The Department of Telecom (DoT) has issued a notification dated 16 May 2018 (Notification) which prescribes know your customer (KYC) norms for issuing subscriber identity module (SIM) cards to be used in machine to machine (M2M) communications. Amongst other things, the Notification also deals with the restrictions and ownership related aspects of SIMs to be used in M2M devices.
As a follow up to the recent circulars issued by the Reserve Bank of India (RBI), which brought about certain changes in the limits applicable to investments by Foreign Portfolio Investors (FPI) in debt instruments (analysed in our update dated 7 May 2018),
The Delhi High Court (Court) pronounced its judgment in Union of India v. Vodafone Group PLC United Kingdom & Anr. dismissing Union of India’s (Plaintiff) prayer. The Plaintiff had sought a declaration that the Notice of Arbitration filed by Vodafone Group PLC under the India-UK BIPA, and the proceedings initiated thereunder, were an abuse of process of law and consequently null and void.
In the recent case of Commissioner v Mahindra and Mahindra Limited (Judgment)[Civil Appeal Nos. 6949-6950 of 2004], a division bench of the Supreme Court of India (SC) has ruled that waiver of principal portion of loan (which was taken for capital account transaction) by a creditor is not taxable in borrower’s hands under section 28(iv) or section 41(1) of the Income-tax Act 1961 (Act)
On 21 March 2018, the Ministry of Health and Family Welfare (MoHFW) placed the draft of the Digital Information Security in Healthcare Act (DISHA) in public domain for inviting comments. DISHA aims to secure the privacy and confidentiality of digital health data (DHD) in India.
The Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (SEBI REIT Regulations) and the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (SEBI InvIT Regulations), which were last amended on 27 December 2017
The Securities and Exchange Board of India (SEBI) vide two circulars dated 10 April 2018 introduced certain changes in the Know Your Clients (KYC) requirements for Foreign Portfolio Investors (FPI) and clarified its stance with respect to clubbing of investment limits of foreign Government or their related entities. The salient features of the revised KYC requirements for FPIs and clubbing of the investments by foreign Governments or their related entities has been analysed in Part I and Part II of this article, respectively.
The Reserve Bank of India (RBI), India’s central bank and the regulator for payment systems in India, in its press release dated 5 April 2018 (Press Release) on Statement on Development and Regulatory Policies of the First Bi-monthly Monetary Policy Statement for 2018-19, had announced that all payment system operators would need to ensure that data related to payment systems operated by them are stored only within India within a period of six months. RBI had indicated that detailed instructions would follow in a week’s time.
The Securities and Exchange Board of India (SEBI) in its board meeting dated 28 March 2018 (Board Meeting), accepted several recommendations (a few with modifications) of the Committee on Corporate Governance, headed by Mr. Uday Kotak (the Kotak Committee). The Kotak Committee was constituted in June 2017 to prepare recommendations for SEBI, in relation to improving the standards of corporate governance in Indian listed entities. In the Board Meeting,
Recently, the Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in the case of M/s Nissan Motor India Pvt Ltd vs DCIT [ITA No. 1854/CHNY/2017], ruled in favour of the taxpayer and held that payment to offshore sister concerns, in the nature of reimbursement of warranty expenses, is not taxable in India, as the source of such income is not in India. Hence, the payer is not required to withhold tax at the time of such payment.
