New RBI IT Outsourcing Directions and Key Takeaways for Fintech Agreements
On April 10th, 2023 Reserve Bank of India (“RBI”) issued fresh directions to financial institutions (also referred to as “Regulated Entities”), concerning outsourcing of information technology (“IT”) services and IT-enabled services (“ITeS”) to third-party service providers (whether or not belonging to the same group of companies as that of the financial institution), titled the ‘Reserve …
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M&A IMPACT DUE TO CHANGES IN INDIA’S COMPETITION LAW
The Indian parliament approved the Competition Amendment Act, 2023, (the “Amendment Act”) on April 11, 2023. The Amendment Act has also been published in the Official Gazette, although it is yet to come in force.
Resolving admiralty disputes through cross border insolvency
In India, Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 (“Admiralty Act”) governs maritime disputes, including arrest of ships, maritime claims, judicial sale of ships and determination of priorities. Section 3 of the Admiralty Act specifies that High Courts are vested with admiralty jurisdiction which is exercisable over the waters up to and including …
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Cross-Border Merger Framework in India: Limited Efficacy?
The Ministry of Corporate Affairs (“MCA”) notified Section 234 of the Companies Act, 2013, as amended (the “Companies Act”), and Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, as amended (the “Companies Merger Rules”), on April 13, 2017, to permit merger and amalgamation of a foreign company with and into an Indian …
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Electricity Business License Approval Criteria – Stricter Standards to Apply
On March 8, 2023 the South Korean Ministry of Trade, Industry, and Energy (MOTIE) issued a legislative notice regarding proposed amendments to the “Detailed Evaluation Standards for Development Projects” (the Amended Evaluation Standards). The intent of the amendments is to enhance the effectiveness of project construction and operations, as well as to minimize disputes between …
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Competition Amendment Act, 2023
On 11th April 2023 the President of India gave her assent to the Competition Amendment Bill, 2023 (Amendment Act) which substantially overhauls the existing Competition Act, 2002 (Competition Act). Notably, the ground-work to revamp the Competition Act began in 2018 with the formation of the Competition Law Review Committee which was set up to recommend changes …
UAE Introduces Corporate Tax Relief to Support Small Businesses.
The United Arab Emirates will soon be introducing Corporate Tax, effective for financial years starting on or after 1 June 2023, applicable on the net profit of companies or other businesses in accordance with Federal Law No.47 of 2022 on Taxation of Corporations and Businesses. This move aligns the UAE with other countries implementing Corporate …
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Another positive step in making Dubai a safe place to do business.
Ten banks and financial institutions have formed strategic partnerships with the General Department of Dubai Police to combat financial and economic crimes and improve security. The MoUs signed between the parties aim to facilitate the exchange of knowledge and experience in areas of mutual interest and promote joint efforts to investigate and anticipate economic crimes.
Key UK inheritance tax considerations in relation to gifting
Giving, or ‘gifting’ occurs all the time and over the years we have assisted many UK resident individuals and families with regard to tax efficient gifting.
LEGAL CHALLENGES OF AI BIAS IN INDIA: ADDRESSING THE ISSUE OF FAIRNESS AND DISCRIMINATION
Artificial Intelligence (“AI”) is becoming a prevalent technology in India with widespread application in industries such as healthcare, banking, transportation, etc. However, as AI is increasingly used in decision-making, the possibility of AI bias is a growing concern. This transpires when AI algorithms produce systematically biased findings towards specific groups or individuals, potentially impacting fairness …