Sunday, August 28, 2016

05 - Legal & Regulation Updates - India

 Compliance Watcher

CBDT- Income Declaration Scheme (Third Amendment) Rules, 2016
The Central Board of Direct Taxes (CBDT) vide notification dated August 17, 2016 has further amended Income Declaration Scheme Rules, 2016.

SEBI: FAQs on SEBI (Alternative Investment Funds) Regulations, 2012
The Securities and Exchange Board of India (“SEBI”), has issued FAQs on August 18, 2016 with a view to guide market participants on Alternative Investment Funds.

CBDT - Clarifications on the Income Declaration Scheme, 2016
The Central Board of Direct Taxes (CBDT) vide circular dated August 18, 2016 has issued a clarification on the Income Declaration Scheme, 2016.

IRDA – IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2016
The Insurance Regulatory and Development Authority of India (IRDA) vide circular dated August 18, 2016 has proposed to issue new regulations on Outsourcing of Activities by Insurers. Accordingly, a draft on IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2016 is herewith issued seeking comments of all stakeholders.

National Pharmaceutical Pricing Authority (NPPA) - draft version of Proposed Price Calculation Sheets
Via Office Memorandum dated August 24, 2016 NPPA has released the draft version of proposed price calculation sheets for 3 proposed revised/notified ceiling price/retail price on the website of NPPA. Draft of 3 calculation sheets based on Pharma Trac data are uploaded on the website.

IRDA – Insurance Regulatory and Development Authority of India (Investment) Regulation, 2016
The Insurance Regulatory and Development Authority of India (IRDA) vide notification dated August 24, 2016 has decided to bring new regulation IRDAI (Investment) Regulation, 2016 effective from March 31, 2017. Thus insurers shall report to IRDAI (Investment) Regulation, 2016 in the regulatory periodical submission from quarter ending March 31, 2017.

RBI - Master Direction - Standalone Primary Dealers (Reserve Bank) Directions, 2016
The Reserve Bank of India (‘RBI’) has issued Master Directions applicable to all Standalone Primary Dealers (SPDs) registered as non-banking financial company with the Bank.

Draft - Ease of Compliance (e-Compliance) to maintain electronic registers envisaged in various Labour Laws
The Ministry of Labour and Employment, through a notification dated August 17, 2016 has invited comments/ suggestions for the draft - Ease of Compliance (e-Compliance) to maintain electronic registers envisaged in various Labour Laws.

Drugs and Cosmetics (9th Amendment) Rules, 2016
The Ministry of Health and Family welfare via notification dated August, 23rd 2016 has issued the draft rules of Drugs and Cosmetics (9th Amendment) Rules, 2016 to amend the Drugs and Cosmetics Rules, 1945.
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