Extension Of Medical Benefits To The Family Members Of Insured Persons In The State Of Tamil Nadu

Legal Category: HR and Labour
Rule ACT: ESI Act
Update Type: Notification
Release Date: 01, Jun, 2021
Notification No: No. N-15/15/13/14/4/2015
Description: The Employee's State Insurance Corporation has extended medical benefits to the family of Insured persons in the entire area of Erode district in addition to the already notified areas in the district of Tamil Nadu. Please refer to the notification for more details.

Review of Foreign Direct Investment (FDI) policy on Insurance Sector

Legal Category: Exchange Control
Rule ACT: FDI Policy
Update Type: Press Release
Release Date: 14, Jun, 2021
Notification No: No. 5(3)/2021-FDI Policy
Description: The Government of India has reviewed the extant FDI policy on the Insurance sector and has made the amendments under the Consolidated FDI Policy of 2020.

Liberalised Remittance Scheme for Resident Individuals – Reporting

Legal Category: Exchange Control
Rule ACT: Master Direction - Other Remittance Facilities
Update Type: Circular
Release Date: 17, Jun, 2021
Notification No: RBI/2021-22/56A. P. (DIR Series) Circular No. 07
Description: The Reserve Bank of India has decided to collect this information through the XBRL system instead of the ORFS. Accordingly, AD Category – I banks shall upload the requisite information on the XBRL system (https://xbrl.rbi.org.in/orfsxbrl) on or before the fifth of the succeeding month from July 01, 2021, onwards.

Environment (Protection) Amendment Rules, 2021

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Environment Protection Act
Update Type: Notification
Release Date: 16, Jun, 2021
Notification No: S.O. 2346(E)
Description: The Central Government has issued Environment (Protection) Amendment Rules, 2021 to further amend the Environment (Protection) Rules, 1986.

Development Commissioner of SEEPZ SEZ Extended Work from Home Facility for Units till 30th September 2021

Legal Category: Special economic zone
Rule ACT: SEZ Act - Maharashtra
Update Type: Letter
Release Date: 11, Jun, 2021
Notification No: No.SEEPZ-SEZ/ADMN/GI/588/2019-20/09571
Description: Development Commissioner of Santacruz Electronic Export Processing Zone (SEEPZ) SEZ has decided that the "Work From Home" permission in terms of Rule 43 of SEZ Rule 2006 is extended till "30.09.2021" after considering the various representations received from Unit holders as well as Trade Bodies representing them regarding the certainty of the period for 'Work From Home' for better planning of their operations.

Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 -System Driven Disclosures for Inclusion of Listed Debt Securities

Legal Category: SEBI
Rule ACT: SEBI (Prohibition of Insider Trading) Regulation
Update Type: Circular
Release Date: 16, Jun, 2021
Notification No: SEBI/HO/ISD/ISD/CIR/P/2021/578
Description: Securities and Exchange Board of India has decided to include the listed debt securities of the companies under the purview of the System Driven Disclosures for the entities. Further, the procedure for implementation of System Driven Disclosures shall also be applicable for the listed Debt Securities.

Settlement of Running Account of Client’s Funds lying with Trading Member (TM)

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Circular
Release Date: 16, Jun, 2021
Notification No: SEBI/HO/MIRSD/DOP/P/CIR/2021/577
Description: Securities and Exchange Board of India has decided to modify the provisions for the settlement of Running Account of Client’s Funds lying with Trading Member (TM). Provisions shall be applicable from August 01, 2021. The main objective is:
1. to devise a framework
2. to mitigate the risk of misuse of client’s funds.

Companies (Meetings of Board and its Powers) Amendment Rules, 2021

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Amendment
Release Date: 15, Jun, 2021
Notification No: F.No. 1/32/2013-CL-V-Part
Description: The Ministry of Corporate affairs on June 15th 2021 has issued the Companies (Meetings of Board and its Powers) Amendment Rules, 2021 further to amend the Companies (Meetings of Board and its Powers) Rules, 2014 by which Rule 4 which specifies matters not to be dealt with in a meeting through video conferencing or other audiovisual means has been omitted.

Cost Inflation Index for Financial Year 2021-22

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Notification
Release Date: 15, Jun, 2021
Notification No: Notification No. 73/ 2021
Description: The Central Board of Direct Taxes(CBDT) has notified 317 as the Cost Inflation Index for the Financial Year 2021-22.

Draft Employees' State Insurance (Central) Amendment Rules, 2021

Legal Category: HR and Labour
Rule ACT: ESI Act
Update Type: Amendment
Release Date: 14, Jun, 2021
Notification No: GSR 400 ( E )
Description: The Ministry of Labour and Employment (MOLE) has issued the Draft Employees' State Insurance (Central) Amendment Rules, 2021 to further amend the Employees’ State Insurance (Central) Rules 1950. The following amendments have been made:
After Rule 55, which specifies the payment for the maternity benefit, a new proviso has been inserted, namely:
“Provided further that in case an Insured woman who is in receipt of maternity benefit and due to reason of which, a shorter contribution period is available to her in the contribution period ending in which the Maternity Benefit falls, she shall be qualified to claim sickness benefit in the corresponding benefit period if the contribution in respect of her were payable for not less than half the number of days available for working in such contribution period.”

Extension Of Timeline For Mandatory Seeding Of Aadhaar Number For Filing Of ECR

Legal Category: HR and Labour
Rule ACT: EPF Act
Update Type: Letter
Release Date: 15, Jun, 2021
Notification No: No: WSU/15(1)2019/ATR/529
Description: Employees' Provident Fund Organisation (EPFO) has amended the previous circular dated 1st June 2021. As per the amendment, the filing of ECR for UAN to seed with Aadhaar has extended till 1st September 2021. The concerned field officers shall advise employers for implementation after the period of deferment. Please refer to the notification for more details.

The Haryana Minimum Wages Notification (Jan 2021)

Legal Category: HR and Labour
Rule ACT: Minimum wages Act - Haryana
Update Type: Letter
Release Date: 15, Jun, 2021
Notification No: No. IR-2/ 2021/ 12771-916
Description: The Government of Haryana has released the Minimum Rate of Wages effective from 1st Jan 2021 for the State of Haryana.

Relaxation from the Requirement of Minimum Vesting Period in case of Death of Employee(s) under SEBI (Share Based Employee Benefit) Regulations, 2014

Legal Category: SEBI
Rule ACT: SEBI (Share Based Employee Benefits) Regulations
Update Type: Circular
Release Date: 15, Jun, 2021
Notification No: SEBI/HO/CFD/DCR2/CIR/P/2021/576
Description: Securities and Exchange Board of India has decided provisions relating to the minimum vesting period of one year shall not apply in case of death (for any reason) of an employee and in such instances all the options, SAR or any other benefit granted to such employee(s) shall vest with his/her legal heir or nominee on the date of death of the employee. This relaxation shall be available to all such employees who have deceased on or after April 01, 2020.

Change in GST Rates on Goods Being Used in Covid-19 Management

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Press Release
Release Date: 12, Jun, 2021
Notification No: NA(Change in GST Rates on Goods Being Used in Covid-19 Management)
Description: The Central Board of Direct Taxes(CBDT) on 12th June, 2021 has issued a press release to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September, 2021. Please refer the press release attached for detailed information.

Relaxation in Electronic Filing of Income Tax Forms 15CA and 15CB

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Press Release
Release Date: 14, Jun, 2021
Notification No: NA(Relaxation in Electronic Filing of Income Tax Forms 15CA and 15CB)
Description: The Central Board of Direct Taxes(CBDT) on 14th June, 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 June 30th, 2021.

Investment in Entities from FATF Non-Compliant Jurisdictions

Legal Category: Finance
Rule ACT: RBI Act
Update Type: Circular
Release Date: 14, Jun, 2021
Notification No: RBI/2021-22/55CO.DPSS.AUTH.No.S190/02.27.005/2021-22
Description: The Reserve Bank of India has decided regulation for investments in NBFCs from FATF non-compliant jurisdictions:
1. The Financial Action Task Force (FATF) periodically identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML / CFT) in its following publications:
i) High-Risk Jurisdictions subject to a Call for Action, and
ii) Jurisdictions under Increased Monitoring.
A jurisdiction whose name does not appear in these two lists is referred to as a FATF compliant jurisdiction. Investments in PSOs from FATF noncompliant jurisdictions shall not be treated at par with that from compliant jurisdictions.
2. Investors in existing PSOs holding their investments prior to the classification of the source or intermediate jurisdiction/s as FATF non-compliant, may continue with the investments or bring in additional investments as per extant regulations so as to support continuity of business in India.
3. New investors from or through non-compliant FATF jurisdictions, whether in existing PSOs or in entities seeking authorisation as PSOs, are not permitted to acquire, directly or indirectly, ‘significant influence’ as defined in the applicable accounting standards in the concerned PSO. In other words, fresh investments (directly or indirectly) from such jurisdictions, in aggregate, should account for less than 20 percent of the voting power (including potential1 voting power) of the PSO.

RBI-Consultative Document on Regulation of Microfinance

Legal Category: Finance
Rule ACT: RBI Act
Update Type: Press Release
Release Date: 14, Jun, 2021
Notification No: 2021-2022/360
Description: The Reserve Bank of India has released the Consultative Document on Regulation of Microfinance for suggestions and feedback. The suggested framework in the Consultative Document is intended to be made applicable to the microfinance loans provided by all entities regulated by the Reserve Bank and is aimed at protecting the microfinance borrowers from over-indebtedness as well as enabling competitive forces to bring down the interest rates by empowering the borrowers to make an informed decision. The key proposals of the Consultative Document are enumerated below:
i. A common definition of microfinance loans for all regulated entities
ii. Capping the outflow on account of repayment of loan obligations of a household to a percentage of the household income.
iii. A Board approved policy for household income assessment.
iv. No pre-payment penalty; no requirement of collateral; and greater flexibility of repayment frequency for all microfinance loans.
v. Alignment of pricing guidelines for NBFC-MFIs with guidelines for NBFCs.
vi. Introduction of a standard simplified fact sheet on the pricing of microfinance loans for better transparency.
vii. Display of minimum, maximum and average interest rates charged on microfinance loans on the websites of regulated entities.

Extension of time to give Feedback and Suggestions to the Group of Advisors to Regulations Review Authority 2.0

Legal Category: Finance
Rule ACT: RBI Act
Update Type: Press Release
Release Date: 14, Jun, 2021
Notification No: 2021-2022/359
Description: The Reserve Bank of India has decided to extend the timeline for submission of feedback and suggestions to the Group of Advisors (GOA) to assist the Regulations Review Authority (RRA) till June 30, 2021, keeping in view COVID-19 related disruptions.

Revised Framework for Regulatory Sandbox

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Circular
Release Date: 14, Jun, 2021
Notification No: SEBI/HO/ITD/ITD/CIR/P/2021/575
Description: Securities and Exchange Board of India has revised the eligibility criteria of a framework for Regulatory Sandbox. The main objective of Regulatory Sandbox is to grant certain facilities and flexibilities to the entities regulated by SEBI so that they can experiment with FinTech solutions in alive environment and on a limited set of real users for a limited time frame.

NSE- Guidance Note on Communications by Listed Entities

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Circular
Release Date: 11, Jun, 2021
Notification No: No.: NSE/CML/2021/18
Description: National Stock Exchange has advised listed entities to ensure that no price-sensitive information is disclosed unless the same has been first disclosed to the Stock Exchanges. Below is an indicative list of things that shall be kept in mind by the listed entities while publicizing the company:
a. The statement made shall be truthful, fair, evidence-based and shall not be manipulative or deceptive or distorted and the listed entity shall not make any statement, promise, or forecast which is untrue or misleading
b. The information shall contain clear, concise, and understandable language
c. If the listed entity presents any financial data, data for the past three years shall also be included along with particulars relating to sales, gross profit, net profit, share capital, reserves, earnings per share, dividends, debts, and the book values. The companies should also provide a link to the company’s website where the details are available and can be verified.
d. Listed entities shall use simple and easy-to-understand language without using extensive technical, legal terminology, or complex language. The details provided should be adequate and appropriate so that the investors are not distracted with excessive details.
e. The company should provide information only with respect to publicly reported financial information and not provide any forward-looking statement.
f. Non-factual and unsubstantiated statements shall not be made
g. The company can position itself as a leader, pioneer, expert, or any word indicating it as the best only based on factual data which is widely available and not based on single-source, unless such source is a recognized source and has the third-party certification. The company shall also indicate the source based on which such claim is being made and the information on such source should be in the public domain and verifiable. Confidential
h. In case of receipt of awards/recognition, disclosure shall include whether the listed entity has any relations with the awarding agency along with the number of participants that were evaluated, recognition of the awarding agency in the field in which award is given, and publicly available information relating to the awarding agency.

BSE- Guidance Note on Communications by Listed Entities

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Notice
Release Date: 11, Jun, 2021
Notification No: 20210611-28
Description: Bombay Stock Exchange has advised the listed entity to ensure that no price-sensitive information is disclosed unless the same has been first disclosed to the Stock Exchanges. Below is an indicative list of things that shall be kept in mind by the listed entities while publicizing the company:
a. The statement made shall be truthful, fair, evidence-based and shall not be manipulative or deceptive or distorted and the listed entity shall not make any statement, promise, or forecast which is untrue or misleading
b. The information shall contain clear, concise, and understandable language
c. If the listed entity presents any financial data, data for the past three years shall also be included along with particulars relating to sales, gross profit, net profit, share capital, reserves, earnings per share, dividends, debts, and the book values. The companies should also provide a link to the company’s website where the details are available and can be verified.
d. Listed entities shall use simple and easy-to-understand language without using extensive technical, legal terminology, or complex language. The details provided should be adequate and appropriate so that the investors are not distracted with excessive details.
e. The company should provide information only with respect to publicly reported financial information and not provide any forward-looking statement.
f. Non-factual and unsubstantiated statements shall not be made
g. The company can position itself as a leader, pioneer, expert, or any word indicating it as the best only based on factual data which is widely available and not based on single-source, unless such source is a recognized source and has the third-party certification. The company shall also indicate the source based on which such claim is being made and the information on such source should be in the public domain and verifiable. Confidential
h. In case of receipt of awards/recognition, disclosure shall include whether the listed entity has any relations with the awarding agency along with the number of participants that were evaluated, recognition of the awarding agency in the field in which award is given, and publicly available information relating to the awarding agency.

Risk Based Internal Audit (RBIA)

Legal Category: Finance
Rule ACT: Risk-Based Internal Audit (RBIA) Framework
Update Type: Circular
Release Date: 11, Jun, 2021
Notification No: RBI/2021-22/53DoS.CO. PPG.SEC/03/11.01.005/2021-22
Description: The Reserve Bank of India has decided the provisions of Risk-Based Internal Audit (RBIA) shall be applicable to Housing Finance Companies (HFCs) also.

Mandating the mentioning of FSSAI License/Registration number on receipts/invoices/cash memo/bills etc. by food businesses on sale of food product

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Food and Safety Standards Act
Update Type: Order
Release Date: 08, Jun, 2021
Notification No: File No. 15(31)2020/FoSCoS/RCD/FSSAI (Mandating the mentioning of FSSAI License/Registration number on receipts/invoices/cash memo/bills etc. by food businesses on sale of food product)
Description: The Food safety and standards authority of India has issued an order for mandating the mentioning of FSSAI license/ registration number on receipts/ invoices/ cash memo/ bills etc. by food business on sale of food products. The 14- digit FSSAI license or registration number shall be mentioned on cash receipts/ memos/ bills etc. and the only exemption will be GST e-way bill and such other government documents which are system generated. The implementation shall be mandatorily done by October 01, 2021.

Extension Of Medical Benefits To The Family Members Of Insured Persons In The State Of West Bengal

Legal Category: HR and Labour
Rule ACT: ESI Act
Update Type: Notification
Release Date: 01, Jun, 2021
Notification No: No. N-16/1/WB/2017
Description: The Employee's State Insurance Corporation has extended medical benefits to the family of Insured persons in the entire area of Alipurduar, South Dinajpur, Purulia, North Dinajpur, Kalimpong and Cooch Behar in addition to the already notified areas in the districts of West Bengal. Please refer to the notification for more details.

Ministry of Labour and Employment Extends the Provision of the Employees’ State Insurance Act, 1948

Legal Category: HR and Labour
Rule ACT: ESI Act
Update Type: Notification
Release Date: 07, Jun, 2021
Notification No: S.O. 2167 ( E )
Description: The Ministry of Labour and Employment (MOLE) has issued a notification for the intention to extend the provisions of the Employees’ State Insurance Act,
1948 to the classes of establishments specified in the schedule annexed thereto, on or after one month from the date of publication in the official gazette.
  • 01, Jun, 2021 Extension Of Medical Benefits To The Family Members Of Insured Persons In The State Of Tamil Nadu
  • 14, Jun, 2021 Review of Foreign Direct Investment (FDI) policy on Insurance Sector
  • 17, Jun, 2021 Liberalised Remittance Scheme for Resident Individuals – Reporting
  • 16, Jun, 2021 Environment (Protection) Amendment Rules, 2021
  • 11, Jun, 2021 Development Commissioner of SEEPZ SEZ Extended Work from Home Facility for Units till 30th September 2021
  • 16, Jun, 2021 Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 -System Driven Disclosures for Inclusion of Listed Debt Securities
  • 16, Jun, 2021 Settlement of Running Account of Client’s Funds lying with Trading Member (TM)
  • 15, Jun, 2021 Companies (Meetings of Board and its Powers) Amendment Rules, 2021
  • 15, Jun, 2021 Cost Inflation Index for Financial Year 2021-22
  • 14, Jun, 2021 Draft Employees' State Insurance (Central) Amendment Rules, 2021
  • 15, Jun, 2021 Extension Of Timeline For Mandatory Seeding Of Aadhaar Number For Filing Of ECR
  • 15, Jun, 2021 The Haryana Minimum Wages Notification (Jan 2021)
  • 15, Jun, 2021 Relaxation from the Requirement of Minimum Vesting Period in case of Death of Employee(s) under SEBI (Share Based Employee Benefit) Regulations, 2014
  • 12, Jun, 2021 Change in GST Rates on Goods Being Used in Covid-19 Management
  • 14, Jun, 2021 Relaxation in Electronic Filing of Income Tax Forms 15CA and 15CB
  • 14, Jun, 2021 Investment in Entities from FATF Non-Compliant Jurisdictions
  • 14, Jun, 2021 RBI-Consultative Document on Regulation of Microfinance
  • 14, Jun, 2021 Extension of time to give Feedback and Suggestions to the Group of Advisors to Regulations Review Authority 2.0
  • 14, Jun, 2021 Revised Framework for Regulatory Sandbox
  • 11, Jun, 2021 NSE- Guidance Note on Communications by Listed Entities
  • 11, Jun, 2021 BSE- Guidance Note on Communications by Listed Entities
  • 11, Jun, 2021 Risk Based Internal Audit (RBIA)
  • 08, Jun, 2021 Mandating the mentioning of FSSAI License/Registration number on receipts/invoices/cash memo/bills etc. by food businesses on sale of food product
  • 01, Jun, 2021 Extension Of Medical Benefits To The Family Members Of Insured Persons In The State Of West Bengal
  • 07, Jun, 2021 Ministry of Labour and Employment Extends the Provision of the Employees’ State Insurance Act, 1948
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