Lakshmikumaran and Sridharan logo

Articles

c
General CorporateAll Industries+1

Widening the gate of Indian Economy: Key changes under the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026

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.

Aman Gupta04 Aug 2026
EU’s 2026 Steel TRQ Regulation: From temporary safeguards to permanent industrial policy?
International Trade and WTOMetals

EU’s 2026 Steel TRQ Regulation: From temporary safeguards to permanent industrial policy?

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.

10 Jul 2026
Jurisdiction of Principal Bench of GST Appellate Tribunal: Statutory framework and early judicial signals
GST & Indirect Tax LitigationAll Industries

Jurisdiction of Principal Bench of GST Appellate Tribunal: Statutory framework and early judicial signals

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.

Shreyash Agrawal+101 Jul 2026

Search Articles

  • All PracticesAll Industries

    International Workers – Conundrum of payment of Provident Fund

    The recent judicial developments have led to certain legal uncertainties and contradictions for compliance in case of deputation and secondment. According to the authors, the factual matrix of employment will have to be determined based on legal jurisprudence.

    02 Jun 2024
  • Direct TaxAll Industries

    Impact of Section 281 on transfer of assets: Myriad issues thereunder

    Section 281 of the Income Tax Act, 1961 empowers the Department to declare a transfer of an asset as void where the transferor, during the pendency of any proceedings or completion thereof, but before the service of notice by a TRO, creates a charge on, or parts with the possession of any of his ‘assets’ in favour of another person. Considering the far-reaching consequences of the provision, the article highlights few practical issues.

    22 May 2024
  • Intellectual PropertyAll Industries+4

    Patentability – High Court clarifies the language of Section 3(c) of the Patents Act

    The article elaborately discusses a recent Madras High Court decision setting aside an order passed by the Assistant Controller of Patents and Designs which had refused the grant of a patent under Section 3(c) of the Patents Act, 1970. The Court has held that Section 3(c) would only apply to a process of finding a hitherto undiscovered non-living substance by identifying and isolating it from nature.

    21 May 2024
  • All PracticesAll Industries

    Development Rights: A service or a condition precedent to sale of land

    The divergent perspectives on the treatment of development rights; whether as a service or an outright sale, have led to confusion in the realm of land transactions. Therefore, while finality is anticipated from the constitutional courts in GST regime, it is prudent for businesses to take an informed call on the taxability of development rights.

    Shivam Mehta+116 May 2024
  • CustomsAll Industries+1

    Is the difference between Tax and Fees obliterated?

    The article discusses the difference between Tax and Fees and how the Courts in recent time are diverting from the earlier decisions highlighting the difference between Tax and Fees.

    Yogendra Aldak07 May 2024
  • RegulatoryIT & ITES

    DPDPA: Concerns and impact in the online gaming world

    The article discusses how the gaming industry will be impacted by the Digital Personal Data Protection Act, 2023. It discusses how the new law once enforced will require platforms, gaming developers, and gamers (or users) alike to pay attention to the framework under which personal data may be processed, notices reviewed, consents provided (where required) and rights exercised with regard to the processing of personal data.

    02 May 2024
  • International Trade and WTOAll Industries

    Beyond territorial reach: Transnational subsidies and the evolving landscape

    The article discusses the nature of transnational subsidies, in which a government of one country subsidizes a firm outside of its territory. It explores whether these subsidies can be acted upon under the WTO’s Agreement on Subsidies and Countervailing Measures (SCM Agreement), and how certain countries such as the EU and the US are tackling these subsidies.

    01 May 2024
  • Direct TaxAll Industries

    From a taxman lens: Life Insurance Policy vis-à-vis Annuity – The modern-day conundrum

    The drastic difference in income-tax treatment of both – Life Insurance Policies and Annuities, requires closer examination of their meaning to distinguish one from another. Demonstrating that there is a thin line of difference between features offered by modern iterations of life insurance policies and annuities, the author points out that it is crucial for insurance companies to take proactive steps to separate the elements of the life insurance policies from that of annuities.

    22 Apr 2024
  • Intellectual PropertyAll Industries+4

    Plant variety protection – Incorrect mention of date of first sale is not fatal – Delhi HC’s Division Bench upholds registration

    The article discusses the recent Delhi High Court Division Bench decision which has held that procedural infirmities, which have no impact on the eligibility of the Applicant to apply for a plant variety application or on the eligibility of the application for registration, are not fatal to the registration, unless such infirmities are due to willful misrepresentation or to gain any undue advantage.

    19 Apr 2024
  • RegulatoryIT & ITES

    MEITY Advisory: Dawn of AI Regulation in India or a false start

    The Ministry of Electronics and Information Technology has on 15 March 2024 issued an advisory on use and deployment of artificial intelligence tools. The advisory subsumes a previous advisory dated 1 March 2024 on this subject. As part of the now expanded diligence requirements as per new advisory, the article elaborately discusses what the new advisory now requires the intermediaries to ensure.

    Sameer Avasarala01 Apr 2024
  • International Trade and WTOAll Industries

    Overview of methodologies of calculating dumping margins

    This article intends to discuss different methodologies for comparing the export prices with the domestic selling prices in the chosen investigation period, as prescribed under the WTO’s Anti-dumping Agreement and the practices followed in India, the United States of America and the European Union for this purpose. Elaborately discussing the three methodologies, with descriptive illustrations, etc., the author points out that the dumping margins are not the same.

    29 Mar 2024
  • CustomsAll Industries

    Game-changing Customs and FTP changes

    The article discusses few recent changes which one needs to know under Customs and Foreign Trade Policy. The Ministry of Commerce has extended the RoDTEP benefit to Advance Authorisation holders, Export Oriented Units and units in Special Economic Zone, and has relaxed the mandatory Quality Control Order compliance for import of inputs under Advance Authorisation and by EOU, for use in exports.

    28 Mar 2024
Complete archive