SEBI 

Implementation of Security Council Resolution on Democratic People‘s Republic of Korea (Amendment) Order, 2021: Updates to UNSC’s 1718 Sanctions List of Designated Individuals and Entities: Amendment in 1 entry (JUL 13, 2022 )

Clause 2.8 of the SEBI Master Circular Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) / Obligations of Securities Market Intermediaries under the PMLA, 2002 and Rules framed there under dated Oct 15, 2019 inter-alia states that registered intermediaries should ensure that accounts are not opened in the name of anyone whose name appears in updated list of individuals and entities which are subject to various sanction measures such as freezing of assets/accounts, denial of financial services etc., as approved by the Security Council Committee established pursuant to various United Nations' Security Council (UNSC) Resolutions. 

In this regard, on June 30, 2022, UNSC established pursuant to Resolutions 1718 (2006) concerning the Democratic People’s Republic of Korea (DPRK), made an amendment to one entry on its list of individuals and entities which are subject to the sanctions. 

For UNSC Press Release concerning the list of amended URL, Click Here 

For Circular, Click Here

Ministry of Finance  

DRI unearths Customs duty evasion of Rs. 4389 crore by Oppo India (JUL 13, 2022)

During an investigation pertaining to M/s Oppo Mobiles India Private Limited, a subsidiary company of “Guangdong Oppo Mobile Telecommunications Corporation Ltd”, China, the Directorate of Revenue Intelligence (DRI) has detected Customs duty evasion of around Rs 4,389 crore. 

Investigation also revealed that Oppo India had remitted / made provisions for payment of ‘Royalty’ and ‘Licence Fee’ to various multinational companies, including those based in China, in lieu of use of proprietary technology/brand/IPR license etc. The said ‘Royalty’ and ‘Licence Fees’ paid by Oppo India were not being added in the transaction value of the goods imported by them, in violation of Section 14 of the Customs Act, 1962, read with Rule 10 of the Customs Valuation (Determination of Value of Imported Goods) Rules 2007. The alleged duty evasion by M/s Oppo India on this account is Rs. 1,408 crore.

For Press Release, Click Here

SUPREME COURT 

Supreme Court to consider hearing plea against tenure extension of ED director (JUL 13, 2022)

The Supreme Court on Wednesday agreed to consider listing of a plea challenging the Centre's decision to grant one year extension to Sanjay Kumar Mishra as director of the Enforcement Directorate. 

A bench comprising Chief Justice N V Ramana and Justices Krishna Murari and Hima Kohli took note of the submission of a lawyer that he has filed the plea against the extension of tenure of the ED director by the Centre through an ordinance.

The Centre on November 17, 2021 had extended the tenure of Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and CBI directors to occupy the office up to five years.

For News Report, Click Here

ECONOMIC NEWS 

Euro Falls to Equal the U.S. Dollar for the First Time in 20 Years (JUL 13, 2022)

The currency, shared by 19 European countries, has slumped more than 11 percent this year, as the dollar’s strength has been almost unmatched. The euro’s sharp decline has come as the dollar, for generations one of the safest places to park money, has strengthened against almost every major currency in the world.

The euro’s fall has amplified concerns that the eurozone would fall into recession.  Last week, uncertainty about the future of Europe’s energy supply and growing concerns that Russia would permanently shut down a critical natural-gas pipeline to Germany pushed the euro to its lowest level in 20 years.

For News Report, Click Here

NEWS AT GLANCE 

  • Prime Minister Narendra Modi says short-cut politics based on populist measures can destroy a nation. 
  • Industrial Production Index jumps to 19.6 percent in May this year. 
  • Retail inflation eases to 7.01 percent in June. 
  • Twitter sues Elon Musk for breaching 44 billion dollar contract he signed to buy the tech firm.

WORD OF THE DAY 

Judicial Foreclosure is a judgment by a court in favor of foreclosure of a mortgage or deed of trust, which orders that the real property which secured the debt be sold under foreclosure proceedings to pay the debt. The party suing probably has chosen to seek a judicial foreclosure rather than use the foreclosure provisions of the mortgage or deed of trust. 

Usually this move is made to get a "deficiency judgment" for any amount still owed after the foreclosure sale.

MARKET TODAY (as on 13.07.2022)

BSE SENSEX                53,514.15 ▼ 372.46 (0.69%)       

NIFTY 50                      15,966.65 ▼ 91.65 (0.57%)

1 US Dollar = 79.82 Indian Rupee (Last updated · 13 July at 2:29 pm UTC)

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