1123 Legal Updates in Industry Specific,Secretarial

TRAI releases a consultation paper on reforming the guidelines for transfer or merger of telecom licenses

Sep 20, 2019

The Telecom Regulatory Authority of India (TRAI) on September 19, 2019, decided to release a Consultation Paper on “Reforming the Guidelines for transfer and Merger of Telecom Licenses”. Mergers and Acquisitions (M&A) are common in every sector resulting benefits in improving economies of scale & scope, enhancing efficiency, att

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CBIC determines the Exchange Rate of Foreign Currency relating to Imported and Exported Goods on September 19, 2019

Sep 19, 2019

In accordance with Section 14 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs (CBIC) releases the Exchange Rate Notification for valuation of goods for purposes of assessment under the Act. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchange rate.

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Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2019

Sep 19, 2019

The Ministry of Finance on September 18, 2019, has published the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2019 to further amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Some of the major amendments in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, are

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Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Ordinance, 2019

Sep 19, 2019

The Ministry of Law and Justice on September 18, 2019, has published the Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Ordinance, 2019, to prohibit the production, manufacture, import, export, transport, sale, distribution, storage and advertisement of electr

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ESIC declares a Drug Not of Standard Quality on testing

Sep 18, 2019

The Employees State Insurance Corporation of India (ESIC) on September 17, 2019, issues a Circular to inform that the drug of ‘Syp Cefuroxime Axetil for Oral Suspension’ is Not of Standard Quality on testing. Therefore, it is directed to stop the use of particular drug immediately. It is also directed that action may be taken as Rules o

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National Financial Reporting Authority (Amendment) Rules, 2019

Sep 18, 2019

The Ministry of Corporate Affairs (MCA) on September 05, 2019, has published the National Financial Reporting Authority (Amendment) Rules, 2019 to further amend the National Financial Reporting Authority Rules, 2018. It will come into force on the date of its publication in the Official Gazette that is September 05, 2019. The amendments made in th

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Foreign Contribution (Regulation) (Second Amendment) Rules, 2019

Sep 17, 2019

The Ministry of Home Affairs on September 16, 2019, has published the Foreign Contribution (Regulation) (Second Amendment) Rules, 2019 to further amend the Foreign Contribution (Regulation) Rules, 2011. The following amendments in the Foreign Contribution (Regulation) Rules, 2011 are as under: Ø  Under Rule 6A which specifies the crit

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IBBI mandates valuation requirement under Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016

Sep 17, 2019

The Insolvency and Bankruptcy Board of India (IBBI) on September 16, 2019, issues Circular mandating valuation required under the provisions of the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016. IBBI issued Circular No. IBBI/RV/019/2018 dated October 17, 2018 mandating valuation required under the Code, 2016. The followings are

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Bharat Bill Payment System

Sep 17, 2019

The Reserve Bank of India (RBI) on September 16, 2019, issues guidelines on Bharat Bill Payment System (BBPS) to implement an integrated bill payment system in the country that offers interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of pa

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