In

News and Updates Issue 18 Duration July 16-31, 2019

News Updates

A lean compromise is better than a fat lawsuit.

ENGLISH PROVERB

BILLS, ACTS AND RULES

  • The Central Universities (Amendment) Bill, 2019 dated July 16, 2019 was introduced in Lok Sabha by Minister of Human Resource Development on July 8, 2019. The Bill seeks to amend the Central Universities Act, 2009, which establishes universities for teaching and research in various states. The Bill provides for the establishment of two central universities in Andhra Pradesh to be known as the Central University of Andhra Pradesh and the Central Tribal University of Andhra Pradesh.
    For more information, please access –
    https://www.prsindia.org/billtrack/central-universities-amendment-bill-2019
  •  The National Investigation Agency (Amendment) Bill, 2019 dated July 17, 2019 was introduced in Lok Sabha by the Minister for Home Affairs, Mr. Amit Shah, on July 8, 2019. The Bill amends the National Investigation Agency (NIA) Act, 2008.  The Act provides for a national-level agency to investigate and prosecute offences listed in a schedule (scheduled offences).  Further, the Act allows for creation of Special Courts for the trial of scheduled offences. Scheduled offences include offences under Acts such as the Atomic Energy Act, 1962, and the Unlawful Activities Prevention Act, 1967.  The Bill seeks to allow the NIA to investigate the following offences, in addition: (i) human trafficking, (ii) offences related to counterfeit currency or bank notes, (iii) manufacture or sale of prohibited arms, (iv) cyber-terrorism, and (v) offences under the Explosive Substances Act, 1908.
    For more information, please access –
    https://www.prsindia.org/billtrack/national-investigation-agency-amendment-bill-2019
  • The Protection of Human Rights (Amendment) Bill, 2019 dated July 22, 2019 was introduced in Lok Sabha by the Minister of Home Affairs, Mr. Amit Shah, on July 8, 2019.
    For more information, please access –
    https://www.prsindia.org/billtrack/protection-human-rights-amendment-bill-2019

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/20 A.P. (DIR Series) Circular No. 04 dated July 30, 2019 in relation to External Commercial Borrowings (ECB) Policy – Rationalisation of End-use Provisions. Accordingly, eligible borrowers will now be permitted to raise ECBs for the following purposes from recognised lenders, except foreign branches/ overseas subsidiaries of Indian banks, subject to paragraph 2.2 of the direction ibid:
    i.      ECBs with a minimum average maturity period of 10 years for working capital purposes and general corporate purposes. Borrowing by NBFCs for the above maturity for on lending for the above purposes is also permitted.
    ii.     ECBs with a minimum average maturity period of 7 years can be availed by eligible borrowers for repayment of Rupee loans availed domestically for capital expenditure as also by NBFCs for on-lending for the same purpose. For repayment of Rupee loans availed domestically for purposes other than capital expenditure and for on-lending by NBFCs for the same, the minimum average maturity period of the ECB is required to be 10 years.
    iii.     It has been decided to permit eligible corporate borrowers to avail ECB for repayment of Rupee loans availed domestically for capital expenditure in manufacturing and infrastructure sector if classified as SMA-2 or NPA, under any one time settlement with lenders. Lender banks are also permitted to sell, through assignment, such loans to eligible ECB lenders, except foreign branches/ overseas subsidiaries of Indian banks, provided, the resultant external commercial borrowing complies with all-in-cost, minimum average maturity period and other relevant norms of the ECB framework.
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT200D41FAB831C84811AF9EC900538C431F.PDF

LABOUR LAW

  • July 22, 2019: Ministry of Labour & Employment Acts has, for Securing Dignity and Security of a Woman Worker taken steps for drafting four Labour Codes namely, The Code on Wages; The Code on Industrial Relations; The Code on Social Security & Welfare; and The Code on Occupation Safety, Health and Working Conditions by simplifying, amalgamating and rationalizing the relevant provisions of the existing Central Labour Laws without any gender discrimination. The Labour Codes envisage extension of minimum wages and timely payment of wages to all 50 Crore workers, provision of appointment letter, provision for annual medical check-up, extension of safety and other welfare provisions are also stipulated for both male & female workers.
    For more information, please access –
    http://pib.nic.in/PressReleseDetail.aspx?PRID=1579733
  • Labour Department Haryana - creation of Family ID of all State Government Employees including Contractual employees [July 29, 2019]
    For more information, please access –
    http://storage.hrylabour.gov.in/uploads/labour_laws/Y2019/July/W4/D29/1564398536.pdf

COMPETITION LAW

ENERGY

  • HPCL reportedly refuses to recognise ONGC as its promoter [July 23, 2019]
    For more information, please access –ReadMore
  • Essar reportedly makes natural gas discovery in Vietnam [July 27, 2019]
    For more information, please access –ReadMore

NEWS

 

Disclaimer (a) “This information has been gathered from various sources. Nothing herein is or may be construed as legal advice”.

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