MY REGULATORY UPDATES

Phased Implementation of Electronic Cash Ledger (ECL) in Customs

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Circular

Notification Date: 30, Mar, 2023

Notification No: 09/2023-Customs (Phased Implementation of Electronic Cash Ledger (ECL) in Customs )

Description: The Central Board of Indirect Taxes and Customs (CBIC) has notified the phased implementation of Electronic Cash Ledger (ECL) in Customs as under:
1. In the first phase from 01.04.2023 till 30.04.2023, the exemption to deposit from the provisions of section 51A pertaining to the payment of duty, interest, penalty, etc. shall be restricted to the deposits specified in the Notification No. 18/2023-Customs (NT) dated 30.03.2023
2. In the second phase, i.e., from 01.05.2023, the exemptions cited in the aforesaid notification would continue, except for the deposits with respect to goods imported or exported at International Courier Terminals. In other words, payments relating to Courier shipments would be required to be done through ECL from 01.05.2023 onwards
3. Payment made through TR-6 challan for various purposes through authorized bank counter at the Customs locations would be exempted from the provisions of said section 51A, till such activity is also migrated to the ECL in the subsequent phases
4. After the introduction of second phase, the following functionalities shall be developed in ECL:
i. Registration for availing ECL by importers/exporters (IECs), the customs brokers, couriers who are making payments on behalf of the importers/exporters, importers who are assigned Unique Identification Number (UIN) under GST
ii. Manner of maintaining ECL and modes of deposits into the ECL
iii. Manner of utilising ECL to make payments
iii. Modes enabled for deposit into ECL such as internet banking, NEFT/RTGS etc. However, NEFT/RTGS facility shall be operational from 3rd April, 2023
iv. Refund of balance in ECL.

Exemption of Deposits made into Electronic Cash Ledger

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: 18/2023-Customs (N.T.)

Description: The Central Board of Indirect Taxes and Customs (CBIC) has exempted the following deposits:
1. with respect to goods imported or exported in customs stations where customs automated system is not in place
2. with respect to goods imported or exported in International Courier Terminals
3. with respect to accompanied baggage
4. other than those used for making electronic payment of:
i. any duty of customs, including cesses and surcharges levied as duties of customs
ii. integrated tax
iii. Goods and Service Tax Compensation Cess
iv. interest, penalty,fees or any other amount payable under the Act, or Customs Tariff Act, 1975
from all of the provisions of section 51A pertaining to Payment of duty, interest, penalty, etc., effective from 1st April, 2023 till 30th April, 2023.

Amendment to Customs Notification for Exemption of Deposits from provisions of Section 51A

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: 19/2023-Customs (N.T.)

Description: The Central Board of Indirect Taxes and Customs (CBIC) has amended its earlier Notification No.19/2022-Customs (N.T.) dated: 30th March 2022, wherein after the words, `used for making`, the word `electronic` shall be inserted and for the words, `1st April, 2023`, the words `1st May, 2023` shall be substituted.

Amendment to the Tamil Nadu Factories Rules, 1950

Legal Category: HR and Labour

Rule ACT: Factories Act- Tamil Nadu

Update Type: Amendment

Notification Date: 29, Mar, 2023

Notification No: No. SRO A-15/2023

Description: The Labour, Welfare and Skill Development Department of Tamil Nadu has issued an amendment to the Tamil Nadu Factories Rules, 1950 wherein the following has been amended:
1. Substitution of Schedule in Rule 4
2. The fee for the amendment of a licence has been increased from Rs. 200 to Rs. 400
3. The fee for application for transfer has been increased from Rs. 200 to Rs. 400
4. The fee for grant of duplicate license has been increased from Rs. 200 to Rs. 400
5. The fee payable for the examination and testing of pressure plant or vessel or water sealed gas holder shall be in Rule 56-B (2) has been substituted
6. The fee for routine clinical examination has been increased from Rs. 200 to Rs. 400
7. The fee for certificates of fitness or its renewal has been increased from Rs. 200 to Rs. 400
8. The fee in Rule 95 (1-A) has been increased from Rs. 200 to Rs. 400.

Reduction of Stamp Duty Chargeable on Mortgage created for Development of or Construction on Land

Legal Category: Finance

Rule ACT: Stamp Act - Madhya Pradesh

Update Type: Notification

Notification Date: 29, Mar, 2023

Notification No: F B-04-07-2018-02-V (03)

Description: The State Government of Madhya Pradesh has notified that the stamp duty chargeable on the instruments under article 43(b) of Schedule 1A of the Act, pertaining to mortgage created for development of or construction on land executed in favour of a local body has been reduced to 0.125 percent of the amount secured by such deed, effective from April 01, 2023.

Reduction of Stamp Duty Chargeable on Instruments Executed in favour of Developers Registered with RERA

Legal Category: Finance

Rule ACT: Stamp Act - Madhya Pradesh

Update Type: Notification

Notification Date: 29, Mar, 2023

Notification No: F B-04-07-2018-02-V (04)

Description: The State Government of Madhya Pradesh has notified that the stamp duty chargeable on the instruments under article 6(b)(i) of Schedule 1A of the Act, which are exceuted in favour of the developers duly registered with Real Estate Regulatory Authority (RERA) has been reduced to the rate of duty specified for coveyance (article number 25 of the Schedule) or 1.5% on the market value of the entire land proposed to be developed whichever is higher, effective from April 01, 2023.

Exemption of Stamp Duty Chargeable on Instruments of Sale of Propoerties designated as EWS Units

Legal Category: Finance

Rule ACT: Stamp Act - Madhya Pradesh

Update Type: Notification

Notification Date: 29, Mar, 2023

Notification No: F B-04-07-2018-02-V (05)

Description: The State Government of Madhya Pradesh has notified that the stamp duty chargeable on the instruments of sale of properties designated as EWS units in projects duly registered with the Real Estate Regulatory Authority (RERA) under article 25 of Schedule 1A of the Act has been exempted, effective from April 01, 2023.

Amendments in the Guidelines to regulate and control Groundwater Extraction in India, 2020

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Guidelines to Regulate and Control Ground Water Extraction in India - Central

Update Type: Amendment

Notification Date: 30, Mar, 2023

Notification No: S.O. 1509(E)

Description: Department of Water Resources, River Development, and Ganga Rejuvenation hereby has made amendments to certain provisions pursuant to the guidelines to regulate and control groundwater extraction in India.

Amendment under Madhya Pradesh Krishi Upaj Adhiniyam, 1972

Legal Category: Industry Specific

Rule ACT: Krishi Upaj Mandi Adhiniyam - Madhya Pradesh

Update Type: Amendment

Notification Date: 29, Mar, 2023

Notification No: No. SAMB-0982-2022-NYN-SAMB(175630)

Description: The Department of Agriculture, Madhya Pradesh has issued an amendment under Madhya Pradesh Krishi Upaj Adhiniyam, 1972 and in the Schedule under the heading "II-Cereals", a new item number XIV "Oat" shall be included.

Amendment under Madhya Pradesh Krishi Upaj Adhiniyam (State Marketing Development Fund) Rules, 2000

Legal Category: Industry Specific

Rule ACT: Krishi Upaj Mandi Adhiniyam - Madhya Pradesh

Update Type: Amendment

Notification Date: 29, Mar, 2023

Notification No: No. AGR-18-0013-2023-Sec-2-XIV(AGR)(202744)

Description: The Department of Agriculture, Madhya Pradesh has issued an amendment in the Madhya Pradesh Krishi Upaj Adhiniyam (State Marketing Development Fund) Rules, 2000. For further information, please refer the attached document.

Uniform Format for System Audit and Cyber Security and Cyber Resilience Audit Reports - NSE

Legal Category: SEBI

Rule ACT: SEBI (Stock Brokers) Regulations

Update Type: Circular

Notification Date: 29, Mar, 2023

Notification No: Circular No. NSE/INSP/56216

Description: The National Stock Exchange of India has issued circular to simplify the submission process and ensure uniform formats across Exchanges, the formats for System Audit and Cyber Security and Cyber Resilience Audit reports submissions have been revised for Stock Brokers/Trading Members.

Fixation of Ceiling Price of a Formulation and Extended Medical Devices and Oxygen Concentrator

Legal Category: Industry Specific

Rule ACT: Drugs (Prices Control) Order - Central

Update Type: Order

Notification Date: 29, Mar, 2023

Notification No: S.O. 1520(E)

Description: The Ministry of Chemicals and Fertilizers, has issued an order regarding Fixation of Ceiling price of 1 formulation and extended of 5 medical devices and Oxygen Concentrator approved in Authority meeting. For further information, please refer the attached document.

Date of Establishment and Withdrawal of Indian Standards

Legal Category: Industry Specific

Rule ACT: Bureau of Indian Standards - Central

Update Type: Notification

Notification Date: 28, Mar, 2023

Notification No: HQ-PUB013/1/2020-PUB-BIS (556)

Description: The Bureau of Indian Standards, has issued a notification regarding date of establishment and withdrawal of Indian Standards. The date of establishment of which is March 27, 2023 and the date of withdrawal on applicable standards is April 27, 2023. For further information on the standards, please refer the attached document.

Notification regarding the Speed Breakers

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Goa

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: No. 23/5/2021/MAG/BAR/772

Description: The Department of Transport, Goa has issued a notification regarding erection of Speed Breakers. For further information, please refer the attached document.

Notification regarding Speed Breakers

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Goa

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: No. 23/5/2022/MAG/PER/691

Description: The Department of Transport, Goa has issued a notification regarding erection of Speed Breakers. For further information, please refer the attached document.

Notification regarding Speed Breakers on Village Roads

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Goa

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: No. 23/5/2021/MAG/BAR/699

Description: The Department of Transport, Goa has issued a notification regarding erection of Speed Breakers on Village Roads. For further information, please refer the attached document.

Notification regarding Speed Breakers on the Village Road

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Goa

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: No. 23/5/2021/MAG/BAR/758

Description: The Department of Transport, Goa has issued a notification regarding erection of Speed Breakers on the Village Road. For further information, please refer the attached document.

Notification regarding Hump Type Speed Breakers

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Goa

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: No. 37/35/2022/MAG/TRF/Rumblers/M.O.846

Description: The Department of Transport, Goa has issued a notification regarding erection of Hump Type Speed Breakers. For further information, please refer the attached document.

Notification regarding Erection of Speed Breakers

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Goa

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: No. 23/5/2021/MAG/BAR/762

Description: The Department of Transport, Goa has issued a notification regarding erection of Speed Breakers. For further information, please refer the attached document.

Notification regarding Close Down the Opening to the Central Road Divider at Near Hotel Goan Maharaja

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Goa

Update Type: Notification

Notification Date: 30, Mar, 2023

Notification No: No. 37/41/2023/MAG/TRF/Notification/M.O.845

Description: The Department of Transport, Goa has issued a notification regarding Close Down the Opening to the Central Road Divider at Near Hotel Goan Maharaja. For further information, please refer the attached document.

Verification of Indian Pilot’s license to ICAO Contracting States

Legal Category: Industry Specific

Rule ACT: Aircraft Rules - Central

Update Type: Notice

Notification Date: 29, Mar, 2023

Notification No: F. No. AV. 11012/5/2018-DTL-DGCA (Pt.)

Description: The Directorate General of Civil Aviation, has issued an notice regarding Verification of Indian Pilot’s license to ICAO Contracting States. For further information, please refer the attached document.

Notification regarding New Comprehensive Area Scheme for the Entire State of Karnataka

Legal Category: Industry Specific

Rule ACT: Motor Vehicles Act - Karnataka

Update Type: Notification

Notification Date: 29, Mar, 2023

Notification No: No. TD 69 TDO 2019

Description: The Department of Transport, Karnataka, has issued a notification where the Government of Karnataka has considered that the existing approved schemes in relation to the Area & Routes in Karnataka State have to be merged into one scheme called New Comprehensive Area Scheme for the entire State of Karnataka and accordingly, following the the Motor Vehicles Act. For further information, please refer the attached document.

Provisions for Omission of the Term “Curd” from the Standards of Fermented Milk Products

Legal Category: Industry Specific

Rule ACT: FSSA (Licensing and Registration of Food Businesses) Regulation - Central

Update Type: Press Release

Notification Date: 30, Mar, 2023

Notification No: NA(Provisions for Omission of the Term "Curd: from the Standards of Fermented Milk Products)

Description: The Food Safety and Standards Authority of India, has issued a press release regarding provisions for omission of the term “curd” from the Standards of Fermented Milk Products. The Food Business Operators may use the term Curd along with any other designation (prevalent regional common name) in brackets on the label. For further information, please refer the attached document.

Continuation of Health Cess Exemption on import of goods for use in the manufacture of X-ray machines

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Notification Date: 29, Mar, 2023

Notification No: 18/2023-Customs

Description: The Central Board of Indirect Taxes and Customs (CBIC) has amended its earlier notification No. 8/2020-Customs, dated 02.02.2020 to continue/provide health cess exemption on import of goods for use in the manufacture of X-ray machines, effective from April 01, 2023.

Continuation of BCD Exemption on Import of Specified Goods for Off-Shore Oil Exploration or Exploitation Medicines

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Notification

Notification Date: 29, Mar, 2023

Notification No: 17/2023-Customs

Description: The Central Board of Indirect Taxes and Customs (CBIC) has amended its earlier notification No. 50/2017-Customs, dated 30.06.2017 to continue/provide Basic Customs Duty (BCD) exemption on import of specific textile machineries parts & raw materials for the manufacture of goods to be supplied in connection with the purposes of off-shore oil exploration or exploitation medicines of rare diseases and goods for use in the manufacture of X-ray machines, effective from March 30, 2023.

Extension of Partial Relaxation with respect to Electronic Submission of Form 10F by Selected Category of Taxpayers

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Notification

Notification Date: 28, Mar, 2023

Notification No: DGIT(S)-ADG(S)-3/e-Filing Notification/Forms/2023/ 13420

Description: The Central Board of Direct Taxes (CBDT) has decided to extend the partial relaxation with respect to electronic submission of Form 10F by selected category of taxpayers from March 31, 2023 till September 30, 2023.

SEBI Board Meeting March 2023

Legal Category: SEBI

Rule ACT: SEBI Act

Update Type: Press Release

Notification Date: 29, Mar, 2023

Notification No: PR No. 6/2023

Description: The Securities and Exchange Board of India has conducted Board meeting and decided on following:
1. Regulatory Framework for ESG (Environmental, Social and Governance) Disclosures, Ratings and Investing and amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Mutual Funds) Regulations, 1996
2. Establishing a regulatory framework for Environmental, Social and Governance (ESG) Rating Providers in Securities Market by introducing a new chapter in the SEBI (Credit Rating Agencies) Regulations, 1999
3. Broad Framework for Application Supported by Blocked Amount (ASBA) like facility being made available to investors for secondary market trading
4. Regulatory Framework on upstreaming of clients’ funds by SBs/ non-bank Clearing Members to Clearing Corporations
5. Amendments to Stock Brokers Regulations to institute a formal mechanism for prevention and detection of fraud or market abuse by stock brokers
6. Introduction of Regulatory Framework for Index Providers
7. Amendments to SEBI (Alternative Investment Funds) Regulations, 2012 for setting up of Corporate Debt Market Development Fund in the form of an Alternative Investment Fund to act as a Backstop Facility for purchase of investment grade corporate debt securities during times of stress to instil confidence amongst the participants in the Corporate Bond Market and to generally enhance secondary market liquidity
8. Amendments to SEBI (Mutual Funds) Regulations, 1996 for providing clarity on the roles and responsibilities of Trustees and Board of Asset Management Companies (AMCs) of Mutual Funds and introduced an alternative route to enable a diverse set of entities to become sponsors of MFs
9. Amendments under SEBI (Listing Obligations and Disclosure Requirements) Regulations in respect of Disclosure of Material Events, Strengthening corporate governance, submission of first financial results, filing up of vacancy of Directors
10. Amendments under SEBI (Issue of Capital and Disclosure Requirement) Regulations in respect of Disclosure regarding Underwriting, Pre-condition for announcing Bonus Issue
11. Introduction of concept of General Information Document (GID) and Key Information Document (KID) for issuance of Bonds/ Commercial Paper and streamlining of disclosures
12. Extension of “Comply or Explain” period for Large Corporates (LCs) to meet their financing needs from debt market through issuance of debt securities to the extent of 25% of their incremental borrowings in a financial year
13. Extended the ‘comply or explain’ period for the High Value Debt Listed Entities in respect of corporate governance norms (i.e. regulation 16 to 27 of LODR Regulations) till March 31, 2024
14. Amendment to Alternative Investment Funds Regulations to prescribe provisions for valuation of investments, dematerialisation of units, certification requirement for key employees of Investment Manager, transactions with associates, and option to sell unliquidated investments to a new scheme of Alternative Investment Funds
15. Strengthening the Investor Grievance Redressal Mechanism in the Securities Market through amendments to Regulations to operationalize Online Dispute Resolution (ODR) Mechanism for investors across registered intermediaries / regulated entities.

Special Clearing Operations for all Member Banks under the Respective Cheque Truncation System (CTS) Grids

Legal Category: Finance

Rule ACT: Banking Regulation Act

Update Type: Notification

Notification Date: 29, Mar, 2023

Notification No: RBI/2022-23/190 CO.DPSS.RPPD.No.S2185/03-01-002/2022-2023

Description: The Reserve Bank of India has issued notification to facilitate accounting of all the Government transactions for the current financial year (2022-23) by March 31, 2023, it has been decided to conduct Special Clearing exclusively for Government Cheques across the three Cheque Truncation System (CTS) grids i.e., Delhi, Chennai and Mumbai on March 31, 2023. All the member banks under the respective CTS Grids are required to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the Special Clearing.

Standard Operating Process for Ensuring Compliance with Structured Digital Database (SDD) - NSE

Legal Category: SEBI

Rule ACT: SEBI (Prohibition of Insider Trading) Regulation

Update Type: Circular

Notification Date: 29, Mar, 2023

Notification No: NSE/CML/25

Description: The National Stock Exchange of India has issued notice to standardise the operation process under SEBI(PIT) Regulations, 2015 for ensuring compliance with Structured Digital Database. Therefore, the companies to whom the obligation to submit Secretarial Audit & Compliance Report (Reg. 24A of Listing Regulations) is not applicable, that are required to maintain Structured Digital Database are directed to continue to submit Structured Digital Database (SDD) compliance certificate on quarterly basis, within 21 days from end of each quarter on the below mentioned path.

System and Procedure For Compliance to Revised Emission Standards for Power Generating Set Engines Up-to Gross Mechanical Power 800 KWs

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Environment Protection Act

Update Type: Notification

Notification Date: 28, Mar, 2023

Notification No: NA(System and Procedure For Compliance to Revised Emission Standards for Power Generating Set Engines Up-to Gross Mechanical Power 800 KWs)

Description: Ministry of Environment, Forest and Climate Change (MoEF & CC) in consultation with Central Pollution Control Board (CPCB) has notified revised emission standards for
internal Combustion engines used for power generating sets vide GSR 804(E.) dated 3-Nov-2022 these norms are referred as Environmental Protection (Third Amendment)
Rules. Said emission norm can be also referred to as CPCB IV+ emission regulation.

Review of Time Limit for Disclosure of Net Asset Value (NAV) of Mutual Fund Schemes Investing Overseas

Legal Category: SEBI

Rule ACT: SEBI (Mutual Funds) Regulation

Update Type: Circular

Notification Date: 29, Mar, 2023

Notification No: SEBI/HO/IMD/IMD-I POD2/P/CIR/2023/48

Description: The Securities Exchange Board of India has issued circular to provide timeline address the difficulties being faced in calculation of Net Asset Value (NAV) for Mutual fund schemes investing overseas due to differences in time zones and market hours, partial modification with regard to timelines for declaration of Net asset value. Therefore, SEBI provides the updated timeline for declaration of Net Asset Value (NAV), Asset Management Company (AMCs) as a principle shall ensure that NAV of schemes is disclosed based on the value of underlying securities/ Funds as on the date of investment in Mutual Funds units in India. The circular shall be effective from July 01, 2023.

Cyber Security and Cyber Resilience Framework for Portfolio Managers

Legal Category: SEBI

Rule ACT: SEBI (Portfolio Managers) Regulations

Update Type: Circular

Notification Date: 29, Mar, 2023

Notification No: SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/046

Description: The Securities Exchange Board of India has issued circular to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market. Portfolio Managers shall take necessary steps for implementing the circular, including putting the required processes and systems in place to ensure compliance with the provisions of this circular. The circular shall be effective from October 01, 2023.

Standard Operating Process for Ensuring Compliance with Structured Digital Database (SDD) - BSE

Legal Category: SEBI

Rule ACT: SEBI (Prohibition of Insider Trading) Regulation

Update Type: Notice

Notification Date: 29, Mar, 2023

Notification No: Notice No. 20230329-21

Description: The Bombay Stock Exchange has issued notice to standardise the operation process under SEBI(PIT) Regulations, 2015 for ensuring compliance with Structured Digital Database. Therefore, the companies that are required to maintain Structured Digital Database are directed to continue to submit Structured Digital Database (SDD) compliance certificate on quarterly basis, within 21 days from end of each quarter on the below mentioned path.

Revised Regulatory Framework for Urban Co-operative Banks (UCBs)

Legal Category: Finance

Rule ACT: Banking Regulation Act

Update Type: Notification

Notification Date: 28, Mar, 2023

Notification No: RBI/2022-23/189 DOR.CAP.REC. No.109/09.18.201/2022-23

Description: The Reserve Bank of India has issued notification to adopt a four-tiered regulatory framework, as against the existing two-tiered framework, for categorization of Urban Co-operative Banks (UCBs) and aimed at strengthening the financial soundness of the Urban Co-operative Banks (UCBs). The instructions of the notification shall be effective from March 31, 2023 (replaced April 01, 2023).

Operations Manual for Revenue Earning Contracts

Legal Category: Industry Specific

Rule ACT: Airports Authority of India Act - Central

Update Type: User Manual

Notification Date: 29, Mar, 2023

Notification No: NA(Operations Manual for Revenue Earning Contracts)

Description: The Airports Authority of India, has issued an operations manual for revenue earning contracts. It's purpose is to provide procedures regarding contracts for ground handling services and passenger processing services to ensure user friendly and efficient technological solutions to airline operators and passengers at reasonable cost by adopting best industry practices. For further information, please refer the attached document.

Revision to Civil Aviation Requirement regarding Registration or De-Registration of Aircraft

Legal Category: Industry Specific

Rule ACT: Aircraft Rules - Central

Update Type: Revision

Notification Date: 29, Mar, 2023

Notification No: DGCA-25012(07)/3/2020-AW

Description: The Office of the Director General of Civil Aviation, has issued a revision to the civil aviation requirement regarding Registrationor De-registration of Aircraft. For further information, please refer the attached document.

Poha Grading and Marking Rules, 2023

Legal Category: Industry Specific

Rule ACT: Agricultural Produce (Grading and Marking) Rules - Central

Update Type: Rules

Notification Date: 28, Mar, 2023

Notification No: G.S.R. 229(E)

Description: The Department of Agriculture and Farmers Welfare, has issued the Poha Grading and Marking Rules, 2023. For further information, please refer the attached document.

Harmonic Currents in Consumer Installations- Causes, Effects and Remedies

Legal Category: Industry Specific

Rule ACT: Electricity Act - Tamil Nadu

Update Type: Press Release

Notification Date: 28, Mar, 2023

Notification No: NA(Harmonic Currents in Consumer Installations- Causes, Effects and Remedies)

Description: The Tamil Nadu Electrcity Regulatory Commission, has issued a press release regarding Harmonic Currents in Consumer Installations- Causes, Effects and Remedies. For further information, please refer the attached document.

List of Districts as Notified for ESI Scheme in the State of Meghalaya

Legal Category: HR and Labour

Rule ACT: ESI Act

Update Type: Circular

Notification Date: 28, Mar, 2023

Notification No: S. N-15011/1/2023-P &D

Description: The Employees' State Insurance Corporation (ESIC) has issued a circular for state wise updated list of notified/ non-notified districts namely, East Khasi Hills and Ri-Bhoi under ESIC Scheme with effect from April 1st, 2023 as follows:
1. Fully Notified Districts : 491
2. Partially Notified Districts : 119
3. Non Notified Districts : 134
4. Total Districts : 744.

List of Districts as Notified for ESI Scheme in the State of Tamil Nadu

Legal Category: HR and Labour

Rule ACT: ESI Act

Update Type: Circular

Notification Date: 28, Mar, 2023

Notification No: S. N-15011/1/2021-P &D

Description: The Employees' State Insurance Corporation (ESIC) has issued a circular for state wise updated list of notified/ non-notified districts namely, Kanchipuram, Tirupattur, Tiruvannamalai and Viluppuramunder ESIC Scheme with effect from March 1st, 2023 as follows:
1. Fully Notified Districts : 491
2. Partially Notified Districts : 119
3. Non Notified Districts : 134
4. Total : 744.

Gujarat Minimum Wages Notification (April 2023)

Legal Category: HR and Labour

Rule ACT: Minimum Wages Act - Gujarat

Update Type: Notification

Notification Date: 27, Mar, 2023

Notification No: NO.KHR-2023-27-LVD-10-2013-137275(P.F.)-M(2)

Description: The Labour, Skill Development and Employment Department of Gujarat has issued a notification with respect to revision in the rates for employees employed in Sugarcane Cutting and Loading wherein the rate payable to a labourer per ton is Rs. 476. These rates will be effective from April 1st, 2023.

Gujarat Minimum Wages Notification (April 2023)

Legal Category: HR and Labour

Rule ACT: Minimum Wages Act - Gujarat

Update Type: Notification

Notification Date: 27, Mar, 2023

Notification No: NO.KHR/2023/28/LVD/10/2022/18/M2

Description: The Labour, Skill Development and Empioyment Department of Gujarat has issued a notification with respect to revision in minimum rates of wages for the following classes of workers in the specified scheduled employments with effect from April 1st, 2023, namely:
1. Skilled
2. Semi-Skilled
3. Un-skilled.

Extension of Last Date for Linking of PAN-Aadhaar

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Press Release

Notification Date: 28, Mar, 2023

Notification No: NA (Extension of Last Date for Linking of PAN-Aadhaar)

Description: The Central Board of Direct Taxes (CBDT) in order to provide some more time to the taxpayers, has extended the date for linking PAN and Aadhaar to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. The PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative, effective from July 01, 2023.

Consequences of PAN becoming Inoperative as per newly Substituted Rule 114AAA

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Circular

Notification Date: 28, Mar, 2023

Notification No: 03 of 2023

Description: The Central Board of Direct Taxes (CBDT) has notified the consequences of PAN becoming Inoperative as per newly Substituted Rule 114AAA effective from July 01, 2023, as under:
1. refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made
2. interest shall not be payable on such refund for the period, beginning with the date specified under sub-rule (4) of rule 114AAA and ending with the date on which
it becomes operative
3. where tax is deductible under Chapter XVJJ-B in case of such person, such tax shall be deducted at higher rate, in accordance with the provisions of section 206AA
4. where tax is collectible at source under Chapter XVJJ-BB in case of such person, such tax shall be collected at higher rate, in accordance with the provisions of section 206CC.
However, the PAN can be made operative by intimating the Aadhaar number and paying a fee of one thousand rupees to this effect. Further, the consequences of PAN becoming inoperative shall not be applicable to those persons who have been provided exemption from intimating Aadhaar number under the provisions of sub-section (3) of section 139AA of the Act.

Madhya Pradesh Minimum Wages Notification (October-December 2022)

Legal Category: HR and Labour

Rule ACT: Minimum Wages Act - Madhya Pradesh

Update Type: Notification

Notification Date: 28, Mar, 2023

Notification No: No.7/11/ANVE/Panch/2015/9429-678

Description: The Labour Department of Madhya Pradesh has issued a notification with respect to change in All India Consumer Price Index (CPI) numbers for Industrial Workers from 132.50 to 132.30 and for Agricultural Workers from 1159 points to 1167 points for the period of October-December 2022 in the specified cities.

EPFO Recommends Interest Rate for EPF Subscribers

Legal Category: HR and Labour

Rule ACT: EPF Act

Update Type: Press Release

Notification Date: 28, Mar, 2023

Notification No: Release ID: 1911334

Description: The Employees' Provident Fund Organisation (EPFO) has issued a press release to recommend the rate of interest for EPF Subscribers at 8.15% for the financial year 2022-23 wherein the recommended rate of interest safeguards the surplus as well as guarantees increase income to members.

IRDAI (Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2023

Legal Category: Industry Specific

Rule ACT: IRDA Act

Update Type: Regulations

Notification Date: 26, Mar, 2023

Notification No: IRDAI/Reg/4/192/2023

Description: The Insurance Regulatory and Development Authority of India (IRDAI) has notified the Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2023 which shall be applicable to Insurers transacting General Insurance or Health Insurance business, effective from 1st April, 2023 and shall remain in force for a period of three years thereafter.

Implementation Guide on Reporting under Companies (Audit and Auditors) Rules, 2014

Legal Category: Corporate

Rule ACT: Companies Act, 2013

Update Type: Others

Notification Date: 28, Mar, 2023

Notification No: NA (Implementation Guide on Reporting under Companies (Audit and Auditors) Rules, 2014)

Description: The Institute of Chartered Accountants of India (ICAI) has notified an implementation guide on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, in respect of usage of accounting software for maintaining books of account having a feature of recording audit trail as on March 28, 2023.

Income-tax (Fourth Amendment) Rules, 2023

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Amendment

Notification Date: 28, Mar, 2023

Notification No: G.S.R.227(E)

Description: The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Fourth Amendment) Rules, 2023 wherein the provisions of rule 114AAA in respect of manner of making permanent account number inoperative, has been substituted effective from 1st day of April, 2023.

Amendment to Securities Lending Scheme, 1997

Legal Category: SEBI

Rule ACT: SEBI (Securities Contract Regulation) Act

Update Type: Amendment

Notification Date: 27, Mar, 2023

Notification No: SEBI/HO/MRD/MRD-POD-2/P/CIR/2023/41

Description: The Securities and Exchange Board of India has amended certain provisions of Securities Lending Scheme, 1997 which is applicable from April 01, 2023. This amendment aims to dispense with the option of payment through Demand Draft and ensure that the payment of fees /penalties/recoveries to be made only through digital mode of payment.