ARTICLE · 17 FEBRUARY 2023

Union Budget 2022-2023 Update

DGS Associates

Explore more from DGS Associates

The Union Finance Minister presented the Union Budget 2022 and proposed the Finance Bill, 2022 in the Lok Sabha on February 1, 2022. An overview of post-budget Customs

IndiaFinance and Banking

Author LinkedIn connections

The Union Finance Minister presented the Union Budget 2022 and proposed the Finance Bill, 2022 in the Lok Sabha on February 1, 2022. An overview of post-budget Customs and Central Excise notifications as well as changes to Customs and GST laws are listed below.

Customs Notifications

February 1, 2022- The Central Government vide notification No. 02/2022 – Customs, has amended notification no. 50/2017- Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD). This notification shall come into force on February 2, 2022.

Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0222.pdf
February 1, 2022- The Central Government vide notification No. 03/2022 – Customs, has amended, notification No. 11/2018- Customs dated 2nd February, 2018 so as to exempt certain goods from Social Welfare Surcharge (SWS) and to withdraw SWS exemption on certain textile items. This notification shall come into force on 2nd February,

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

What Legal Checks Are Required Before Repatriating Sale Proceeds From An Indian Investment?

IndiaFinance and Banking

Mansukhlal Hiralal & Company

Can A Foreign Investor Transfer Shares In An Indian Company To Another Non-Resident Investor?

IndiaFinance and Banking

Mansukhlal Hiralal & Company

Requirement For FMEs To Maintain Website Or Webpage

IndiaFinance and Banking

Patna High Court Declines To Entertain Writ Against SARFAESI Notice And Rejection Of OTS Proposal, Cites Efficacious Alternative Remedy

IndiaFinance and Banking

How Should An Indian Company Prepare For FEMA Due Diligence Before A Foreign Investment Round?

IndiaFinance and Banking

Mansukhlal Hiralal & Company

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Tax
- Sales Taxes: VAT, GST

Related Comparative Guides

Comparative Guide

Banking & Finance

Comparative Guide

Capital Markets

Comparative Guide

Alternative Investment Funds

Comparative Guide

Project Finance

See more popular content from

Finance and Banking

Demystifying Net Owned Fund (NOF) Requirement For NBFCs In India

Every Non-Banking Finance Company ("NBFC") is required to have a Net Owned Fund ("NOF") as prescribed by the Reserve Bank of India ("RBI") from time to time to commence the business of a Non-Banking...

IndiaFinance and Banking

A Guide To Insider Trading Laws In India!

In the world of finance, the term insider trading often evokes images of shady deals and hidden agendas. But what exactly is insider trading? Why is it illegal, and how do laws in India seek to prevent it? Let's dive into this intriguing subject, simplifying the complexities surrounding insider trading laws in India, while exploring the impact of these laws on the financial markets and their role in maintaining fairness.

IndiaFinance and Banking

MZM Legal, Advocates & Legal Consultants

Banking & Finance Updates September 2026

In August 2026, the Reserve Bank of India (RBI) released the draft Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026, proposing a comprehensive framework for the way regulated entities determine and apply interest rates on loans. While the Indian banking sector has long operated under a patchwork of institution specific instructions, the draft Directions seek to bring much-needed consistency to interest rate regulation across banks, cooperative banks, regional rural banks (RRBs), all-India financial institutions and NBFCs. If finalised in their present form, the Directions will come into effect from 1 April 2027.

IndiaFinance and Banking

King, Stubb & Kasiva

Can A Legal Heir Claim An FD Without Being Named As A Nominee? Here's A Guide

When a fixed deposit (FD) holder dies without naming a nominee, families often assume the money is stuck or lost in legal complexity. Indian banking rules allow legal heirs to claim such deposits, provided they submit the right documents and follow the due process. Understanding this distinction is crucial, especially as a large number of deposits remain unclaimed each year due to a lack of awareness.

IndiaFinance and Banking

Foresight Law Offices

RBI Trade Regulations 2026: Key Reforms In Payment Timelines, Realisation & Reporting

The Reserve Bank of India has introduced sweeping reforms to cross-border trade regulations through the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, fundamentally reshaping payment timelines, reporting requirements, and compliance frameworks for businesses engaged in international transactions.

IndiaFinance and Banking

Lakshmikumaran & Sridharan

RBI Relaxes Registration Requirements For NBFCs

The Reserve Bank of India has introduced a new classification system for Non-Banking Financial Companies, fundamentally changing registration requirements based on public funding access, customer interface, and asset size thresholds. These regulatory changes create distinct compliance pathways for different NBFC categories while introducing new rules for group entities and overseas investments.

IndiaFinance and Banking

Supreme Court Clarifies Applicability Of SARFAESI Remedies For A Secured Creditor Who Acquires An NPA From A Non-notified NBFC

In Kotak Mahindra Bank Limited v Trupti Sanjay Mehta and Others, 2026 INSC 943 (Kotak Mahindra), the Hon’ble Supreme Court of India considered whether a bank as defined under Section 2(1)(c) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) could invoke the provisions of the SARFAESI Act to recover a secured debt acquired from an entity which was not covered under the ambit of the SARFAESI Act at the time of disbursement of the loan.

IndiaFinance and Banking

Maharashtra Introduces A Dedicated Stamp Duty Regime For Bank And Financial Guarantees

The Maharashtra Stamp (Fourth Amendment) Act, 2026 introduces a new dedicated stamp duty framework for financial and bank guarantees in Schedule I of the Maharashtra Stamp Act, 1958. This amendment establishes differentiated duty rates based on guarantee value and type, addressing long-standing ambiguities in how such instruments were previously taxed under generic security bond provisions. The reform has significant implications for banks, NBFCs, and entities dealing with government contracts, though quest

IndiaFinance and Banking

How To Open A Company Bank Account In India For A Newly Registered Business

Starting a business involves several important steps after incorporation, and one of the first operational requirements is to Open Company Bank Account in India. A dedicated business bank account allows a company...

IndiaFinance and Banking

Mansukhlal Hiralal & Company

RBI Introduces New Guidelines For Identifying And Managing Wilful Defaulters

A borrower is considered a wilful defaulter if they fail to meet payment obligations despite having the means to do so, divert or siphon off funds, or dispose of secured assets without lender approval...

IndiaFinance and Banking