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 article briefly discusses the first anti-absorption investigation conducted by India on Polyethylene Terephthalate (‘ PET ’) imported from China PR. It briefly touches upon the concept of anti-absorption with a lucid example. Next, it discusses few issues which arose in this investigation, and closes by summarizing the implications of enforcing anti-absorption measures generally and, in particular, on PET.
The article highlights the impact of Tiger Global judgment on taxation of indirect transfer of shares of an Indian company where grandfathering benefit is not available. The authors state that the decision may pose hurdles in cases where grandfathering benefit is not available.
The article summarises the amendments related to capital gains tax made to simplify the characterization of long-term assets, computation of gains and application of tax rates which will have a significant impact on taxpayers transferring their capital assets on or after 23 July 2024. The authors also highlight key aspects which warrant taxpayers’ attention.
The article discusses the anti-dilution rights which is the most common armour provided to investors against a down round funding raised by any company. These can be exercised in two ways - the first being full ratchet anti-dilution protection while the second is weighted average method of computation.
Under Indian anti-dumping law and practice, the qualification of the applicant domestic producers to constitute the domestic industry is sometimes a contested issue. The article in this issue of International Trade Amicus discusses some of the relevant jurisprudence on the issue of the DGTR’s discretion in determining the standing of a producer(s) under the relevant provisions.
The article discusses the recent abolition of Angel Tax. According to the authors, if the tax officers don’t show restraint in taxing the capital investment, the intended relief may not come and the tax bills may just increase due to high tax rates.
The article covers major changes that are proposed to be implemented upon the final release of the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024 and the draft direction on export of goods and services. The Reserve Bank of India has invited public comments and feedback on the Draft Trade Regulations and Draft Trade Directions by 1 September 2024.
The article discusses draft Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024 and draft Directions to Authorised Dealers on Export and Import of Goods and Services, in respect of Merchanting Trade Transaction, and points out various ambiguities.
Garnishee of Garnishee’ is triggered when the garnishee fails to make the payment to the creditor of its debtor and pursuant to which, the creditor seeks to recover money from the debtors of the garnishee. The article discusses in detail the question as to whether the tax department has power to go after the debtors of the garnishee i.e., whether it would lead to issuance of notice under Section 226(3) to garnishee of garnishee
The article discusses a recent decision of the Delhi High Court wherein the Court has held that non-appearance of the Applicant in the hearing before the Controller cannot dispense with the Controller’s obligation to pass a reasoned and speaking order. The High Court has held that the Appellant not attending the hearing cannot be the basis for passing a decision under Section 15 of the Patents Act.
Recently, Indian Courts have taken a proactive stance towards awarding increasing sums of damages for infringement in IPR matters. However, to balance competing goals of compensation, justice and uniformity, Courts have laid down several parameters which are to be considered while calculating damages. The article, while exploring the subject, analyses various case law and the Intellectual Property Division Rules as issued by the Delhi High Court.
The article discusses the seven fundamentals, cutting across specific provisions of the DPDP Act and critically examines the core principles underpinning the Act from the employers’ perspective. According to the authors, it is best if employers brace up and begin compliance preparations at the earliest and start preparing an updated data protection policy.
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