RBI

External Commercial Borrowings (ECB) Policy – Liberalisation Measures (AUG 1, 2022)

As announced in paragraph five of the press release on “Liberalisation of Forex Flows” dated July 06, 2022, it has been decided, in consultation with the Central Government, to: 

  1. increase the automatic route limit from USD 750 million or equivalent to USD 1.5 billion or equivalent.
  2. increase the all-in-cost ceiling for ECBs, by 100 bps. The enhanced all-in-cost ceiling shall be available only to eligible borrowers of investment grade rating from Indian Credit Rating Agencies (CRAs).

Necessary amendments to the relevant regulations have been made through the Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2022.

For Notification, Click Here

KARNATAKA HC 

Vehicle with no FC and permit; insurer still has to pay compensation: Karnataka High Court (AUG 1, 2022)

The HC overruled the judgement of a lower court which had earlier ordered the owner of the school bus to pay compensation to the family of an accident victim because the school bus did not have fitness certificate and permit on the day of accident.  

The HC has directed the insurance company to indemnify the school bus owner by paying the entire compensation amount.

For Details, Click Here

Central Board of Indirect Taxes and Customs (CBIC)

GOVT EXTENDS WORKING HOURS AT AIRPORTS, SEAPORTS, AND INLAND CONTAINER DEPOTS TO SPEED UP CUSTOM CLEARANCES OF CONSIGNMENTS (AUG 1, 2022)

In a major relief for India’s trading fraternity, the government relaxed the limitation of customs clearances beyond normal working hours and allowed 24/7 business transactions at various Inland Container Depots (ICDs), seaports, and air cargo complexes across the country. Earlier, this 24/7 working facility was available only at 20 seaports and 17 airports.

For News Report, Click Here

BUSINESS NEWS 

Amazon, Flipkart no threat to regular retail; mall space expands by 10mn sq ft in 2022 (AUG 1, 2022)

A report by real estate consultancy firm Anarock shows a boom in expansion of malls across India. Mall space in India in 2022 is set to expand to 10 mn sq ft, almost double than that of 2021 when it expanded by 5.76 mn sq ft. The report also predicts a sizeable expansion of mall space in 2023.

India is set to open 15 new malls across 12 cities this year.  Of these, four malls are expected to come up in Chennai where the retail space could expand to over 2.55 mn sq ft.

For Details, Click Here

NEWS AT GLANCE 

  • Leader of the House in Rajya Sabha, Piyush Goyal says, government is ready for discussion on price rise tomorrow.  
  • GST revenue collection in July mounts to the second highest ever figure.  
  • Shiv Sena leader Sanjay Raut arrested by Enforcement Directorate in money laundering case.   
  • New Zealand reopens its borders for the first time since March 2020.
  • Third edition of Vietnam-India bilateral army exercise “Ex VINBAX 2022” to begin at Chandimandir in Haryana today.

WORD OF THE DAY 

OFFICIOUS INTERMEDDLER is a volunteer who assists and/or benefits another without contractual responsibility or legal duty to do so, but nevertheless wants compensation for his/her actions. The courts generally find that the intermeddler must rely on the equally voluntary gratitude of the recipient of the alleged benefit.

MARKET TODAY (as on 1.08.2022)

BSE SENSEX              58,115.50 ▲ 545.25 (0.95%)  

NIFTY 50                    17,340.05 ▲ 181.80 (1.06%) 

1 US Dollar = 78.98 Indian Rupee (Last updated · 1 August at 2:01 pm UTC)

MyLawman is now on Telegram (t.me/mylawman) Follow us for regular legal updates. Follow us on Google News, Instagram, LinkedIn, Facebook & Twitter or join our Whatsapp group .You can also subscribe for our Newsletter for Email Updates.