National Civil Aviation Policy 2016 approved by Union Cabinet

The Union Cabinet approved the Civil Aviation Policy, 2016 (“Policy”) on 15th June 2016 which focuses on improving regional connectivity, establishing an integrated eco system which will lead to significant growth of the civil aviation sector in order to promote tourism, employment and balanced growth through fiscal support and infrastructure development. The salient features the Policy are detailed as under: (more…)

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SEBI Issues stricter norms on KYC and P-NOTES

After taking into account suggestions from the Special Investigation Team on Black Money the Securities & Exchange Board of India has vide a circular dated 10th June, 2016 adopted a stricter Know-your-client (“KYC”) and disclosure regime for Offshore Derivative Instruments (“ODIs”) popularly known as participatory notes (“P-notes”) to avoid misuse. In consequence, the norms will provide the foreign investors an easier and cost-effective route to invest in Indian markets without directly registering as Foreign Portfolio Investors (FPIs). (more…)

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Government notified the Negotiable Instruments (Amendment) Act, 2015 allowing filing a complaint on cheque bouncing at the place where payee maintains the Account

A new sub-section (2) has been inserted to Section 142 of the Act vide this NI (Amendment) Act, 2015 in order to clarify the place of jurisdiction for filing a complaint against dishonoring of cheque which interalia provides that :

The offence under Section 138 shall be tried by a Court within whose local jurisdiction if:

  1. The cheque is delivered for collection through an account, the branch of the bank where the payee or holder in due course, as the case may be, maintains the account, is situated; or
  2. The cheque is presented for payment by the payee or holder in due course otherwise through an account, the branch of the drawee bank where the drawer maintains the account, is situated.

(more…)

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Finance Ministry releases revised draft Indian Financial Code

The Financial Sector Legislative Reforms Commission (“FSLRC”), which was set up on March 24, 2011, for re-writing the financial sector laws to bring them in harmony with the current requirements, had submitted its report to the Government in March, 2013 in two volumes, which included the first draft of the Indian Financial Code (“IFC”). This draft IFC had been further revised in the light of the comments received and the Finance Ministry on 23rd July, 2015 issued the revised draft of the IFC, to which the  Ministry has invited comments till 8th August, 2015. (more…)

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Maharashtra assembly passes guarantee of public services bill 2015

The Maharashtra legislative assembly on 14 July 2015 passed the Maharashtra Guarantee of Public Services Bill, 2015. The bill will now be tabled in the Legislative Council of the State before becoming an Act. (more…)

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