Latest Legal Updates

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Sep 09, 2019

The State Government of Kerala on September 07, 2019, has declared a public holiday on September 23, 2019 (Monday) on the day of Bye-election. However, State Government of Kerala declares September 23, 2019 as a paid holiday for all employees working in all Private Enterprises, Private Industrial Centers and other Private Institutions which coming under the purview of the Kerala Shops and Commercial Establishment Act, 1960. Further, State Government of Kerala instructed that no deduction or abatement of the wages of any persons shall be made on account of a holiday having been granted in accordance with law. The benefit of paid holiday will be available to employees including casual workers who are ordinarily resident of the Constituency where poll is taking place, and registered as an elector in that constituency but serving/ employed in an industrial undertaking or an establishment located outside the constituency where he or she is resident. [Order No. EN (2) 13882/2019]

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Sep 09, 2019

The Central Board of Direct Taxes on August 30, 2019, has clarified on applicability of Tax Deduction at Source (TDS) on cash withdrawals. However, a new section 194N has been inserted in the Income-tax Act, 1961, to provide for levy of TDS @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient and this section will come into effect from September 01, 2019. But certain queries were received from the general public on the applicability of this section on withdrawal of cash from April 01, 2019 to August 31, 2019. Therefore, CBDT clarifies that section 194N inserted in the Act, will come into effect from September 01, 2019. Hence, any cash withdrawal prior to September 01, 2019 will not be subjected to the TDS under section 194N of the Act. Therefore, if a person has already withdrawn Rs. 1 crore or more in cash upto August 31, 2019 from one or more accounts maintained with a banking company or a cooperative bank or a post office, the two per cent TDS shall apply on all subsequent cash withdrawals.

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Foreign Contribution (Regulation) (Second Amendment) Rules, 2019

Sep 17, 2019

The Ministry of Home Affairs on September 16, 2019, has published the Foreign Contribution (Regulation) (Second Amendment) Rules, 2019 to further amend the Foreign Contribution (Regulation) Rules, 2011. The following amendments in the Foreign Contribution (Regulation) Rules, 2011 are as under: Ø  Under Rule 6A which specifies the crit

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IBBI mandates valuation requirement under Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016

Sep 17, 2019

The Insolvency and Bankruptcy Board of India (IBBI) on September 16, 2019, issues Circular mandating valuation required under the provisions of the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016. IBBI issued Circular No. IBBI/RV/019/2018 dated October 17, 2018 mandating valuation required under the Code, 2016. The followings are

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Income-tax (7th Amendment) Rules, 2019

Sep 17, 2019

The Central Board of Direct Taxes (CBDT) on September 16, 2019, has published the Income-tax (7th Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962. The amendment in the Income-tax Rules, 1962 is as under: Under Rule 2F(5) which specifies the Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under

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Ministry of Steel exempts the intermediate or finish products from the purview of Steel and Steel Products (Quality Control) Order, 2019

Sep 17, 2019

The Ministry of Steel on September 17, 2019, has informed that two intermediate or finish products will remain outside the purview of the Steel and Steel Products (Quality Control) Order, 2019 till March 16, 2020. The two intermediate or finish products which are out the purview of the Steel and Steel Products (Quality Control) Order, 2019, namely

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Bharat Bill Payment System

Sep 17, 2019

The Reserve Bank of India (RBI) on September 16, 2019, issues guidelines on Bharat Bill Payment System (BBPS) to implement an integrated bill payment system in the country that offers interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of pa

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FSSAI issues direction regarding the operationalisation of FSS (Food products Standards and Food Additives) Amendment Regulations, 2019

Sep 17, 2019

The Food Safety and Standards Authority of India (FSSAI) on September 04, 2019, issues direction regarding the operationalisation of Food Safety and Standards (Food products Standards and Food Additives) Amendment Regulations, 2019. FSSAI had framed a Draft FSS (Food products Standards and Food Additives) Amendment Regulations, 2019 related to revi

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SEBI introduces additional commodities as eligible liquid assets for commodity derivatives segment

Sep 16, 2019

The Securities and Exchange Board of India (SEBI) on September 13, 2019, have decided to include diamond, base metals and alloys in the list of permissible liquid assets, subject to concentration limits for non-bullion collateral as specified vide SEBI Circular SEBI/HO/CDMRD/DRMP/CIR/P/2016/112 dated October 14, 2016 where the concentration limit f

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Draft guidelines for on top licensing of small finance banks

Sep 16, 2019

The Reserve Bank of India (RBI) on September 13, 2019, issues draft guidelines for ‘on top’ licensing of small finance banks in the private sector banks. The main objectives of setting up of small finance banks will be for furthering financial inclusion by including provisions of savings vehicles primarily to unserved and underserved se

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Government of Andhra Pradesh amends Andhra Pradesh Excise (Grant of Licence of Selling by Shop and Conditions of Licence) Rules, 2019

Sep 16, 2019

The State Government of Andhra Pradesh on September 13, 2019, has made amendment in Rule 19 of the Andhra Pradesh amends the Andhra Pradesh Excise (Grant of Licence of Selling by Shop And Conditions of Licence) Rules, 2019. Rule 19 has been substituted, namely: Rule 19: Employment of servants: (1)The following shall be the age, educational quali

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FSSAI invites request of proposal for conduct of food safety audit of licensed slaughterhouses

Sep 16, 2019

The Food Safety and Standards Authority of India (FSSAI) on September 12, 2019, invite Request of Proposal (RFP) for conduct of food safety audit of Sate and Central licensed slaughterhouses all over India. There are around 400 slaughter houses divided into three zones (Annexure A) all over India are to be audited. General conditions of audit: 1.

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Chandigarh Building (Amendment) Rules (Urban), 2019

Sep 16, 2019

The Government of Chandigarh has published the Chandigarh Building (Amendment) Rules (Urban), 2019 to substitute entries related to Basement and Ramp in various Rules. The entries related to basement and Ramp that are substituted in various Rules are as under: Ø  Rule 4.2(21) Residential (Group Housing) Ø  Rule 5.2(18): C

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DGFT allows export of onions subject to Minimum Export Price

Sep 16, 2019

The Directorate General of Foreign Trade (DGFT) on September 13, 2019, has made amendment in Para-2 of Notification No. 48/2015-2020 dated February 02, 2018 relating to export of onion. The amended para 2 is as under: ‘Export of onion for the item description at Serial Number 51 and 52 of Chapter 7 of Schedule 2 of ITC (HS) classification o

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Articles & Blogs

Latest News

Equitas Holdings tanks 13% as Sebi rejects scheme of arrangement for banking arm - Economic Times

Sep 17, 2019

  Mumbai: Shares of Equitas Holdings slumped nearly 13 per cent to Rs 102.10 after the market regulator Securities and Exchange Board of India (Sebi) returned ...

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Stocks in the news: Coffee Day, SBI, NBCC, CG Power, MMTC and STC - Economic Times

Sep 17, 2019

  Private equity giant KKR India picked up 10 per cent stake in CG Power.

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‘NIMHANS should mentor mental hospitals in country’ - The Hindu

Sep 17, 2019

  Expressing the need to institutionalise psychiatry departments in various medical colleges and hospitals across the country, Union Health Minister Harsh ...

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Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from... - Firstpost

Sep 17, 2019

  The NCLAT also said it will decide over the payment of Rs 19350 crore by JSW Steel to the Committee of Creditors of Bhushan Power and Steel on the next date ...

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Cox & Kings Financial gives up NBFC licence - Times of India

Sep 17, 2019

  India Business News: BENGALURU: Cox & Kings Financial *Service* on Monday saw its stock price fall after the company surrendered its non-banking financial ...

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The gravity of Altico Capital’s default and what it tells us about realty sector - Livemint

Sep 17, 2019

  The default by Altico Capital, a lender focused on the real estate sector, has rudely reminded investors that non-banking financial companies (NBFC) are not out ...

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After charges of wrongdoing at HFC, exit of bank CEO: RBI raises scrutiny on LVB and Indiabulls HF - Economic Times

Sep 17, 2019

  MUMBAI: The Reserve Bank of India (RBI) has intensified its “fit and proper” checks on the managements of Lakshmi Vilas Bank (LVB) and Indiabulls Housing ...

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MeitY, DPIIT urge lower GST on ACs, high-end TVs - Economic Times

Sep 17, 2019

  KOLKATA: The ministry of electronics and IT and the Department for Promotion of Industry and Internal Trade (DPIIT) have pushed for reduction of goods and ...

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