On 27 April 2020, the Ministry of Finance notified the long-awaited Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules 2020 (NDI Amendment) to permit 100% foreign direct investment (FDI) in insurance intermediaries under the automatic route.
Half - Yearly Newsletter
On April 18, 2020, the Department for Promotion of Industry and Internal Trade (DPIIT), by way of press note 3 of 2020 (PN 3 of 2020), announced a critical change to the Consolidated Foreign Direct Investment Policy (FDI Policy).
India today announced a new policy for foreign direct investment (FDI) from China by way of Press Note 3 of 2020. All such investment from China will now require prior approval of the Indian Government, and this approval requirement also applies to transactions, where the beneficial owner of the investment, (whether directly or indirectly) is from China.
To tackle the various logistical challenges and hardships faced by various corporate entities in ensuring continuity of business in the midst of the various restrictions imposed pursuant to the COVID – 19 outbreak, regulators have announced various relaxations for such entities in relation to compliance with certain legal requirements.
The draft Defence Procurement Procedure 2020 (DPP) released by the Ministry of Defence proposes a plethora of vital amendments with the objective of growing domestic capability and achieving national security objectives. One of the significant overhauls in the draft DPP 2020 is in the offset guidelines, which is a key concern for foreign OEMs supplying under previous and current DPPs.
The Hon’ble Supreme Court of India (SC) has on 6 March 2020 stayed the operation of the judgment of the Hon’ble Bombay High Court (Bombay HC) in the case of Gurdeep Singh Sachar v Union of India & Ors dated 30 April 2019 (Gurdeep Singh Case) until further notice. The Bombay HC had, in the Gurdeep Singh Case, upheld the legality of online fantasy sports gaming in India as games that are preponderantly games of skill. This casts doubts, for the time being, over legality of online fantasy sports games in India.
Digitisation is becoming the main stay of commerce and industry in India. The country has entered the cashless phase of economy. The past decade has witnessed emergence of groundbreaking innovations in the retail payment space facilitating electronic transfer of funds at the tip of a finger.
The onset of Covid-19 has set in motion a series of events which is bound to test India’s debtor-creditor relationship. Over the years, Indian courts have upheld the bargain struck by debtors and creditors and not allowed excusal of performance on grounds of force majeure or frustration. India’s new bankruptcy code (the “IBC”) played a critical role in re-balancing terms in favour of creditors.
On 26 March 2020, the Ministry of Health and Family Welfare (Health Ministry) legalised the doorstep delivery of certain drugs which are ordinarily sold by way of prescription only (Notification). These include Schedule H drugs, except narcotics, psychotropics and controlled substances, as defined in the Narcotic Drugs and Psychotropic Substances Act, 1985; Schedule H1 drugs, under the Drugs and Cosmetics Rules, 1945 (Drug Rules); and Schedule X drugs, under the Drugs Rules.
