LOK SABHA
Lok Sabha passes Repealing and Amending Bill 2022 to repeal 76 obsolete laws
The Repealing and Amending Bill, 2022 was introduced in the Lok Sabha by the then Union Law Minister, Kiren Rijiju on 19-12-2022 with a view to repealing 65 obsolete Laws. Now, the present Law Minister, Arjun Ram Meghwal, proposed to repeal 76 obsolete Laws and amend a minor drafting error in Factoring Regulation Act, 2011.
GOODS AND SERVICES TAX COUNCIL
[GST Council 50th Meeting] Uniform 28% GST levied on Casino, Race Course and Online Gaming
On 11-7-2023, the Goods and Services Tax (‘GST’) Council in its 50th Meeting recommended changing GST tax rates, discussed measures for facilitation of trade and measures for streamlining compliances in GST.
MINISTRY OF CORPORATE AFFAIRS
Section 12 of Competition (Amendment) Act, 2023 comes into force with effect from 18-7-2023
On 18-7-2023, the Ministry of Corporate Affairs appointed 18-7-2023 as the date on which the provision of Section 12 of the Competition (Amendment) Act, 2023 came into force.
MINISTRY OF COMMERCE AND INDUSTRY
Govt lays down various Procedures relating to import/ export/ procurement of Domestic Tariff Area of Ship by a Unit in IFSC
On 5-7-2023, the Ministry of Commerce and Industry notified the Special Economic Zones (Third Amendment) Rules, 2023 to amend the Special Economic Zones Rules, 2006.
MINISTRY OF FINANCE
MoF mandates prior approval of RBI to Use International Credit Card overseas for making transactions covered under Schedule III
On 30-6-2023, the Ministry of Finance further amended the Foreign Exchange Management (Current Account Transactions) Rules, 2000. It will be deemed to have been came into effect on 16-5-2023.
MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE
Govt regularizes incineration of Wild Animals Articles, trophy, uncured trophy and meat derived
On 12-7-2023, the Ministry of Environment, Forest and Climate Change notified the Wild Life Disposal of Wild Animal Article Rules, 2023 to regularize incineration of wild animal articles.
Responsibilities of Manufacturer/ Refurbisher/ Recycler revised vide E-Waste (Management) Second Amendment Rules, 2023
On 25-7-2023, the Ministry of Environment, Forest and Climate Change notified the E-Waste (Management) Second Amendment Rules, 2023 to amend the E-Waste (Management) Rules, 2022.
MINISTRY OF POWER
Govt forms National Steering Committee to govern Carbon Market vide Carbon Credit Trading Scheme, 2023
On 28-6-2023, the Ministry of Power notified the Carbon Credit Trading Scheme, 2023 whereby the governance of Indian Carbon Market and direct oversight of its functioning will be done by the National Steering Committee for Indian Carbon Market.
MoP streamlines Requirements of Captive Generating Plant vide Electricity (Amendment) Rules, 2023On 30-6-2023, the Ministry of Power notified the Electricity (Amendment) Rules, 2023 to amend the Electricity Rules, 2005. The provisions came into force on 30-6-2023
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
IFSC introduces definitions of IFSC Banking Company and IFSC Banking Unit
On 7-7-2023, the International Financial Services Centres Authority (‘IFSCA’) notified the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2023 to amend the International Financial Services Centres Authority (Banking) Regulations, 2020.
SECURITIES AND EXCHANGE BOARD OF INDIA (‘SEBI’)
SEBI amends Guidelines on “Pricing of Units” for Preferential Issue & Institutional Placement by REIT and InvIT
On 5-7-2023, the Securities and Exchange of India (‘SEBI’) notified amendments to Guidelines for Preferential Issue and Institutional Placement of Units by a listed Real Estate Investment Trusts (‘REIT’) and Infrastructure Investment Trusts (‘InvIT’).
SEBI revises SEBI Stock Brokers Regulations 1992 exempting separate registration for participating in the tri-party repo segment
On 24-7-2023, the Securities and Exchange Board of India (‘SEBI’) notified the Securities and Exchange Board of India (Stock Brokers) (Second Amendment) Regulations, 2023 to amend the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992.
SEBI introduces new Alternative Dispute Resolution Mechanism vide ADR Amendment Regulations 2023
On 3-7-2023, SEBI notified the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 to amend the following.
SEBI introduces new chapter on ESG Rating Providers in SEBI (Credit Rating Agencies) Regulations, 1999
On 3-7-2023, the Security and Exchange Board of India (‘SEBI’) introduced the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2023 to amend the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999.
STATE LEGISLATIONS
Mah Govt announces additional Allowances and Post-Retirement Benefits to Retired Bombay High Court Judges
On 4-7-2023, the Maharashtra Government announced post- retirement benefits and allowances for housekeeping, chauffeur and telephone expenses to the retired Bombay High Court Judges.
