Articles and Updates

• Sawant Singh , Neha Naik and Madhavi Doshi - 08-05-2020

The use of cryptocurrency has always been a point of contention with its legality being a mystery to public. Bitcoins are a form of digital currency and are not considered to be legal tender. However, these are capable of functioning as a medium of exchange akin to money. The lack of a traditional government or bank-backed system to regulate its use makes cryptocurrencies the target of several concerns such as it being a conduit for black money or anonymously funding terrorism. Despite the odds, cryptocurrencies have gained popularity worldwide and the cryptocurrency market in India has also been slowly gathering momentum.

• Sriram Ramachandran and Aditi Sharma - 08-05-2020

The Central Government has notified the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020 (Amendment Rules) with effect from 27 April 2020. The key change introduced pursuant to this Amendment Rules is the increase in the foreign equity investment limit in insurance intermediaries (such as insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, surveyors and loss assessors) from 49% to 100%.

• Sawant Singh and Biswadeep Chakravarty and Sanjeev Sambasivan - 05-05-2020

In a recent decision1 , the Supreme Court of India ("Supreme Court") reiterated that the burden to prove that a 'property' is a joint property of a Hindu Undivided Family ("HUF"), lies on the person claiming such a property as a HUF property.

• Vasanth Rajasekaran and Shweta Vashist and Reshma Ravipati - 04-05-2020

An arbitral tribunal has been bestowed with the power to rule on any objection raised by parties with respect to the existence or validity of an arbitration agreement, under Section 16 of the Arbitration and Conciliation Act, 1996 (Act).

• Saket Shukla and Akshay Sachthey - 04-05-2020

India has been facing a serious economic slowdown and COVID-19 has thrown up a multitude of further challenges for businesses. A lockdown was imposed across the country from 25 March 2020 onwards to prevent the virus from spreading. On 1 May, the Chairperson, National Executive Committee, National Disaster Management Authority (Chairperson, NEC) issued an order (Extension Order) under the Disaster Management Act, 2005 (DMA) directing extension of the lockdown till 17 May.