On 2 June 2021, the Union Cabinet approved the Model Tenancy Act, 2021 (Act) for circulation to all States for adaptation of the Act by enacting a fresh legislation or to make appropriate amendments in existing rental legislations of States. The Act aims to promote rental housing and balance the
The Finance Minister of India presented the Union Budget for the financial year 2021-2022 on 1 February 2021 (Budget). The Budget is geared towards a hopeful reset of the Indian economy amidst the Covid-19 crisis and seeks to facilitate strategic disinvestment, and bolster several sectors such as infrastructure, roads and
First & foremost, we wish all our readers a very happy & healthy 2021! Below are certain key reforms & legal developments in India during 2020 which we thought would be of interest: On 22 January 2020, the Securities and Exchange Board of India (SEBI) issued a circular to streamline
The Department for Promotion of Industry and Internal Trade (DPIIT) has on 28 October 2020 released the “Consolidated Foreign Direct Investment Policy 2020” (FDI Policy 2020) that has come into effect from 15 October 2020. The FDI Policy 2020 subsumes and supersedes all previous Press Notes/ Press Releases/Clarifications issued prior
The Foreign Contribution (Regulation) Amendment Act, 2020 (FCRA Amendment Act) which has come into force on 29 September 2020 amends the Foreign Contribution (Regulation) Act, 2010 (FCRA) and in order to enhance transparency and accountability in the receipt and utilisation of foreign contribution and facilitate genuine non-governmental organisations or associations
The Indian Parliament has recently passed the Companies (Amendment) Act, 2020 (Amendment Act), which has also been notified, to further amend the Companies Act, 2013 (Act) in another attempt to further decriminalize and rationalize certain offences under the Act, in case of defaults which can be determined objectively and which
The foreign direct investment (FDI) policy earlier permitted investment in the defence sector through the automatic route up to 49% (forty nine percent) and FDI beyond 49% (forty nine percent) through the government (approval) route. However, the press note issued by the Department for Promotion of Industry and Internal Trade,
The 40 Under 40 is a National Award recognizing and celebrating the fortitude of the top legal minds and best talent under the age of 40 years in India, who have shown unprecedented legal acumen, grit, leadership, achievement and dedication in their young career spans, driving the Indian Legal Industry
On 23 July 2020, the Ministry of Consumer Affairs, Food and Public Distribution, Government of India notified the Consumer Protection (E-Commerce) Rules, 2020 (Rules). The objective of the Rules is to regulate the e-commerce goods and services sector and ensure transparency to enable consumers to make informed online purchases from
The Income Tax Appellate Tribunal, New Delhi, India (ITAT) on 6 July 2020, in DDIT, Circle-2(2), New Delhi v M/s. Yum! Restaurants (Asia) Pte. Ltd, decided on whether a seconded employee of a non-resident entity amounted to the creation of a permanent establishment (PE) as per the India-Singapore Agreement For
On 5 June 2020, the President of India issued the Insolvency and Bankruptcy Code (‘Code’) (Amendment) Ordinance, 2020 (‘Ordinance’) due to the uncertainty caused by the Covid-19 pandemic and the related economic fallout. The Ordinance puts a permanent bar on the initiation of corporate insolvency resolution proceedings for any defaults
The Ministry of Corporate Affairs (MCA), vide two notifications issued on 20 January 2018, revised the Companies (Incorporation) Rules, 2014 and the Companies (Registration Offices and Fees) Rules, 2014 (together, “Amendments”). The Amendments, effective from 26 January 2018, revise the procedure in relation to incorporation of a company in India and the associated fee. The Amendments further promote India’s continuing efforts in Ease of Doing Business as the revised process is intended to be simpler and quicker.
On 15 November 2019, the Central Government notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (FSP Rules). The FSP Rules aim to provide a framework for insolvency and liquidation of systemically important financial service providers (FSPs) other than
On 20 September, 2019, the Finance Minister announced a reduction in corporate tax rates estimated to provide cumulative tax relief of INR 1,45,000 Crore (approx. USD 21 billion) to corporate tax-payers. A Press Note issued by the Ministry of Finance on 20 September 2019 (Press Note) highlights the key amendments to the corporate tax regime introduced by the Taxation Laws (Amendment) Ordinance, 2019 (Ordinance) and further proposes increased avenues for corporate social responsibility spending. Some of the key features of the
The Indian Government had constituted the Competition Law Review Committee on 1 October 2018, with members from the Competition Commission of India (CCI) and the Insolvency and Bankruptcy Board of India and headed by the Corporate Affairs Secretary (Committee). The Committee was tasked with reviewing the competition regulations and suggesting necessary changes to re-calibrate and strengthen the existing legal framework in order to promote best practices. The Committee submitted its report to the Indian Finance Minister on 14 August 2019 (Report),
The first session of the Indian Parliament after re-election of Prime Minister Narendra Modi concluded on 7 August 2019 (Session). The Session witnessed passage of more than 30 bills with the Lower House of the Indian Parliament (Lok Sabha) sitting for 281 hours in 37 days (approx. 135% of its scheduled hours) and the Upper House of the Indian Parliament (Rajya Sabha) sitting for 195 hours (approx. 103% of its scheduled hours) in 35 days – significantly higher than their respective average in past decades.
Based on the recommendations of stakeholders, the Reserve Bank of India (RBI) has liberalised end-use provisions for external commercial borrowings (ECBs) through a circular dated 30 July 2019 (Circular). Per the Circular, eligible borrowers are now permitted to raise ECBs from recognised lenders, except foreign branches/ overseas subsidiaries of Indian banks, for the following purposes: Working capital purposes and general corporate purposes, with a Minimum Average Maturity Period (MAMP) of 10 years. Non-Banking Financial Companies (NBFCs) can also raise ECBs for
The Finance Minister of India presented the Union Budget for India for the financial year 2019-2020 on 5 July 2019 (Budget), which aims to bolster several sectors such as infrastructure, roads, railways, agriculture, education, rural development, banking and finance thereby increasing jobs and bringing rural and urban India closer together to make India a USD 5 Trillion economy by 2024, as it moves towards becoming a USD 3 Trillion economy this year with the focus being on promoting ease of living for its citizens and ease of doing business in India and with India maintaining a 7% GDP growth in 2019-2020 as per the Economic Survey presented by the Government prior to the Budget.
On 7 June 2019, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions 2019 (Directions), with the intent of ‘providing a framework for early recognition, reporting and time bound resolution of stressed assets.’ The Directions replace the Resolution of Stressed Assets – Revised Framework Circular (2018 Circular) issued by the RBI on 12 February 2018 which was struck down by the Supreme Court of India in the case of Dharani
The Indian Finance Minister presented the Union Budget for the financial year 2026-27 on 1 February 2026 in the Indian Parliament (Budget). The Prime Minister of India has described this Budget as a strong base for India’s high flight towards Developed India of 2047. More than just a plan on
On 21 November 2025, the Government of India vide a press release (Press Release) put into effect the Code on Wages (2019), the Industrial Relations Code (2020), the Code on Social Security (2020), and the Occupational Safety, Health and Working Conditions (OSHWC) Code (2020) (Labour Codes). This historic labour reform
On 14 November 2025, the Indian Government issued four separate notifications (“Notifications”) under the Digital Personal Data Protection Act, 2023 (“DPDP Act”) relating to the newly issued Digital Personal Data Protection Rules, 2025 (“DPDP Rules”), the phased enforcement timeline for the DPDP Act, the formal establishment of the Data Protection
On 24 July 2025, in Hyatt International Southwest Asia Ltd. versus Additional Director of Income Tax, the Supreme Court decided on two important principal issues: Whether the appellant- Hyatt International Southwest Asia Ltd, a tax resident of the UAE has a Permanent Establishment (PE) in India under Article 5(1) of
On 20 May 2025, the Reserve Bank of India (RBI) notified the Payments Regulatory Board Regulations, 2025 (Regulations), under the powers conferred by Sections 3(4) and 38(1)–(2) of the Payment and Settlement Systems Act, 2007 (Act). The Regulations have come into effect on 20 May 2025 and have replaced the
On May 6, 2025, Prime Minister of India Shri Narendra Modi and Prime Minister of United Kingdom Sir Keir Starmer, following three years of intense negotiations, announced the conclusion of the landmark multi-million-pound trade deal (India-UK FTA). This historic and ambitious deal is projected to boost the annual bilateral trade
The Securities and Exchange Board of India (SEBI) issued a circular on 14 February 2025 (RPT Circular) to standardize industry standards to be effective from 1 April 2025, for the minimum information required for Related Party Transaction(s) (RPTs) to be provided to the Audit Committee and Shareholders of all listed
On February 1, 2025, India’s Finance Minister Smt. Nirmala Sitharaman presented the Union Budget for the fiscal year 2025-2026. The Budget emphasizes economic growth, employment generation, Micro, Small and Medium Enterprises (MSME) development, and inclusive progress towards ‘Developed India’. India’s real GDP grew by 6.4% in FY 2024-25, with Agriculture
The Securities and Exchange Board of India (SEBI) introduced the Listing Obligations and Disclosure Requirements (LODR) Regulations in 2015 to enhance transparency and improve corporate governance among listed entities in India. These regulations set forth the obligations of listed companies to disclose material information and ensure compliance with various governance
The Ministry of Corporate Affairs, Government of India and the Competition Commission of India (CCI) have notified certain provisions of the Competition (Amendment) Act, 2023, on merger control along with related Rules and Regulations. A few notified provisions pertain to: the amendments related to regulation of combinations and providing a
