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Job Opportunities For Law Students

India has over 1.2 million registered advocates and 950 law schools, according to the website of Bar Council of India. Nearly half a million students are enrolled in law colleges. About 70,000 students graduate in law every year, the council states. For a country with population of nearly 1.32 billion, the number of lawyers appears grossly low, though India’s judicial system has won praises worldwide as independent and fair.

Stakeholder Engagement By The Task Force Drafting The New Direct Tax Law

March 21, 2018: A Task Force has been constituted to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.

In this endeavour of drafting the new tax law, it is imperative to engage with stakeholders and general public. Accordingly, suggestions and feedback are invited from stakeholders and general public in the format provided on the departmental website www.incometaxindia.gov.in.

[SEBI Due Diligence & Reporting Requirements Under FATC Act & Common Reporting Standards

SEBI Circular IMD/ FPIC/CIR/P/2018/53 dated 21st March 2018 to Designated Depository Participants ("DDPs")/ Custodians of Securities, regarding Due diligence and reporting requirements under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS), reads as follows:-

1. This is in continuation of SEBI circulars No. CIR/MIRSD/2/2015 dated August 26, 2015 and No. CIR/MIRSD/3/2015 dated September 10, 2015 wherein SEBI has informed all intermediaries regarding due diligence and reporting requirements under Rules 114F to 114H of the Income- tax Rules (hereinafter referred as Rule) and Guidance Note on FATCA and CRS issued by the CBDT, New Delhi, vide F.No.500/137/2011-FTTR-III dated August 31, 2015 (Available at https://goo.gl/A5r5To)

[SEBI] Risk Management Norms For Commodity Derivatives

SEBI Circular SEBI/HO/CDMRD/DRMP/CIR/P/2018/52 dated 21st March, 2018 addressed to National Commodity Derivatives Exchanges, reads as follows:-

1. SEBI has issued various circulars from time to time prescribing risk management norms for commodity derivatives exchanges. Post the transfer of clearing and settlement functions from commodity derivatives exchanges to Clearing Corporations, Clearing Corporations shall be required to comply with all such norms. However, norms related to minimum Liquid Net-worth and Base Minimum Capital requirements applicable for clearing members in commodity derivatives are different from that applicable for clearing members in equity derivatives and currency derivatives.

India & Hong Kong Sign Double Taxation Avoidance Agreement(DTAA)

On 19th March 2018, Government of India and the Hong Kong Special Administrative Region (HKSAR) of People’s Republic of China have signed an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.

Draft Companies (Authorised To Register) 2nd Amendment Rules 2018 - Comments Invited

Ministry of Corporate Affairs' Notice inviting comments on the draft Companies (Authorised to Register) Second Amendment Rules, 2018 dated 20th March 2018, reads as follows:-

The draft Companies (Authorised To Register) Second Amendment Rules, 2018 have been placed on the Ministry’s website for suggestions/ comments (link: https://goo.gl/PNynyJ).

Suggestions/ comments on the draft rules along with justifications in brief may be sent latest by 9th April 2018 through email at comments authorised.st@mca.gov.in. It is requested that the name, contact number, email address and postal address of the sender be indicated clearly at the time of sending suggestions/comments in the following format:-

[RBI] Private Corporate Business Sector's Performance During 3rd Quarter Of 2017-18

Mar 19, 2018: Today, the Reserve Bank of India released data on performance of the private corporate sector during the third quarter of 2017-18. This release relates to abridged financial results of 2,705 listed non-government non-financial (NGNF) companies for Q3:2017-18. Data pertaining to Q3:2016-17 and Q2:2017-18 are also presented in the tables to enable comparison. The data can be accessed at https://goo.gl/ZYoLrK.


As compared with the position in Q2:2017-18,


 o The manufacturing sector witnessed an improvement in sales growth (y-o-y) in Q3:2017-18.

[SEBI] Exit Order In Respect Of Universal Commodity Exchange Limited (UCX)

Whole Time Member, SEBI, has passed an Order on March 16, 2018 providing exit to the Universal Commodity Exchange Limited (UCX). UCX is the sixth Commodity Derivatives Exchange / deemed stock exchange to exit after the merger of Forward Markets Commission (FMC) with SEBI.

[SEBI] Changes In Norms For Providing Margin Benefit On Spread Positions In Commodity Futures Contracts

SEBI Circular SEBI/HO/CDMRD/DRMP/CIR/P/2018/51 dated March 20, 2018 for National Commodity Derivatives Exchanges, reads as follows:-

1. Vide circulars CIR/CDMRD/DRMP/01/2015 dated October 01, 2015, SEBI/HO/CDMRD/DRMP/CIR/P/2016/77 dated September 01, 2016 and SEBI/HO/CDMRD/DRMP/CIR/P/2016/130 dated December 02, 2016, SEBI has prescribed norms inter-alia for providing margin benefit on spread positions in commodity futures contracts.

2. Based upon proposals from Exchanges and recommendations of the Risk Management Review Committee, following has been decided regarding margin benefit on spread positions:

Central Information Commission (CIC) Annual Report 2016-17: Highlights Of The Trends

Annual report of the Central Information Commission (CIC) was tabled in Lok Sabha and Rajya Sabha on 14th and 15th March 2018 respectively. The trends of Annual Report are as follows:

 o During the reporting year 2016-17, 9.17 lakh RTI applications were received by the registered Central Public Authorities (PAs). This is lower by 59,670 or 6.1% than what was reported during 2015-16.

Data On India’s Balance Of Payments During 3rd Quarter (Oct-Dec) Of 2017-18

Mar 16, 2018: Preliminary data on India’s balance of payments (BoP) for the third quarter (Q3), i.e., October-December 2017-18 are presented in Statements I (BPM6 format) and II (old format).

Key Features of India’s BoP in Q3 of 2017-18

 o India’s current account deficit (CAD) at US$ 13.5 billion (2.0 per cent of GDP) in Q3 of 2017-18 increased from US$ 8.0 billion (1.4 per cent of GDP) in Q3 of 2016 -17 and US$ 7.2 billion (1.1 per cent of GDP) in the preceding quarter.
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