Highlights from Union Budget 2022-23
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RULES AND REGULATIONS
Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2022
On February 01, 2022, the Central Board of Indirect Taxes & Customs (CBIC) has issued the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2022 further amending the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.
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Aadhaar (Authentication and Offline Verification) (First Amendment) Regulations, 2022
The Unique Identification Authority of India notifies Aadhaar (Authentication and Offline Verification) (First Amendment) Regulations, 2022 to further amend the Aadhaar (Authentication and Offline Verification) Regulations, 2021.
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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022
On February 09, 2022, the Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
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Limited Liability Partnership (Amendment) Rules, 2022
The Central Government notifies Limited Liability Partnership (Amendment) Rules, 2022 to amend the Limited Liability Partnership Rules, 2009.
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Companies (Accounts) Amendment Rules, 2022
The Central Government notifies Companies (Accounts) Amendment Rules, 2022 to amend the Companies (Accounts) Rules, 2014.
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Drone (Amendment) Rules, 2022
On February 11, 2022, the Ministry of Civil Aviation has issued the Drone (Amendment) Rules, 2022 to amend the Drone Rules, 2021.
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Central Electricity Regulatory Commission (Ancillary Services) Regulations, 2022
The Central Electricity Regulatory Commission makes Central Electricity Regulatory Commission (Ancillary Services) Regulations, 2022 with an aim to provide mechanisms for procurement,
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Central Motor Vehicles (Second Amendment) Rules, 2022
On February 15, 2022, the Ministry of Road Transport and Highways has issued the Central Motor Vehicles (Second Amendment) Rules, 2022 to further amend the Central Motor Vehicles Rules, 1989 in order to prescribe norms related to safety measures for children below four years of age, riding or being carried on a motor cycle.
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Plastic Waste Management (Amendment) Rules, 2022
On February 16, 2022, the Ministry of Environment, Forest and Climate Change extended producers’ responsibility for plastic packaging by Plastic Waste Management (Amendment) Rules, 2022.
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National Committee on Dam Safety (Procedures, Allowance and other Expenditure) Rules, 2022
On February 17, 2022, the Ministry of Jal Shakti notified National Committee on Dam Safety (Procedures, Allowance and other Expenditure) Rules, 2022 in order to regulate the procedures, allowances and other expenditures of the officers of the National Dam Safety Authority (NDSA).
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Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022
On February 22, 2022, the Central Board of Indirect Taxes and Customs notifies Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022 in order to prescribe manner, time limit, conditions and restrictions in certain cases related to post–export conversion of Shipping Bill in relation to Instrument based schemes.
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Environment (Protection) Amendment Rules, 2022
On February 22, 2022, the Ministry of Environment, Forest and Climate Change (MoEFCC) has notified the Environment (Protection) Amendment Rules, 2022 to further amend the Environment (Protection) Rules, 1986.
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Drugs (3rd Amendment) Rules, 2022
The Central Government, after consultation with the Drugs Technical Advisory Board, notified Drugs (3rd Amendment) Rules, 2022 to amend the Drugs Rules, 1945.
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RESERVE BANK OF INDIA
Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022
On February 10, 2022, RBI has issues Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022. These Directions shall apply to credit derivatives transactions undertaken in Over-the-Counter (OTC) markets and on recognised stock exchanges in India. It shall come into force on May 09, 2022.
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SECURITIES EXCHANGE BOARD OF INDIA
Guidelines on Accounting with respect to Indian Accounting Standards (IND AS)
SEBI has issued guidelines on Accounting with respect to Indian Accounting Standards (IND AS). SEBI vide notification dated January 25, 2022 amended SEBI (Mutual Funds) Regulations, 1996 (MF Regulations), which, inter-alia, mandated that the AMCs shall prepare the Financial Statements and Accounts of the Mutual Fund Schemes in accordance with IND AS with effect from April 01, 2023.
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Framework for conversion of Private Listed InvIT into Public InvIT
Circular on Audit Committee of Asset Management Companies
On February 09, 2022, SEBI has issued a circular on Audit Committee of Asset Management Companies (AMCs). It has been decided that the AMCs of mutual funds shall be required to constitute an Audit Committee.
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Standard operating guidelines for the vault managers and depositories – Electronic Gold Receipts ( EGR ) segment
SEBI has issued standard operating guidelines for the vault managers and depositories – Electronic Gold Receipts ( EGR ) segment in order to ensure ease of compliance for the market participants in the EGR ecosystem as well as effective implementation of the Regulations , Standard Operating Guidelines under Regulation 28 of SEBI (Vault Managers) Regulations, 2021.
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Securities and Exchange Board of India (Depositories and Participants (Amendment) Regulations, 2022
The Securities Exchange Board of India Securities and Exchange Board of India (Depositories and Participants (Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.
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Securities and Exchange Board of India (Stock Brokers) (Amendment) Regulations, 2022
On February 23, 2022, the Securities and Exchange Board of India (SEBI) has issued the Securities and Exchange Board of India (Stock Brokers) (Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992.
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STATES LEGISLATIONS
Chattisgarh implements One Nation One Ration Card
Department of Food & Public Distribution had reviewed the progress of States/UTs towards the implementation of “One Nation One Ration Card” (ONORC) plan and after successful testing of portability transactions, the Department has approved the integration of Chhattisgarh with the existing cluster of portability States/UTs under ONORC.
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Delhi Judicial Service (Amendment) Rules, 2022
The Lieutenant Governor of NCT of Delhi in consultation with the High Court of Delhi notified Delhi Judicial Service (Amendment) Rules, 2022 to amend the Delhi Judicial Service Rules, 1970.
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Delhi Electricity Regulatory Commission (Forum for Redressal of Grievances of the Consumers and Ombudsman) (First Amendment) Regulations, 2022
The Delhi Electricity Regulatory Commission has notified Delhi Electricity Regulatory Commission (Forum for Redressal of Grievances of the Consumers and Ombudsman) (First Amendment) Regulations, 2022 to amend the Delhi Electricity Regulatory Commission (Forum for Redressal of Grievances of the Consumers and Ombudsman) Regulations, 2018.
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FOREIGN LEGISLATION
UK| Changes to Pre-Employment Checks on Right to Work
The Home Office’s UK Visas & Immigration (UKVI) department confirmed the ways in which employers will be able to check a prospective employee’s right to work in the UK from April 6, 2022.
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Canada- Ontario | New Guidance on Disconnect from Work Policy and Ban on Non-Competes
On February 18, 2022, Ontario’s Your guide to the Employment Standards Act (Guide) was updated to include two new chapters relating to Disconnect from Work Policy and Ban on Non-Competes.