of providing the required information, as a one-time exception.
5. Units shall ensure that the electronic assets removed are duly accounted for in appropriate records.
6. Provisional permission for WFH may be availed on an immediate basis for new employees,
7. The WFH facility may be flexibly utilized by units among employees due to day-to-day business requirements subject to the limit of 50% or such percentage of attendance as approved by the Development Commissioner.
8. Units shall self-certify that at any point in time, the approved percentage of the employees are working physically from the premises of the unit at the SEZ. There is no requirement to submit attendance records, however, each unit shall maintain accurate attendance records which would be subject to verification by any officer authorized by Development Commissioner.

Amendment of Schedule under Motor Vehicles Act, 1988 (59 of 1988) in National Capital Territory of Delhi

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Delhi

Update Type: Amendment

Notification Date: 12, Aug, 2022

Notification No: F. No. 19 (183)/Tpt./Sectt./2017/74376

Description: The Department of Transport has issued a notification relating to Amendment of Schedule under Motor Vehicles Act, 1988 (59 of 1988) in National Capital Territory of Delhi, which includes:
1. Entire Phirni Road/Circular Road, Najafgarh (Delhi Gate – Chhawla Road crossing – Dhansa Road crossing – Jharoda Stand/crossing – Nangloi Stand/crossing – Furniture Market – Rural Health Training Centre – Delhi gate including road stretch between T-Point Christ Methodist Church and Shri KrishanMandir T-Point
2. In and around the vicinity/roads of Karol Bagh, Sadar Bazar, Kamla Nagar, Gandhi Nagar, Vikas Marg, Sarojini Nagar, Green Park, Lajpat Nagar, Yusuf Sarai, Mahipalpur, RajouriGarden, Tilak Nagar, Main Market Sector-10, Dwarka,
3. Main Nangloi- Najafgarh Road from NangloiChowk to Rishal Garden.

Central Motor Vehicles (Twelfth Amendment) Rules, 2022

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Central

Update Type: Amendment

Notification Date: 11, Aug, 2022

Notification No: G.S.R. 625(E)

Description: The Ministry of Road Transport and Highway has issued Central Motor Vehicles (Twelfth Amendment) Rules, 2022 to further amend the Central Motor Vehicles Rules, 1989.

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

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Notification Date: 12, Aug, 2022

Notification No: 68/2200-CUSTOMS (N.T.)

Description: The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification to fix the tariff value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver and the notification is effective from August 13, 2022.

Outsourcing of Financial Services - Responsibilities of Regulated Entities Employing Recovery Agents

Legal Category: Finance

Rule ACT: RBI Act

Update Type: Notification

Notification Date: 12, Aug, 2022

Notification No: RBI/2022-23/108 DOR.ORG.REC.65/21.04.158/2022-23

Description: The Reserve Bank of India has advised that all Regulated Entities shall strictly ensure that they or their agents do not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, including acts intended to humiliate publicly or intrude upon the privacy of the debtors' family members, referees and friends, sending inappropriate messages either on mobile or through social media, making threatening and/ or anonymous calls, for recovery of overdue loans, making false and misleading representations, etc.
2. The Bank has instructed to comply with circulars/guidelines consolidated under Annex to the Circular.

Companies (Accounts) Fourth Amendment Rules, 2022

Legal Category: Corporate

Rule ACT: Companies Act, 2013

Update Type: Amendment

Notification Date: 05, Aug, 2022

Notification No: G.S.R. 624(E)

Description: The Ministry of Corporate Affairs has amended certain provisions of Companies (Accounts) Rules, 2014.

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022

Legal Category: SEBI

Rule ACT: Securities Contracts (Stock Exchanges and Clearing Corporations) Regulations

Update Type: Amendment

Notification Date: 11, Aug, 2022

Notification No: SEBI/LAD-NRO/GN/2022/93

Description: The Securities and Exchange Board of India has amended certain provisions related to governing board of recognized limited purpose clearing corporation, Dispute Resolution Mechanism and General Provisions of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2022

Order regarding Submission of Proforma of Allotment Letter and Agreement for Sale at the Time of Registration of Real Estate Project under Real Estate (Regulation and Development) Act, 2016

Legal Category: Industry Specific

Rule ACT: Real Estate (Regulation and Development) Act - Maharashtra

Update Type: Order

Notification Date: 12, Aug, 2022

Notification No: MahaRERA/Secy/File No.27/221/2022

Description: The Maharashtra Real Estate Authority has released an Order regarding Submission of Proforma of Allotment Letter and Agreement for Sale at the Time of Registration of Real Estate Project under Real Estate (Regulation and Development) Act, 2016. For details of the standards please go through the attached document.

Determination of Levellised Generic Tariff for FY 2022-23 under Central Electricity Regulatory Commission (Terms and Conditions for Tariff determination from Renewable Energy Sources) Regulations, 2020

Legal Category: Industry Specific

Rule ACT: Electricity Act - Central

Update Type: Notice

Notification Date: 12, Aug, 2022

Notification No: RA-14025(13)/1/2022-CERC

Description: The Central Electricity Regulatory Commission has released a public notice relating to the Determination of Levellised Generic Tariff for FY 2022–23 under the Central Electricity Regulatory Commission (Terms and Conditions for Tariff determination from Renewable Energy Sources) Regulations, 2020. It invites comments, suggestions, and objections from the stakeholders and interested persons on the proposal till August 30, 2022.