MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE
MoEF notifies Ecomark Rules 2024 to differentiate products having lesser adverse effects on environment
On 26-9-2024, the Ministry of Environment, Forest and Climate Change notified the Ecomark Rules, 2024 to label the products that have lesser adverse impact on the environment.
MoEF notifies rules to monitor and regulate the use of biological resources
On 22-10-2024, the Ministry of Environment, Forest and Climate Change notified the Biological Diversity Rules, 2024 to monitor and regulate the use of biological resources and knowledge associated with it. The provisions will come into force on 25-12-2024.
MINISTRY OF FINANCE
Section 128-A of CGST Act notified providing relief to taxpayers having old tax obligations
The Ministry of Finance appointed 1-11-2024 as the date on which Section 128-A of the Central Goods and Services Tax Act, 2017 (‘CGST Act’) relating to Waiver of interest or penalty relating to demands raised for certain tax periods will be enforced.
MoF notifies Sections relating to GST in Finance (No. 2) Act
On 27-9-2024, the Ministry of Finance appointed the dates on which certain provisions of the Finance (No. 2) Act, 2024 come into force.
MINITRY OF HOME AFFAIRS
President’s rule revoked in Jammu & Kashmir
On 13-10-2024, the Ministry of Home Affairs issued a notification revoking the President’s rule in the Union Territory of Jammu and Kashmir immediately before the appointment of Chief Minister.
MINISTRY OF MINES
Govt. notifies Offshore Areas Operating Right Rules, 2024
On 16-10-2024, the Ministry of Mines notified the Offshore Areas Operating Right Rules, 2024 which provides a structured framework for granting operating rights for mineral exploration and production in offshore areas.
MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT
Application for disability certificate can now be made in any hospital
On 16-10-2024, the Ministry of Social Justice and Empowerment notified the Rights of Persons with Disabilities (Amendment) Rules, 2024 to amend the Rights of Persons with Disabilities Rules, 2017. The provisions came into force on 18-10-2024.
BAR COUNCIL OF INDIA
BCI directs Firms, Senior Advocates, Advocates to pay minimum stipend to Junior Advocates
On 15-10-2024, the Bar Council of India issued a notification laying down directory guidelines for payment of a minimum stipend to junior advocates to nurture a balanced approach and encourage financial support.
BCI prohibits usage of ‘Indian’, ‘National’ and other terms of ‘national significance’ in legal events/moots without necessary approval
On 15-10-2024, the Bar Council of India (‘BCI’) published a notification regarding prohibition on the use of words — ‘India’, ‘Indian’, ‘National’, ‘Bharat’, ‘Bharatiya’, or ‘Rashtriya’ while organizing legal or law related conferences, events, mock courts or moot courts by all centers of legal education, universities, private institutions, organizations, trusts, societies, associations, and other entities.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
New process of authorization and operations of Payment System introduced vide IFSCA (Payment and Settlement Systems) Regulations, 2024
On 14-10-2024, the International Financial Services Centres Authority (‘IFSCA’) notified the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024.
IFSCA lays down maximum exposure limits for Investment Assets in which IIO can invest
On 14-10-2024, the International Financial Services Centres Authority (‘IFSCA’) notified the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2024. The provisions came into force on 17-10-2024.
SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI issues measures to strengthen Equity Index Derivatives Framework
On 1-10-2024, the Securities and Exchange Board of India (‘SEBI’) laid down measures to strengthen Equity Index Derivatives Framework for increased investor protection and market stability on the recommendation of Expert Working Group (‘EWG’) on derivatives.
SEBI introduces ‘voting threshold’ vide SEBI (Real Estate Investment Trusts) (Third Amendment) Regulations, 2024
On 26-09-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Real Estate Investment Trusts) (Third Amendment) regulations, 2024 to amend the SEBI (Real Estate Investment Trusts) Regulations, 2014. These Regulations came into force on 27-09-2024. However, Regulation 3(1) will come into force on 25-11-2024.
SEBI reduces trading lot for InvITs on designated stock exchange to Rs. 25 Lakhs
On 26-09-2024, the Securities and Exchange Board of India (‘SEBI’) notifies the SEBI (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024 to further amend the SEBI (Infrastructure Investment Trusts) Regulations, 2014. This Regulation came into force on 27-09-2024. However, Regulation 3(2) of these Regulations will come into force on 25-11-2024.