17 - Legal & Regulation Updates - India
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SEBI: Review of Financial close out and Auction framework for
corporate bonds traded on the stock exchanges platform
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SEBI
has issued a Circular dated February 10, 2017 which is in furtherance of the
previous circulars dated January 24, 2013, and September 12, 2013, pertaining
to guidelines for debt segment as well as corporate bonds listed on the stock
exchange for trading, clearing and settlement of debt securities.
Accordingly, the following changes are introduced through partial
modification of the previous circulars:
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SEBI Board Meeting
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The
SEBI Board met in New Delhi on February 11, 2017 and took following decisions:
SEBI Budget for Financial Year 2017-2018:
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RBI: Draft Directions: Reserve Bank Commercial Paper Directions, 2017
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RBI
has published draft of the Reserve Bank Commercial Paper Directions, 2017.
The objectives of the proposed directions are as follows:
Enable Banks to regulate the credit and financial systems |
The Specified Bank Notes (Cessation Of Liabilities) Bill, 2017
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The
Lok Sabha passed the Specified Bank Notes (Cessation of Liabilities) Bill,
2017. The pertinent features of the bill are as follows:
The Bill makes the holding, transferring or receiving demonetised Rs 500 and Rs 1,000 ( ‘Specified Bank Notes’) currency notes a criminal offence and ends the liability of the Reserve Bank of India with respect to the Specified Notes. |
IBBI Draft (Voluntary Liquidation) Regulations, 2017
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The
IBBI has through notification dated February 14, 2017, published draft
Regulations for voluntary liquidation. The draft regulations have been
divided into the following Chapters containing details as follows:
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CBDT: Income Tax (2nd Amendment) Rules, 2017
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Rule
114(1) and Rule 114A(1) of the Income Tax Rules enumerate the procedure for
making an application for allotment of PAN (“Permanent Account Number”) and
Tax Deduction and Collection Account Number respectively. Provisos have been
incorporated in Rule 114(1) and Rule 114A(1) which provide that an
application for allotment of PAN and Tax Deduction and Collection Account
Number can also be made through a common application form notified by the
Central Government in the Official Gazette.
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Food Safety and Standards (Approval for Non-Specified Food and Food
Ingredients) Regulations, 2017
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Proposed
Changes:
The term Approval has now been defined in Regulation 2(b) as permission to manufacture, distribute, sell or import any article of food or food ingredients, intended directly or indirectly for human consumption that has not been permitted under any other regulation made under the Act. |
The Payment of Wages (Amendment) Bill, 2017
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Section
6 of The Payment of Wages Act, 1936 will be replaced. As per the amendment
the payment of wages will be required to be paid in coins or currency notes
existing and valid in law or by cheque or by crediting the wages in the bank
account of the employee.
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PIB- Rationalization of Labour Laws
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Through
its report in 2002, the Second National Commission on Labour had recommended
that the existing Labour laws in the country were required to be broadly
grouped into four or five Labour Codes on functional basis.
The Ministry of Labour and Employment has taken steps for drafting four Labour Codes with respect to Wages, Industrial Relations, Social Security & Welfare and Safety and Working Conditions. This has been done by simplifying, amalgamating and rationalizing the relevant provisions of the existing Central Labour Laws. |
PIB-Expansion of EPF Ambit
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The
Ministry of Labour and Employment has launched the Employees Enrolment
Campaign for the period between 01.01.2017 to 31.03.2017 to bring in more
employees from public and private sector into the ambit of Employees
Provident Fund Organization (EPFO).
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Insecticides (Amendment) Rules, 2017
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The
key changes are:
Insecticides imported through rail- In the previous rule the insecticides were imported in India only at i.Ferozepore Cantonment and Amritsar railway stations across the frontier with West Pakistan, ii. Ranaghat, Bongaon and Mahiassan railway stations across the frontier with the East Pakistan. As per the new amendment the insecticides are to be imported through rail at (i) Ferozepore Cantonment and Amritsar railway stations across the frontier with Pakistan, (ii) Ranaghat, Bongaon and Mahiassan railway stations the frontier with Bangladesh. |
NPPA- Revised guidelines for representation- display of draft version
of proposed price Calculation sheets for proposed revised/notified ceiling
price/retail price on NPPA''s website
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National
Pharmaceutical Pricing Authority- Revised guidelines for representation and
display of draft version of proposed price Calculation sheets for proposed
revised/notified ceiling price/retail price on NPPA''s website.
Central Motor Vehicles (Second Amendment) rules, 2017 Employer has to now ensure that the motor vehicles under the category M1 and M2 are fitted with anti-lock braking system on or after 1st April 2018 in case of new models and on or after 1st April 2019 in case of all models. |
IRDAI: Exposure Draft on IRDAI (Appointed Actuary) Regulations, 2017
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IRDAI
has issued exposure draft of IRDAI (Appointed Actuary) Regulations, 2017. The
exposure draft seeks to amend IRDA (Appointed Actuary), Regulations, 2000.
The key changes introduced are related to appointment of actuary and their
duties and functions. Further, comments and suggestions on the draft are
invited before 28/2/2017.
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IRDAI: Exposure Draft IRDAI (Relaxations under Appointed Actuary
Regulations 2017 and appointment of Mentors) Guidelines, 2017
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IRDAI has issued exposure draft IRDAI (Relaxations under Appointed
Actuary Regulations 2017 and appointment of Mentors) Guidelines, 2017. The
exposure draft seeks to amend the guidelines dated March 22, 2016 issued with
respect to Appointment of Appointed Actuaries and their Mentors.
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