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News & Briefings

The latest updates on relevant areas of law, curated by our team to be the most useful to clients as well as fellow legal practitioners.

News

Foreign Trade Policy extended till 31-3-2021 – Last dates for various obligations relaxed

April 02 2020

Foreign Trade Policy 2015-20 and the Handbook of Procedures Vol. 1, which were expiring on 31st of March 2020, have been extended till 31st of March 2021. DGFT has in this regard, with immediate effect, also made various other changes in the FTP and in the HoP, extending the validity and time periods of various provisions and thus granting relief to the exporters and importers in the present troubled times. Notification No. 57/2015-20 and Public Notice No. 67/2015-20, both dated 31-3-2020 have b

Condonation of delay in filing documents – Companies Fresh Start Scheme introduced, and LLP Settlement Scheme modified

April 01 2020

Ministry of Corporate Affairs has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide an opportunity to both companies and LLPs to make good any filing related defaults and make a fresh start as a fully compliant entity.

COVID-19 effect – Limitation period in all petitions, appeals, etc. extended

March 24 2020

The 3-Judge Bench of the Supreme Court has on 23rd of March extended the period of limitation in all petitions/applications/suits/ appeals/all other proceedings.

Guidelines on regulation of Payment Aggregators and Payment Gateways

March 20 2020

The Reserve Bank of India (RBI) has vide its circular dated March 17, 2020 issued ‘Guidelines on Regulation of Payment Aggregators and Payment Gateways’. In terms of the said circular, the RBI has prescribed (a) guidelines for regulating activities of payment aggregators (PAs); and (b) baseline technology recommendations for payment gateways (PGs).

COVID-19 effect – Court restrains government from taking coercive measures – Recovery proceedings deferred

March 19 2020

Taking note of the extraordinary situation in the country due to pandemic Corona Virus (COVID-19) which calls for an extraordinary measure to be taken, the Division Bench of the Allahabad High Court has directed that all the concerned competent authorities, both administrative and non-administrative,

39th Meeting of the GST Council – Highlights

March 18 2020

The GST Council has in its 39th Meeting held on 14-3-2020 taken many major decisions in respect of both GST rates and those involving law and procedures. Some of the important recommendations of the Council are highlighted below.

Sponsorship and endorsement expenses borne by importer when not includible in value of imports

March 13 2020

CESTAT New Delhi has recently held that the sponsorship and endorsement expenses paid by the Indian importer to various athletes and players in India is not liable to be included in the assessable value of the goods (sports goods) imported by the importer. The Revenue department’s appeal which invoked Rule 10(1)(e) of the Customs Valuation (Determination of Value of Imported Goods) Rules 2007 for inclusion of said expenses was hence dismissed. Earlier, the Commissioner had found that the paymen

Trademarks – Amendment to plaint for passing off after registration of mark

March 11 2020

Observing that the basic facts necessary for an infringement action were already present in the original plaint filed for passing off, excepting the fact of registration of the trade mark of the petitioner, the Calcutta High Court has allowed the application for amendment to plaint post grant of registration of trademark.

Settlement of Direct Tax pending litigations – CBDT clarifies on Vivad se Vishwas scheme

March 07 2020

With the objective to reduce the pending income tax litigation, the lower House of the Indian Parliament has on 4th of March 2020 passed the Direct Tax Vivad se Vishwas Bill, 2020. The Bill, once enacted, will also generate timely revenue for the Government and benefit the taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.

Virtual currencies – RBI Circular restricting functioning of VC exchanges set aside

March 06 2020

The Larger Bench of the Supreme Court of India has set aside the Circular dated 6-4-2016 issued by the Reserve Bank of India, directing the entities regulated by RBI to not to deal with or provide services to any individual or business entities dealing with or settling virtual currencies and to exit the relationship, if they already have one, with such individuals/ business entities dealing with or settling virtual currencies.

Patents – Cobicistat is not derivative of Ritonavir – Differences in structure when not mere structural modification

March 02 2020

Rejecting the pre-grant opposition filed by a patient group, a community-based non-profit organisation, the Assistant Controller of Patents at New Delhi has granted an Indian patent to Cobicistat, marketed under trade name Tybost, a licensed drug for use in the treatment of HIV and AIDS. The opponents had pleaded lack of inventive step, no enhanced therapeutic efficacy, and being a mere admixture resulting only in the aggregation of the properties of the components.

No requirement under IBC for Resolution Plan to match liquidation value of Corporate Debtor

February 13 2020

No provision in the Code or insolvency regulations dictates that the bid of any Resolution Applicant has to match liquidation value of the estate of the Corporate Debtor. If the resolution plan has been approved by the Committee of Creditors by application of their commercial sense, as well as the plan has been considered as proper in terms of Section 30 of the Code, the Adjudicating Authority cannot interfere or re-assess the same under Section 31 of the said Code.

Statutory Arbitral Tribunals have power to grant interim injunction u/s. 17 of Arbitration and Conciliation Act

February 13 2020

Part I of the Arbitration and Conciliation Act, 1996 shall apply to all arbitrations, even carried out under another enactment, as long as the same is not inconsistent with such enactment or rules made there under.

Budget 2020 – Important changes in anti-dumping, countervailing and safeguard provisions

February 06 2020

India is set to revise provisions relating to its trade remedy measures. While provisions relating to Safeguard duty have been proposed to be amended by the Finance Bill, 2020 as presented in the lower House of the Indian Parliament on 1-2-2020, Rules relating to Anti-dumping duty and Countervailing duty have been revised by notifications issued by the Ministry of Finance.

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