Daily Newsletter - February 23, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

SEBI Draft

Useful Forms:

MCA Forms

Acts & Regulations:

IBBI Regulations

RBI Master Directions

Legal Updates:

Income Tax

GST

IBBI

IFSCA

RBI

IRDAI

DGFT

Customs

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News Update:

Indian News:

Use of AI will prevent formation of stressed assets: IMF's Subramanian

Govt permits GSTN to share data with RBI's frictionless credit platform

RBI allows banks, non-banks to issue PPIs to commuters for public transport

RBI allows Paytm’s UPI payment business to be migrated to four to five other banks

₹10,000 crore GST fraud: Assets worth ₹5 crore of two suspects attached

Govt extends the interest equalization scheme until June 30, 2024

PFRDA amends regulations for Trustee Bank, Central Recordkeeping Agency

Technology advancements prompt ICAI to favour shorter frequency for audit reports

Chartered accountants from UK, Canada might be allowed to practice in India: ICAI president

SEBI fines 3 entities for flouting venture capital fund rules

PFRDA eases business processes with simplified trustee appointments

RBI to meet banks to examine grey areas in overseas investment rules

Govt eases FDI norms in space sector

No service tax on venture capital funds for investment management activities: Karnataka High Court

 

International News:

Sustainability reporting, assurance rates on the rise globally

PCAOB fines Withum $2M for SPAC audit violations

PCAOB sweep hits 4 auditing firms, including Grant Thomson India affiliate

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Exposure Draft:

SEBI Draft:

Consultation Paper on Ease of Doing Business Initiatives for Mutual Funds
[Last date for Comments: March 25, 2024] 

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Useful Forms:

MCA Forms:

All MCA eForms have been updated

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Acts & Regulations:

IBBI Regulations:

IBBI (Insolvency Resolution Process For Corporate Persons), 2016 (Amended upto 15.02.2023)

 

RBI Master Directions:

Master Directions on Prepaid Payment Instruments (PPIs)
(Updated as on February 23, 2024)

Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016
(Updated as on February 22, 2024)

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Legal Updates:

Income Tax:

Corrigendum to Notification GSR 83(E), dated 31st January, 2024 (ITR Notification)

 

GST:

Seeks to notify “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 [CGST Notification No.6]

 

IBBI:

Enhancing Transparency and Stakeholder Engagement in Liquidation Process

Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

 

IFSCA:

Bullion Trading Members and Clearing Members in GIFT- IFSC

 

RBI:

Amendment to Master Direction on Prepaid Payment Instruments

Inclusion of Clearing Corporation of India Limited as a Financial Information Provider under Account Aggregator Framework

Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit

 

IRDAI:

Obligatory Cessation for the FY 2024-25

 

DGFT:

Suspension of inoperative SIONs w.e.f. 1st April, 2024 [Public Notice No.44]

Relief in Average Export Obligation in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023 [Circular No.10]

 

Customs:

Seeks to amend notification No. 55/2022 - Customs, dated 31.10.2022 and notification No. 64/2023 - Customs, dated 07.12.2023, in order to remove end date on export duty on Parboiled Rice and to prescribe specified condition on imports of Yellow Peas [Notification No.12]

Appointment of Common Adjudicating Authority for the purpose of adjudication of finalization of Provisional Assessment in SVB case w.r.t. M/s Royal Canin India Pvt. Ltd [Notification No.14(NT)]

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