The Trademark Rules, 2017

The Trademark Rules, 2017 have been notified by Ministry of Commerce & Industry to come into effect from 6th March, 2017. These Rules will replace the earlier Trade Mark Rules, 2002.

Key features of the Trademark Rules, 2017 are:

  • Number of Trade Mark (TM) Forms have been reduced to 8 from the existing 74.
  • The fee for online filing has been kept at 10% lower than that for physical filing, to promote e-filing of TM applications.

Some of the other features are as follows:

  • The fees for Individuals, Start-ups and Small Enterprises have been reduced from that proposed in the draft Rules i.e. only Rs 4,500 as against Rs 8,000 for e-filing of TM applications proposed at the draft stage.
  • The number of adjournments in opposition proceedings has been restricted to a maximum of two by each party, which will help dispose off matters in time.
  • For the first time, modalities for determination of well-known trademarks have been laid out.
  • The provisions relating to expedited processing of an application for registration of a trade mark have been extended right up to registration stage (hitherto, it was only up to examination stage).
  • Overall fees have been rationalised by reducing the number of entries in Schedule I from 88 to just 23.
  • The Modalities for service of documents from applicants to the Registry and vice-versa through electronic means have been introduced to expedite the process; e-mail has been made an essential part of address for service to be provided by the applicant or any party to the proceedings so that the office communication may be sent through email.
  • Hearing through video conferencing has been introduced.

For Detailed Information: http://www.ipindia.nic.in/writereaddata/Portal/News/312_1_TRADE_MARKS_RULES_2017__English.pdf

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

GST Council clears Central GST and Integrated GST Bills

The GST (Goods and Services Tax) Council, headed by Mr. Arun Jaitley, Union Finance Minister, cleared the Central GST Bill and draft Integrated GST Bill on Saturday, 04th March, 2017. The Union Finance Minister stated, “The decision was unanimous and all the States supported it.”

He further said that 1st July, 2017 now optimistically looks like the possible date for implementation of GST.

The Council will meet again to consider the remaining two laws, the State GST law and the Union Territories GST Law.

“The SGST law will apply to all States and Union Territories with legislatures (Delhi and Puducherry), but will not apply to those Union Territories without a legislature,” the Union Finance Minister said.

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) (Amendment) Rules, 2017

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) (Amendment) Rules, 2017 has been notified to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. These Amendment Rules shall come into force from the 28th February, 2017.  [F.No.05/23/2016-IEPF][28th February 2017].

For details, refer the links below:

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) (Amendment) Rules, 2017 http://www.iepf.gov.in/IEPF/pdf/IEPF_Refund_Amendment_Rules_03032017.pdf

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016,- http://www.mca.gov.in/Ministry/pdf/Rules_06092016.pdf

  

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

Companies (Transfer of Pending Proceedings) Amendment Rules, 2017

The Companies (Transfer of Pending Proceedings) Amendment Rules, 2017 has been notified further to amend the Companies (Transfer of Pending Proceedings) Rules, 2016. These Amendment Rules shall come into force on the date of their publication in the Official Gazette. [F. No. 1/5/2016-CL-V – Dated 28-2-2017]

The Amendment provides that:

In the proviso of Sub-Rule (1) of Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016, the words “six months” shall be substituted in place of the words “sixty days”.

It implies that:

The Petitions relating to winding up on the ground of inability to pay debts, pending before a High Court, where the petition have not been served to the concerned respondent, shall be transferred to the Benches of the NCLT in accordance with their territorial jurisdiction. However, the concerned petitioner shall be required to submit the requisite information; including details of the proposed insolvency professional, within 6 months (instead of 60 days) of the Notification, failing which, the petition would abate.

The Companies (Transfer of Pending Proceedings) Amendment Rules, 2017- http://www.mca.gov.in/Ministry/pdf/CoTransferofProcedingsAmdtRules_01032017.pdf

The Companies (Transfer of Pending Proceedings) Rules, 2016-http://www.mca.gov.in/Ministry/pdf/CompaniesTransferofPending_08122016.pdf

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

News Update on Goods and Services Tax

Central Board of Excise and Customs (CBEC) has launched a mobile app for GST (Goods and Services Tax), for the taxpayer to access many information related to GST*. This is in step with the government’s Digital India Initiative.

“Taxpayers can readily access a host of information such as the approach and guidelines for migration to GST, draft laws — Model GST Law, iGST (integrated GST) Law and GST Compensation Law,” Finance Ministry said in a statement.

The mobile application enables taxpayers to be well informed of the latest updates on GST. Taxpayers can also provide feedback and contact CBEC’s 24×7 helpdesk “CBEC Mitra” through a toll-free number or email, at the touch of a button. The mobile application can be downloaded free of cost on Android platforms. The iOS version will be made available shortly.

*“http://www.cbec.gov.in/resources/htdocs-cbec/press-release/launch-cbec-mobileapp.pdf”

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

Recent Developments on the exchange of demonetised banknotes with new INR 500 & INR 2000 banknotes

The Finance Ministry reviewed the position regarding availability and distribution of all denomination of bank notes on Sunday. Some of the key outcomes of the review meet are as follows:

  1. The Finance ministry has asked the banks to remove the daily withdrawal limit of Rs. 10,000 and increase the weekly withdrawal limit of Rs. 20,000 to Rs. 24,000, so that the entire amount can be withdrawn at one time by cheque.
  2. Banks have been advised to increase the Business Correspondents limit to Rs 2500- for withdrawal from bank accounts. They have also been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500.
  3. Banks have been advised to increase the Cash Withdrawal limit at ATMs from the existing Rs 2000 to Rs 2500 per day.

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The blog is based on author’s personal views and does not take any responsibility of the same.

Impact of Demonetisation of Indian 500 and 1000 Rupee Currency

The demonetisation of INR 500 and INR 1000 currency notes was a bold step taken by the Government of India on 8th November 2016. In consequence thereof, 500 and 1000 rupee notes ceased to be accepted as a form of legal tender in India w.e.f. 9th November 2016.

Although the scheme has received mixed responses from all over the country till date, it seems to be a positive and effective move for the betterment of Indian economy.

The Reserve Bank of India laid down a detailed procedure for the exchange of the demonetised banknotes with new INR 500 & INR 2000 banknotes as well as INR 100 banknotes. Following are the major highlights:

  • Citizens can deposit the old banknotes held by them in their respective bank accounts till 30th December, 2016.
  • Cash withdrawals from bank accounts will be restricted to INR 10,000 per day and INR 20,000 per week from 9th November 2016 till 24th November 2016.
  • The old banknotes of value up to INR 4000 per person can be exchanged for the new INR 500 and INR 2000 banknotes as well as INR 100 banknotes at any of the bank branches from 10th November 2016 by filling up the required form along with a valid Identity proof.
  • Banks will provide all cash withdrawal transactions at their ATMs free of cost to their customers till 30th December 2016. Cash withdrawals from ATMs will be restricted to INR 2000 per day per card up to 18th November 2016, Thereafter, the limits will be raised to INR 4000 per day per card.
  • After 30th December, 2016, these old banknotes can be exchanged from the RBI offices till 31st March, 2017.

However, petrol pumps, CNG stations, government hospitals, train and airline booking stations, state-government recognised dairies, ration shops, and crematoriums are allowed to accept the 500 and 1000 rupee notes till 14th November, 2016.

POSSIBLE EFFECTS OF THE SCHEME ARE DISCUSSED HEREUNDER:

  1. This decision is supposed to have a favourable impact on the Indian economy as the major drive behind the step is to the wipe-out the hoarding of black money.
  1. The Scheme is introduced by the GOI with the object to curb the financing of terrorism through the fake Indian Currency notes of higher denomination.
  1. With this step, the Bank Deposits are expected to increase, thereby increasing their lending capacity.
  1. This will majorly affect and hamper the unorganised sectors prevalent in the Indian economy. The economy is likely to face heavy deflation in near future. Inflation will slowly and gradually balance out the deflation, since the lending activities do not happen overnight.
  1. It is a great step towards cashless economy.

PRACTICAL DIFFICULTIES LIKELY TO BE FACED:

  1. This step will hamper medical care for next few days because of unavailability of sufficient quantum of new Currency and the old banknotes can be used in Government Hospitals only.
  1. Tourists might have to suffer in the next few days due to this situation in the Country.
  1. It will have a general impact on daily activities and needs of a common person because of non-availability of the new currency for few days.

However, all these difficulties are expected to be faced for few days only, and is not a heavy cost to bear in order to move a step forward to eradicate black money and terrorism.

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The blog is based on author’s personal views and does not take any responsibility of the same.