Ministry of Consumer Affairs, Food & Public Distribution
The Legal Metrology (Packaged Commodities) Amendment Rules, 2022 ( MAR 28, 2022 )
In exercise of the powers conferred by sub-sections (1),read with clauses (j) and (q) of sub-section (2), of section 52 of the Legal Metrology Act, 2009 (1 of 2010), the Central Government hereby makes the following rules further to amend the Legal Metrology (Packaged Commodities) Rules, 2011.
In the said rules, in rule 6,for sub-rule (11), the following sub-rule shall be substituted, namely:-
- The unit sale price in rupees, rounded off to the nearest two decimal place, shall be declared on every pre-packaged commodities in the following manner, namely:-
(i) per gram where net quantity is less than one kilogram and per kilogram where net quantity is more than one kilogram;
(ii) per centimeter where net length is less than one metre and per metre where net length is more than one metre;
(iii) per mililitre where net volume is less than one litre and per litre where net volume is more than one litre;
(iv) per number or unit if any item is sold by number or unit.
2. In the said rules, in rule 33, sub-rule (2) shall be omitted.
3. In the said rules, THE SECOND SCHEDULE shall be omitted.
It shall come into force on the 1st day of October, 2022.
For Gazette Notification, Click Here
SEBI Circular
Operational guidelines for ‘Security and Covenant Monitoring’ using Distributed Ledger Technology (DLT) ( MAR 29, 2022 )
SEBI vide Circular numbered SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2021/618 dated August 13, 2021, specified the manner of recording of charges by Issuers and manner of monitoring by Debenture Trustees (DTs), Credit Rating Agencies, etc. and responsibilities thereof. Accordingly, with effect from April 01, 2022, the recording of asset details (and their verification), allotment, listing and payment of interest or redemption shall be available in the system.
Further, the following clauses in SEBI Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2021/618 dated August 13, 2021, are modified as under:
- Paragraph 9 and para 10.1(c) regarding “asset cover” stands deleted
- All references to term “asset cover” stand deleted
- Para 17 shall be replaced as under:
“Issuer shall upload all the credit rating information for non-convertible securities including rating action, date of press release and hyperlink for press release of credit rating. CRAs shall access the platform to validate the rating information uploaded by the Issuer. In case of any discrepancy, Issuer or CRAs shall notify the same on system and update the correct information in the system within three working days of such notification.”
This circular is issued in exercise of the powers conferred upon SEBI under Section 11 (1) of the SEBI Act, 1992 read with the provisions of Regulation 2A of the SEBI (Debenture Trustees) Regulations, 1993, Regulation 55 of the SEBI (Issue And Listing Of Non-Convertible Securities) Regulations, 2021, Regulation 29 of the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, Regulation 48 of SDI Regulations, 2008 and Regulation 20 of SEBI (Credit Rating Agencies) Regulations, 1999.
SEBI Board Meeting ( MAR 29, 2022 )
The SEBI Board met in Mumbai today and inter-alia, took the following decisions:-
I. Amendment to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for simplification of procedure for transmission of securities
The amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are summarized as under:
- The existing threshold limit for simplified documents has been revised from Rupees Two Lakhs to Rupees Five Lakhs for securities held in physical mode per listed issuer and Rupees Five Lakhs to Rupees Fifteen Lakhs for securities held in dematerialized mode for each beneficiary account.
- Legal Heirship Certificate or its equivalent certificate issued by competent Government authority will be an acceptable document for transmission of securities.
II. Amendments to SEBI (Collective Investment Schemes) Regulations, 1999
The key amendments are as follows:
- Enhancement of net-worth criteria and requirement of having track record in relevant field as an eligibility requirement for registration as a Collective Investment Management Company (CIMC).
- CIMC and it’s group/ associates/ shareholders are restricted to 10% shareholding or representation on board of another CIMC to avoid conflict of interest.
- Mandatory investment of CIMC and its designated employees in the Collective Investment Schemes (CIS) to align their interest with that of the CIS.
- Mandatory requirement of minimum number of investors, maximum holding of a single investor and minimum subscription amount at CIS level.
- Rationalization of fee and expenses to be charged to the scheme.
- Reduction of timelines for offer period of scheme, allotment of units and refund of money to investors.
III. The Board considered the proposal and approved the amendments to the SEBI (Custodian) Regulations, 1996, to enable SEBI registered Custodians to provide custodial services in respect of silver or silver related instruments held by silver ETFs of Mutual Funds.
IV. The SEBI Budget for the financial year 2022-23 was considered and approved by the Board.
RBI
RBI Announces USD/INR Sell Buy Swaps ( MAR 29, 2022 )
With a view to elongating the maturity profile of forward book and smoothen the receivables relating to forward assets, it has been decided to undertake a sell/buy swap auction of $5 billion on April 26, 2022. The auction will be multiple-price-based, i.e., successful bids will be accepted at their respective quoted premiums. The details of the auction are as under:
| Swap Amount (USD Billion) | Auction date | Auction Time | Near Leg/Spot Date | Far Leg Date |
| 5 | April 26, 2022 | 10.30 am – 11.30 am | April 28, 2022 | October 23, 2023 |
Operational guidelines, eligibility criteria and other details are given in the Annex.
CBIC
Interest Liability Under GST Can't Be Raised Without Initiating Adjudication Process If Assessee Raises Dispute: Jharkhand High Court ( MAR 29, 2022 )
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