Bird’s eye view of recent notified laws
Change is the law of nature. Growth and expansion of business models and the overall economy necessitates the need for new legislations and/or modify the outdated ones. Here is the compilation of various laws notified by Government both at Central and various State levels during recent times along with their scope and applicability:
| Name of Legislation | Geographical Applicability |
Scope of Applicability |
| Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank Payment System Operators (effective from 30th July 2024) | Central | Directions shall apply to all authorised non-bank PSOs to effectively identify, monitor, control and manage cyber and technology related risks arising out of linkages of PSOs with unregulated entities who are part of their digital payments ecosystem (like payment gateways, third party service providers, vendors, etc.). |
| Central Electricity Regulatory Commission (Deviation
Settlement Mechanism and Related Matters) Regulations, 2024 (effective date yet to be notified) |
Central | These regulations seek to ensure, through a commercial mechanism, that grid users do not
deviate from and adhere to their schedule of drawal and injection of electricity in the interest of security and stability of the grid. |
| Master Direction on Treatment of Wilful Defaulters and Large Defaulters (effective from 28th October 2024)
|
Central | Direction is applicable on all Commercial Banks (including small finance banks, local area banks and regional rural banks but excluding payments banks), Primary (Urban) Co-operative Banks/ State Co-operative Banks/ Central Co-operative Banks, All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NaBFID), All Non-Banking Financial Companies including Housing Finance Companies, Asset Reconstruction Companies and Credit Information Companies in order to provide for a non-discriminatory and transparent procedure, having regard to the principles of natural justice, for classifying a borrower as a wilful defaulter by the lenders. |
| Guidelines on treatment of Dividend Equalisation Fund (DEF)- Primary (Urban) Co-operative Banks (UCBs) (effective from 30th July 2024) | Central | This is applicable to all Primary (Urban) Co-operative Banks to permit UCBs to transfer the balances in the DEF to general reserves/free reserves. |
| Central Electricity Regulatory Commission (Fees and Charges of Regional Load Despatch Centre and other related matters) Regulations, 2024 (effective from 01st August 2024) | Central | These regulations shall be applicable for the determination of fees and charges to be
collected by Regional Load Despatch Centres from the generating companies, distribution licensees, bulk consumers, inter-State transmission licensees, buyers, sellers, inter-State trading licensees, Settlement Nodal Agency (SNA) and any other users. |
| Standards of Quality of Service of Access (Wireline and Wireless) and Broadband (Wireline and Wireless) Service Regulations, 2024 (effective from 01st October 2024) | Central | These regulations shall apply to all service providers, having-
(i) Unified Access Service License; (ii) Unified License with authorization for Access Service; (iii) Internet Service Authorization under any License; and (iv) Authorization under the Telecommunications Act, 2023 for providing Access or Broadband Service. |
| Bihar Real Estate Regulatory Authority (General) Regulations, 2024 (effective from 01st August 2024) | Bihar | These Regulations shall apply in relation to all matters falling within the jurisdiction of the Real Estate Regulatory Authority in the State of Bihar. |
| Bihar Lift and Escalators Act, 2024 (effective date yet to be notified) | Bihar | The act aims to provide for the regulation of the construction, installation, maintenance and safe working of all classes of lifts and escalators and all machinery and apparatus pertaining thereto in the State of Bihar. |
| Madhya Pradesh Private Security Agencies (Regulation) Rules, 2024 (effective from 07th August 2024) | Madhya Pradesh | These rules shall be applicable on private security agencies and employer availing services of private security agency. |
| Madhya Pradesh Private Security Agencies (Private Security for Transportation of Cash Activities) Rules, 2024 (effective from 07th August 2024) | Madhya Pradesh | These rules shall be applicable on private security agencies carrying the activity of transportation of cash. |
| Bruhat Bengaluru Mahanagara Palike (Property Tax Assessment, Recovery and Management) Rules, 2024 (effective from 12th August 2024) | Karnataka | These rules shall be applicable for the purposes of assessment, levy, recovery and management of property tax under Chapter XIII of the Bruhat
Bengaluru Mahanagara Palike Act, 2020. |
| Gujarat Electricity Regulatory Commission (Multi-Year Tariff) Regulations, 2024 (effective from 05th August 2024) | Gujarat | These Regulations shall be applicable to all existing and future Generation Companies supplying power under section 62 of Electricity Act 2003, Transmission Licensees, Distribution Licensees, State Load Despatch Centre (SLDC), and their successors, if
any, for determination of Aggregate Revenue Requirement, Tariff, and Fees and Charges of SLDC in all matters covered under these Regulations from April 01, 2025 up to March 31, 2030, unless otherwise reviewed/extended. |
| KERC (Implementation of Peer-to-Peer Solar Energy Transaction) Regulations 2024 (effective from 06th August 2024) | Karnataka | These regulations shall be applicable to all the distribution licensee and eligible consumers in the state of Karnataka. They shall apply to all the registered domestic consumers and SRTPV domestic prosumers having net metering or gross metering arrangement, who opt to transact energy among themselves through online platform of service providers. This includes multiple consumers and prosumers engaging in P2P transactions of energy. |
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