Daily Newsletter - December 22, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

CCI Draft

RBI Draft

SEBI Draft

FASB Draft

Acts & Regulations:

FEMA Regulation

Legal Updates:

GST

IBBI

RBI

DGFT

Customs

---

  

News Update:

Indian News:

Finance Ministry asks banks to monitor top 20 IBC cases

LIC exempted from public stake rule

Govt set to miss target for divestment in 2023-24 too

FinMin economic advisors question rating agencies' view on India's progress

Sebi to auction properties of 5 cos on Jan 22 to recover investors money

CBDT amends safe harbour norms for MNC group transactions

New NPS rules: Now, NPS subscribers can deposit contributions through UPI QR code

Insider trading: Securities Appellate Tribunal scraps Sebi's order against Biyani

You can now tokenise your debit/credit card via mobile and internet banking

Sebi tweaks norms for online resolution of disputes in securities market

  

International News:

PCAOB plans more, wider inspections in 2024

PwC Is the Winner of the 2022 Auditor Rankings, European Edition

---

Exposure Drafts:

CCI Draft:

CCI (Determination of Turnover or Income) Regulations, 2023
[Last date for Comments: January 12, 2024] 
  

  

RBI Draft:

Draft Omnibus Framework for recognising Self-Regulatory Organisations for its Regulated Entities
[Last date for Comments: January 25, 2024] 

  

SEBI Draft:

Consultation paper on ‘Introduction of optional T+0 and optional Instant Settlement of Trades in addition to T+1 Settlement Cycle in Indian Securities Markets'
[Last date for Comments: January 12, 2024] 
  

  

FASB Draft:

Proposed Accounting Standards Update
Debt—Debt with Conversion and Other Options (Subtopic 470-20)
Induced Conversions of Convertible Debt Instruments
[Last date for Comments: March 18, 2024] 

---

Acts & Regulations:

FEMA Regulation:

Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023

---

Legal Updates:

GST:

Extension of due date for filing of return in FORM GSTR-3B for the month of November, 2023 for the persons registered in certain districts of Tamil Nadu [Notification No.55]

  

IBBI:

Clarification regarding submission of particulars and declaration by the insolvency professionals in the application filed by creditor(s) in Part IV of Form C of the IRP PGCD Rules

  

RBI:

Trade Credit for imports into India – Submission of return on issuance of bank guarantees for Trade Credits on the Centralised Information Management System (CIMS)

Rupee Drawing Arrangement - Submission of statement/return on CIMS Portal

CIMS Project implementation - Discontinuation of submission in legacy XBRL

Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions

Reverse Repo transactions - Reporting in Form ‘A’ Return

  

DGFT:

Clarification on the applicability of minimum value addition as provided under 4.09(v) of FTP,2023 in case of spices [Circular No.7]

  

Customs:

Exchange Rate Notification No. 93/2023-Cus (NT) dated 21.12.2023 [Notification No.93(NT)]

Seeks to further amend No. 22/2022-Customs, dated the 30th April, 2022 to enable gold imports by valid TRQ holders under India UAE CEPA [Notification No.66]

Seeks to further amend No. 49/2021-Customs, dated the 13th October, 2021 to extend the end date to 31st March, 2025 [Notification No.65]

Seeks to impose anti-dumping duty on imports of Industrial Laser Machinery originating in or exported from China PR [Notification No.15(ADD)]

---