Legal Update in India - Compliance Management

NEW COMPLIANCES (05-12-2022 To 14-12-2022)


We are pleased to inform you the compliance check list for the new compliances are added

Sr. No.

Name of the Laws

Compliance Description

1

Electricity Act, 2003 and CEA(Safety Req. for Const.,Operation and Maintenance of Electrical Plants and Lines) Reg, 2011

Safety audit report of generating stations to be sent to the Authority

2

Electricity Act, 2003 and CEA(Safety Req. for Const.,Operation and Maintenance of Electrical Plants and Lines) Reg, 2011

Safety audit of generating stations to be periodically carried out every two years by an accreditated third party

3

Electricity Act, 2003 and CEA(Safety Req. for Const.,Operation and Maintenance of Electrical Plants and Lines) Reg, 2011

To ensure safety precautions including imparting specialized training in critical activities like scaffolding, electrical works, etc

4

Electricity Act, 2003 and CEA(Safety Req. for Const.,Operation and Maintenance of Electrical Plants and Lines) Reg, 2011

To ensure availability of adequate infrastructure for imparting effective audio-visual safety training at the plant or premises

5

Electricity Act, 2003 and CEA(Safety Req. for Const.,Operation and Maintenance of Electrical Plants and Lines) Reg, 2011

Vertigo Test to be done for all personnel involved in height work

6

Air (Prevention and Control of Pollution) Act, 1981 and (Union Territories) Rules, 1983-Delhi

Prohibition of use of wood as industrial fuel

7

Air(Prevention and Control of Pollution) Act and Punjab Rules,1983

Application for voluntarily disclosure scheme (VDS) for grant of consent to operate by Industrial units, institutes and other establishments (Applicable on small scale industries or institutes having capital investment less than 10 crore and for those units which have never obtained consent to operate or relaxation in consent fees under the earlier VDS Schemes of the Board) (Valid upto 31.03.2023) (Optional)

8

Air(Prevention and Control of Pollution) Act and Punjab Rules,1983

Application for voluntarily disclosure scheme (VDS) for grant of consent to operate by Industrial units, institutes and other establishments (Applicable on small scale industries or institutes having capital investment less than 10 crore and for those units which have never obtained consent to operate or relaxation in consent fees under the earlier VDS Schemes of the Board) (Valid upto 31.03.2023) (Optional)

9

Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff Order, 2017

Distributor of television channels to display any change in network capacity fee, name, nature, language, distributor retail prices of pay channels or composition of bouquet of channels etc (if change is due to Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff (Third Amendment) Order, 2022)

10

Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff Order, 2017

Distributor of television channels to furnish to the Authority, any change in network capacity fee, name, nature, language, distributor retail prices of pay channels or composition of bouquet of channels etc (if change is due to Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff (Third Amendment) Order, 2022)

11

Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff Order, 2017

Broadcaster to communicate to all the distributors of television channels about any change in name, nature, language, maximum retail prices etc. (if change is due to Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff (Third Amendment) Order, 2022)

12

Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff Order, 2017

Broadcaster to publish any change in name, nature, language, maximum retail prices etc. on its website (if change is due to Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff (Third Amendment) Order, 2022)

13

Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff Order, 2017

Broadcaster to report to the authority of change in name, nature, language, maximum retail prices etc. (if change is due to Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff (Third Amendment) Order, 2022)

14

Indian Telegraph Act, 1885 and Rules 1951 and Indian Telegraph Right of Way Rules, 2016

Licensees to confirm/migrate details of their existing licenses and authorizations to Saral Sachar portal

15

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

AD bank maintaining the special Vostro Account to ensure that the correspondent bank is not from a country or jurisdiction in the updated FATF Public Statement on High Risk & Non Co-operative Jurisdictions on which FATF has called for counter measures

16

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

AD bank maintaining the special Vostro Account to ensure that the correspondent bank is not from a country or jurisdiction in the updated FATF Public Statement on High Risk & Non Co-operative Jurisdictions on which FATF has called for counter measures

17

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

AD bank to seek approval from the Reserve Bank for opening of Special INR VOSTRO account

18

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

AD bank to seek approval from the Reserve Bank for opening of Special INR VOSTRO account

19

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Bank of a partner country to approach an AD bank in India for opening of Special INR VOSTRO account

20

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Reporting of cross- border transactions to be done in terms of the extant guidelines under FEMA 1999

21

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Rupee surplus balance held in in Special Vostro Accounts to be used for permissible capital and current account transactions as per mutual agreement with the AD Bank

22

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Issue of Bank Guarantee for trade transactions, undertaken through Rupee Payment Mechanism to adhere to provisions of FEMA Notification No. 8 and provisions of Master Direction on Guarantees and Co-acceptances

23

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

‘'Set-off’ of export receivables against import payables in respect of the same overseas buyer and supplier through the Rupee Payment Mechanism to fulfil conditions mentioned in para C.26 on Set-off of export receivables against import payables under Master Direction on Export of Goods and Services 2016

24

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Indian AD Banks maintaining the Special Vostro account of its correspondent bank to verify the claim of the exporter with the advice received from the correspondent bank before releasing the advance

25

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Indian AD Banks to ensure that funds received through Rupee Payment Mechanism are first used towards payment obligations arising out of already executed export orders / export payments in the pipeline before allowing receipt of advance payment against exports

26

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Export/import undertaken and settled through international trade settlement mechanism to be subject to usual documentation and reporting requirements

27

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

Indian importers or exporters undertaking imports or exports through international trade settlement mechanism to make payment in INR through designated Special Vostro account

28

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

AD banks to obtain prior approval of RBI to put up an additional arrangement for invoicing, payment, and settlement of exports/imports in INR (effective from July 11, 2022)

29

Export of Goods and Services from India as per circular on Exports of Goods and Services issued by RBI

AD banks to obtain prior approval of RBI to put up an additional arrangement for invoicing, payment, and settlement of exports/imports in INR (effective from July 11, 2022)

30

Environment (Protection) Act, 1986 and Environment (protection) Rules,1986

Brick klins to replace at least 20% coal with paddy straw pellets (Applicable in the State of Punjab)

31

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFC-UL methodology for assessing to be reviewed

32

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Roadmap implementation of the enhanced regulatory requirement to be submitted to the Reserve Bank

33

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFC to put in place a Board approved policy for adoption of the enhanced regulatory framework and chart out an implementation plan

34

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFC-UL to be mandatorily listed within 3 years of identification as NBFC-UL

35

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Board members to be competent to manage the affairs of the NBFC (applicable to NBFC-UL)

36

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs to adopt Core Banking Solution (applicable to NBFC-ML and NBFC-UL)

37

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs to comply with governance matters (applicable to NBFC-ML and NBFC-UL)

38

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs to put in place a Board approved compensation policy (applicable to NBFC-ML and NBFC-UL)

39

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs required to appoint a Chief Compliance Officer (applicable to NBFC-ML and NBFC-UL)

40

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs to disclose their Annual Financial Statements (applicable to NBFC-ML and NBFC-UL)

41

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Key Managerial Personnel to not hold any office (including directorships) in any other NBFC-ML or NBFC-UL

42

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Key Managerial Personnel to not hold any office (including directorships) in any other NBFC-ML or NBFC-UL

43

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFC-BL to have a Board approved policy on grant of loans to directors, senior officers and relatives of directors and to entities where directors or their relatives have major shareholding

44

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Disclosure to include types of exposure, related party transactions, loans to Directors/ Senior Officers etc. (applicable to NBFC-BL)

45

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs to constitute a Risk Management Committee (RMC) either at the Board or executive level(applicable to NBFC-BL)

46

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFC-UL to determine internal exposure limits on other important sectors to which credit is extended

47

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Large exposure framework of an NBFC to all counterparties and groups of connected counterparties (applicable to NBFC-UL)

48

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Restriction on Granting loans and advances (applicable to NBFC-ML and NBFC-UL)

49

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs to fix Board-approved internal limits for SSE separately for capital market and commercial real estate exposures (applicable to NBFC-ML and NBFC-UL)

50

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Concentration of credit/ investment applicable to NBFC-ML and NBFC-UL

51

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs requires differential standard asset provisioning

52

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFC-UL to maintain Common Equity Tier 1 capital of at least 9 per cent of Risk Weighted Assets and ceiling for leverage

53

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

NBFCs requires to make a thorough internal assessment of the need for capital, commensurate with the risks in their business

54

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

Regulatory changes under SBR for all the layers in the regulatory structure

55

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

RBI Act, 1934 and Framework for Scale Based Regulation for Non-Banking Financial Companies

56

TRAI Act, 1997 and Telecommunication (BandC) Services Interconnection (Addressable Systems) Regulations, 2017

Discount offered as an incentive by a broadcaster on the maximum retail price of a pay channel to be based on combined subscription of that channel both in a-la-carte as well as in bouquets

57

TRAI Act, 1997 and Telecommunication (BandC) Services Interconnection (Addressable Systems) Regulations, 2017

Maximum discount by the broadcaster while pricing its bouquet of pay channels over the sum of MRPs of all the of pay channels in that bouquet to be 45%

58

TRAI Act, 1997 and Telecommunication (BandC) Services Interconnection (Addressable Systems) Regulations, 2017

Channels having MRP of Rs.19/ - or less only to be part of a bouquet

59

Real EState (R and D) Act, 2016 and Punjab State Real EState (Regulation and Development) Rules, 2017

Promoter to submit a copy of Form 1, 2 and 3 received from project architect, project engineer and chartered accountant respectively with the Authority simultaneous to its submission to the banks for withdrawal from the separate account

60

POSH Act, 2013

Internal Complaints Committees to conduct special drive to review the pending cases and take appropriate action (Applicable on Higher Educational Institutions)

61

POSH Act, 2013

To observe Discrimination against Women Pakhwada from 25th November to 10th December, 2022 (Applicable on Higher Educational Institutions)

62

POSH Act, 2013

To observe 25th November as the International Day for the elimination of violence against women (Applicable on Higher Educational Institutions)

63

POSH Act, 2013

To conduct sensitization workshops for employees to make them aware about the provisions of POSH Act (Applicable on Higher Educational Institutions)

64

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of December)

65

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of November)

66

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of October)

67

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of September)

68

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of August)

69

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of July)

70

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of June)

71

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of May)

72

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of April)

73

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of March)

74

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of February)

75

Employees Provident Fund and The Employees Deposit Linked Insurance Scheme, 1976

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of January)

76

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of December)

77

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of November)

78

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of October)

79

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of September)

80

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of August)

81

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of July)

82

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of June)

83

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of May)

84

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of April)

85

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of March)

86

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of February)

87

Employees Provident Fund and Miscellaneous Provisions Act, 1952 and EPF, EPS, EDLI Scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of January)

88

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of December)

89

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of November)

90

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of October)

91

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of September)

92

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of August)

93

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of July)

94

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of June)

95

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of May)

96

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of April)

97

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of March)

98

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of February)

99

Employees Pension scheme

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of January)

100

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of December)

101

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of November)

102

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of October)

103

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of September)

104

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of August)

105

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of July)

106

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of June)

107

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of May)

108

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of April)

109

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of March)

110

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of February)

111

Employees Provident Fund and Employees Provident Funds Scheme, 1952

Furnishing of details of student-trainees (applicable on student trainee schemes) (For the month of January)


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