The Central Government notifies The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020
These Custom Rules will apply to goods imported into India by importers who make claims of a preferential rate of duties in terms of trade agreements. Such importer will now have to fulfill specified conditions in order to make such claims. For example, the importer has to produce a certificate of origin covering each item of import. Furthermore, a claim of a preferential rate of duty can be denied without verification if, for instance,the certificate of origin produced is incomplete and not in accordance with the format specified in the Rules of Origin. Additionally, such importer is required to be in possession of specified relevant information in the prescribed format. In case of any uncertainty in regards to the authenticity of a certificate of origin, the verification authority may be requested to verify it.
FSSAI requires specified imported food products to be accompanied by Non-GM Origin cum GM Free Certificate
The Order includes a comprehensive list of imported food products such as apples, beans, rice, wheat, soybean, etc. These imported food products are required to be accompanied by a Non-GM Origin cum GM Free Certificate. This certificate must be issued by the competent National Authority of the exporting country. The Order also prescribes the format of the certificate which is required to contain details such as the names and addresses of exporters, manufacturers, consignees, quantity of products, etc. The Order will come into effect from the 1st January 2021.
The Governor of Bihar notifies The Bihar Financial (Amendment) Rules, 2020
The Amendment Rules envisage the addition of a new provision, to the Bihar Financial Rules, 1950, that empowers the State Government to impose restrictions on procurement from bidders from specified countries. These restrictions are to be imposed on the grounds of defence of India or matters directly or indirectly incidental thereto including national security. The State Government is empowered to impose such restrictions by a written order and no procurement can be made in violation of such orders.
The Food Safety and Standards (Packaging and Labelling) First Amendment Regulations, 2020.
Every food establishment having central license or outlets at 10 or more locations shall mention the calorific value against the food items displayed on the menu cards or boards or booklets and the reference information on calorie requirements shall also be displayed clearly and prominently.
The Central Consumer Protection Authority (Allocation and Transaction of Business) Regulations, 2020.
The Regulation deals with the procedure for transaction and allocation of business and the manner and form in which contracts may be executed.
SEBI revises IFSC Guidelines on Financial Reporting.
As per the amendment, the entities listing their debt securities in IFSC shall prepare their statement of accounts in accordance with IFRS/ US GAAP/ IND AS or accounting standards as applicable to them in their place of incorporation.
