MINISTRY OF FINANCE
CBDT notifies Under-17 Women’s World Cup, 2022 as the international sporting event
The Central Government has notified Under-17 Women’s World Cup, 2022 as the international sporting event. Federation Internationale de Football Association Under-17 Women’s World Cup, 2022 as the international sporting event;
NDPS (Seizure, Storage, Sampling and Disposal) Rules, 2022
On 23-12-2022, the Ministry of Finance (MoF) has issued the Narcotic Drugs and Psychotropic Substances (Seizure, Storage, Sampling and Disposal) Rules, 2022.
CBIC notifies CGST (Fifth Amendment) Rules, 2022
On 26-12-2022, the Ministry of Finance has notified the Central Goods and Services Tax (Fifth Amendment) Rules, 2022 to amend the Central Goods and Services Tax Rules (‘CGST Rules’), 2017. These rules came into effect on 26-12-2022.
MINISTRY OF ROAD TRANSPORT AND HIGHWAYS
Govt allows conversion of regular vehicle registrations into Bharat Series vide Central Motor Vehicles (Twenty-third Amendment) Rules, 2022
On 14-12-2022, the Ministry of Road Transport and Highways notified Central Motor Vehicles (Twenty-third Amendment) Rules, 2022 to amend Central Motor Vehicles Rules, 1989 (“CMV Rules”) and allow the conversion of regular vehicle registrations into Bharat Series (BH) numbers as part of measures to widen the scope of the BH series ecosystem. The provisions of the amendment came into effect on 14-12-2022.
Specific exemptions for Armoured vehicles notified vide Central Motor Vehicles (Twenty-second Amendment) Rules, 2022
On 01-12-2022, the Central Government has notified Central Motor Vehicles (Twenty-second Amendment) Rules, 2022 to amend the Central Motor Vehicles Rules, 1989:
MINISTRY OF POWER
Energy Conservation (Amendment) Act, 2022 to come into force with effect from January 01, 2023
The Central Government hereby appoints 01-01-2023 , as the date on which all the provisions of the Energy Conservation (Amendment) Act, 2022 shall come into force.
MINISTRY OF SCIENCE AND TECHNOLOGY
Government notifies National Geospatial Policy, 2022
On 16-12-2022, the Ministry of Science and Technology has notified the National Geospatial Policy, 2022 to create an enabling ecosystem thereby providing a conducive environment to Indian Companies that will enable them to make India self-reliant in producing and using their own Geospatial data /information and compete with foreign companies in the global space.
SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI extends timeline for implementation of Standardized industry classification by Credit Rating Agencies
On 1-12-2022, the Securities and Exchange Board of India (‘SEBI’) has further extended the timeline for implementation of Standardized industry classification by Credit Rating Agencies (‘CRAs’) till 15-12-2022.
SEBI issues Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors
On 19-12-2022, the Securities and Exchange Board of India (‘SEBI’) has issued Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors laying down the operational guidelines under the SEBI (Foreign Portfolio Investors) Regulations, 2019.
SEBI may relax the strict enforcement for strategic disinvestment in a listed entity
On 05-12-2022, the Securities and Exchange Board of India (SEBI) has issued SEBI (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2022 to further amend the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Procedure for allowing Members to participate in Board meetings through video conferencing or other audio visual means introduced vide SEBI (Procedure for Board Meetings) (Amendment) Regulations, 2022
The Board has notified SEBI (Procedure for Board Meetings) (Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Procedure for Board Meetings) Regulations, 2001.
RESERVE BANK OF INDIA
RBI issues Master Directions on Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022
On 12-12-2022, the Reserve Bank of India (‘RBI’) has issued Master Directions on Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 laying down the modalities for Authorised Dealer Category- I (‘AD Cat- I’) banks. These Directions came into force from 12-12-2022.
RBI issues circular on disclosure of material items under RBI (Financial Statement- Presentation and Disclosures) Directions, 2021
On 13-12-2022, the Reserve Bank of India (‘RBI’) has issued circular on Disclosure of material items under the Reserve Bank of India (Financial Statement- Presentation and Disclosures) Directions, 2021 in order to ensure greater transparency.
RBI announces Series III and IV Sovereign Gold Bond Scheme 2022-23
On 16-12-2022, the Reserve Bank of India (‘RBI’) has announced Series III and IV of Sovereign Gold Bond Scheme 2022-2023. Applicable on Scheduled Commercial Banks, Designated Post Offices, Stock Holding Corporation of India Ltd., National Stock Exchange of India Ltd., Clearing Corporation of India Ltd.
RBI announces Central Payments Fraud Information Registry- Migration of Reporting to DAKSH
On 26-12-2022, the Reserve Bank of India (‘RBI’) has announced the Central Payments Fraud Information Registry (‘CPFIR’)- Migration of Reporting to DAKSH for reporting of payment frauds by scheduled commercial banks and non-bank Prepaid Payment Instrument issuers to streamline reporting, enhance efficiency and automate the payments fraud management process. The migration will come into effect from 1-1-2023.
FOREIGN LEGISLATION
Switzerland adopts Ordinance on Climate Disclosures
Switzerland has adopted an Ordinance on Climate Disclosures. The Ordinance governs disclosures on climate issues by companies in accordance with Article 964a of the CO as part of environmental matters within the framework of non–financial matters in accordance with Article 964b of the CO.
*Kriti Kumar, Editorial Assistant has reported this round up.