01 - Legal & Regulation Updates - India
RBI - Master Direction - Lending to Micro, Small & Medium
Enterprises (MSME) Sector
The Reserve Bank of India (‘RBI’) has issued Master Directions
relating to lending to Micro, Small & Medium Enterprises Sector.
These Directions are applicable to all Scheduled Commercial banks
{excluding Regional Rural Banks (RRBs)} licensed to operate in India by the
Reserve Bank of India.
SEBI - Operationalisation of Central Know Your Client Records
Registry for individual account
The Securities and Exchange Board of India (“SEBI”) vide a Circular
dated July 21, 2016 has intimated registered intermediaries that the Central
Registry of Securitization and Asset Reconstruction and Security interest of
India (“CERSAI”), authorized by the Government of India to act as, and to
perform the functions of, the Central Know Your Client Records Registry
(“CKYCR”) such as receiving, storing, safeguarding and retrieving the Know your
Client (“KYC”) records in digital form, has started live run of CKYCR from July
15, 2016 in a phased manner beginning with new “individual accounts.”
RBI - Master Direction on Levy of Penal Interest for Delayed
Reporting/Wrong Reporting/Non-Reporting of Currency Chest Transactions
The Reserve Bank of India (‘RBI’) has issued Master Directions on Levy
of Penal Interest for Delayed Reporting/Wrong Reporting/Non-Reporting of
Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency
Chest Balances in order to ensure discipline among the banks on timely and
accurate reporting of currency chest transactions.
Regarding availability of tablets Glimestar PM1 & PM2
The Ministry of Chemicals & Fertilizers Department of
Pharmaceuticals(pricing division) via Office memorandum dated July 21, 2016
regarding availability of tablets Glimestar PM1 & PM2.
National Pharmaceutical Pricing Authority has displayed draft
version of Proposed Price Calculation Sheets for 2 proposed revised/notified
ceiling price/retail price
Via Office Memorandum dated July 21, 2016 NPPA has released the draft
version of proposed price calculation sheets for 2 proposed revised/notified
ceiling price/retail price on the website of NPPA. Draft of 2 calculation
sheets based on Pharma Trac data are uploaded on the website.
RBI - Master Circular –Scheme of Penalties for bank branches based
on performance in rendering customer service to the members of public
The Reserve Bank of India (‘RBI’) has issued a Master Circular
formulating a scheme for Penalties for bank branches including currency chests
in order to ensure that all bank branches provide better customer service to
members of public with regard to exchange of notes and coins, in keeping with
the objectives of Clean Note Policy.
MCA: National Company Law Tribunal Rules, 2016 & National
Company Law Appellate Tribunal Rules, 2016
The Ministry of Corporate Affairs (“MCA”) has through notifications
dated July 21, 2016, notified the National Company Law Tribunal Rules, 2016
& National Company Law Appellate Tribunal Rules, 2016.
RBI - Master Direction on Currency Distribution & Exchange
Scheme (CDES) based on performance in rendering customer service to the members
of public
The Reserve Bank of India (‘RBI’) has issued Master Directions on
Currency Distribution & Exchange Scheme (CDES) based on performance in
rendering customer service to the members of public in order to ensure better
service by banks to the public.
DeitY- The Information Technology (Preservation and Retention of
Information by Intermediaries Providing Digital Locker Facilities) Rules, 2016
Department of Electronics and Information Technology vide notification
dated July 21, 2016 has made new rules for the preservation and retention of
information by intermediaries providing Digital Locker Facilities under
Information Technology Act, 2000.
RBI - Master Circular – Detection and Impounding of Counterfeit
Notes
The Reserve Bank of India (‘RBI’) has issued a Master Circular
consolidating the instructions issued till Sept. 28, 2015, relating to
Detection and Impounding of Counterfeit Notes. The Master Circular lays down
provisions pertaining to, inter alia, detection and impounding of counterfeit
notes, preservation of notes, Establishment of Forged Notes Vigilance Cell,
etc.
MCA - Applicability of provisions of Section 381 of Companies Act,
2013 to all Foreign Airline Companies
The Ministry of Corporate Affairs (“MCA”) vide its notification has
made applicable, the provisions pertaining to Accounts of foreign Company which
requires every foreign Company to prepare Balance Sheet and Profit & Loss
Account in the prescribed manner, to all foreign airline Companies, subject to
such Company submitting the following documents to the Registrar of Company
(“ROC”) in respect of period ending on or after 31st March 2016.
SEBI – FAQs on Electronic book mechanism for issuance of debt
securities on private placement basis
The Securities and Exchange Board of India (“SEBI”), has issued FAQs
with a view to guide market participants on Electronic book mechanism for
issuance of debt securities on private placement basis.
MCA - Companies (Share Capital and Debentures) Third Amendment
Rules, 2016
The Ministry of Corporate Affairs (“MCA”) has through a notification
dated July 19, 2016, amended Companies (Share Capital and Debentures) Rules,
2014.
SEBI - Consultation paper for amendments to the SEBI (Real Estate
Investment Trusts) Regulations, 2014
The Securities Exchange Board of India (“SEBI”) has issued a
consultation paper proposing amendment / clarifications to the SEBI (Real
Estate Investment Trusts) Regulations, 2014 (“REIT”).
Online application for Import/Export of Hazardous waste to be made
mandatory from October 2016
The Ministry of Environment, Forest and Climate Change has issued a
notification stating that the online application for Import/Export of Hazardous
waste to be made mandatory from October 2016.
National Pharmaceutical Pricing Authority has displayed draft
version of Proposed Price Calculation Sheets for 35 proposed revised/notified
ceiling price/retail price
Via Office Memorandum dated July 13, 2016 NPPA has displayed the draft
version of proposed price calculation sheets for 35 proposed revised/notified
ceiling price/retail price on the website of NPPA. Draft 35 calculation sheets
based on Pharma Trac data are uploaded on the website.
RBI - Master Direction- Reserve Bank of India (Regional Rural
Banks-Priority Sector Lending –Targets and Classification) Directions, 2016
The Reserve Bank of India (RBI) has issued a master direction
applicable to every Regional Rural Bank (RRB) licensed to operate in India by
the Reserve Bank of India.
National Pharmaceutical Pricing Authority has issued Price fixation
of Ringer lactate
Via Office Memorandum dated July 12, 2016 NPPA has issued price
fixation of Ringer lactate.
RBI - Discontinuation of Reporting of Bank Guarantee on behalf of
service importers
The Reserve Bank of India (RBI) has issued a circular advising the AD
Category – I banks to discontinue the submission of reports pertaining to
details about invocation of bank guarantee for service imports.
Central Electricity Regulatory Commission (Open Access in
inter-State Transmission) (Fourth Amendment) Regulations, 2016
The Central Electricity Regulatory Commission via notification dated
June, 22nd 2016 has issued the Central Electricity Regulatory Commission (Open
Access in inter-State Transmission) (Fourth Amendment) Regulations, 2016
amending the Central Electricity Regulatory Commission (Open Access in
inter-State Transmission)Regulations, 2008.
RBI - Revision of interest rates for Small Savings Schemes
The Reserve Bank of India (RBI) has issued a circular advising the
revised rate of interest on various small savings schemes for the second
quarter of the financial year 2016-17.
SEBI - Foreign Portfolio Investors (Amendment) Regulations, 2016
The Securities and Exchange Board of India (“SEBI”) has issued a
notification making an amendment in Regulation 22(2) of Foreign Portfolio
Investors (“FPI”) Regulations, 2014.
RBI - Long Term (Subordinated) Deposits (LTDs) – Review of
guidelines
The Reserve Bank of India (RBI) has issued a circular to provide
certain relaxations in raising and redemption of LTDs by co-operative banks and
prescribe certain disclosure requirements.
SEBI (Listing Obligations And Disclosure Requirements) (Second
Amendment) Regulations, 2016
The Securities and Exchange Board of India (“SEBI”), has amended the
SEBI (Listing Obligations And Disclosure Requirements) (“LODR”) Regulations
2015, w.e.f July 8, 2016 i.e. date of publication in the Official Gazette.
RBI - Master Direction - Priority Sector Lending – Targets and
Classification
The Reserve Bank of India (RBI) has issued a master direction
applicable to Scheduled commercial banks in regard to Priority Sector Lending.
AERB shuts down operation of some of the Medical diagnostic X-Ray facilities
at Jammu owing to non-compliances
The Atomic Energy Regulatory Board has via press release dated July, 5
2016 has published that AERB has suspended the operation of some of the medical
diagnostic facilities at Jammu which were not complying with the specified
regulatory and radiation safety requirements.
RBI - Master Direction on Money Market Instruments: Call/Notice
Money Market, Commercial Paper, Certificates of Deposit and Non-Convertible
Debentures (original maturity up to one year)
The Reserve Bank of India (RBI) has issued a master direction
applicable to all eligible market participants in regard to call/notice money
market, Commercial Paper (CP), Certificates of Deposit (CD) and Non-Convertible
Debentures (NCDs) of original or initial maturity up to one year.
MCA - Amendment to e-form AOC-4 for filing the Annual Financial
Statements
The Ministry of Corporate Affairs (“MCA”) has declared that e-form
AOC-4 which is for filing the Annual Financial Statements is likely to be
amended.
Delhi VAT- Delhi Value Added Tax (Amendment) Act, 2016.
Department of Trade and Taxes, New Delhi vide notification has amended
Delhi Value Added Tax Act, 2004.
Uttarakhand Vat- Extension of date of filing of annual returns for
assessment year 2014-2015
Governor of Uttarakhand through notification has declared that the
annual returns for the assessment year 2014-15 may be filed upto July 31, 2016
without any late fees, provided that the payment of tax/composition money or
TDS shall be made within the time prescribed in rule 11 of Uttarakhand Value
Added Tax Rules,2005.
Tamil Nadu VAT- Important instructions to Dealers regarding
e-filing and Change of return filing from Annual to Monthly
Department of Commercial taxes, Tamil Nadu has issued important
instructions for dealers regarding e-filing and Change of return filing from
Annual to Monthly.
CBDT - Income Tax (18th Amendment) Rules, 2016
The Central Board of Direct Taxes (CBDT) has issued a notification
amending the Income Tax rules.
Amendments to Reserve Bank of India Act, 1934 comes into effect
The government of India, vide this notification has notified June 27
to be the date on which the amendments to Reserve Bank of India Act, 1934 (RBI
Act), brought about by the Finance Act, 2016 shall come into effect
SEBI – FAQs on SEBI (Foreign Portfolio Investors) Regulations, 2014
The Securities and Exchange Board of India (“SEBI”), has issued 164
FAQs on June 30, 2016 clarifying certain aspects with regard to SEBI (Foreign
Portfolio Investors) Regulations, 2014.
Plant Quarantine (Regulation of Import into India) (Fifth
Amendment) Order, 2016
The Ministry of Agriculture and Farmers Welfare through a notification
dated 29th June 2016, has published Plant Quarantine (Regulation of Import into
India) (Fifth Amendment) Order, 2016 amending Plant Quarantine (Regulation of
Import into India) Order, 2003.
IRDA - Obligations of Insurers to Rural and Social Sectors Formats
for submission of Annual Certificates
The Insurance Regulatory and Development Authority of India (IRDA) has
issued a circular specifying the formats for submission of Annual Certificates
to be furnished by the Life Insurers, General and Health Insurers as required
under the IRDAI (Obligations of Insurers to Rural and Social Sectors)
Regulations, 2015.
RBI - Master Directions on Frauds – Classification and Reporting by
commercial banks and select FIs
The Reserve Bank of India (RBI) has issued Master directions with a
view to providing a framework to banks enabling them to detect and report
frauds early and taking timely consequent actions like reporting to the
Investigative agencies so that fraudsters are brought to book early, examining
staff accountability and do effective fraud risk management.
CBDT - Income Tax (19th Amendment) Rules, 2016
The Central Board of Direct Taxes (CBDT) has issued a notification
amending the Income Tax rules.
RBI - Performance Audit of Crop Insurance Schemes
The Reserve Bank of India (RBI) has issued a Circular advising banks
to facilitate access to their records pertaining to crop insurance schemes to
the audit teams deputed by the Offices of the Principal Accountant
General/Accountant General (Audit) in the respective States.
PIB – Cabinet considers Model Shops and Establishments (Regulation
of Employment and Conditions of Service) Bill, 2016
The Union Cabinet has considered the Model Shops and Establishment
(Regulation of Employment and Conditions of Service) Bill, 2016. This Bill was
finalized after detailed deliberations and discussions with public through
internet and with employees/labour representatives, employers’
associations/federations and State Governments through tripartite consultative
process.
RBI - Settlement System under Asian Clearing Union (ACU)
The Reserve Bank of India (RBI) has issued a Circular to temporarily
suspend operations in ‘ACU Euro’ with effect from July 01, 2016.
IRDA - Guidelines on Point of Sales Person - Govt. approved Crop
lnsurance Scheme
The Insurance Regulatory and Development Authority of India (IRDA) has
issued a circular addressed to the CEO’s of Non-life Insurance companies
stating that the Authority has included certain Government sponsored crop
insurance Schemes that can be solicited and procured through Point of Sales
Persons of non-life insurers.
SEBI - Revised formats for financial results and implementation of
Indian Accounting Standards (“Ind-AS”) by Listed entities
The Securities and Exchange Board of India has issued a circular
regarding revised formats for the financial results, implementation of Ind-AS
during the first year and clarifications on issues with regard to Ind-AS
implementation in consultation with listed entities, stock exchanges and the
members of the Institute of Chartered Accountants of India.
RBI - Guidelines for relief measures by banks in areas affected by
natural calamities-utilisation of insurance proceeds
The Reserve Bank of India (RBI) has issued Circular advising banks to
act with empathy and consider restructuring and granting fresh loans without
waiting for the receipt of the insurance claims, in cases where there is
reasonable certainty of receipt of the claim to farmers in areas affected by
natural calamities.
MCA: Companies (Appointment and Remuneration of Managerial
Personnel) Amendment Rules, 2016
The Ministry of Corporate Affairs has issued a notification making
amendments in the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
The Delhi Electricity Supply Code and Performance Standards (Fourth
Amendment) Regulations, 2016
The Delhi Electricity Regulatory Commission, has issued a notification
to amend the “Delhi Electricity Supply Code and Performance Standards
Regulations, 2007.
Implementation of State Labour Inspection policy-Himachal Pradesh
The Government of
Himachal Pradesh, Inspectorate of Factories has issued office order dated June
24, 2016 in order to implement the State Labour inspection policy.https://innovatorsrace50.com/
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