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NASSCOM PUBLIC POLICY HIGHLIGHTS, VOL 6, ISSUE 1, JANUARY 2024
NASSCOM PUBLIC POLICY HIGHLIGHTS, VOL 6, ISSUE 1, JANUARY 2024

January 9, 2024

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nasscom Public Policy Monthly Mailer | Volume 6, Issue 1 | January 2024
 
 
focus in Focus
 
 
 
 
 
 
MOF  
Pre-budget Memorandum 2024-25
Given February 1, 2024, will be an interim budget and the full budget will be presented after the new government assumes office, our recommendations focusses on:
 
1. Ease of doing business under corporate taxes
  a) Reducing compliance burden and providing tax certainty
  b) Effective management of tax litigation
2. Ease of doing business under Transfer Pricing
 
One of our key recommendations is to enable direct listing in India of foreign incorporated Indian origin start-ups without incurring huge tax liability.
 
read more Read More
 
 
 
 
   
 
 
 
 
MEITY  
Consultation on draft rules under the DPDPA 2023
MeitY conducted a consultation meeting with industry representatives on December 20, 2023 on the draft rules under DPDPA 2023. The key draft rules discussed during the consultation were on notice and consent, breach reporting, retention limitation, rights, and parental consent. It was announced that the draft rules will be released for public consultation shortly. MeitY had discussed that a short consultation period will be given; we made a representation requesting a minimum of 30 days so industry-wide feedback can be given. If this is of relevance to you, please reach out to us at policy@nasscom.in.
 
 
 
 
 
 
representations SUBMISSIONS AND REPRESENTATIONS
 
 
 
 
 
 
RBI  
Feedback on the PA-CB Regulation
Our feedback to the RBI sought adoption of a risk-based approach to KYC and extending the implementation timelines to ensure minimal disruption to import-export transactions. We also sought clarifications on certain clauses such as, whether compliance with PA/PG Guidelines must be demonstrated before getting the PA-CB authorisation, whether net-worth requirement is to be fulfilled at an entity level or activity level, etc.
 
read more Read More
 
 
 
   
 
 
 
 
DoCA  
Product Safety pledge by e-Commerce Platform
Nasscom is a part of the committee constituted by DoCA to prepare a product safety pledge to be undertaken voluntarily by e-commerce platforms. Our suggestions to the committee aimed at drafting the pledge in a manner that can be demonstrably complied with by signatories and ultimately effectively achieve the objective of the safety pledge. The safety pledge is likely to be released by the government on National Consumer Day, on December 24, 2023. For more information, kindly write to garima@nasscom.in.
 
 
 
 
   
 
 
 
 
GST  
Request for clarification on valuation of corporate guarantees between related parties under CGST Rules
We have made a submission to GST policy wing requesting for clarifications on a) non-applicability of valuation norms specified under Rule 28 of CGST Act, 2017 to corporate guarantees provided before October 26, 2023; b) treatment of guarantee given to group company outside India, where amount received is lower than consideration agreement on account of transfer pricing adjustments; c) receipt/ payment of corporate guarantee over multiple years, amongst others.
 
read more Read More
 
 
 
 
   
 
 
 
 
TRAI  
Feedback on consultation paper on digital transformation through 5G ecosystem
We responded to the TRAI consultation which sought inputs on multiple issues including how to fast-track adoption of 5G, 5G enabled IoT, metaverse and their associated regulatory considerations. Based on the industry feedback, our primary recommendation was to build public private partnership to develop and implement 5G use cases (like IoTs), improve access to right of way, and to address risks like data privacy or cybersecurity from the use of IoT or metaverse, by evaluating the existing regulatory measures and frameworks.
 
read more Read More
 
 
 
 
   
 
 
 
 
DGFT  
Feedback on GAICT and Recommendation for a Bulk-License for Cryptography
We submitted recommendations to DGFT to further streamline India's export control compliance regime for the benefit of the industry's EoDB. Our submission focused on (a) expanding the scope of items eligible for GAICT by including low risk items that are frequently traded withing SCOMET category 8, and (b) bulk licensing policy for cryptographic information security items under SCOMET Category 8A5 Part 2, with certain safeguards like documentation proofs, periodic post-shipment reporting requirements.
 
read more Read More
 
 
 
 
 
discussion DIALOGUE & DISCUSSION
 
 
 
 
 
 
CII and CWS  
Discussions on WTO's Customs Moratorium
On December 13 & 18, 2023, nasscom participated in 2 discussions organised by CII and CWS respectively. We highlighted the industry’s feedback on the need for international-level clarity on customs-related compliances in case the moratorium is removed. For more information, write to garima@nasscom.in.
 
 
 
Export Control Export Control
 
 
 
 
 
 
upcoming NEW & UPCOMING
 
 
 
 
 
 
Ministry of Information and Broadcasting  
Call for Inputs on the Broadcasting Services (Regulation) Bill, 2023
The deadline for submitting comments on the Broadcasting Services (Regulation) Bill 2023 has been extended till 15th January 2024. In case you are interested in the subject, please provide your inputs by writing to sudipto@nasscom.in before January 10, 2024.
 
 
 
   
 
 
 
DGFT  
Invitations to The National Conference on Strategic Trade Controls, 2024
The DGFT is organising a national conference on strategic trade controls on 30th January 2024 in New Delhi. The registration link is available here. For more information, write to priyanshi@nasscom.in.
 
 
 
   
 
 
 
SEBI  
Call for inputs: SEBI Consultation paper on verification of market rumour
SEBI has released a consultation paper to suggest amendment to SEBI Regulations with respect to verification of market rumours under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In case you have any feedback/ inputs, please write to tejasvi@nasscom.in before January 10, 2024.
 
 
 
 
 
 
update OTHER UPDATES
 
 
 
 
 
 
DoCA  
Guidelines for Prevention and Regulation of Dark Patterns on Online Platforms
On December 1, 2023, DoCA published the Guidelines for Prevention and Regulation of Dark Patterns. 13 specific dark patterns have been identified, including, false urgency, subscription trap, basket sneaking, forced action, drip pricing etc. Nasscom was a part of the task force set-up by the government to give suggestions for the formulation of the dark pattern guidelines.
 
read more Read More
 
 
 
 
   
 
 
 
 
MEITY  
Advisory on compliance with the IT Rules focusing on deepfakes
MeitY has issued an advisory to digital intermediaries, directing compliance with existing IT rules, particularly focusing on the prevention of misinformation through AI-generated deepfakes. The advisory mandates clear communication of prohibited content, specified under Rule 3(1)(b) of the IT Rules, to users, along with highlighting penal provisions for violations.
 
read more Read More
 
 
 
 
 
 
 
List of Acronyms
 
CII Confederation of Indian Industry
CWS Centre for WTO Studies
DGFT Director General of Foreign Trade
DoCA Department of Consumer Affairs
DPDPA Digital Personal Data Protection Act
EoDB Ease of Doing Business
GST Goods and Services Tax
IT Rules Information Technology Rules 2021
MEITY Ministry of Electronics and Information Technology
 
MOF Ministry of Finance
MIB Ministry of Information and Broadcasting
PA Payment Aggregator
PA-CB Payment Aggregator - Cross Border
PG Payment Gateway
RBI Reserve Bank of India
SEBI Securities and Exchange Board of India
TRAI Telecom Regulatory Authority of India
WTO World Trade Organisation
 
 
 
 
 
Find us on twitter.
Email us at policy@nasscom.in.
 
 
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