53rd GST COUNCIL MEETING
Aadhaar-Based Biometric Authentication to roll out; Railways and Hostels remains exempted from GST
In the 53rd GST Council Meeting held on 22-06-2024, the Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs announced various substantial initiatives to tackle matters to tax amendments, Aadhaar integration, and exemption in railway and hostel services.
MINISTRY OF COSUMER AFFAIRS
CCPA publishes Rules for Employees of Central Authority
On 4-6-2024, the Ministry of Consumer Affairs, Food and Public Distribution has made the Central Consumer Protection Authority (Recruitment, Salary, Allowances and other Terms and Conditions of Service of Officers and Other Employees of Central Authority) Rules, 2024.
MINISTRY OF COMMUNICATIONS
Certain provisions of Telecommunications Act, 2023, notified
On 21-06-2024, the Department of Telecommunications of the Ministry of Communications notified the enforcement date on which the provisions of Sections 1, 2, 10 to 30, 42 to 44, 46, 47, 50 to 58, 61, and 62 of the Telecommunications Act, 2023 (‘Act’) would come into force.
MINISTRY OF LAW & JUSTICE
Mediation Council of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2024
On 13-6-2024, the Ministry of Law and Justice notified the Mediation Council of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2024.
MINISTRY OF INFORMATION & BROADCASTING
Cinematograph (Adjudication of Penalty) Rules, 2024
On 7-6-2024, the Ministry of Information and Broadcasting notified the Cinematograph (Adjudication of Penalty) Rules, 2024 to empower authorized officer to report violation and impose penalty. The provisions came into force on 7-6-2024.
MINISTRY OF COMMERCE & INDUSTRY
Central Government notifies Boiler (Inquiry, Adjudication and Appeal) Rules, 2024
On 21-06-2024, the Department for Promotion of Industry and Internal Trade of the Ministry of Commerce and Industry notified the Boiler (Inquiry, Adjudication and Appeal) Rules, 2024. These rules have been made to supplement the procedure of the complaints, inquiry, adjudication, and appeal regarding the penalties of the Boilers Act, 1923.
MINISTRY OF SOCIAL JUSTICE & EMPOWERMENT
Ministry of Social Justice and Empowerment modifies ‘Rules for Accessibility’ vide Rights of Persons with Disabilities (Amendment) Rules, 2024
on 20-06-2024, the Ministry of Social Justice and Empowerment notified the Rights of Persons with Disabilities (Amendment) Rules, 2024 to amend sub-rule (1) of Rule 15 of the Rights of Persons with Disabilities Rules, 2017.
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES & PENSIONS
Centre notifies the Public Examinations (Prevention of Unfair Means) Rules, 2024
On 23-06-2024, the Department of Personnel and Training of the Ministry of Personnel, Public Grievances and Pensions notified the Public Examinations (Prevention of Unfair Means) Rules, 2024 to supplement the Public Examinations (Prevention of Unfair Means) Act, 2024.
INDIA INTERNATIONAL ARBITRATION CENTRE (‘IIAC’)
IIAC (Conduct of Micro and Small Enterprises Arbitration) Regulations, 2024
On June 07, 2024, IIAC has made India International Arbitration Centre (Conduct of Micro and Small Enterprises Arbitration) Regulations 2024 (‘The Regulations’) recognising the need to promote faster and more effective resolution of disputes affecting Micro and Small Enterprises as part of its efforts to promote arbitration in this very important sector in the Indian economy.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (‘IFSCA’)
IFSC (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024
On 6-6-2024, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024.
SECURITIES & EXCHANGE OF INDIA (‘SEBI’)
SEBI issues Master Circular to include all previous circulars related to Foreign Portfolio Investors, Designated Depository Participants, and Eligible Foreign Investors
On 30-05-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Foreign Portfolio Investors, Designated Depository Participants, and Eligible Foreign Investors to incorporate all circulars pertaining to Foreign Portfolio Investors and Designated Depository Participants issued earlier.
SEBI introduces Framework for Issuance of Subordinate Units
On 27-5-2024, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.
SEBI revises provisions relating to FPIs holding securities in India whose Certificate of Registration is not valid as on 3-6-2024
On 3-6-2024, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019.
RESERVE BANK OF INDIA (‘RBI’)
Reserve Bank of India imposes penalty of 1.45 Crore on Central Bank of India for non-compliance with directions
By an order dated 11-06-2024, the Reserve Bank of India (‘RBI’) imposed a monetary penalty of Rs. 1,45,50,000 on the Central Bank of India for non-compliance with certain directions issued by the RBI on ‘Loans and Advances — Statutory and Other Restrictions’ and ‘Customer Protection — Limiting Liability of Customers in Unauthorized Electronic Banking Transactions’.
