MINISTRY OF CORPORATE AFFAIRS
MCA extends date of submitting Form CSR-2 till June 30, 2022 vide Companies (Accounts) Third Amendment Rules, 2022
The Central Government notified Companies (Accounts) Third Amendment Rules, 2022 to further to amend the Companies (Accounts) Rules, 2014. The amendment extends the date for furnishing CSR Report in Form CSR-2 from May 31, 2022 to June 31, 2022
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Necessary security clearance from Ministry of Home Affairs, GoI required in case the person seeking appointment to act as Director shares land border with India
The Central Government has notified Companies (Appointment and Qualification of Directors) Amendment Rules, 2022 to amend the Companies (Appointment and Qualification of Directors) Rules, 2014. The amendment requires necessary security clearance from Ministry of Home Affairs, GoI in case the person seeking appointment to act as Director shares land border with India alongwith the consent.
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MCA notifies Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022
The Central Government has notified Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 and modify the norms relating to the Application for removal of name of company.
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Online Proficiency test mandated for databank registration vide Companies (Appointment and Qualification of Directors) 2nd Amendment, Rules, 2022
On 10th June, 2022, Ministry of Corporate Affairs (MCA) notified Companies (Appointment and Qualification of Directors) 2nd Amendment, Rules, 2022. These rules amend the Companies (Appointment and Qualification of Directors) Rules, 2014 with immediate effect. Individuals/ institute/ association, who require his name to be removed from the databank, will now have to pay “one thousand rupees” in place of “reasonable fee”.
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Period for aggrieved and service provider to submit information and records to the Board has been reduced to seven days vide IBBI (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022
The Insolvency and Bankruptcy Board of India Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017. The amendment modifies the period for the aggrieved and the service provider to submit the information and records from fifteen days to seven days.
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Provisions for document submissions to the Resolution Professional modified vide IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022
On 14th June, 2022, Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022. This regulation seeks to amend the procedure of recording evidences, and applications made to ‘resolution professional’ by the creditors.
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MCA introduces maximum penalty upto Rs. 5000 in case non-compliance of NFRA Rules, 2018 vide NFRA Amendment Rules, 2022
The Central Government notifies National Financial Reporting Authority Amendment Rules, 2022 to amend the National Financial Reporting Authority Rules, 2018. The Amendment introduces the penalty in case of non compliance of the provisions of the Rules.
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MINISTRY OF FINANCE
CBIC exempts deposits pertaining to all classes of persons and all categories of goods from the purview of Section 51A of Customs Act, 1962
The Central Board of Indirect Taxes and Customs has notified to exempt the deposits pertaining to all classes of persons and all categories of goods, from the provisions of Section 51A dealing with payment of duty, interest, penalty etc.
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Form and manner of filing appeal to the High Court on ruling pronounced or order passed by the Board for Advance Rulings introduced vide Income-tax (Sixteenth Amendment) Rules, 2022
The Central Board of Direct Taxes notified Income-tax (Sixteenth Amendment) Rules, 2022 in order to amend Income-tax Rules, 1962. The amendment introduces a Rule 44FA dealing with the form and manner of filing appeal to the High Court under section 245W (1) of the Income Tax Act, 1961 against a ruling pronounced or order passed by the Board for Advance Rulings by the assessee.
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Cost Inflation Index for Assessment Year 2023-24 updated
on 14th June, 2022, Central Board of Direct Taxes notified amendment in Notification S.O. 1790(E) of Income Tax Department, dated 5th June 2017. Effective from 1st April, 2023, this notification seeks to amend Cost Inflation Index (CII) for the Financial Year 2023-24.
With the insertion of serial number 22 in Table of the said Notification, the inflation rate has risen from 317 in the previous assessment year to ‘331′ for 2022-23.
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CBDT notifies exemption of TDS on rent of ‘aircraft’ leased out by IFSC units on certain conditions
On 16th June, 2022, the Central Board of Direct Taxes (CBDT) has exempted TDS on lease rentals under Section 194-I of Income Tax Act, 1961 paid to Aircraft Leasing Units vide notification no. 65/2022/F. No. 275/30/2019-IT(B). This will come into force on July 1, 2022.
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Time period for levy of compensation cess extended till March 31, 2026 vide GST (Period of Levy and Collection of Cess) Rules, 2022
On June 24, 2022, the Ministry of Finance has notified Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, through which it has extended the time period for levy of compensation cess up to 31st March 2026.
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CBDT inserts new TDS forms 16E and 26QE under Income Tax Rules, 1962
The Central Board of Direct Taxes has notified the Income Tax (19th Amendment Rules) 2022 in order to amend Income Tax Rules, 1962. Form No. 16E which deals with TDS Certificate issued by a Payer for payment of a commission, brokerage, contractual fee has been amended and new insertions have been made that will come into effect from 1st of July, 2022.
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Single jurisdiction single membership rule applied to Customs Brokers vide Customs Brokers Licensing (Amendment) Regulations, 2022
On 24th June, 2022, Central Board of Indirect Taxes and Customs (CBIC) notified Customs Brokers Licensing (Amendment) Regulations, 2022. The amendment revises the provisions of Customs Brokers Licensing Regulations, 2018, being effective from its publication. Any agent or broker who intends to make any business transactions on behalf of his exporter/importer under Customs Station has to be an authorised licenced broker.
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MINISTRY OF HEALTH AND FAMILY WELFARE
MoHFW notifies Assisted Reproductive Technology (Regulation) Rules, 2022
The Central Government has notified the Assisted Reproductive Technology (Regulation) Rules, 2022 in order to regulate the functioning of Assisted Reproductive Technology (ART) clinics and banks. ART banks shall be responsible for screening, collection and registration of the semen donor and cryopreservation of sperms; performing screening and registration of oocyte donor; operating as semen banks or oocyte banks or both; and maintaining the records or data of all the donors and shall regularly update the National Registry.
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FSSAI directs e-commerce food business operators for display of nutritional information on their website
On June 14, 2022, the Food Safety and Standards Authority of India has directed the E-commerce Food Business Operators to get the requisite nutritional information from the respective food business operators and display the same on their website wherever applicable.
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MINISTRY OF POWER
Electricity (Late Payment Surcharge and Related Matters) Rules, 2022
The Central Government in exercise of powers conferred Section 176(1) of the Electricity Act, 2003 and in supersession of the Electricity (Late Payment Surcharge) Rules, 2021 has notified Electricity (Late Payment Surcharge and Related Matters) Rules, 2022. Late Payment Surcharge shall be payable on the payment outstanding after the due date at the base rate of Late Payment Surcharge applicable for the period for the first month of default.
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Ministry of Power notifies Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022
The Central Government notifies Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022 for purchase and consumption of green energy including the energy from Waste-to-Energy plants. This rule shall be applicable for generation, purchase and consumption of green energy including the energy from Waste-to-Energy plant.
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MINISTRY OF HOME AFFAIRS
Centre revises Cadre strength and Pay Scale of IPS officers in Madhya Pradesh
On 24th June, 2022, Central Government notified Indian Police Service (Fixation of cadre Strength) Fifth Amendment Regulations, 2022 and Indian Police Service (Pay) Fifth (Amendment) Rules, 2022. With aim to amend the list of Cadre Strength and the Pay scale of IPS officers of Madhya Pradesh, Department of Personnel and Training (DoPT) with consultation of Government of Madhya Pradesh amends the Schedule of Indian Police Service (Fixation of Cadre Strength) Regulations, 1955 and Schedule II of Indian Police Service (Pay) Rules, 2016.
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MINISTRY OF PORTS, SHIPPING AND WATERWAYS
Marine Aids to Navigation (Duties of Director General) Rules, 2022
The Central Government has notified Marine Aids to Navigation (Duties of Director General) Rules, 2022 in order to provide duties and functions of the Director General.
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MINISTRY OF LAW AND JUSTICE
Remuneration and perquisites decided for members of New Delhi Arbitration Centre vide New Delhi International Arbitration Centre (Terms and Conditions and the Salary and allowances payable to Chairperson and Full-time Members) Rules, 2022
On 11th June, 2022, Central Government passed New Delhi International Arbitration Centre (Terms and Conditions and the Salary and allowances payable to Chairperson and Full-time Members) Rules, 2022. Coming into force with immediate effect these rules are made under Section 30 of New Delhi International Arbitration Centre Act, 2019 (Act). In the Centre, any retired Judge of Supreme Court or High Court is made the Chairperson. Whereas, two eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international, are appointed as Full-time Members.
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Centre establishes New Delhi International Arbitration Centre w.e.f. June 13, 2022
The Central Government has notified for the establishment of the New Delhi International Arbitration Centre having its head office at New Delhi with effect from June 13, 2022.
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Presidential Elections | Nominations Process and Poll dates announced
On 15th June, 2022, Election Commission notified “Public Notice of Election to the Office of President of India”. Notice for nominations for the contesting participants has been circulated by the Election Commission for appointing the dates of ‘Nomination’ of the candidates as per Section 4(1) of Presidential and Vice-Presidential Elections Act, 1952.
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Centre notifies linking of Aadhaar with electoral roll vide Registration of Electors (Amendment) Rules, 2022
The Central Government, after consulting the Election Commission of India has notified Registration of Electors (Amendment) Rules, 2022 to amend the Registration of Electors Rules, 1960. The rule provides that the list of amendments prepared with reference to the qualifying dates shall be merged and integrated with the last finally published roll and published as draft roll, before every election and bye-election.
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New Delhi International Arbitration Centre (Form of Annual Statement of Accounts) Rules, 2022
The Central Government has notified the New Delhi International Arbitration Centre (Form of Annual Statement of Accounts) Rules, 2022 relating to the annual statement of accounts, including the balance sheet of the Centre.
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Surrogacy (Regulation) Rules, 2022
The Central Government has notified Surrogacy (Regulation) Rules, 2022 which provides Form and manner for registration and fee for a surrogacy clinic and the requirement, and qualification for persons employed, at a registered surrogacy clinic.
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MINISTRY OF MINES
Reimbursement of Exploration Expenditure Rules, 2022
The Central Government notified the Reimbursement of Exploration Expenditure Rules, 2022 in order to prescribe the manner for reimbursement of expenditure incurred towards reconnaisance or prospecting operations. These rules shall be applicable only to such concession holders or applicants who had acquired a right for obtaining a prospecting licence followed by a mining lease or a mining lease, as the case may be, under section 10A (2) (b) of the Act and whose said right has lapsed on the date of lapse.
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MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE
On 28-06-2022, Central Government notified new rules namely, “Forest (Conservation) Rules, 2022” to further carry out the protection and preservation of forests in India under Forest Conservation Act, 1980 (Act). These rules supersede the Forest Conservations Rules, 2003 and come into immediate effect.
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MINISTRY OF CONSUMER AFFAIRS, FOOD & PUBLIC DISTRIBUTION
Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022
The Central Consumer Protection Authority has issued Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022 to provide for the prevention of false or misleading advertisements and making endorsements. They are applicable to all advertisements regardless of form, format or medium; a manufacturer, service provider or trader whose goods, product or service is the subject of an advertisement, or to an advertising agency or endorser whose service is availed for the advertisement of such goods, product or service.
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STATE LEGISLATIONS
Government of Haryana notifies conditions for employing women during night shifts under Punjab Shop and Commercial Establishment Act, 1958
On June 07, 2022, the State Government of Haryana has notified certain conditions for employing women during nights shifts in IT, ITEs , Banking establishments, three star or above hotel, logistics and warehousing establishments.
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Uttar Pradesh | Women employee cannot be bound to work in night shifts
The Governor of Uttar Pradesh notified elaborate rules explaining conditions to restrict working of ‘women employee’ between 7:00 pm and 6:00 am. The order by state government to ensure working conditions was notified vide Notification no. 647/XXXVI-3-2022-17(sa)/2022 dated 27-05-2022.
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Commissioner of Transport may waive off/reduce the parking/custody charges by general or specific order for certain categories of vehicles
The Lt. Governor of National Capital Territory of Delhi has notified Delhi Maintenance and Management of Parking Places (First Amendment) Rules, 2022 which provides provides power to the Commissioner of Transport to waive off/reduce the parking/custody charges by general or specific order for certain categories of vehicles.
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SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI notifies procedure for seeking prior approval for change in control of Portfolio Managers
On June 02, 2022, the Securities and Exchange Board of India (SEBI) has issued a circular on Procedure for seeking prior approval for change in control of Portfolio Managers by amending Circular No. SEBI/HO/IMD/IMDI/ DOF1/P/CIR/2021/564 dated May 12, 2021 and to further streamline the process of providing approval to the proposed change in control of a Portfolio Manager.
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SEBI extends facility for conducting annual meeting and other meetings of unitholders of REITs and InvITs through VC or through other audio-visual means
SEBI vide circular dated October 08, 2020 permitted REITs/InvITs to conduct annual meetings and other meetings of unitholders through VC or OAVM up to December 31, 2020. On June 03, 2022, SEBI has decided to further extend the facility to conduct annual meetings of unitholders.
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SEBI modifies Cyber Security and Cyber resilience framework for Stock Brokers / Depository Participants
On June 07, 2022, the Securities Exchange Board of India (SEBI) on June 07, 2022 has issued a circular on modification in Cyber Security and Cyber resilience framework for Stock Brokers / Depository Participants by making amendment in Circular SEBI/HO/MIRSD/CIR/PB/2018/147 dated December 03, 2018. Stock Brokers / Depository Participants are mandated to conduct comprehensive cyber audit at least once in a financial year.
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SEBI modifies operational guidelines for Foreign Portfolio Investors and Designated depository participants
On June 21, 2022, SEBI has modified operational guidelines for Foreign Portfolio Investors and Designated depository participants and Eligible Foreign Investors to which the payment is to be done electronically. This shall come into force on June 24, 2022. which specifies Bank account details for remittance of various payment of various SEBI fees in US $.
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SEBI issues circular for naming / tagging of demat accounts by June 30, 2022
On June 20, 2022, the Securities and Exchange Board of India has issued a circular requiring all stock brokers to name and tag demat accounts of clients by June 30, 2022. Stock Broker shall obtain permission from Stock Exchanges to allow tagging of such demat accounts from August 01, 2022 onwards. Stock Exchange shall grant such approval within two working days after imposing penalty as per their internal policy.
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SEBI issues circular on Adjustment in derivative contracts for dividend announcements to review the framework
On 28-06-2022, Securities and Exchange Board of India (‘SEBI’) issued a circular in order to protect the interest of the investors in securities and to promote development of and to regulate the securities market.
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RESERVE BANK OF INDIA
RBI issues Master Direction — RBI (Variation Margin) Directions, 2022
The Reserve Bank of India has issued the Master Direction — Reserve Bank of India (Variation Margin) Directions, 2022. These Directions shall come into force with effect from December 01, 2022. A Domestic Covered Entity shall exchange Variation Margin with a counter-party to an NCCD transaction if the counterparty is a Domestic Covered Entity or a Foreign Covered Entity.
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