LAW COMMISSION OF INDIA
[Uniform Civil Code] 22nd Law Commission decides to solicit views of public/ religious organizations
On 14-6-2023, the 22nd Law Commission of India decided to solicit views and ideas of the public and recognized religious organizations about the Uniform Civil Code (‘UCC’).
Law Commission recommends not to change Law on Adverse Possession
The Law Commission of India, headed by Justice Ritu Raj Awasthi, responding in its Report No. 280 on the subject “The Law on Adverse Possession” said that there is no justification for introducing any change in the law relating to adverse possession.
Law Commission recommends retaining of Sedition Law in IPC with increased punishment
The Law Commission of India responding in its Report No. 279 on the subject “Usage of the Law of Sedition,” said that Section 124-A needs to be retained in the Penal Code, 1860 (‘IPC’) with certain amendments which can be introduced in it by incorporating the ratio decidendi of Kedar Nath Singh v. State of Bihar, 1962 Supp (2) SCR 769 which says that Section 124-A is constitutionally valid.
MINISTRY OF FINANCE
CBDT notifies e-Appeals Scheme 2023 to streamline TDS and TCS appeals
On 29-5-2023, the Ministry of Finance notified the e-Appeals Scheme, 2023 to reduce pendency of appeals related to Tax Deducted at Source default issues and Tax Collection at Source. It came into effect on 29-5-2023.
MoF notifies Sovereign Gold Bond Scheme 2023-24; distinct Series will be indicated on Bond issued
On 14-6-2023, the Ministry of Finance notified the Sovereign Gold Bond Scheme 2023-24 having distinct Series which will be indicated on the Bond issued to the investor. The provisions came into force on 14-6-2023….
CBDT revises Forms relating to Advance Ruling under Section 245-Q(1) of Income-tax Act, 1961
On 12-6-2023, the Ministry of Finance issued the Income-tax (Ninth Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (‘IT Rules’). The provisions came into effect on 12-6-2023.
CBDT introduces Form No. 10-IEA for Application for exercise of option vide Income-tax (Tenth Amendment) Rules, 2023
On 21-6-2023, the Ministry of Finance notified the Income-tax (Tenth Amendment) Rules, 2023 to amend the Income-tax Rules, 1962.
MINISTRY OF CONSUMER AFFAIRS
Principal Entity to sell goods through network of sellers
On 21-6-2023, the Ministry of Consumer Affairs, Food and Public Distribution notified the Consumer Protection (Direct Selling) (Amendment) Rules, 2023 to amend the Consumer Protection (Direct Selling) Rules, 2021.
Govt revises LLP Form No 3 vide Limited Liability Partnership (Amendment) Rules, 2023
On 2-6-2023, the Ministry of Corporate Affairs notified the Limited Liability Partnership (Amendment) Rules, 2023 to amend the Limited Liability Partnership Rules, 2009….
MCA notifies Companies (Accounts) Second Amendment Rules, 2023; Form CSR-2 to be submitted separately for FY 2022-2023
On 2-6-2023, the Ministry of Corporate Affairs (‘MCA’) notified the Companies (Accounts) Second Amendment Rules, 2023 to amend the Companies (Accounts) Rules, 2014. The provisions came into force on 2-6-2023.
MINISTRY OF HEALTH AND FAMILY WELFARE
MoHFW includes State Medical Devices Testing Labs under the ambit of Medical Devices Rules, 2017
On 2-6-2023, the Ministry of Health and Family Welfare notified the Medical Devices (Amendment) Rules, 2023 to amend the Medical Devices Rules, 2017. The provisions came into force on 2-6-2023.
MINISTRY OF DEFENCE
Govt permits females to enroll in Air Force under Agniveer Scheme
On 12-6-2023, the Ministry of Defence issued a notification permitting females for enrolment in the Indian Air Force as Agniveervayu (Combatant) and Agniveervayu (Non-Combatant).
MINISTRY OF HOUSING AND URBAN AFFAIRS
Authorized Person to carry Human Organ/Tissue for the purpose of Transplantation in Metro Railway
On 29-5-2023, the Ministry of Housing and Urban Affairs notified the Metro Railways (Carriage and Ticket) Amendment Rules, 2023. The provisions came into effect on 29-5-2023.
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
SEBI bars CEO of ZEEL and Chairman of Essel Group from holding Directorial Positions
On 12-6-2023, the Securities and Exchange Board of India (‘SEBI’) in the matter of Zee Entertainment Enterprises Ltd. (‘ZEEL’) passed an interim order barring Subhash Chandra (Chairman of Essel Group) and Punit Goenka (CEO of ZEEL) to hold Directorial or Key Managerial Personnel in any listed company owned by them.
SEBI lays down Obligations of Asset Management company vide Mutual Funds Regulations, 2023
On 27-6-2023, the Securities and Exchange Board of India (‘SEBI’) notified the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2023 to amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
RESERVE BANK OF INDIA (RBI)
RBI imposes penalty of Rs. 30 Lakhs on Axis Bank Ltd. for wrongly levying penal charges on its credit card holders on account of late payment
On 23-6-2023, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 30 lakhs on Axis Bank Ltd. for non-compliance with Directions on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Credit Card Accounts’.
STATE LEGISLATION
DELHI HIGH COURT
Delhi High Court revises Legal Researcher’s Entitlement of Services and Remuneration
On 5-6-2023, the Delhi High Court issued a notification revising the Entitlement and Remuneration of the Law Researchers under the Scheme for engagement of Law Researchers in the Delhi High Court. The provisions will be deemed to have come into effect on 5-4-2023.
Delhi High Court issues circular on Dress Code of Judicial Officers & Advocates
On 2-6-2023, the Delhi High Court issued a circular revising the Dress Code of Judicial Officers and Advocates.
Punjab Govt allows Establishments to keep open throughout the year on fulfilling certain conditions
On 2-6-2023, the Government of Punjab issued a notification permitting all the establishments registered under the Punjab Shops and Commercial Establishments Act, 1958 to keep open on all 365 days of the year until 31-5-2024.
MP Govt mandates 3 years of continuous practice or 70% marks in bachelor’s degree for recruitment in Judicial Service (Civil Judge Entry Level) cadre
On 23-6-2023, the Governor of Madhya Pradesh, in consultation with the High Court of Madhya Pradesh, made amendments in the Madhya Pradesh Judicial Service (Recruitment and Conditions of Service) Rules, 1994.
FOREIGN LEGISLATION
EU passes proposal to Regulate Artificial Intelligence
The Members of European Parliament (MEPs) adopted its negotiating position on the European Union’s (‘EU’) Artificial Intelligence Act with 499 votes in favour, 28 against and 93 abstentions on 14-06-2023. It is the world’s first comprehensive AI legislation.
