News & Updates Issue 42 Duration July 16-31, 2020

ISSUE_27

“Tact is the ability to describe others as they see themselves.”

ABRAHAM LINCOLN

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India (RBI) has issued a notification RBI/2020-21/04 dated July 01, 2020, Master Circular – Detection and Impounding of Counterfeit Notes ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2020-21/07 dated July 01, 2020, Master Circular – Facility for Exchange of Notes and Coins ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2020-2021/10 dated July 02, 2020 in relation to Credit Flow to Micro, Small and Medium Enterprises Sector ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2020-21/11 dated July 06, 2020 in relation to Extension of Timeline for Finalization of Audited Accounts ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2020-21/12 dated July 10, 2020 in relation to Exemption from Registration as NBFC – Alternative Investment Fund (AIF) ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2020-21/13 dated July 16, 2020 in relation to Fair Practices Code for Asset Reconstruction Companies ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2020-21/15 dated July 24, 2020 in relation to Implementation of Indian Accounting Standards ReadMore

LABOUR LAW

  • Ministry of Labour & Employment. The provisional payroll data published by the Employees Provident Fund Organisation (EPFO) on 20th July, 2020 reveals that net new enrolments has started to make headway for most industry classifications in May 2020.  The subscriber base has grown by 3.18 lakh new net members during May 2020, registered a 218% month on month growth. Despite the lockdown, around 1 lakh net new subscribers were added to social security schemes of EPFO in April 2020.  The data published comprises all the new members who have joined during the month and whose contribution is received.
    The subscriber base growth is on account of increased number of new subscribers, lower exits and higher rejoining by exited members. The new subscriber joining has increased roughly by 66 % from 1.67 lakh in April to 2.79 lakh in May 2020.In addition, the exits from EPFO subscriber base declined by nearly 20% from 2.97 lakh in April to 2.36 lakh in May 2020. [July 22, 2020] ReadMore

COMPETITION LAW

  • Competition Commission of India (CCI) approves acquisition of Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone Limited. [July 22, 2020] ReadMore
  • The Federal Trade Commission reported that Volkswagen and Porsche repaid a total of more than $9.5 billion since 2016 to car buyers under the FTC’s orders stemming from the companies’ deceptive “clean diesel” advertising of VWs and Audis fitted with illegal emission defeat devices. [July 27, 2020] ReadMore
  • The Federal Trade Commission sued four companies that sell paint products used to coat buildings and homes, alleging that they deceived consumers about their products’ insulation and energy-savings capabilities. In complaints filed in federal court, the FTC charged that the companies falsely overstated the R-value ratings of the coatings, making deceptive statements about heat flow and insulating power. [July 29, 2020] ReadMore

ENERGY

  • India-European Union (EU) renew Agreement on Science & Technology cooperation [July 26, 2020] ReadMore
  • Andhra Pradesh: Government announces Renewable Energy Export Policy [July 18, 2020] ReadMore
  • Power Innovations announces new record in use of Hydrogen Fuel Cell Technology [July 25, 2020] ReadMore

NEWS

  • Government sets up Single-window Clearance Mechanism to expedite aviation sector proposals [July 18, 2020] ReadMore
  • Google says no to 'dangerous content', bans ads on coronavirus conspiracy theories [July 18, 2020] ReadMore
  • Parliament building unsafe, cramped: Central Public Works Department to Supreme Court (SC)[July 21, 2020] ReadMore
  • Supreme Court rules out possibility of conducting physical hearings at present [July 22, 2020] ReadMore
  • The Securities and Exchange Board of India (SEBI) extends validity of compliance relaxations for rights issues [July 24, 2020] ReadMore
  • Facebook gains temporary court reprieve on European Union (EU) antitrust data demand [July 28, 2020] ReadMore
  • Delhi High Court (HC) directs Facebook, Google to remove offending material on Sasikala [July 29, 2020] ReadMore
  • Government starts process to identify customs duty exemptions that can be scrapped [July 29, 2020] ReadMore
  • Supreme Court (SC) allows sharing of resolution plan of real estate firm Unitech Ltd [July 31, 2020] ReadMore

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