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.
With the passage of time, new technology is emerging day by day and this has resulted in a greater number of patent related disputes than ever. One of the key elements surrounding a patent dispute is the construction of the claim language, or claim construction, to determine their scope and extent of coverage.
One of the issues of wide interest and contemplation is whether a foreign company is liable to file a return in India when there is income accruing or arising in India but the same is not liable to tax, either because of an exemption under the Income Tax Act, 1961 or on account of the beneficial provisions of the Double Taxation Avoidance Agreements (DTAA). The article deals with various circumstances...
India, 13 (thirteen) other Asian countries and the United States are part of an Indo-Pacific Economic Framework (IPEF) which share a commitment to free, open, fair and a prosperous Indo-Pacific that has the potential to achieve sustained and inclusive economic growth.
One of the objectives of the Competition Act, 2002 (“Act”) is to ensure that all market participants enjoy freedom of trade, allowing them to freely decide their choice of business, their modus operandi, and take other commercial decisions.
Anti-dumping investigations are conducted to determine the existence of dumping which causes injury to the domestic industry in the investigating country. In simple language, dumping is the act of exporting the product at a price lower than the price at which the said product is sold in the domestic market of the exporting country, thus causing injury to domestic producers in the importing country.
Due to periodical amendments, the provisions relating to levy of interest under GST has been the subject matter of varied interpretations. The issue concerning payment of interest on the gross/net tax liability in case of delayed payment of taxes was the subject matter for our article published in Tax Amicus (May 2022/Issue 131).
The Government is in the process of drafting a ‘Digital India Act’ which is slated to replace the Information Technology Act, 2000 and propose a comprehensive framework for IT, regulation of social media platforms, streaming platforms, govern use and deployment of new technologies and introduce certain other provisions. The article highlights the focal points of this regulation and provides some thoughts on each of those aspects.
The article examines the rationale and thrust of a recent Supreme Court decision in the case of Mahagun Realtors (P) Ltd., wherein the Apex Court has clarified that an amalgamation would not per se invalidate an assessment order issued in the name of the transferor company. Discussing the facts of the case, the authors elaborate on the findings of the Court that notice issued in name of amalgamated entity is not always fatal to the proceedings
The Income Tax Act, 1961 (‘IT Act’) provides for various benefits for trusts which are established for charitable or religious purposes and registered under the IT Act. Sections 11 and 12 of the IT Act are the substantive provisions for exemptions available to religious and charitable trusts.
The ‘Doctrine of Territoriality’, accords protection to a trademark within the territory of the state where it has been registered or used. In simpler words, it means that a trademark shall be protected against any unauthorized use by any person within the country where it has been registered, used, or is known to the public.
This week witnessed yet another roadblock towards a comprehensive data protection framework for India, as the Data Protection Bill, 2021 (‘Bill’), as reported by the Joint Committee of the Parliament (‘JCP’), was withdrawn in the Parliament , amidst reports that a comprehensive legal framework is being worked upon, considering the recommendations of the JCP.
In Part 1 of the Implementation Series, we discussed the first four essentials as proposed under the Data Protection Bill, 2021 (the ‘Bill’). Here, we will deal with the next four elements of a privacy notice specified under Clause 7 of the Bill.
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