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Policy and Regulatory

Decoding the PMLA Judgement | LawWiser

We all know that a lot of discussion is happening on the recently released judgment on the Prevention of Money Laundering Act (PMLA Act).

To help us understand what the judgment has held on challenges to various provisions of this Act, we have seasoned experts – Vivek Sood, Senior Advocate, Supreme Court of India and Chirag Naik, Principal Associate, MZM Legal.

They will decode the judgment where the apex court has upheld several provisions of the Prevention of Money Laundering Act, 2002, including those which relate to the power of arrest, attachment, and search and seizure conferred on the Enforcement Directorate.

They will help us understand –

– The Supreme court judgment in Vijay Madanlal Choudhary Vs Union of India

– Most contentious issue of bail in the background of the 2019 Amendment

– The issue of burden of proof with respect to section 24 of the PMLA Act

– ED being subject to judicial oversight for investigation

– The Retrospective application of the law with reference to intent to commit the crime

– Post the judgement what are the challenges ahead in implementation of the law.

Watch Now to learn more!

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How to choose the right Canadian Immigration Consultants?

While planning your move to Canada, one of the first steps is to apply to an immigration program. Whether you’re planning to come as a permanent resident or temporary resident, the application process can be quite complex.

Hence, it becomes very important to choose the right immigration consultants. But the market of consultants and counsels is very crowded in Canada.

Watch Now for the super interesting conversation – How to choose the right Canadian immigration consultants?, featuring Barbara Jo (BJ) Caruso, Founder, of Corporate Immigration Law Firm, and Aman Abbas, Founder, LawWiser.

They will be discussing –

– Intracompany transfer-related immigration

– Parameters one should apply while choosing a counsel

Stay tuned till the end, as she also advises –

– Companies and employees who are looking to move to Canada from other countries

– People who have applied and people who are planning to apply

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RBI Directions for Microfinance Loans, 2022

The Reserve Bank of India has instructed all the regular entities lending to the microfinance sector to ensure that the loans are collateral-free and not protected by a lien on the borrower’s deposit account. 

Tune into the #LawWiser premium video on “RBI Directions for Microfinance Loans, 2022” featuring Prabhjot Singh briefly explaining the directions given by RBI.

In the video, Prabhjot tells us that the Reserve Bank of India has eliminated the margin caps that were previously solely applicable to non-banking finance businesses. 

The collateral loans offered to low-income households, i.e., households with an annual income up to $3 lakh, will now be termed “microfinance loans”. 

He shares that there must be a RE board-approved policy that brings flexibility to the payback period.

Interest rates on all three levels, i.e., minimum, maximum, and average on the microfinance loans must be informed in all RE offices.

RE or its agent will not utilize punitive recovery measures. 

To learn more about these RBI directions, watch the full video.

#rbi #rbipolicy #collateral #loans #microfinance #borrowers #nbfc #business #finance #recovery #payback #interestrates  #msme #startups #compliance #msmeindia  

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Draft Food Safety and Standard (Food Products Standards and Food Additives) Amendment Regulations, 2021

Recently there were two main amendments made in the Food Safety and Standard (Food Products Standards and Food Additives) Regulations. 

  1. The Food Safety and Standards Authority of India (FSSAI) has issued the Draft Food Safety and Standards (Food Products Standards and Food Additives) Amendment Regulations, 2021 on December 27, 2021. 

Authority of India

  1.  FSSAI has also issued a draft notification on Food Safety and Standard (Food Products Standards and Food Additives) Amendment Regulations, 2021. 

Watch LawWiser video on Draft Food Safety and Standard (Food Products Standards and Food Additives) Amendment Regulations, 2021 with Avani Shukla, Lawyer & Growth and collaborations at lawWiser.

Stay tuned for more such updates!

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National Automobile Scrappage Policy (Key Features)

In India, on an average approx. 12 billion new vehicles are added annually that spew noxious pollutants and at the same time huge number of automobiles are becoming old which further accelerates the growth of pollution.  

One of the major highlights of Union Budget 2021-2022 was the announcement of vehicle scrappage

policy.

The policy aims to create an environment friendly ecosystem by elimination of unfit and polluting

vehicles. The intention behind implementation is also to promote and encourage cleaner emissions,

fuel emissions and better safety. It is important policy as older vehicles pollute the environment 10-

12 times more than normal vehicles.

Watch LawWiser video on National Automobile Scrappage policy with Avani Shukla, Lawyer & Growth and collaborations at lawWiser. In this video, Avani will help you understand what does this policy means and its significance?

She will help us understand key features of National Automobile Scrappage policy. 

Stay tuned for more such updates!

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All about NFTs & Art | Universal Legal | LawWiser

Know all the Jazz about NFT and Art in #LawWiser‘s fireside chat. Watch the full feature on All about NFTs and Art with with renowned artist and sculptor @Arzan Khambatta and @Anuradha Chowdhary, Tech Lawyer, @Universal Legal.

Anuradha very succinctly explains what NFT means and Arzan takes us through how he took the chance to explore minting his artwork in NFT. They also touch upon the other significant trend about Metaverse. Together they explore:

⚡ rights and aspects that artists should be mindful of while going for NFTs

⚡ top 3 things an artist looking to venture into the digital world should consider?

⚡ what is Metaverse

⚡ How would NFTs work in the Metaverse?

Know about all the above and much more on #LawWiser

#NFT #Nonfungibletokens #nftart #nftartist #nftmarketplace #nftartwork #digitalart #cryptoart #nftcollector #nonfungibletokens #metaverse

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How MSMEs can be part of Global Value Chain? | Sanjay Notani | LawWiser

We all are aware of the role of MSMEs in shaping the Indian economy and now they also have various opportunities to tap globally. The Government of India has been consistently working with various countries such UK, Japan, Australia, the UAE, the European Union and many other countries for Free-Trade Agreements (FTAs). This is aimed to provide diverse export opportunities and open a wide market for MSMEs in India. 

Watch Sanjay Notani, Partner, Economic Laws Practice (ELP) on LawWiser’s explainer on How MSMEs can be part of a Global Value Chain. 

Sanjay very interestingly shares some key data providing insights on MSME about the MSMEs, how they constitute nearly 40 per cent of total exports, and more than half of them

are located in rural India. As per the data, India’s share of overall export to the USA is 15.30%, UAE 11.50%,

Hong Kong 4.60%, China 3.60%, and the United Kingdom 3.40%, respectively 7 and 40%

of this total export was by MSMEs. Out of all the existing MSMEs, 31% are engaged in the manufacturing sector and the remaining others are engaged in the service sector. Out of these 69% service sector MSMEs, almost 36% are engaged in trade.

He also shares the challenges faced by MSMEs and the steps taken by the Govt. He starts by highlighting the pain points of the market and taking us through the aspects of special and differential treatments. Aspects relating to Ethical Trade Imperatives (ETI) are also discussed. ETI imposes additional compliance burden through requirements such as those related to (not indulging in) child labour, observing work hours, health and safety of workers, wages and environment. 

Lastly, he takes us through the geopolitics impact on the Indian MSME. India’s exports to Ukraine and Russia have mostly been led by MSMEs and hence, the current crisis may hit MSME exporters with multiple challenges such as delay in shipments, late payments, damage to consignments, and more.

 Sanjay discusses all this and much more interesting aspects about how MSMEs can be part of a global value chain, watch the full video now. 

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Government’s Initiative and Challenges for Manufacturing Sector

The government of India adopted a series of measures to improve the economic situation including major reforms undertaken under the Atmanirbhar package to include Credit Guarantee for MSME loans, sectoral structural reforms, reduction in compliance burden and single window systems for clearances. 

To boost the make in India drive, the government has also undertaken sectoral reforms such as in May 2020, the FDI was increased in defense manufacturing under the automatic route from 49% to 74%.

Watch now #LawWiser premium video on “Government’s Initiative and Challenges for the Manufacturing Sector” featuring Namrta Rai, Partner at Juris Corp, analyzing government initiatives in the manufacturing sector.

The government of India has also rolled out various schemes, which play a key role in business promotion and local manufacturing by MSMEs in the country, thereby providing impetus to them for further growth such as: 

  1. Prime Minister Employment Generation Programme (PMEGP) has been set up with an aim at providing financial assistance to self-employment ventures, in order to generate employment opportunities for unemployed youth and traditional artisans. 

  2. Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE) aims at motivating first-generation entrepreneurs towards self-employment by providing credit guarantee funding for third-party guarantee-free / collateral-free loans.

  3. Financial Support to MSMEs in ZED Certification Scheme – To boost and support the ‘Make in India’ initiative, the scheme aims to inculcate Zero Defect & Zero Effect (ZED) practices in manufacturing done by Indian MSMEs and SMEs. MSMEs that supply to Defense can avail reimbursement additionally on Defense-related certificates/ Standards, but only once.

4. Lean Manufacturing Competitiveness Scheme – The scheme aims at enhancing the manufacturing competitiveness of MSMEs by introduction of Lean Manufacturing (LM) techniques – Increasing productivity; Inculcating good management systems; Reducing waste and Imbibing a culture of continuous improvement. 

  5. Then there is also the National Manufacturing Competitiveness Programme, which is also called (NMCP) – An umbrella scheme that aids MSMEs through the following sub-schemes:

  • Credit Linked Capital Subsidy for Technology Upgradation (CLCSS)
  • Marketing Support/Assistance to MSMEs (Bar Code)
  • Lean Manufacturing Competitiveness for MSMEs
  • Design Clinic for Design Expertise to MSMEs
  • Technology and Quality Upgradation Support to MSMEs
  • Entrepreneurial and Managerial Development of SMEs through Incubators
  • Enabling Manufacturing Sector to be Competitive through Quality Management Standards (QMS) and Quality Technology Tools (QTT)
  • Building Awareness on Intellectual Property Rights (IPR)

#manufacturingindustry #manufacturing #defence #defenceindustry #msmeloans #msmeindia #msmesector #sector #legalsector #Legalknowledge #legal #compliances #services #legalservices #schemes #financialassistance #intelligence #video 

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Tax Holiday for Startups

There has been an increasing interest of global investors in Indian Startups. The startups are also playing a vital role in the economic growth of the country. The Government is also providing incentive schemes for start-ups to motivate more entrepreneurs.

Watch Now LawWiser’s explainer on “Tax Holidays for Startups” featuring Paras Nath, Partner, TR Chaddha & Co LLP, where he talks about startup income tax benefits and certain other startup tax exemptions.

Paras takes us through various incentives provided under the Income Tax Act for the startups. Some of them are :

The first incentive under the provisions of Section 80-IAC of the Income Tax Act, 100% of the profit of eligible start-ups can be claimed as a deduction for any 3 consecutive years out of a period of 10 years from incorporation.

The second one is a waiver from ‘Angel tax’. Any amount received by the company from residents in India more than FMV is liable to tax in the hands of the company, popularly known as ‘Angel tax’. 

The other incentive available is for new manufacturing companies under Section 115BAB of the Income Tax Act. The effective tax rate provided for new manufacturing companies under normal provisions is 17.16% (15% plus surcharge plus cess) with MAT provisions do not apply to them. 

However, certain conditions are required to be met for availing of this incentive which are: 

-Incorporated and registered in India as a company on or after 1st October 2019 and commenced manufacturing on or before 31st March 2024. 

-A company should not be formed by splitting up or reconstructing of an already existing business in existence.

The basis for allowing the reduced rate is to incentivize the new units, and therefore, to restrict the benefit being misused. 

Watch the full video to know all about Tax Holiday for Startups in detail.

Stay tuned for more insightful content related to compliances for #MSME and #startup

#incometax #startup #startupbusiness #taxexemption #MSME #msmeindia #manufacturingindustry #compliance #industryupdates #angelinvesting #legalknowledge #Legalvideo #video 

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National Manufacturing Competitiveness program

Tune in to watch the LawWiser video on National Manufacturing Competitiveness Program by Ramanpreet Singh Sidhu, Associate, Athena Legal. In this video Ramanpreet explains this program and details of various schemes that are offered under this for MSMEs. 

National Manufacturing Competitiveness Program (NMCP) was introduced in 2014, essentially with an aim to enhance the competitiveness of MSMEs in domestic and global markets. The Ministry of MSME in conjunction with the National Manufacturing Council highlighted the 10 components of the program. 

He also shares some of the important schemes under the NMCP like,

-Lean Manufacturing Scheme – 

This scheme is aimed at increasing competitiveness through reduced wastage in manufacturing by implementing suitable techniques. This is implemented through the Quality Control Council of India and the National Productivity Council.

– Technology and Quality Upgradation Support for MSME Scheme

This is one of the most important schemes of the NMCP. Keeping in mind the relative dearth in availability of technology and quality, high price, and its critical role in manufacturing units, this scheme aims to implement energy-efficient techniques in manufacturing via Energy Efficiency and Product Quality certifications, encouraging MSMEs to acquire licenses through international bodies, adopting techniques that adhere to global industry standards, and setting up Clean Carbon Accreditation Centres that will encourage clean energy practices among MSME.

– Promotion of ICT in Indian Manufacturing Sector

This ICT scheme encourages and assists the manufacturing MSME clusters to adopt ICT tools and applications in their businesses, thereby improving the productivity and competitiveness in national and international markets among these clusters.

– Entrepreneurial and Management Development of Small and Micro Enterprises through

Incubators

This aims to provide basic financial assistance and advice to innovative business ideas t help attract venture capital. This is to be done with the help of Business Incubators in the form of technical institutions that will provide ten business enterprises with workshops, facilities and expertise.

Watch the full video to know all about these and such other important schemes under the NMCP. 

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