Un-utilised FPI limits in government securities to be carried forward
MANU/APDR/0017/2016
The Central Government has allowed long term limits in government securities left un-utilised by FPIs to be carried onward to the subsequent tranche for the second half of the year. As such, the total investment possible by FPIs in government securities is increased Rs. 10,000 crore and availability in State Development Loans is increased by Rs. 13,500 crore in the upcoming period.
Relevant
Investments by FPIs in Government securities MANU/SIPM/0002/2016
Securities under UDAY closed for Bihar, Jharkhand and Punjab MANU/RPRL/0094/2016
Foreign Exchange Management - Transfer or issue of security MANU/RFEM/0012/2000
Investment by Foreign Portfolio Investors in Government Securities MANU/APDR/0078/2015
External Commercial Borrowings - Revised Framework
MANU/APDR/0018/2016
The Reserve Bank of India notified amendments to the External Commercial Borrowings regime to encourage longer term lending, particularly for infrastructure development. The changes are prefaced as allowing a larger number of infrastructure participants access to external funds: a wider array of companies in the infrastructure sector can now raise ECB; ‘Exploration, Mining and Refinery’ have been deemed as being part of the infrastructure sector and companies partaking in the same can also avail ECB.
Re 1 currency note to enter circulation
MANU/RPRL/0092/2016
The Reserve Bank of India will soon introduce one rupee notes into circulation. The notes will incorporate bi-linguistic features, such as the signature of Ratan P. Watal, Finance Secretary, which will be present in English and Hindi. The note itself will feature a pink-green colour scheme. Existing one rupee notes in circulation will continue to be legal tender.
RBI clarifies its Directions on MCLR System
MANU/RPRL/0093/2016
The Reserve Bank of India clarified its 2016 Directions relating to the Marginal Cost of Funds based on Lending Rate system, effective 1 April 2016. The notification includes a helpful illustration to demonstrate the intended functioning of the regime for determining MCLR. The RBI reiterates that fixed rate loans are exempt from being linked to MCLR, with such loans of tenor above three years also benefitting from exemption. Also, MCLR computation will take into consideration balances, deposits and other borrowings outstanding on the day previous to calculation.
Guidelines for foreign direct investment in e-commerce
MANU/INDP/0009/2016
The Ministry of Commerce and Industry released guidelines for foreign direct investment in e-commerce, clarifying the policy contained in ‘Consolidated FDI Policy Circular’ 2015. The guidelines provide definitions for e-commerce and delineate marketplace based e-commerce from inventory based e-commerce.100% investment from foreign sources is permitted in the marketplace model whereas FDI is not permitted in inventory based e-commerce.
Wealth tax return not required 2016-2017 onwards
With the Central Government’s recent decision to abolish the wealth tax, the Central Board of Direct Taxes added that taxpayers are also not required to file a wealth tax return from assessment year 2016-2017 and onwards. The update is tempered somewhat by the fact that though a distinct return on wealth is not required, information contained therein must be included in the income tax return.
Bio-Medical Waste Management Rules 2016
MANU/ENVT/0063/2016
The government has heralded the Bio-Medical Waste (Management and Handling) Rules 2016 as bringing a sea change in the way bio-medical waste will be managed in the country. Saliently, the new Rules rope in a wider gamut of healthcare activity and propagate training and immunisation for healthcare workers. The Rules also attempt consolidation of waste disposal activities within a certain radius by prohibiting generators of bio-medical waste from setting up an on-site treatment if such a facility is available within a 75 km radius.
Government releases Intellectual Property Panorama
MANU/PIBU/0355/2016
The Indian government released a single window interface for information on Intellectual Property under the Indian Intellectual Panorama. The portal will increase awareness about intellectual property in the SME sector, academia and research. Prepared in conjunction with the World Intellectual Property Organisation, the resource consists of a series of educational videos that explain the functioning of the regime.
Uttarakhand Appropriation (Vote on Account) Ordinance 2016
The Central Government passed an ordinance permitting utilisation of funds from Uttarakhand’s state fund. The move effectively confirms President’s rule in Uttarakhand, which was notified on 27 March 2016. The Appropriation is limited to a maximum of about Rs. 13,642 crore, monies which are to be expended on providing continued governance and services in the state.
Good samaritans protected by SC, government guidelines – in theory
Savelife Foundation and Ors. v. Union of India and Ors.
MANU/SC/0354/2016
30.03.2016
The Supreme Court allowed a petition seeking affirmation of the recently released central government guidelines for the protection of good samaritans. The significance? The guidelines will be considered good law till the notification released by the Ministry of Road Transport and Highways is formally translated into legislation. Additionally, the Apex court directed other courts to “not normally insist on appearance of Good Samaritans”, unless the court opines - in writing - why the presence of such a person in court was necessary.
The Ministry of Road Transport and Highways notified protections for good samaritans and formulated standard operating procedures for their examination on 12 May 2015. The measures are hoped to not only reduce the trepidation faced by bystanders about the risks associated with assisting road accident victims, but also deter subsequent persecution and intimidation by law and order agencies.
Relevant
Vineet Narain and Ors. v. Union of India and Anr. MANU/SC/0827/1998
Pt. Parmanand Katara v. Union of India and Ors. MANU/SC/0423/1989
Source: Manupatra
MANU/APDR/0017/2016
The Central Government has allowed long term limits in government securities left un-utilised by FPIs to be carried onward to the subsequent tranche for the second half of the year. As such, the total investment possible by FPIs in government securities is increased Rs. 10,000 crore and availability in State Development Loans is increased by Rs. 13,500 crore in the upcoming period.
Relevant
Investments by FPIs in Government securities MANU/SIPM/0002/2016
Securities under UDAY closed for Bihar, Jharkhand and Punjab MANU/RPRL/0094/2016
Foreign Exchange Management - Transfer or issue of security MANU/RFEM/0012/2000
Investment by Foreign Portfolio Investors in Government Securities MANU/APDR/0078/2015
External Commercial Borrowings - Revised Framework
MANU/APDR/0018/2016
The Reserve Bank of India notified amendments to the External Commercial Borrowings regime to encourage longer term lending, particularly for infrastructure development. The changes are prefaced as allowing a larger number of infrastructure participants access to external funds: a wider array of companies in the infrastructure sector can now raise ECB; ‘Exploration, Mining and Refinery’ have been deemed as being part of the infrastructure sector and companies partaking in the same can also avail ECB.
Re 1 currency note to enter circulation
MANU/RPRL/0092/2016
The Reserve Bank of India will soon introduce one rupee notes into circulation. The notes will incorporate bi-linguistic features, such as the signature of Ratan P. Watal, Finance Secretary, which will be present in English and Hindi. The note itself will feature a pink-green colour scheme. Existing one rupee notes in circulation will continue to be legal tender.
RBI clarifies its Directions on MCLR System
MANU/RPRL/0093/2016
The Reserve Bank of India clarified its 2016 Directions relating to the Marginal Cost of Funds based on Lending Rate system, effective 1 April 2016. The notification includes a helpful illustration to demonstrate the intended functioning of the regime for determining MCLR. The RBI reiterates that fixed rate loans are exempt from being linked to MCLR, with such loans of tenor above three years also benefitting from exemption. Also, MCLR computation will take into consideration balances, deposits and other borrowings outstanding on the day previous to calculation.
Guidelines for foreign direct investment in e-commerce
MANU/INDP/0009/2016
The Ministry of Commerce and Industry released guidelines for foreign direct investment in e-commerce, clarifying the policy contained in ‘Consolidated FDI Policy Circular’ 2015. The guidelines provide definitions for e-commerce and delineate marketplace based e-commerce from inventory based e-commerce.100% investment from foreign sources is permitted in the marketplace model whereas FDI is not permitted in inventory based e-commerce.
Wealth tax return not required 2016-2017 onwards
With the Central Government’s recent decision to abolish the wealth tax, the Central Board of Direct Taxes added that taxpayers are also not required to file a wealth tax return from assessment year 2016-2017 and onwards. The update is tempered somewhat by the fact that though a distinct return on wealth is not required, information contained therein must be included in the income tax return.
Bio-Medical Waste Management Rules 2016
MANU/ENVT/0063/2016
The government has heralded the Bio-Medical Waste (Management and Handling) Rules 2016 as bringing a sea change in the way bio-medical waste will be managed in the country. Saliently, the new Rules rope in a wider gamut of healthcare activity and propagate training and immunisation for healthcare workers. The Rules also attempt consolidation of waste disposal activities within a certain radius by prohibiting generators of bio-medical waste from setting up an on-site treatment if such a facility is available within a 75 km radius.
Government releases Intellectual Property Panorama
MANU/PIBU/0355/2016
The Indian government released a single window interface for information on Intellectual Property under the Indian Intellectual Panorama. The portal will increase awareness about intellectual property in the SME sector, academia and research. Prepared in conjunction with the World Intellectual Property Organisation, the resource consists of a series of educational videos that explain the functioning of the regime.
Uttarakhand Appropriation (Vote on Account) Ordinance 2016
The Central Government passed an ordinance permitting utilisation of funds from Uttarakhand’s state fund. The move effectively confirms President’s rule in Uttarakhand, which was notified on 27 March 2016. The Appropriation is limited to a maximum of about Rs. 13,642 crore, monies which are to be expended on providing continued governance and services in the state.
Good samaritans protected by SC, government guidelines – in theory
Savelife Foundation and Ors. v. Union of India and Ors.
MANU/SC/0354/2016
30.03.2016
The Supreme Court allowed a petition seeking affirmation of the recently released central government guidelines for the protection of good samaritans. The significance? The guidelines will be considered good law till the notification released by the Ministry of Road Transport and Highways is formally translated into legislation. Additionally, the Apex court directed other courts to “not normally insist on appearance of Good Samaritans”, unless the court opines - in writing - why the presence of such a person in court was necessary.
The Ministry of Road Transport and Highways notified protections for good samaritans and formulated standard operating procedures for their examination on 12 May 2015. The measures are hoped to not only reduce the trepidation faced by bystanders about the risks associated with assisting road accident victims, but also deter subsequent persecution and intimidation by law and order agencies.
Relevant
Vineet Narain and Ors. v. Union of India and Anr. MANU/SC/0827/1998
Pt. Parmanand Katara v. Union of India and Ors. MANU/SC/0423/1989
Source: Manupatra
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