Prohibition and increased punishment for advertisements falsely claiming to increase height, fairness and cure disorders
the draft Drugs and Magic Remedies (Objectionable Advertisements) (DMR) (Amendment) Bill, 2020 proposes to clearly define ‘advertisement’ and ‘disorders’ covered under the ambit of the act and prescribes increased punishment for deceptive advertisement. The ministry has invited suggestions and objections to the proposal.
CBIC exempts specified goods from health cess imposed of certain medical devices.
The Central Board of Indirect Taxes and Customs vide notification dated 2nd February 2020 Seeks to exempt specified goods from Health Cess imposed on the medical devices falling under heading 9018 to 9022 in terms of clause 139 of the Finance Bill, 2020.
SEBI tightens approval norms for draft offer documents.
The Securites and Exchange Board of India has set out rules under which it could hold back approvals for proposed issues by companies that are under investigation for possible violations.
State Government of Tamil Nadu intends to apply the provisions of Payment of Bonus Act to establishments covered under the Building and other Construction workers Act.
The State Government of Tamil invites comments to the proposal to apply the provisions of the Payment of Bonus Act, 1965 on ‘establishments’ as defined by the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 in which less than 20 workers and not less than 10 workers are employed or were employed on any day during the accounting year 2019.
ESIC directs the authorized officers not to ask for any records beyond 5 years from employer for inspection.
ESIC clarifies that the Authorized Officers is not permitted to ask for any records, relating to the contributions made by the employer to the ESIC before five years, from the employers while conducting test inspection/inspection and time limit of five years must be strictly followed in determining the contributions and issue of speaking orders by the authorized officers.
SEBI introduces standard templates for PPMs and a mandatory procedure for performance bench-marking of AIFs
In furtherance of the steps taken by SEBI to streamline disclosure standards in the growing AIF space, after consultation of public comments and deliberations of the Alternative Investment Policy Advisory Committee (AIPAC), SEBI has introduced the following circular for Standardization of Private Placement Memorandum and for introduction of an industry benchmark to compare the performance of AIF industry against other investment avenues.
SEBI Notifies common application form for FPI registration.
The Securities and Exchange Board of India vide circular dated 4th February 2020, has notified the Common Application Form (CAF) for the purpose of registration of Foreign Portfolio Investors (FPIs) with Securities and Exchange Board of India and for carrying out of Know Your Customer (KYC) for opening of bank and demat accounts.
SEBI directs stock exchanges to review commodity derivatives contracts performance on annual basis.
The Securities and Exchange Board of India in its Circular dated 4th February, 2020 has directed commodity exchanges to conduct a performance review of all commodity derivative contracts on annual basis for each financial year and disclose it by June 30 of the following financial year to SEBI and the public.
CBDT issues clarification on the new provision pertaining to residence in India.
The Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be resident in India if he or she is not liable to be taxed in any country or jurisdiction. It said that the new provision in Finance Bill, 2020 is not intended to include in tax net those Indian citizens who are bonafide workers in other countries. It is only intended to prevent abuse of double taxation avoidance laws and to check tax avoidance.
DGFT Prohibits the export of personal protective equipment.
The Directorate General of Foreign Trade in its Notification dated 31st January, 2020, has banned the export of all varieties of personal protection effective from date of publication of the order.
