13 Legal Updates

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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