The amendments dated 11 February 2020 to the Medical Devices Rules, 2017 and the Drugs and Cosmetics Rules, 1945 (Rules) have broadened the scope of medical devices within the purview of the Indian regulatory framework. On the same day, the Government released another notification amending the Rules with an aim to tighten the regulations in relation to marketing of drugs and medical devices (Amendment).
In an encouraging move that may deliver a vital thrust into the investment-intensive, yet cash-stripped Indian telecom sector, the Telecom Regulatory Authority of India (TRAI) in its recommendations dated 13 March 2020 (Recommendations) has proposed that ‘passive’ telecom infrastructure providers registered with the Department of Telecommunications (DoT) as Infrastructure Provider Category – I (IP-I), should be allowed to ‘own’ certain active telecom infrastructure, for establishing and providing to ‘eligible service providers’.
The Income tax Appellate Tribunal, Mumbai in its recent judgment in the case of Volkswagen Finance Pvt Ltd (Taxpayer), ITA No. 2915/2017, ruled that payment made to a non-resident celebrity for an appearance made by him at a product launch event in Dubai was taxable in India as the same was made in connection with Taxpayer’s India business, resulting into an intangible business connection.
Recently, the Finance Act, 2020 (FA 2020) has made changes to determination of tax residence of individuals under the Indian Income-tax Act, 1961 (IT Act), especially for Indian citizens and persons of Indian origin (PIO).
As part of its consistent efforts to boost the product, the Securities and Exchange Board of India (SEBI) had permitted listed real estate investment trusts (REIT) to raise funds from the primary market through follow on public offerings, preferential issues, institutional placements and rights issues. The legal framework supporting such fund raising routes have been notified by SEBI from time to time.
On 25 March 2020, the Board of Governors (in supersession of the Medical Council of India) have framed the Telemedicine Practice Guidelines (Guidelines) which are added as Appendix 5 of the Indian Medical Council (Professional Conduct, Etiquette and Ethics Regulation 2002 (Ethics Regulations). It may be noted that the body of the Ethics Regulations do not seem to have been amended to include a reference to the new Appendix 5.
In August 2019, the Competition Commission of India (CCI) amended the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations) to: (i) introduce an automatic approval route for transactions where there is absence of any horizontal, vertical or complementary overlaps between businesses of the parties (Green Channel Route or GCR); and (ii) provide a substantially revised Form I format with incremental queries (Revised Form I).
The Finance Bill 2020 was presented in the Indian Parliament on 1 February 2020 (Finance Bill) as part of the Budget proposals (see our Ergo on direct tax related budget proposals here). On 23 March 2020, it was passed by the Indian Parliament with certain amendments – some of which are significant including widening the scope of equalisation levy (popularly referred to as Google tax). After receiving the Presidential assent earlier today, it is now in force (Finance Act).
Three decades ago, India’s economic liberalisation led to a drastic change in its social and economic landscape, with the country consistently being one of the fastest growing economies in the world. The turn of the century saw telecom infrastructure in India grow exponentially, resulting in faster networks and increased accessibility to internet and data to the public.
The Hon’ble Supreme Court of India in Bank of Baroda v Kotak Mahindra Bank Limited, Civil Appeal No. 2175 of 2020 (judgment rendered on 17 March 2020), has clarified that the period of limitation for executing a decree, under Section 44A of the Code of Civil Procedure, 1908 (CPC), passed by a superior court of a reciprocating territory (Cause Country) will be the limitation prescribed under the laws of the Cause Country.
