Central Government Notifies Threshold for "Significant Social Media Intermediary"

Legal Category: IT and Data Protection
Rule ACT: Information Technology Act
Update Type: Notification
Release Date: 26, Feb, 2021
Notification No: S.O. 942(e)
Description: Central Government has specified fifty lakh registered users in India as the threshold for a Social Media Intermediary to be considered as the “Significant Social Media Intermediary”.

Extension of Facility for Conducting Meeting(s) of Unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual Means (OAVM)

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Circular
Release Date: 26, Feb, 2021
Notification No: SEBI/HO/DDHS/DDHS/CIR/P/2021/21
Description: The Securities and Exchange Board of India has decided to extend the facility to conduct meetings of unitholders, through Video Conferencing (VC) or Other Audio-Visual Means (OAVM) for REITs/InvITs in the following manners:
i. annual meetings of unitholders which become due in the calendar year 2021 to be conducted till December 31, 2021
ii. For meetings other than the annual meeting of unitholders till June 30, 2021.

Amendments to Business Rules of NSDL

Legal Category: SEBI
Rule ACT: SEBI (Depositories and Participants) Regulations
Update Type: Circular
Release Date: 23, Feb, 2021
Notification No: No.: NSDL/CIR/II/3/2021
Description: National Securities Depository Limited has introduced "New Penalty Head " for failure to co-operate by the Depository Participant by not submitting all the information/records sought within 45 days from the due date specified in the letter of intimation.

Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021

Legal Category: IT and Data Protection
Rule ACT: Information Technology Act
Update Type: Rules
Release Date: 25, Feb, 2021
Notification No: G.S.R. 139(e)
Description: Ministry of Electronics and Information Technology has issued Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 in suppression of Information Technology (Intermediaries Guidelines) Rules, 2011.

Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Circular
Release Date: 23, Feb, 2021
Notification No: Circular no. 146/02/2021-GST
Description: The Central Board of Indirect Taxes and Customs (CBIC) on February 23, 2021 has issued a circular for the Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated March 21, 2020 which specifies that an invoice issued by a registered person, whose aggregate turnover in a financial year exceeds five hundred crore rupees, other than those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of said rules, and registered person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017, to an unregistered person (hereinafter referred to as B2C invoice), shall have Dynamic Quick Response (QR) code.

CBIC has amended the notification which specifies the applicability of section 25 (6B) and (6C) of CGST Act

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 23, Feb, 2021
Notification No: Notification No. 03/2021-Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on February 23, 2021 has amended the notification no. 17/2020- Central Tax dated March 23, 2020 which notifies that the provisions of sub-section (6B) or subsection (6C) of section 25 of the said Act shall not apply to a person who is not a citizen of India or to a class of persons other than certain class of persons.

Faceless Assessment (1st Assessment) Scheme 2021

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Amendment
Release Date: 17, Feb, 2021
Notification No: Notification No. 6/2021/F. No. 370149/154/2019-TPL
Description: The Central Board of Direct Taxes (CBDT) on February 17, 2021 has issued the Faceless Assessment (First Amendment) Scheme, 2021 to further amend the Faceless Assessment Scheme, 2019.

Securities and Exchange Board of India conducted Board Meeting

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Press Release
Release Date: 17, Feb, 2020
Notification No: No.7/2021
Description: The Securities and Exchange Board of India has conducted a Board Meeting on February 17, 2021.
The Board has taken the following decisions:
i. Minimum Public Offer (MPO) requirements for large issuers relaxed
ii. Amendment to SEBI (Portfolio Managers) Regulations, 2020, SEBI (Investment Advisers) Regulations, 2013 and SEBI (Research Analysts) Regulations, 2014
iii. Repeal of the SEBI (Underwriters) Regulations, 1993 and amendments to the SEBI (Merchant Bankers) Regulations, 1992 and the SEBI (Stock Brokers) Regulations, 1992
iv. Merger of SEBI (Regulatory Fee on Stock Exchanges) Regulations, 2006 with Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.

Master Direction on Digital Payment Security Controls

Legal Category: Finance
Rule ACT: RBI Act
Update Type: Master Direction
Release Date: 18, Feb, 2021
Notification No: RBI/2020-21/74 DoS.CO.CSITE.SEC.No.1852/31.01.015/2020-21
Description: The Reserve Bank of India has issued Master Direction to provide necessary guidelines for the Regulated Entities to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services. The provisions of this Master Directions shall apply to the following Regulated Entities (REs):
a. Scheduled Commercial Banks (excluding Regional Rural Banks)
b. Small Finance Banks
c. Payments Banks
d. Credit card issuing NBFCs.

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Deletion of two Entries

Legal Category: Finance
Rule ACT: RBI (Master Direction - Know Your Customer Guidelines)
Update Type: Circular
Release Date: 22, Feb, 2021
Notification No: RBI/2020-21/101 DOR.AML.BC.No.42/14.06.001/2020-21
Description: Ministry of External Affairs (MEA) has forwarded the Press Release issued by the United Nations Security Council (UNSC) Committee regarding changes in the List of individuals and entities subject to the assets freeze, travel ban, and arms embargo set out in paragraph 1 of UNSC resolution 2368 (2017) and adopted under Chapter VII of the Charter of the United Nations. Note SC/14440 dated 19 February 2021 deleting two entries to list of individuals in UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List.
The UNSC press release concerning amendments to the list is available at URL: https://www.un.org/securitycouncil/sanctions/1267/press-releases

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Amendment of 92 Entries

Legal Category: Finance
Rule ACT: RBI (Master Direction - Know Your Customer Guidelines)
Update Type: Circular
Release Date: 24, Feb, 2021
Notification No: RBI/2020-21/103DOR.AML.BC.No.44/14.06.001/2020-21
Description: Ministry of External Affairs (MEA) has forwarded the Press Release issued by the United Nations Security Council (UNSC) Committee regarding the amendment of ninety-two entries of the List of Individuals and Entries.

Access/Usage of new URL for filing of Information and/or application on NEAPS

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Circular
Release Date: 19, Feb, 2021
Notification No: Ref No: NSE/CML/2021/07
Description: National Stock Exchange of India Limited has introduced an additional URL (https://neaps.nseindia.com/NEWLISTINGCORP/) to companies for making the submissions to NEAPS. It is to be noted that the URLs https://www.connect2nse.com/LISTING/ and https://neaps.nseindia.com/LISTING/ shall be discontinued w.e.f. February 24, 2021.

Clarification regarding payment of Agriculture Infrastructure and Development Cess (AIDC) by EOU under various situations and amendment to Circular no. 35/2016-Customs dated 29.07.2020 – regarding.

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Circular
Release Date: 22, Feb, 2021
Notification No: No. 07/2021-Customs
Description: Central Board of Indirect Taxes and Customs has decided EOU shall be required to pay Agriculture Infrastructure and Development Cess (AIDC) in the manner of payment of BCD against the goods imported.

Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs)-Reg.

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Circular
Release Date: 22, Feb, 2021
Notification No: No. 06/2021-Customs
Description: Central Board of Indirect Taxes and Customs has made the following changes in the Guidelines for setting up Inland Container Depots (ICDs), Container Freight Stations (CFSs), and Air Freight Stations (AFSs)-Reg.:
i. the Inter-Ministerial Committee(IMC) meeting will be held on a quarterly basis and
ii. comments/recommendations on the application for the setting of Inland Container Depots (ICDs)/Container Freight Stations (CFSs)/Air Freight Stations (AFSs) will be forwarded within stipulated time.

Exchange Rate of Conversion of Foreign Currencies

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Release Date: 18, Feb, 2021
Notification No: No.18/2021 - Customs (N.T.)
Description: Central Board of Indirect Taxes and Custom has determined the new exchange rate of conversion of each foreign currencies related to imported and exported goods in the suppression of the Notification No.14/2021-Customs(N.T.), dated 4th February, 2021.

Electronic Filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHS

Legal Category: Exchange Control
Rule ACT: Foreign Trade Policy
Update Type: Notice
Release Date: 23, Feb, 2021
Notification No: No. 43/2020-2021
Description: Directorate General of Foreign Trade has decided the electronic platform for Preferential Certificate of Origin(CoO) is being expanded further to add two (2) more
FTAs/PTAs to facilitate the electronic application of Preferential Certificates of Origin under the given Trade Agreements. The Preferential Certificate of Origin for exports to countries under the following trade agreements i.e.
i. India-Mercosur Preferential Trade Agreement
ii. India-Thailand Early Harvest Scheme
shall also be applied and issued from the CoO e-platform with effect from 25th February 2021.

Issuance of Certificate of Origins (Non-Preferential) (CoOs (NP)) through Common Digital Platform (CDP)

Legal Category: Exchange Control
Rule ACT: Foreign Trade Policy
Update Type: Notice
Release Date: 19, Feb, 2021
Notification No: No. 42/2020-21
Description: Directorate General of Foreign Trade has decided to introduce an online application for CoO(NP) w.e.f 01.04.2021(tentative date) wherein the online applications for CoO(NP) will be processed as per provisions of Para 2.108 of Handbook Procedure based on the declaration of the exporter to the issuing agency without any scrutiny of documents.

Introduction Of Online Maintainance Of Registers, Returns Under Various Labour Laws In Rajasthan

Legal Category: HR and Labour
Rule ACT: Shops and Establishments Act - Rajasthan
Update Type: Order
Release Date: 17, Feb, 2021
Notification No: No.F.8(1)E.O.D.B/IR/Labour/2020/4356
Description: The Government of Rajasthan has introduced the maintenance of "Online Registers and Returns" under the following labour laws applicable in Rajasthan:
1. The Beedi And Cigar Workers (Condition of Employment) Act, 1966
2. The Contract Labour (Regulation and Abolition) Act, 1970
3. The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
4. The Maternity Benefits Act, 1961
5. The Minimum Wages Act, 1948
6. The Employee Compensation Act, 1923
7. The Motor Transport Workers Act, 1961
8. The Payment of Wages Act, 1936
9. The Child Labour (Prohibition And Regulation) Act, 1986
10. The Rajasthan Shops And Commercial Establishments Acts,1958
11. Building And Other Construction Worker's(Regulation of Employment and Conditions of Service)Act, 1996
12. The Payment of Gratuity Act, 1972
13. The Equal Remuneration Act, 1976
14. The Payment of Bonus Act, 1965
15. The Industrial Employment (Standing Order) Act, 1946
16. The Industrial Disputes Act 1947
17. The Working Journalist and Other Newspaper Employees Act, 1955
18. Sales Promotion Employee(Condition Of Service)Act, 1976.

Karnataka Shops and Commercial Establishments (Second Amendment) Act, 2020

Legal Category: HR and Labour
Rule ACT: Shops and Establishments Act - Karnataka
Update Type: Amendment
Release Date: 19, Feb, 2021
Notification No: No 08 OF 2021
Description: The Government of Karnataka has issued "Karnataka Shops and Commercial Establishments (Second Amendment) Act, 2020" to further amend the Karnataka Shops and Commercial Establishments Act, 1961. As per the amendment, the total number of days of leave that may be carried forward towards a succeeding year is increased to forty-five days for all employees.

Companies (Specification of Definitions Details) Second Amendment Rules, 2021

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Amendment
Release Date: 19, Feb, 2021
Notification No: F. No. 1/13/2013-CL-V, Part I
Description: The Ministry of Corporate Affairs (MCA) has issued Companies (Specification of Definitions Details) Second Amendment Rules, 2021, to further amend the Companies (Specification of Definitions Details) Rules, 2014. A new Rule 2A (Companies not to be considered as listed companies) has been inserted after Rule 2.

EPFO Circular Regarding Member Profile Correction

Legal Category: HR and Labour
Rule ACT: EPF Act
Update Type: Letter
Release Date: 12, Feb, 2021
Notification No: No. WSU/KYC/Correction process(E-15189)/2874
Description: Employees' Provident Fund Organisation (EPFO) has notified a competent authority to approve member profile correction requests. Accordingly, "Minor and Major Corrections" are classified as below:
1. Minor corrections which include expansion of initials, insertion of father name as a middle name as per Aadhaar, and change in the surname of female employees after marriage. APFC/RPFC II approves the minor corrections
2. Major corrections are changes in the complete name, Father name, or correction in more than two fields, which require documentary evidence. RPFC I/ RPFC II (OIC) approves the major corrections.
Please refer to the notification for more details.

Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021

Legal Category: Finance
Rule ACT: RBI Act
Update Type: Master Direction
Release Date: 17, Feb, 2021
Notification No: RBI/2020-21/73 DOR.FIN.HFC.CC.No.120/03.10.136/2020-21
Description: The Reserve Bank of India has issued a Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 to enable the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Housing Finance Company (HFCs).

Draft Reserve Bank of India (Credit Derivatives) Directions, 2021

Legal Category: Finance
Rule ACT: RBI Act
Update Type: Press Release
Release Date: 16, Feb, 2021
Notification No: Release: 2020-2021/1111
Description: The Reserve Bank of India has issued Draft (Credit Derivatives) Directions, 2021 for comments from Banks, Market Participants, and Other Interested Parties by March 15, 2021.

Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)

Legal Category: Exchange Control
Rule ACT: Master Direction - Other Remittance Facilities
Update Type: Circular
Release Date: 16, Feb, 2021
Notification No: RBI/2020-21/99 A.P. (DIR Series) Circular No. 11
Description: The Reserve Bank of India has decided the AD Category I Banks may allow Resident Individuals to make remittances under Liberalised Remittance Scheme (LRS) to International Financial Services Centres (IFSCs) in India, subject to the following conditions:
i. The remittance shall be made only for making investments in IFSCs in securities, other than those issued by Entities/Companies Resident (outside IFSC) in India
ii. Resident Individuals may also open a non-interest bearing Foreign Currency Account (FCA) in IFSCs, for making the above permissible investments under LRS. Any funds lying idle in the account for a period up to 15 days from the date of its receipt into the account shall be immediately repatriated to the domestic INR account of the investor in India
iii. Resident Individuals shall not settle any domestic transactions with other residents through these FCAs held in IFSC.

Maharashtra State Tax on Professions, Trades, Callings and Employments (Second Amendment) Rules, 2021

Legal Category: Taxation
Rule ACT: Professional Tax Act - Maharashtra
Update Type: Notification
Release Date: 12, Feb, 2021
Notification No: No.PFT-1221/C.R.3/Taxation-3.
Description: The Finance Department of Maharashtra has issued the "Maharashtra State Tax on Professions, Trades, Callings and Employments (Second Amendment) Rules, 2021" to further amend the Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975. The following amendments have been made:
1. Rule 4A, which specifies the restricted liability to pay tax, a new proviso has bee inserted, namely:
Provided that, where an employer or a person is a Company specified under sub¬section (3A) of section 5 of the Act, apply for certificate of registration or enrolment, shall provide the Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) under the Income Tax Act, 1961 of all the directors and authorized signatory of the Company. However, where the director or the authorized signatory is a foreign national who does not have Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN), then he shall provide his Passport Number and he shall furnish the Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) to the registering authority as soon as he obtains it, along with the Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) of the Company
2. Rule 8, which specifies the payment of tax, has been omitted
3. Form I and Form II has been amended.
  • 26, Feb, 2021 Central Government Notifies Threshold for "Significant Social Media Intermediary"
  • 26, Feb, 2021 Extension of Facility for Conducting Meeting(s) of Unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual Means (OAVM)
  • 23, Feb, 2021 Amendments to Business Rules of NSDL
  • 25, Feb, 2021 Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021
  • 23, Feb, 2021 Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices
  • 23, Feb, 2021 CBIC has amended the notification which specifies the applicability of section 25 (6B) and (6C) of CGST Act
  • 17, Feb, 2021 Faceless Assessment (1st Assessment) Scheme 2021
  • 17, Feb, 2020 Securities and Exchange Board of India conducted Board Meeting
  • 18, Feb, 2021 Master Direction on Digital Payment Security Controls
  • 22, Feb, 2021 Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Deletion of two Entries
  • 24, Feb, 2021 Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Amendment of 92 Entries
  • 19, Feb, 2021 Access/Usage of new URL for filing of Information and/or application on NEAPS
  • 22, Feb, 2021 Clarification regarding payment of Agriculture Infrastructure and Development Cess (AIDC) by EOU under various situations and amendment to Circular no. 35/2016-Customs dated 29.07.2020 – regarding.
  • 22, Feb, 2021 Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs)-Reg.
  • 18, Feb, 2021 Exchange Rate of Conversion of Foreign Currencies
  • 23, Feb, 2021 Electronic Filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHS
  • 19, Feb, 2021 Issuance of Certificate of Origins (Non-Preferential) (CoOs (NP)) through Common Digital Platform (CDP)
  • 17, Feb, 2021 Introduction Of Online Maintainance Of Registers, Returns Under Various Labour Laws In Rajasthan
  • 19, Feb, 2021 Karnataka Shops and Commercial Establishments (Second Amendment) Act, 2020
  • 19, Feb, 2021 Companies (Specification of Definitions Details) Second Amendment Rules, 2021
  • 12, Feb, 2021 EPFO Circular Regarding Member Profile Correction
  • 17, Feb, 2021 Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021
  • 16, Feb, 2021 Draft Reserve Bank of India (Credit Derivatives) Directions, 2021
  • 16, Feb, 2021 Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)
  • 12, Feb, 2021 Maharashtra State Tax on Professions, Trades, Callings and Employments (Second Amendment) Rules, 2021
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