The March 2023 edition of the latest regulatory updates in India

The March 2023 edition of the latest regulatory updates in India

Businesses have to work in a legal environment that is always changing, so it is important to know about the latest changes. In March 2023, India made changes to its laws that affected many businesses. From improvements to legal and financial rules to changes in compliance requirements, businesses need to know what's going on in order to stay in compliance and reduce risks. These changes to the rules affect businesses of all kinds and in many different fields, including banking and finance, healthcare, e-commerce, and more. To avoid fines, stay legal, and stay competitive in the fast-changing Indian market, you need to be informed of these changes, understand what they mean, and make the necessary changes. Businesses must stay on top of the latest regulatory updates in India for March 2023 in order to adapt to the changing regulatory environment and do well in it. With these regulatory updates, you can stay up-to-date, follow the rules, and stay ahead of the game.

In March 2023, India made major changes to its regulations for many types of businesses, including finance and taxes, commercial, secretarial, industry-focused, labor, general, and EHS. (environment, health, and safety). 

Here are a few of them by type: 

Regulatory Updates on Finance and Taxation 

There were 160 changes to rules in this area.

The International Financial Services Centres Authority (IFSCA) put out a warning about the Financial Action Task Force's High risk and other monitored countries. (FATF). FATF has found that 16 countries have strategic flaws and has made a plan to fix them. This doesn't mean that companies that are regulated can't trade and do business legally.

For AY 2022-23, the Income Tax department sent out a notice about filing online. It says that ITRs made between April 1, 2012 and July 31, 2012 will not be processed any further until they have been checked through the e-verification process. This is true for all documents that were filed but weren't checked within 120 days.

The new e-Invoice site was announced by the Goods and Services Tax Network (GSTN). In addition to NIC-IRP, GSTN has added 4 new IRPs (Invoice Reporting Portals) for reporting e-invoices. Einvoice.gst.gov.in is a central place for things like master data, news, changes, and new issues.

The National Payments Corporation of India (NPCI) warned people not to pay credit card bills through IMPS with fake numbers. It has been recommended to use the IMPS P2A (Virtual Number + IFSC) process, which lets the sender pay with a credit card using the P2A transaction type.

SEBI (the Securities and Exchange Board of India) sent out a warning about linking PAN and Aadhaar. Accounts that haven't been linked will be considered non-KYC compliant, which means that they won't be able to buy stocks or do other things. By March 31, 2023, all owners must have linked their Aadhaar cards.

Secretarial Regulatory Updates

There were 124 changes to the rules in this area.

The National Stock Exchange (NSE) told people that the API feature would be added to NCMS FO. As of February 27, the service is now available, and members who want to use the URL must send an email with the appropriate information to api_ncmsfo@nsccl.co.in.

When stock swaps end, the Bombay Stock Exchange (BSE) made rules for the net payment of the equity cash segment and the futures and options (F&O) segment.

The Securities and Exchange Board of India (SEBI) updated the SEBI (Deposits and Participants) Regulations, 2018, for the year 2023. The change will go into force 108 days after it was announced. The move has changed, among other things, what it means to be "Key Management Personnel."

The Securities and Exchange Board of India (SEBI) made a change to the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 for 2023. Changes have been made to Regulation 10A, which is called the "Code of Conduct for Recognized Stock Exchanges and Recognized Clearing Corporations," and Regulation 24A, which is called "Nominee of the Board on the Governing Board of a Recognized Stock Exchange and Recognized Clearing Corporation."

Regulatory Updates on commercial regulations

There were 60 changes to the rules in this area.

The Ministry of Textiles released the Cotton Bales (Quality Control) Order, 2023. 180 days after it was made public, it will go into effect. Scheme-II of Schedule-II of the BIS (Conformity Assessment) Regulations, 2018, says that 'Cotton Bales' must have the standard mark on them if they have a licence from the BIS.

The Punjab government announced the Punjab Food Grains Labor and Cargo Policy for 2023.

The Ministry of Consumer Affairs, Food, and Public Distribution (MoCF&PD) sent out notices about the meeting so that BIS activities could be looked at.

The Ministry of Consumer Affairs, Food, and Public Distribution has made changes to the Hallmarking of Gold Jewellery and Gold Artifacts Order, 2020, for the year 2023. (MoCF&PD). On March 6, 2023, the change was made.

The Ministry of Consumer Affairs, Food, and Public Distribution (MoCF&PD) put out a set of rules called "Endorsements know-hows!" for famous people, people with a lot of followers, and people with a lot of followers online. The rules are there to make sure that people who promote things or services don't lie to their audiences.

The Ministry of Consumer Affairs, Food, and Public Distribution (MoCF&PD) sent out a notice about the new rules for safety handling and transporting dangerous goods across the country.

Industry Specific Regulatory Updates

There were 227 changes to the rules in this area.

The Ministry of Agriculture and Farmers Welfare put out the draught Multi-Source Edible Oils (MSEO) Grading and Marking Rules, 2023. You have 45 days from the date the draught is made public to make comments or give feedback on it.

The International Financial Services Centres Authorities announced the draught IFSCA (Management Control, Administrative Control, and Market Conduct of Insurance Business) Regulations, 2023. (IFSCA). You can send in ideas or notes about the drought until March 13, 2023.

The BEE made the BEE (Particulars and Ways of Displaying Them on Labels of Light Commercial Air Conditioners) Regulations, 2023. Among other things, the rules say what should be on the sticker.

The Ministry of Fisheries, Animal Husbandry, and Dairying made the Prevention of Cruelty to Animals (Egg Laying Hens) Rules, 2023. All farms must follow the new rules for animal care by or before January 1, 2029.

Regulatory Updates for the environment, health, and safety

There were 28 changes to the rules in this area.

As part of DPIIT's plan, the Petroleum and Explosives Safety Organisation (PESO) sent out a notice about making it easier for businesses to comply by lowering the compliance burden. (EoDB). DPIIT has taken care of 91 out of PESO's 131 compliance costs. Oil marketing companies must explain in detail what needs to be done to change the rules for EoDB and make it easier to follow them.

The Ministry of Health and Family Welfare sent out the draught Drugs (Amendment) Rules, 2022. (MoHFW). You have 30 days after the release date to send in comments or ideas.

The Central Pollution Control Board (CPCB) told people how to get rid of plastics that can only be used once. (SUP). All field officers who need to use the SUP compliance tracking site must sign up for it.

The Goa State Pollution Control Board (GSPCB) sent out a warning about a new circular for taking apart old electronics. All big users of electronic trash must use the above/board-approved dismantler/PRO to get rid of it every once in a while.

The Ministry of Environment, Forests, and Climate Change (MoEFCC) put out a notice extending the rules on producer duty to improve the circular economy and help build infrastructure for recycling plastic packaging waste.

Regulatory Updates on labor

There were 36 changes to the rules in this area.

The Employees' State Insurance Corporation (ESIC) sent out a notice saying that starting on February 1, 2023, medical benefits under rule 95-A of the ESI (General) Regulations, 1950 will be applied in Aizawl.

The Employees' Provident Fund Organization (EPFO) told workers to send in their join forms online.

The Ministry of Labor and Employment (MoL&E) put out an e-book with information about India's new labour rules.

The Employees' State Insurance Corporation (ESIC) sent out a circular about the plan to set the lowest floor price for manpower outsourcing services based on the minimum wage. All ESIC offices in the country are now allowed to use the higher minimum floor price for outsourcing services based on the minimum wage. This was approved by the right body.

The Employees' State Insurance Corporation (ESIC) sent out a notice about a study of what happened when ROS/SROS got CPGRAMS/MOLE references. The warning was sent after the CAIU branch offices saw that references for seeking inspection in compliant cases were being sent to the headquarters for approval. Because of this, the maximum amount of time for fixing cases ran out.

Businesses in India have to deal with a regulatory environment that is always changing, so it is important to know about important changes. Businesses need to make sure they follow these changes in finance, taxes, business, secretarial, industry-specific, labor, general, and EHS laws. In a fast-paced business setting, it's important to follow compliance requirements, legal rules, and guidelines to avoid fines and stay in compliance. Businesses need to know about the latest changes to regulations in order to adapt to the changing regulatory environment and do well. Keep up with the latest news in March 2023 and beyond to stay ahead. With these regulatory updates, you can stay compliant, stay competitive, and stay up-to-date.