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Policy and Regulatory

Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

Notably, there has been a tremendous increase of advertisements wherein we saw different film stars featuring in the ads of “Cryptocurrency,” promoting high investment returns in crypto. However, it has a dark side, too, as it has been used for certain illegal purposes.

Tune into this video, where LawWiser takes you through “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

Watch Prabhjot Singh briefly explain the reasons behind the ban on cryptocurrency.

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Exploring post-Brexit business opportunities for UK-India – #UKUnlock22

We are super excited to share LawWiser’s UK Unlock 22 Series latest video focusing on ‘Exploring post-Brexit business opportunities for UK-India’ powered by IndusLaw.

Watch our eminent expert panellists discuss various aspects and developments in the India-UK bilateral trade relations.

Our panellists are:

Amarjit Singh, CEO, India Business Group (London);

Phillip D’Costa, Partner, Commercial Dispute Resolution & Co-Head India Group,

Penningtons Manches Cooper;

Shashi Mathews, Partner, IndusLaw

#Watchnow to know

– How the Early Harvest Trade deals and FTA talks will assist in strengthening the bilateral relations between both the countries

– What are the taxation issues and their effects on free trade of both the countries

– The potential issues with respect to trade barriers that need to be addressed in the upcoming FTA talks

Watch all this and much more!

#TuneInNow Visit us at www.lawwiser.com

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Data Protection Bill – Parliamentary panel Finalizes Draft Report

With growing reliance on technology, Personal Data Protection bill has been need of the hour for India. Recently, the Joint Parliamentary Committee has finalized the draft report on Personal Data Protection Bill. It is likely to be placed in the upcoming Winter Session of Lok Sabha with specific recommendations.

Tune into this video, where LawWiser quickly takes you through the update “Parliamentary panel finalizes draft report on a Personal Data Protection Bill”. Watch Prabhjot Singh explaining this recent update.

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The Dilemma of Recycling Plastics in India – Virtual Open Forum

Dilemma of Recycling Plastics in India – #Watchnow full feature of the Virtual Open Forum by #LawWiser. With the new amendment to the Plastic Waste Management Rules, we could soon be using food and drinks that are packaged in recycled plastic. There are serious concerns with its implementation and the challenges in recycling plastic waste.

The Plastic Waste Management (2nd Amendment) Rules, 2021, introduced on September 17, 2021, has allowed carry bags or products made of recycled plastic to be used for storing, carrying, dispensing or packaging ready to eat or drink foodstuff. This, however, is subject to appropriate standards and regulations under the Food Safety and Standards Act, 2006 (34 of 2006), by the Food Safety and Standards Authority of India.

n this discussion our expert panellists, who represent different spheres, understand the concerns and the impact of this amendment.

Our Panellists, Atin Biswas, Programme Director, Municipal Solid Waste, Centre for Science and Environment; Siddharth Ghanshyam Singh, Deputy Programme Director, Centre for Science and Environment; Sudipto Sircar, Advocate, Supreme Court, Delhi High Court; Ashish Agarwal, Secretary, RECYCLE INDIA FOUNDATION; Dr Vijay Habbu, Polymer Scientist and Adjunct Professor, Institute of Chemical Technology (ICT), Mumbai, with our Moderator Sania Husaini, highlight the action points and the recommendations on this amendment.

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Hoarding of Essential Commodities – Remedies and Prosecution

#Tune in to watch the video on Hoarding of essential commodities, remedies and prosecution by Vareesha Irfan, 4th year law student at Faculty of Law, Jamia Millia Islamia.

She explains the concept of prevention of hoarding of essential commodities in the light of Essential Commodities Act and Prevention of Blackmarketing and Maintenance of Supply of Essential Commodities Act.

She highlights the essential provisions of these laws in relation to the penalty for hoarding of essential commodities in India and the relevant guidelines and safeguards for preventive detention in such cases. She also takes us through the judgement of the Supreme Court with respect to the CoVID-19 drugs being the essential commodities in the wake of the Pandemic.

Stay tuned on LawWiser for more u-special videos

To get featured in more such conversations, write us on [email protected]

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GST Updates 2021 – Ecommerce Operators | In A Minute

#Watchnow #Inaminute video where Jatin Arora, Partner, Phoenix Legal takes us through this GST Council update in relation to e-commerce operators.

GST Updates 2021 – In the 45th GST Council meeting, it was decided to shift the burden of tax on the restaurant services to e-commerce operators like #Swiggy#Zomato through whom these services are delivered. In the video, Jatin quickly explains what this update is about and the impact that it is likely to have on e-commerce operators.

He takes us through the details that this is not a new tax introduced on e-commerce operators. The restaurant charges 5% GST on their supplies. Also, the e-commerce operators pay 18% GST on the commission earned by them.

This will be in effect from 1st January 2022 and instead of the restaurants, the e-commerce operators will charge the tax on the food supplies. The e-commerce operators will charge GST on every supply that they will make, irrespective of whether the restaurant supplying the food is exempt from GST or not. This means there will be additional burden on compliance side for restaurants. The e-commerce operators will also have to do changes in their software to accommodate this change and do additional compliance.

An important issue to be considered is that the restaurants are not eligible to avail input tax credit (ITC) for their supplies. Whereas the e-commerce operators do avail ITC. For more clarity on these points, we need to watch out for the notifications issued by the government.

Stay tuned for more GST updates happening in 2021

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New CSR Regime – Recent Amendment to the Companies Act

#Tune into LawWiser #Uspecial, as Mohd Ayan, third-year law student at Faculty of Law, Jamia Millia Islamia, explains the New CSR regime (recent amendment to section 135 of the Companies Act).

The Companies Amendment Acts of 2019 and 2020 resulted in major changes in the CSR provision.  Amendments have been made in section 135 of the Companies Act, 2013. To provide for the notified changes, the Ministry of Corporate Affairs (MCA) had released the Draft Companies (Corporate Social Responsibility Policy) Amendment Rules in March 2020 (“Draft Rules”) inviting public comments. Recently, on 22nd January 2021, the MCA finally issued the Companies (Corporate Social Responsibility Policy) Amendment Rules (“New Rules”) giving effect to the changes introduced in CSR by the Companies Amendment Acts of 2019 and 2020.

The above CSR amendments propose to provide ease of compliance to companies and on the other hand they also seek to penalise companies and their officers for non-compliance with CSR provisions.

He has explained various aspects of the new CSR regime. That includes the list of activities which are not covered under CSR. He further explains the obligations of the board under CSR and highlights prominent cases that have emphasized the importance of CSR towards developing the nation.

To get featured in more such conversations, write us on [email protected]

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Karnataka Draft Bill : BAN on online gambling? | LawWiser Shorts

The Karnataka government has decided to impose a ban on online gambling or betting. However, lottery and horse racing have not been prohibited. These amendments will be made to the Karnataka Police Act, 1963.

The draft of the Karnataka Police (Amendment) Bill, 2021, is yet to be available publicly. #Watchnow #LawWiserShorts on Karnataka Draft Bill: Online Gaming by Srinivas Kotni, Founder and Managing Partner, Lexport. He shares his views on the Karnataka government’s proposal to ban online gambling by amending the Karnataka Police Act.

The state government has also announced imposing penalties and arrests in cases of violation of these proposed rules. It is expected that there would be a balance in the distinction between the game of skill and the game of chance. As many start-ups are venturing into online games of skill and are also seeking investments for the same. A blanket ban would impact this sector hugely in terms of investment and employment as well.

However, various courts have repeatedly held that games of skill would not be covered under gambling and they cannot be outright prohibited. The sector is seeking proper regulation of online gaming including online gambling. Once the draft bill is made public more information on the provisions would clarify any doubts.

Watch more Amazing content at – Lawwiser.com

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Taxation Laws Amendment Bill 2021 – Explainer

#Watchnow our new #Explainer on the Taxation Laws (Amendment) Bill, 2021, Part 1 by Abhishek Saxena, Co-Founding Partner, Phoenix Legal.

The bill was passed by the Parliament in the recently concluded Monsoon Session. It has done away with the contentious retrospective tax demand provisions. This bill also addresses the inconsistencies with the taxation laws, especially with the tax demands. To bring clarity around the taxations laws, it was crucial to bring this amendment. These amendments will also ease investors apprehensions about investing in India.

India’s dispute with Vodafone and Cairn Energy for tax demands also highlighted the issue of retrospective taxation in India. This bill amends the Income Tax Act, 1961, and provides that no tax demand shall be raised in future on basis of these retrospective amendments. These demands were for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012.

#Tuneinnow to watch Part 1 of the #Explainers by Lawwiser where Abhishek takes us through – the provisions of the taxation laws that this Bill seeks to amend – amendment to Section 9 of the Finance Act, 2021 in the aftermath of the Vodafone judgment – actions taken by the authorities after the enactment – how was the move of the authorities received by Vodafone – Cairn Group-India dispute

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PLI (Production Linked Incentive) Scheme – Textile Industry

Production Linked Incentive is also commonly known as PLI scheme. This PLI scheme offers incentives on incremental sales from items produced in India over the base year. Apart from scaling up local production, the scheme also seeks to curb cheaper imports and reduce import bills.

#Watch LawWiser Shorts, where Mukund P Unny, Advocate, Supreme Court of India, shares his quick take on the PLI scheme for the textile industry.

The PLI scheme for textile has been given cabinet clearance and this scheme is slated to improve business in the textile industry in a big way. Interestingly, the purport of the scheme is limited to just man-made fibres, apparel.

He shares that the total budgeted outlay is around 10,000 crore and the government has designed the scheme to try and ensure that there is a recovery in textile production in India. The scheme seeks to help those industries that invest in the production of 64 select products.

The scheme is for two types of investments. One- there should be a minimum of ₹300 crore investment in plant, machinery, equipment. That investment must translate into a minimum turnover of ₹600 crores once it commences operation. Second, there should be a minimum investment of ₹100 crores, and eventually, this company should achieve a minimum turnover of ₹200 crores.

Thus, the incentive is based on a combination of investment and turnover. The incentives will be paid for five years after the first year of post-investment operation. The textile industry is human resource-oriented in great deal, and it will be in job creation in this segment.

Watch this to know more on #PLIscheme for #textileindustry in India. To get featured in more such conversations, write us on [email protected]

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