The General Insurance Business (Nationalization) Amendment Act, 2021 privatizes four subsidiary companies of GIC
Four subsidiary companies of GIC: (i) National Insurance, (ii) New India Assurance, (iii) Oriental Insurance, and (iv) United India Insurance is no longer required to have shareholding of the central government of minimum 5%. The principal act will not apply to the four companies from the date on which the central government relinquishes control of the insurer.
National strategy for phase down of Hydrofluorocarbons that Deplete the Ozone Layer
Cabinet has approved Ratification of Kigali Amendment to the Montreal Protocol to introduce the National strategy for phase down of Hydrofluorocarbons that Deplete the Ozone Layer.
CBIC clarifies its exclusive authority to ensure uniformity in classification of import goods
It is provided that Directorates/Commissionerates/Audit shall no longer issue any Circulars/Reports/Alerts etc. which are in the nature of interpretation/clarification/prescription for the sake of uniformity in classification of goods or with respect to levy of duty thereon, on matters covered under section 151A of the Customs Act, 1962.
Revised quota for export of Covid-19 Rapid Antigen Testing
The quota for export of Covid-19 Rapid Antigen Testing kits during July, August & September shall be 1176 lakh kits. The online applications for export of Covid-19 Rapid Antigen Testing kits shall be submitted between August 20, 2021 and August 30, 2021.
CDSCO extends due date for submission of details of pre-1988 permitted fixed dose combinations
The Due date for submission of such information previously requested by CDSCO is extended from 25.08.2021 to 25.10.2021.
CBIC has issued clarification regarding security required in cases of suspicion of misdeclaration of origin
The circular also provides discretionary power to commissioner or customs to decide amount of security required in cases of suspicion of misdeclaration of origin or value added regarding import goods.
Companies (Appointment and Qualification of Directors) Amendment Rules, 2021
The amendment exempts advocates, Company Secretaries, Cost accountants and chartered accountants practicing for 10 years from requirement to pass online proficiency self-assessment test to be included in independent directors databank.
Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021
An Indian Insurance company having foreign investment shall comply with the provisions under the Indian Insurance Companies (Foreign Investment) Rules, 2015.
The Companies (Creation and Maintenance of databank of Independent Directors) Second Amendment Rules, 2021
The amendment provides that the Indian Institute of Corporate Affairs (IICA) shall within sixty days from the end of every financial year send an annual report to every individual whose name is included in the data bank and also to every company in which such individual is appointed as an independent director.
Factoring Regulation (Amendment) Act, 2021 operationalised
The amendment provides that every factor shall register the particulars of every transaction of assignment of receivables in his favor with the Central Registry set-up the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
