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
The Finance Minister of India presented the Union Budget for the financial year 2024-25 (Budget) on 23 June 2024. The Budget, particularly, focuses on employment, skilling, MSMEs, and the middle class along with all-around prosperity. Some key highlights of the Budget are: India’s real GDP grew by 8.2% in FY
On 16 April 2024, the Indian Ministry of Finance amended the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (NDI Rules) revising the permissible limit of foreign direct investment (FDI) in the space sector effective the date of the notification i.e. 16 April 2024. Under the amended FDI policy, 100% FDI
The Indian Government has today notified The Foreign Exchange Management (Non debt Instruments) Amendment Rules, 2024 (Amendment Rules) prescribing provisions pertaining to direct listing of shares of Indian companies on the stock exchanges outside India. The Amendment Rules have come into force from today when these have been published in
In December 2023, 3 new Criminal Legislations, namely the Bharatiya Nyaya Sanhita, 2023, the Bharatiya Nagarik Suraksha Sanhita, 2023, and the Bharatiya Sakshya Adhiniyam, 2023 replaced the Indian Penal Code, 1860 (IPC), Code of Criminal Procedure, 1973 (CrPC), and the Indian Evidence Act, 1872 (Evidence Act), respectively. These 3 new
On 09 August 2023, the Indian Parliament passed the much awaited Digital Personal Data Protection Bill, 2023 (“DPDP Bill“). The DPDP Bill seeks to introduce data protection law with minimum disruption while ensuring necessary change in the way Data Fiduciaries (i.e. persons who determines the purpose and means of processing
On 02 August 2023, the Indian Parliament passed the Jan Vishwas (Amendment of Provisions) Bill, 2023 (Bill), which proposes to amend and/ or decriminalise 183 provisions in 42 Central Acts administered by 19 different Ministries/ Departments, with the aim of boosting the ease of doing business as well as ease
On 6 April 2023, the Indian Ministry of Electronics and Information Technology (MeitY) notified the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023 (Amendment Rules), primarily for online real money games, to amend the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (IT
Below are certain legal and regulatory developments in India, during 2022, which provide a snapshot on the pace with which the Government of India (GoI) is bringing in reforms to contribute to a strong and robust economy: The Ministry of Corporate Affairs, GoI (MCA): notified amendments to the Limited Liability
The Finance Minister of India, Mrs. Nirmala Sitharaman, presented the Union Budget for the financial year 2023-24 on 1 February 2023 (Budget), which draws the blueprint for India @100, presenting a vision for ‘Amrit Kaal’ (the best and the most auspicious time), for an empowered and inclusive economy for a prosperous India.
The Government of India in consultation with the Reserve Bank Of India (RBI) on 22 August 2022 notified the Foreign Exchange Management (Overseas Investment) Rules, 2022 (Overseas Investment Rules) and Foreign Exchange Management (Overseas Investment) Regulations, 2022 (Overseas Investment Regulations) in supersession of Foreign Exchange Management (Transfer or Issue of
India has recently enacted a new legislation viz. The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 (“Act”) which is deemed to have come into force from 23 October 2015. Some salient features of the Act are:
· “Commercial dispute” has been defined to include, inter-alia, any dispute related to transactions between merchants, bankers, financiers and traders such as those relating to mercantile documents including enforcement and interpretation of such documents, construction and infrastructure contracts, including tenders,
The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015 (“Bill”) was passed by the Indian Parliament on 23 December 2015 and is deemed to have come into force on 23 October 2015. Some salient features of the Bill are:
“Commercial dispute” has been defined to include, inter-alia, any dispute related to transactions between merchants, bankers, financiers and traders such as those relating to mercantile documents including enforcement and interpretation of such documents, construction and infrastructure contracts,
The Government of India has vide Press Note No. 12 dated 24 November 2015 introduced a number of amendments to the Foreign Direct Investment (FDI) Policy across various sectors, which include enhancing sectoral caps, opening sectors for foreign investment, bringing additional activities under the automatic investment route and generally easing conditions for foreign investment and doing business in India.
The Supreme Court in the case of Dashrath Rupsingh Rathod v. State of Maharashtra and another ((2014) 9 SCC 129) held that “the territorial jurisdiction is restricted to the Court within whose local jurisdiction the offence was committed, which in the present context is where the cheque is dishonoured by the bank on which it is drawn” as against the then prevalent practice of filing complaints under section 138 of the Negotiable Instruments Act, 1881 (“Act”) before the court in whose jurisdiction the cheque was presented for payment.
The Department of Revenue, Ministry of Finance has:
vide a press release dated 1 July 2015 notified the compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In this regard, all declarations in respect of undisclosed assets located outside India must be made on or before 30 September 2015 in order to avail the benefits of the compliance window. Once declared, tax and penalty in respect of the foreign assets so declared must be paid by 31 December 2015;
The Reserve Bank of India (“RBI”), in line with its annual practice, has issued updated sets of Master Circulars on 01 July 2015 under various heads including banking regulation, co-operative banking, currency, financial markets, foreign exchange and payment systems which can be accessed on
The Ministry of Corporate Affairs (“MCA”) vide a clarification dated 18 June 2015 has stipulated that in cases where a company has committed default in repayment of deposits which were accepted by such company before the commencement of the Companies Act, 2013 (the “Act”) (i.e. 1 April 2014), the depositors may seek remedy by filing an application (in accordance with section 73 (4) of the Act) with the Company Law Board.
Department of Industrial Policy and Promotion (“DIPP“) has issued Press Note No. 7 (2015 Series) dated 3 June 2015 (“Press Note 7“) pursuant to which the ‘Consolidated Foreign Direct Investment Policy Circular of 2015′ dated 12 May 2015 (“FDI Policy”) relating to investments by Non-Resident Indians (“NRIs“), Overseas Citizen of India (“OCIs“) and Persons of Indian Origin (“PIOs“) has been amended.
As a measure to improve the ease of doing business in India, the Ministry of Corporate Affairs (“MCA”) has issued an Integrated Incorporation Form which consolidates multiple forms required for the incorporation process into a single online application form – eForm INC-29. Consequently, with effect from 1 May 2015, persons looking to incorporate any class of companies (including public/ private limited companies, one person company but not including companies with charitable objects) may make an application to the concerned registrar of companies (“RoC”) in the prescribed eForm INC-29 online. Key features of the eForm INC-29 are as follows
The Department of Industrial Policy and Promotion, Ministry of Commerce & Industry, Government of India has issued Press Note 4 of 2015 on 24 March 2015 amending the Consolidated Foreign Direct Investment (FDI) Policy Circular of 2014 with immediate effect to permit 49% FDI in the pension sector. Within this limit FDI up to 26% is under the automatic route and above that up to 49% is under the Government route.
