The Ministry of Finance (Department of Economic Affairs) on 12 June 2026, notified the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026 (‘Amendment Rules’), amending the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (‘NDI Rules’). The Amendment Rules constitute the third amendment in the FEMA liberalisation cycle for the year 2026, following the first and second amendments, which respectively relaxed restrictions on investments from countries sharing a land border with India and liberalised foreign investment in the insurance sector opening the sector up till 100% under automatic route. The third amendment is yet another attempt to widen the gate for the Indian economy. For years, access to India's listed securities market was reserved specially for a defined class amongst which are foreign portfolio investors (FPIs) and non-resident Indians (NRIs) and overseas citizens of India (OCIs), this time the liberalisation is into the Indian capital markets.
The 2026 Steel import Regulation of the European Union (EU) (‘2026 Regulation’),[1] which came into force on 1 July 2026, is not simply a continuation of earlier Steel Safeguard measures[2] applicable since 2018, but it indicates a decisive shift in the EU’s approach to regulate its steel imports in the coming years. With lowering of tariff-rate quotas (TRQs), higher out-of-quota duties and proposal for stricter origin requirements, the 2026 Regulation goes beyond the WTO’s temporary safeguard regime to a more permanent industrial policy governing steel imports into the EU. In particular, the 2026 Regulation reduces the EU's tariff-free steel quota by ~47%, doubles the out-of-quota duty from 25% to 50%, and introduces a new ‘melt and pour’ traceability requirement.
Various State Benches of the Goods and Services Tax Appellate Tribunal (‘GSTAT’) have recently become operational, and questions relating to jurisdiction between the Principal Bench and the State Benches have begun to arise in practice. While Section 109 of the CGST Act specifies certain categories of cases to be dealt with exclusively by the Principal Bench, early orders of the Principal Bench indicate that jurisdictional issues are not always straightforward.
The European Council and the European Parliament recently reached a provisional agreement on the Omnibus-I legislative package, which seeks to simplify the EU's Carbon Border Adjustment Mechanism (‘CBAM’). The article notes that despite these internal simplifications, significant challenges persist for Indian exporters and other third-country suppliers navigating the EU’s evolving carbon regulation landscape.
Personal care products such as face wash to treat acne, cream to reduce skin blemishes, shampoo to treat dandruff: these all will be medicines or will be cosmetic/toilet preparations under Customs Law. This article is demonstrating this challenge by examining a few relevant case laws dealt with by the Supreme Court of India on this issue.
The article discusses the SEBI Consultation Paper which outlines the current use of AI/ML models are by exchanges, brokers and mutual funds for a wide variety of internal, customer support, security, pattern recognitions, KYC, order executions and related purposes.
This article examines two recent judgments of the Hon’ble Calcutta High Court in appeals filed by ITC Limited under Section 117A, challenging the rejection of patent applications on grounds of non-patentability under Section 3(b).
The article summarises the 75th Session of the World Customs Organisation’s (‘WCO’) Harmonized System Committee which was held in March 2025. The Rulings, opinions, changes suggested therein have been recently released by the WCO.
The article discusses a recent Karnataka HC decision holding that transfer of partially constructed building (which is substantially completed) on ‘as is where is’ basis does not amount to deemed supply of construction service.
The article discusses the scope, interpretation and applicability of Section 37A in different circumstances and safeguards that are required to avoid potential misuse of these extraordinary powers.
The article examines the implications of fair value accounting advocated by the Accounting Standards issued by the ICAI. It delves into the question as to whether the computation of income for the purposes of the Income Tax Act can be made with reference to the fair value accounting carried out in books of accounts.
The article discusses a recent GSTN advisory that stated that beginning with the July 2025 tax period, outward liability in GSTR-3B, auto-populated from GSTR-1/IFF, will be non-editable. It observes that the proposal lacks legal backing and may pose operational challenges.
A Leveraged Buyout (‘LBO’) is a financial strategy where an investor, typically a private equity (PE) firm, acquires a company primarily using borrowed funds, with the target company’s assets or cash flows used as collateral to secure or repay the debt. The key appeal of an LBO lies in minimizing equity while maximizing return on investment, taking the risk that the business performs well post-acquisition
The article discusses a recent Delhi High Court decision which not only brings into focus the legal standards applied to determine trademark infringement but also explores the boundaries of protection for globally recognized brands under Indian law.
In a significant move to bolster consumer safety and enhance the quality of electrical appliances in India, the Department for Promotion of Industry and Internal Trade (‘DPIIT’) has issued the ‘Safety of Household, Commercial and Similar Electrical Appliances (Quality Control) Order, 2025’ (‘QCO’), on 19 May 2025.
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