BANKS HAVE TO BE MORE CAUTIOUS!
Due to significant growth in the cyber crimes pertaining to credit card, ATM, debit card and Internet banking, Reserve Bank of India (RBI) has issued Cyber Security Framework for the Banks, mandating Banks to put in place a Board-approved Cyber-Security Policy, which covers the risks from Cyber threats and the measures to address/ mitigate these risks. The Banking Ombudsman Scheme is also formulated under which an Ombudsman is appointed to investigate Individual’s complaint against the grievances and shall also have the power to compensate up to Rs. 20 Lakhs to the Customer for loss, suffered by the Customer due to an act of omission of the Bank, and also compensate up to Rs. 1 Lakh for mental agony and harassment.
ATITHI-DEVO-BHAVA FOR FOREIGN LAW FIRMS?
As of the current scenario, the Advocates Act, 1961, does not permit Foreign Lawyers to practice law in India. The Legal profession in India has undergone a major shift in past two decades. Economic globalization has given an opportunity of constant interaction with Foreign Lawyers and Law Firms and an International Clientele. As a result there has been transfer of knowledge, system and practice to Indian Law Firms so as to undertake much larger role in cross-border transactions. The future of the Country always depends on how the Legal Profession in the Country develops. The future of democracy and the rule of law in the fastest and the largest growing economic region of the world may depend on commitment of making the legal profession in India the most responsive, educated and forward thinking of all nations. Considering the same Prime Minister of India Shri Narendra Modi has instructed the Law Ministry and Commerce Ministry to allow the liberalization of the legal market, and to submit a Draft Notification in four weeks.
20th GST COUNCIL MEETING:
The Goods and Services Tax (GST) Council approved implementation the electronic way bill system across the Country by removing the check-posts system. The Council also created necessary structural framework for anti-profiteering mechanism that aims to ensure passing of benefits of reduced rate of tax or increased availability of credits under GST to customers. The Council has also considered and provided relief to the agitating textiles sector and has fixed the liability on e-commerce operators in respect of small housekeeping services provided through them. GST Council will meet at Hyderabad, on 9th September, 2017 for its 21st meeting.
DOCTORS AND DRUG MAKERS – BEWARE!
With an intention to curb the increasing commercialisation in health care industry, regulations governing drug marketing is proposed for review by the Law Ministry to crack down on the freebies given to doctors (trips/gift) to a maximum value of Rs. 1,000 and forbid the drug makers from making false curative abilities. Non-compliance could result in a ban of 1 or more years and/or confiscation of the highest selling drug brands which will be given to government hospitals.
SC SETS ASIDE TRIPLE TALAQ:
A five-judge bench of the Supreme Court struck down the practise of triple talaq (instant divorce) (i.e. the practice of Muslim men divorcing their wives by uttering ‘talaq’ thrice consecutively) as unconstitutional, directing the Parliament to bring legislation within 6 months.
SC RECOGNIZES RIGHT TO PRIVACY AS A FUNDAMENTAL RIGHT
A nine-Judge bench of the Supreme Court delivered a controversial judgment on 24th August, 2017 acknowledging the right to privacy as a fundamental right under Article 21 of the Constitution. While ‘privacy’ is too vague to be defined, concrete clarifications will be welcome in respect of the ambit of coverage to clarify the abound queries rising regarding the fate of Section 139AA of the Income-Tax Act (quoting of Aadhar in IT returns), DNA Profiling Bill, 2015 and other similar legislations.