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 Digital India Act (DIA) is set to replace the Information Technology Act, 2000 (IT Act) on account of a transformed internet landscape today, with significant internet penetration, multiple intermediaries operating across the internet and complex forms of user harms. The article hence discusses the glimpse into the Digital India Act, as presented recently by the Minister of State for Electronics & Information Technology. The authors in this regard discuss how the DIA lays importance...
The article discusses a recent decision of the Registrar of Companies, NCT of Delhi and Haryana relating to Section 42 of the Companies Act, 2013 (private placement of shares). The Adjudicating Officer has in this decision observed that the provision requires that the company should adhere to the limit of 200 persons not just with respect to the number of persons who ultimately subscribe to the securities of the company, but also that this limit cannot be exceeded at the time of making an offer
Amongst various tax amendment proposals announced this year, proposal for taxing ‘cash’ benefits and perquisites is likely to have a wide-reaching impact on the taxpayers, especially in the context of waiver of debts due from a corporate debtor. More than the corporate debtor, the amendment may prove to be burdensome for the lender waiving such debts due to withholding tax liability imposed upon such lender. The article aims to discuss the proposed amendment and its impact.
The article discusses a landmark Judgement passed by the Delhi High Court in the matter of Allergan Inc v. Controller of Patents. With this judgement, the Court has allowed amendments made by the Appellant for converting the method of treatment claims to product claims. Capturing the facts of the case, the appeal proceedings, and the decision including the essence of the order, the authors conclude that the present order will serve to be a significant milestone in patent prosecution in India.
The retrospective amendments proposed by the Finance Bill, 2023 to Section 9C and other related provisions of the Customs Tariff Act, 1975 have tried to resolve the dispute regarding powers of the CESTAT to entertain appeals against the Ministry of Finance’s refusal to impose trade remedy measures despite positive recommendations from the DGTR. The article traces the background of the issue, the previous jurisprudence, the recent amendments proposed, and concludes with some comments.
In the backdrop of India’s commitments made in the UN Climate Change Conference in 2021, the Central Government has recently enacted the Energy Conservation (Amendment) Act, 2022 (‘Amendment Act’) to amend the two decades old Energy Conservation Act, 2001. The move aims to strengthen the regulatory framework on energy consumption and promote energy efficiency in the country. The article highlights the significant features...
The issue of classification of the product ‘Rab’ (semi-solid sugarcane juice) and applicable rate of tax on its supply has been a subject matter of dispute for a long time. The article intends to highlight the divergent practices followed by the industry and analyse if the CBIC Circular No. 189/01/2023-GST, dated 13 January 2023 has resolved the issue in entirety. Elaborately analysing the issues and concerns...
The article discusses a Delhi High Court decision where one of the questions that came up before the IPD, Delhi was whether the Trade Marks Registry can transfer pending rectification/cancellation petitions to the IPD of the respective Hon’ble High Court. The Court observed that if the court thinks it is necessary to consolidate and hear together all the matters related to the same or related subject matter before the IPD, it may direct so.
The article examines a Delhi High Court decision against an order passed by the Controller of Patents and Designs refusing the grant of the patent application for lacking inventive step. It further highlights the fundamental principles discussed by the High Court for analysis of an ‘inventive step’ in India. The article notes how the High Court discussed the various approaches available for determining the inventive step which were followed across various jurisdictions...
Income derived from Trust property has been exempt under Income-tax laws since the Act of 1886. Tracing the legislative history in respect of income from property held under trust, the author examines amendments made by Finance Act, 1970; Taxation Laws (Amendment) Act, 1975; Finance Act, 1983; and Finance Act, 2022, the author concludes that the present iteration of Section 13(1)(c) / Section 13(1)(d) makes it evident that ...
The article elaborately analyses the recent imposition of definitive anti-dumping duty by the European Union on imports of fatty acid originating from Indonesia. The article tries to decode how the EU Anti-dumping Regulation deals with cases where the raw material prices are distorted and how the Commission in the present case implemented the said Regulations.
Post introduction of GST, the State Governments of Kerala, Gujarat and Telangana have amended their VAT laws with the objective of enhancing the limitation period in different forms. The said extension of limitation period needs to be tested on the touchstone of the Indian Constitution i.e., whether the States continued to possess ‘power’ under the Constitution to levy and administer VAT with the advent of GST law.
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