General Updates
Prime Minister's Internship (“PMI”) Scheme launched
The PMI Scheme has become operational through a centralised online portal, which manages the entire internship lifecycle and provides a dedicated dashboard for partner companies to post internship opportunities for candidates. Presently, the Government of India has identified top 500 companies based on their average Corporate Social Responsibility (“CSR”) expenditure over the last 3 (three) years to be the partner under the Scheme. Other entities, banks, or financial institutions can also participate with approval from the Ministry of Corporate Affairs, more specifically if they represent underrepresented sectors. The Scheme spans for nearly 24 sectors such as oil, gas, energy, travel, hospitality, automotive, and banking and financial services, etc.
Stamp duty rates revised in the state of Maharashtra
As per the recent ordinance by the Government of Maharashtra, stamp duty rates have been revised for registration of documents, primarily which relates to awarding work contracts, amalgamation of plots, restructuring, division and mergers to an unspecified amount depending on the value of the amount involved in awarding these contracts etc.
Reserve Bank of India (“RBI”) enhances Unified Payments Interface (“UPI”) transaction limits
The RBI has made a significant announcement and raised the transaction limits for UPI123Pay and UPI Lite. The transaction limit of UPI123Pay has increased to Rs. 10,000 (US$ 150 approximately) as compared to Rs. 5,000 (US$ 75 approximately). For UPI Lite, the maximum transaction limit has increased to Rs. 1,000 (US$ 15 approximately) from Rs. 500 (US$ 7.5 approximately) and the maximum wallet capacity to Rs. 5,000 (US$ 75 approximately) from Rs. 2,000 (US$ 30 approximately). These changes form a part of the RBI's bigger policy to make UPI more appealing to a broader demography.
Government of India Relaxes Regulations for Exporting DualUse Software and Technology
Certain dual-use software and technology products can now be exported from Indian parent corporations to their subsidiaries in 41 countries owing to a relaxation of India's export regulations. This modification impacts 36 products that are classified as Special Chemicals, Organisms, Materials, Equipment, and Technologies (SCOMET). A wide range of technologies and materials, including source codes for hybrid systems, gas turbine engine technology, and materials made to absorb electromagnetic radiation, are now included in the Global Authorization for Intra-Company Transfer (GAICT) extended list. The new rules, which apply to nations including the United States, the United Kingdom and Russia.
Cough syrup testing for export to important markets is waived by the government of India
According to the new notification, the Government of India has removed the need for mandatory testing of cough syrup if manufacturers are exporting the same to countries like the United States, United Kingdom, Canada, the European Union, Japan, Australia, Singapore, the Republic of Korea, and Switzerland. This is subject to the approval granted by these countries' regulatory agencies for plants/section engaged in manufacturing and export of cough syrup.
Ecomark Rules, 2024 (“2024 Rules”) notified
The Ministry of Environment, Forest and Climate Change has notified 2024 Rules, to label the products having lesser adverse impact on the environment. Key highlights of the 2024 Rules include eligibility criteria for grant of Ecomark; submission of application form to Central Pollution Control Board; validity of Ecomark for 3 years or if there is any change in criteria for Ecomark product; power to cancel Ecomark; web portal; Steering Committee; submission of annual report etc.
Draft Arbitration and Conciliation (Amendment) Bill, 2024 (“Draft Rules”) notified
The Ministry of Law and Justice has released the Draft Rules for public comments and inputs. Key highlights of the Draft Rules include provision of emergency arbitration; powers of Arbitration Council of India; Promotion of Institutional Arbitration; omission of certain conciliation provisions; Appellate Arbitral Tribunal for handling application against arbitral award etc.
Corporate Law Updates
The Companies (Indian Accounting Standards) Third Amend ment Rules, 2024 notified
The Ministry of Corporate Affairs (“MCA”) has issued the Companies (Indian Accounting Standards) Third Amendment Rules, 2024. As per the amendment, an insurer or insurance company may provide its financial statements in accordance with Ind AS 104 for the purposes of consolidated financial statements by its parent, investor, or venturer until the Insurance Regulatory and Development Authority notifies Ind AS 117.
The Companies (Adjudication of Penalties) Second Amendment Rules, 2024
MCA has notified the Companies (Adjudication of Penalties) Second Amendment Rules, 2024, which clarify the proceedings pending before the Adjudicating Officer or Regional Director. Pursuant to this amendment, proceedings pending before the Adjudicating Officer or Regional Director on the date of commencement of the Companies (Adjudication of Penalties) Amendment Rules, 2024, shall continue according to the provisions of the rules that existed prior to such commencement.
Labour Law Updates
Advisory issued by Government of Delhi to contractors on payment of bonus
While taking cognizance of the various complaints filed by outsourced workers regarding non-payment of bonus by contractors, an advisory has been issued by the government of Delhi. It is the statutory responsibility under the Payment of Bonus Act, 1965 of the contractors (employing 20 or more workers on any day during the accounting year) to pay bonus to its employees. Further, it has been emphasised that as per relevant provisions of the Contract Labour (Regulation & Abolition) Act, 1970, it is the responsibility of the Principal Employer to ensure compliance of various labour laws by their respective contractors and have urged Principle Employes to ensure disbursement of bonus by their contractors during the festive season.
Government of Karnataka extended the permission to keep shops and establishment open all days of the year
The Government of Karnataka extends permission for keeping open Shops and Establishments on all days of the year in State of Karnataka for a further period of three (3) years depending on certain conditions such as working hours of employees shall be 8 hours per day and 48 hours in a week; weekly holiday; display of details of every employee & specifically for employee on leave; payment of overtime wages through bank account; transport arrangements, working hours for women employees; providing restroom facilities safety lockers and other basic amenities; constitution of internal complaints committee against sexual harassment of woman amongst others.
Upgraded eShram portal launched for unorganised workers
The Ministry of Labour & Employment has launched revamped and upgraded version of the “eShram: One Stop Solution” portal for the unorganised workers which will provide access to different social security schemes.
Intellectual Property Updates
Interim injunction passed for disparagement of brand
The Delhi High Court has mandated a businessman and health influencer to remove an Instagram video from his account that compared famous powdered drink mix with other allied products in the market and misrepresenting its nutritional value as unfit for consumption of children, thereby publicly criticizing the product. Following this, the Plaintiff, manufacturer of famous powdered drink mix, filed a lawsuit and argued that the video could damage the well-established consumer trust, impact the brand reputation and dilute its trademark rights. The court passed an interim injunction upholding that the video disparaged the brand and violated trademark protection of the Plaintiff. The ruling emphasizes the importance of safeguarding trademark rights in the digital age.
Claim Mapping additional criteria required in Patent infringement suits
The Delhi high court has recently ruled that while seeking a temporary injunction in a patent infringement suit, the plaintiff in addition to establishing the three factors i.e. prima facie case, balance of convenience, irreparable loss and injury - has to submit ‘claim mapping', without which the relief of injunction becomes difficult. Claim mapping is a process of comparing a registered patent's claim to the allegedly infringing product or method.
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