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In exercise of the powers conferred by sub-section (1) of section 3 of the New Delhi International Arbitration Centre Act, 2019 (17 of 2019), the Central Government hereby establishes the New Delhi International Arbitration Centre having its head office at New Delhi with effect from 13th June, 2022.
Refer notification copy:
Ministry of Information & Broadcasting issued Press release on 13th June 2022 :
No ads promoting online betting, Ministry issues advisory to media.
Online betting ads on online and social media not to target Indian audience
‘Betting poses significant financial, socio-economic risk for consumers’
Ministry of Information and Broadcasting has today issued an advisory to print, electronic and digital media to refrain from advertising online betting platforms. The advisory comes in light of instances of a number of advertisements of online betting websites/platforms appearing in print, electronic, social and online media.
Betting and gambling, illegal in most parts of the country, pose significant financial and socio-economic risk for the consumers, especially youth and children, the advisory states. It has further added that these advertisements on online betting have the effect of promoting this largely prohibited activity. “The advertisements of online betting are misleading, and do not appear to be in strict conformity with the Consumer Protection Act 2019, Advertising Code under the Cable Television Networks Regulation Act, 1995, and advertisement norms under the Norms of Journalistic Conduct laid down by the Press Council of India under the Press Council Act, 1978”, it has stated.
The advisory has been issued in larger public interest, and it has advised the print and electronic media to refrain from publishing advertisements of online betting platforms. It has also advised the online and social media, including the online advertisement intermediaries and publishers, to not display such advertisements in India or target such advertisements towards the Indian audience.
On 4th December, 2020, the Ministry of Information & Broadcasting had issued an advisory to Private Satellite TV channels to adhere to the Advertising Standards Council of India (ASCI) guidelines on advertisements of online gaming which contained specific Do’s and Dont’s for print and audio-visual advertisements of online gaming.
The detailed advisory can be read at the below link:
Moving beyond text based literature, awareness seminars and workshops, the Central Board of Direct Taxes (CBDT) has adopted a novel approach to spread tax literacy through ‘learn by play’ methods. CBDT has brought out products to introduce concepts related to taxation, often perceived to be complicated, to high school students through board Games, puzzles and comics.
Kick-starting this initiative, Union Finance Minister Nirmala Sitharaman launched a series of communication and outreach products aimed at spreading financial and tax awareness at the Closing Ceremony of the Azadi Ka Amrit Mahotsav Iconic Week in Panaji, Goa on Saturday evening. She termed the next 25 years as Amrit Kaal, and said youth would play a major role in shaping the new India. Smt. Sitharaman also distributed the first sets of the games to select school students present at the event.
The novel products brought out by the CBDT are as follows :
Snakes, Ladders and Taxes : This board game introduces good and bad habits in respect of tax events and financial transactions. The game is simple, intuitive and educational with good habits being rewarded through ladders and bad habits penalized by snakes.
Building India : This collaborative game introduces the concept of importance of paying taxes through the use of 50 memory cards based on infrastructure and social projects. The game aims to convey the message that taxation is collaborative in nature and not competitive.
India Gate – 3D Puzzle : This game consists of 30 pieces, each containing information about various terms and concepts related to taxation. The pieces when connected together will build a 3-dimensional structure of India Gate conveying the message that taxes build India.
Digital Comic Books – Income Tax Department has collaborated with Lot Pot Comics to spread awareness about concepts of income and taxation among children and young adults. The messages are given by the immensely popular cartoon characters of Motu-Patlu, through their bone tickling dialogues.
These products will be initially distributed to schools through the network of Income Tax offices spread across India. A proposal to distribute these games through bookstores is also being worked out.
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Press Release dated 12 June 2022
Thousands of industry leaders have witnessed a revolutionary evolution of ESG and CSR at the campus of Indian Institute of Corporate Affairs (IICA), IMT Maneasr. About 30 top companies exhibited their practices in the sphere of sustainability, Environment-Social-Governance (ESG), and Corporate Social Responsibility (CSR).
School of Business Environment (SoBE) in IICA has set the right directions for companies to be more responsible in their approach towards the society, economy and environment. IICA is a think tank under the Ministry of Corporate Affairs working towards strengthening the ESG-CSR ecosystem in the country among its other initiatives.
Shri Rao Inderjit Singh, Union Minister of State for Corporate Affairs was the Chief Guest in the event and participated virtually. He said that Ministry’s contribution in promoting Good Corporate Governance has further facilitated ease of doing business in the country. Government lays strong emphasis on the reinforcement of ‘minimal government & maximum governance’, public trust and ease of doing business. The Government has repealed over 25000 compliances and nearly 1500 union laws. The Amrit Kaal will focus on the next phase of Ease of Doing Business (EoDB 2.0) and Ease of Living and the government following the goal of ‘trust-based governance’ to improve the productive efficiency of capital and human resources. He emphasised that Sustainable Development is now recognized as Fundamental Right of the people. The Supreme Court of India has held that sustainable development is to be treated as an integral part of life under article 21 of the Constitution of India. Hence, complying with the principle of sustainable development is a constitutional mandate. He said that as an Individual everyone has a great responsibility on their Shoulders. Until individual mindset don’t change Massive revolution are difficult in achieving the SDG Goals.
Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs said that Ministry of Corporate Affairs has made remarkable contributions by introducing Corporate Social Responsibility (CSR) mandate under the Companies Act, and the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business and also an updated version of National Guidelines on Responsible Business Conduct (NGRBC). The Securities and Exchange Board of India (SEBI) has mandated Business Responsibility and Sustainability (BRSR) reporting on top 1000 listed companies by market capitalization. The foundation of BRSR is inspired by the Ministry of Corporate Affairs’ Report on Business Responsibility Reporting (BRR) and National Guidelines on Responsible Business Conduct.
Secretary, Corporate Affairs released a book titled “Benchmarking ESG & CSR” a compilation of the case studies on identified practices on sustainable development projects by companies through their ESG and CSR initiatives. The book was edited by Dr. Garima Dadhich and Dr. Ravi Raj Atrey. An essay competition was also organized by IICA, three winners received awards for their best essays by the Secretary, Corporate Affairs. In a Panel discussion on Corporate Governance, Shri Inderdeep Singh Dhariwal, Joint Secretary MCA Chairing the Technical Session 1 spoke about the youth’s contribution towards the revolutionary change of the Corporate Governance. Sh Manoj Pandey Joint Secretary emphasised on Women’ Financial Literacy during the 2nd Technical Session, while Chairing.
Shri Praveen Kumar, Director General and CEO, IICA in his welcome address said that , It is well-known that economy is the backbone of any nation and one of the key drivers of this backbone is the corporate sector. They have played a significant role in the remarkable Indian Growth story and they would have to continue their exceptional contribution to ensure that the economy keeps attaining greater heights. The Ministry of Corporate Affairs (MCA) provides the enabling framework for corporates in order to make them effective contributors to national development. The IICA is the only institution that has a mandate to strengthen corporate affairs in the country. 30 Exhibitors working on ESG-SDG-CSR exhibited their best practices being carried out by them. The Exhibition was inaugurated by Secretary MCA Sh Rajesh Verma. Around 30 Companies participated and exhibited their Best Practices.
Ms Nandita Mishra and other panellists also expressed their views during the technical Sessions.
During the Inaugural programme winners of the Essay competition were announced . Topic of the Essay Competition was “Corporate Governance : Evolving Vision For New India” . The contest was open for the students and young professionals upto the age of 30 years in Bilingual language i.e. Hindi or in English. Tremendous response for this competition was received in terms of entries. 3rd Prize Mr Sartaj Singh 2nd Prize Ms Nandini Agarwal and the !st prize to Mr Samyak Sanghvi from Ahmedabad were felicitated with the cash prize and a certificate.
In the Technical session on Impactful CSR towards strengthening ESG, Ms Anita Shah Akella, Joint Secretary, Ministry of Corporate Affairs Chairing the technical session stated that Corporate have been playing a key role by making contributions for the betterment of society through their CSR initiatives. Presently they are witnessing a transitional approach from CSR to ESG in their functioning. A women centric approach, a gender sensitive approach, is required in any initiative, particularly when we talk about the CSR and ESG aspects. Particularly the governance aspects of ESG should focus on Women’s Rights in an organizational setting. Other dignified speakers in the panel were Ms Naina Lal Kidwai, Ms Namita Vikas, Dr Inderjeet Singh, Mr. Shrabjeet Sahota, Dr.Suranjali Tondon, Ms Neetu Ahuja and Dr. Garima Dadhich. The panel concluded that to achieve a paradigm shift in ESG and CSR may be destined through such initiatives of the IICA which motivate those doing good work and inspires others to follow. IICA’s upcoming Certified ESG Professional Course will also be a landmark in this sector in country. I
In another technical session emphases was made on Financial Inclusion and Literacy of Women. Dr. Naveen Sirohi, emphasised on importance of women empowerment and financial literacy. The speakers were Shri Manoj Pandey, Joint Secretary, MCA, Sushmita Phukon, Seema Singh, and Namita Vikas.
Mr Arjan De Wagt Deputy Representative Unicef India, Smt Nandita Mishra – Economic Adviser MCA, Mr Agrim Kaushal Adviser DPE and Shri Vishram Kumar Meena, Additional Dy Commissioner Gurugram also graced the programme.
The event ‘Promoting Impactful CSR and Good Governance’ was organised in collaboration with NITI Aayog, Department of Public Enterprises and Unicef India in light of requirements under Amrit Kaal. The programme was facilitated by Dr Garima Dadhich, Head of School of Business Environment in support with Dr Lata Suresh Head KRC, Dr Ravi Raj Atrey and Ms Sudha Rajagopalan under the able guidance of Shri Praveen Kumar DG & CEO, IICA.
Our dedicated contributions today will witness a great revolutionary change tomorrow and will have far reaching impacts day after, said Dr. Garima Dadhich and Dr. Ravi Raj Atrey Faculty of School of Business Environment in IICA during an interview describing about the book which was released during the Inaugural session.
Dr Lata Suresh was the master of ceremony during the event who is also a media coordinator.
Press Release dated 12 June 2022
In exercise of the powers conferred by section 149 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: –
1. Short title and commencement.- (1) These rules may be called the Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Appointment and Qualification of Directors) Rules, 2014, in rule 6, after sub-rule (4), the following sub-rule shall be inserted, namely: –
“(5) Any individual whose name has been removed from the databank under sub-rule (4), may apply for restoration of his name on payment of fees of one thousand rupees and the institute shall allow such restoration subject to the following conditions, namely :-
(i) his name shall be shown in a separate restored category for a period of one year from the date of restoration within which, he shall be required to pass the online proficiency self-assessment test and thereafter his name shall be included in the databank, only, if he passes the said online proficiency self-assessment test and in such case, the fees paid by him at the time of initial registration shall continue to be valid for the period for which the same was initially paid; and
(ii) in case he fails to pass the online proficiency self-assessment test within one year from the date of restoration, his name shall be removed from the data bank and he shall be required to apply afresh under sub-rule (1) for inclusion of his name in the databank.”.
Centre issues ‘Guidelines on Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022’
Guidelines aims at protecting consumers from misleading advertisements and protect the consumers’ right
CCPA may charge penalty of Rs 10 lakh and for subsequent contravention, Rs 50 Lakh for violation
The Central Consumer Protection authority (CCPA) under the Department of Consumer Affairs has notified ‘Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022’ with an objective to curb misleading advertisements and protect the consumers, who may be exploited or affected by such advertisements.
The guidelines seek to ensure that consumers are not being fooled with unsubstantiated claims, exaggerated promises, misinformation and false claims. Such advertisements violates various rights of consumers such as right to be informed, right to choose and right to be safeguarded against potentially unsafe products and services.
The CCPA has been established under section 10 of the Consumer Protection Act, 2019 for regulating matters relating to violation of the rights of the consumers, unfair trade practices and false or misleading advertisements which are prejudicial to the interests of public and consumers and to promote, protect and enforce the rights of consumers as a class.
In exercise of the powers conferred by section 18 of the Consumer Protection Act, 2019, to CCPA, the Guidelines were notified
Misleading advertisement has already been defined under section 2(28) of the Consumer Protection Act, 2019.
The present guidelines define “bait advertisement”, “surrogate advertisement” and clearly provides what constitutes as “free claim advertisements”.
Keeping in view the sensitiveness and vulnerability of children and severe impact advertisements make on the younger minds, several preemptive provisions have been laid down on advertisements targeting children. Guidelines forbid advertisements from exaggerating the features of product or service in such manner as to lead children to have unrealistic expectations of such product or service and claim any health or nutritional claims or benefits without being adequately and scientifically substantiated by a recognized body. Guidelines says that advertisement targeting children shall not feature any personalities from the field of sports, music or cinema for products which under any law requires a health warning for such advertisement or cannot be purchased by children.
Disclaimers in advertisements play a pivotal role from consumer perspective since, in a way it limits the responsibility of the company. Therefore, guidelines stipulates that disclaimer shall not attempt to hide material information with respect to any claim made in such advertisement, the omission or absence of which is likely to make the advertisement deceptive or conceal its commercial intent and shall not attempt to correct a misleading claim made in an advertisement. Further, it provides that, a disclaimer shall be in the same language as the claim made in the advertisement and the font used in a disclaimer shall be the same as that used in the claim.
Similarly, clear Guidelines are laid for duties of manufacturer, service provider, advertiser and advertising agency, due diligence to be carried out before endorsing and others. Guidelines aims to protect consumer’s interest through bringing in more transparency and clarity in the way advertisements are being published, so that, consumers are able to make informed decisions based on facts rather than false narratives and exaggerations.
Penalty for violating the Guidelines are also clearly outlined. CCPA can impose penalty of upto 10 lakh rupees on manufacturers, advertisers and endorsers for any misleading advertisements. For subsequent contraventions, CCPA may impose a penalty of upto 50 lakh rupees. The Authority can prohibit the endorser of a misleading advertisement from making any endorsement for upto 1 year and for subsequent contravention, prohibition can extend upto 3 years.
The Guidelines can be viewed at
Release Id :-1832906
In exercise of the powers conferred by sub-sections (1), (2) and (4) of section 248 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 , namely:-
1. Short title and commencement.- (1) These rules may be called the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, –
I. in rule 4, after sub-rule (3), the following sub-rule shall be inserted, namely:─
“(4) (a) Where the Registrar, on examining the application made in Form STK-2, finds that it is necessary to call for further information or finds such application or any document annexed therewith is defective or incomplete in any respect, he shall inform to the applicant to remove the defects and re-submit the complete Form within fifteen days from the date of such information, failing which the Registrar shall treat the Form as invalid in the electronic record, and shall inform the applicant, accordingly.
(b) After the re-submission of the Form or document, if the Registrar finds that the Form or document is defective or incomplete in any respect, he shall give further time of fifteen days to remove such defects or complete the Form, failing which the Registrar shall treat the Form as invalid in the electronic record and shall inform the applicant, accordingly.
(c) Any re-submission of the application in Form STK-2 made prior to the commencement of the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 shall not be counted for the purposes of reckoning the maximum number of re-submissions of such Form.”.
II. for Form No. STK 1, Form No. STK – 5 and Form No. STK-5A, the following Forms shall respectively, be substituted, namely:-
National CSR Exchange Portal
Launch of National CSR Exchange Portal- a digital initiative on CSR which will enable stakeholders to list, search, interact, engage and manage their CSR projects on a voluntary basis. The portal is a testimony to the idea of “Technology empowers the less empowered”.
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to launch the Iconic Day celebrations of Ministry of Corporate Affairs at Vigyan Bhawan on 7th June 2022
Launching of National CSR Exchange Portal
MCA released commemorative Postal Stamp on Investor Awareness
A short film on the evolution of Corporate Governance in India is released
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will flag off the Iconic Day celebrations of Ministry of Corporate Affairs (MCA) during Iconic Week of Azadi ka Amrit Mahotsav (AKAM) as a part of the mega celebration of Ministry of Finance and Ministry of Corporate Affairs in New Delhi, tomorrow. The Iconic Day will be celebrated at the Plenary Hall, Vigyan Bhawan.
Union Minister for Finance and Corporate Affairs will grace the occasion the as the Chief Guest and Rao Inderjit Singh, Minister of State for Ministry of Corporate Affairs & MoS (I/C) Ministry of Statistics and Programme Implementation, Ministry of Planning would be the Guest of Honour.
The event will be an amalgam of various industry experts, consumer & investor voices, regulatory experts, professionals, corporate citizens, investors and other stakeholders. During the inaugural session the chief guest will unveil eight major releases, viz:
Releases, Launch & Prize Distribution
Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA), along with head of other subordinate and regulatory organisations under the MCA will also be present during the occasion. Various other technical sessions were organized by IEPF Authority, Competition Commission of India, Insolvency and Bankruptcy Board of India, Indian Institute of Corporate Affairs, Professional Institutes viz. ICAI, ICSI, ICoAI.
Different activities conducted by organisations under the Ministry throughout the period of Amrit Mahotsav will also be exhibited during the events.
The event shall include various technical session being organised by IEPF Authority, Competition Commission of India, Insolvency and Bankruptcy Board of India, Indian Institute of Corporate Affairs, Professional Institutes viz. ICAI, ICSI, ICoAI.
The event shall see participation of various industry experts, consumer & investor voices, regulatory experts, professionals, corporate citizens, investors and other stakeholders and would also be webcasted live through social media and Other Channels.
Being the facilitator for Corporate Governance in India, the Ministry of Corporate Affairs has over the past years organized more than 360 programmes on the different themes under this Mahotsav including Ideas @75, Resolve @75, Actions @ 75, Achievements @ 75 and commemorating the freedom struggle. These programmes have been organized involving all key stakeholders at various parts of the country in spirit of Jan Bhagidari.
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MCA Press Release 06th June 2022
DIPAM to organise Conference on “Creating wealth through markets” as part of Azadi Ka Amrit Mahotsav Celebrations of Ministry of Finance tomorrow
Finance Minister Smt. Nirmala Sitharaman to join the Conference from Bengaluru
Conference is being organised on a mega scale in 75 cities, covering all States and UTs
In celebrations of “Azadi Ka Amrit Mahotsav (AKAM)”, Department of Investment & Public Asset Management (DIPAM) is organinsing a Conference on the theme “Creating Wealth through Market” as an iconic event in 75 cities across the country on tomorrow starting at 04:00 PM. This initiative aims to educate, encourage and empower people in 75 cities across India about investments and creating wealth as well as on the steps taken by the Government for ensuring financial growth of the citizens.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will join the conference from Indian Institute of Science (IISc), Bengaluru.
Union Minister of State for Finance Dr Bhagwat Kisanrao Karad will participate in the Conference from Vigyan Bhawan, New Delhi.
The inaugural address will be followed by a session at the local venue in 75 cities with eminent speakers comprising of Financial Experts / Professionals / Bankers / Influencers etc. The event will feature discussions on broad topics such as:
“Azadi Ka Amrit Mahotsav” is being celebrated in the country in commemoration of 75 years of independence of India, and the glorious history of its people, culture and achievements. It’s a celebration of our collective achievements as a 75-year-old independent country with a legacy of 5000+ years of ancient history. The celebration rests on five pillars outlined by the Prime Minister i.e. Freedom Struggle, Ideas at 75, Achievements at 75, Actions at 75 and Resolves at 75 as guiding force for moving forward, keeping dreams and duties as inspiration. The Mahotsav will be celebrated as Jan-Utsav in the spirit of Jan-Bhagidari.
True to the pan-India essence of Azadi ka Amrit Mahotsav, DIPAM will conduct the programme in all major Indian languages in 75 cities for better and easier acceptability among the people. Reflecting its extensive reach, the Programme covers all geographical areas of the country from Ladakh to Lakshdweep and Andaman & Nicobar Islands, and no area of the country is left out of its ambit.
For more details, CLICK HERE.
Ministry of Finance Press Release dated 09th June 2022
1. Who needs to link Aadhaar and PAN?
Section 139AA of the Income Tax Act provides that every person who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner. In other words, such persons have to mandatorily link their Aadhaar and PAN before the prescribed date (Presently, 31.03.2022 without fee payment and 31.03.2023 with prescribed fee payment For more details refer to CBDT circular No.7/2022 dated 30.03.2022.
2. For whom is Aadhaar-PAN linking not compulsory?
Aadhaar-PAN linking presently does not apply to any individual who is:
“The exemptions provided are subject to modifications depending on subsequent government notifications on this subject “
“For more details refer to Department of Revenue Notification no 37/2017 dated 11th May 2017″.
3. How to link Aadhaar and PAN?
Both registered and unregistered users can link their Aadhaar and PAN on the e-Filing portal, even without logging in. You can use the quick link Link Aadhaar on the e-Filing homepage to link Aadhaar and PAN.
4. How to make prescribed fee payment for PAN-Aadhaar Linkage?
The fee payment for PAN-Aadhaar Linkage need to be made through e-Pay Tax functionality available on NSDL (now Protean) Portal. The prescribed fee must be paid under Major Head 0021 and Minor Head 500 and AY should be 2023-24 using Challan ITNS 280.
5. Payment for the PAN-Aadhaar Linking has already been made but e-Filing Portal is not allowing to proceed further. What to do in this scenario?
The payment made at NSDL (now Protean) takes few days to reflect at the e-Filing portal, so taxpayer is advised to attempt raising PAN-Aadhaar linking request after 4-5 days of making payment.
6. If taxpayer made the payment under Minor head 500 mistakenly, how to get the refund for the same?
As per the existing legal framework, there is no provision for refund for such payments made under the minor head 500.
7. What will happen if I don’t link Aadhaar and PAN?
Kindly, refer to the Circular No. 7/2022 dated 30/3/2022.
8. I cannot link my Aadhaar with PAN because there is a mismatch in my name / phone number / date of birth in Aadhaar and PAN. What should I do?
Correct your details in either PAN or Aadhaar database such that both have matching details. You can correct your PAN details on:
You can correct your Aadhaar details on the UIDAI website.
9. What should I do if my PAN becomes inoperative?
Kindly, refer to the Circular No. 7/2022 dated 30/3/2022.
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