Legal Updates

Rules reg. Exemption from Liability for Hosting Third Party Information

Exemption from Liability for Hosting Third Party Information: Diligence to be Observed under Intermediary Guidelines Rules The attention of Government has been drawn to news items in a section of media on certain aspects of the Rules notified under Section 79 pertaining to liability of intermediaries under the Information Technology Act, 2000. These items have… Read More

Tags: Information Technology ActIntermediary GuidelinesIT Act

CCI Releases Regulation of Combinations for Corporate Sector

The Competition Commission of India (CCI) today released the regulation of Combinations related with the implementation of provisions of Section 5 & 6 of Competition Act (the Combination Provisions, which have  been envisaged to prevent creation of anti competitive environment in Indian economy),are coming into effect from 1st June, 2011. Elaborating the modalities of new rules  to the media… Read More

Tags: cciCombination RegulationsCompetition Commission

Approval for FDI in Limited Liability Partnership firms

The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms.   The FDI in LLPs will be implemented in a calibrated manner, beginning with the ˜open™ sectors where monitoring is not required, subject to the following conditions: (a) LLPs… Read More

Tag: FDI in LLP

CCI notifies Combination Regulations to regulate M&As

Competition Commission of India (CCI) (Procedure in regard to the transaction of business relating to combination) Regulation 2011 The Competition Commission of India (CCI) today  notified regulations requiring corporates to seek its approval before going in for high value mergers and acquisitions. Only those proposals would need the CCI™s nod where the companies have combined assets… Read More

Tags: cciCombination RegulationsCompetition CommissionM&A

ICSI President’s Communique – May, 2011

Dear Professional Colleagues, With vision there is no room to be frightened. No reason for intimidation. It™s time to march forward! Let™s be confident and positive! - Charles R Swindoll (American Writer and Clergyman) ICSI Vision Plan 2020 Globalisation is here to stay and the opportunities can be best capitalized only through engagement, not exclusion… Read More

Tag: ICSI

Notification No. 39/2011-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.  39/2011-Customs New Delhi, the 10th May, 2011 G.S.R. 377(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the… Read More

Tag: principal notification No.21/2002-Customs

Regulatory and Audit Compliance responsibility for Foreign banks in India

CLR Note: RBI notifies Regulatory and Audit compliance responsibility for foreign banks operating in India by making the CEO responsible for the same. RBI/2010-11/520 ; May 11, 2011 The Chief Executives Officers All foreign banks operating in India Regulatory and Audit Compliance It is observed that Indian operations of foreign banks functioning in India as branches… Read More

LIC issuing receipts without adequate stamps

Several branches of  Life Insurance Corporation of India, the country's largest insurance company, are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps. The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the… Read More

Tag: LIC

RBI penalises cooperative banks for violations of KYC and AML norms

The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People's Cooperative Bank -- for violation of banking norms. The Gandhinagar-based Randheja Commercial Co-operative Bank has been penalised for violation of the RBI instructions on implementation of Know Your Customer (KYC)… Read More

Tags: AMLKYC

BSE seeks to revive its wholesale debt trading platform

The country's oldest stock exchange, the BSE, is looking to revive its wholesale debt trading platform with the waiver of annual charges and lower net worth requirements for those willing to trade on the bourse. The exchange has decided to waive off the annual subscription fee of Rs 25,000 for its wholesale debt market (WDM)… Read More

Tag: BSE

Time sought for new import duty norms for completely knocked down (CKD) units

Heavy Industries and Public Enterprises Minister Praful Patel today said his ministry has asked the Finance Ministry to give two years' time to the auto industry to comply with the new import duty norms for completely knocked down units. "We have sent a formal request to the Ministry of Finance with the request from SIAM.… Read More

Continuation of anti-dumping duty on imports of Viscose Filament Yarn

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]   GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)   Notification No.38 / 2011 - Customs   New Delhi, the 9th May, 2011   G.S.R.     (E). -Whereas, the designated authority vide notification No. 15/23/2010-DGAD, dated the 25th February,  2011, published in… Read More

Tag: anti dumping duty

Clarification Regarding Short Term Accommodation Service and Restaurant Service

Circular No. 139/8/2011-TRU F.No.334/81/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit New Delhi, the 10th May 2011   To Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax (All)… Read More

Tag: Service tax on Restaurants and Hotels

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