CAalley Newsletter for the week ending on October 21, 2022

Latest additions to CAalley:

News:

Indian News

International News

Exposure Drafts:

RBI Draft

IRDAI Drafts

Legal Updates:

IBBI (2022) [New addition]

IBBI (2021) [New addition]

RBI

SEBI

IRDA

Customs

Central Excise

---

  

News:

Indian News:

CBIC Extends Due Date For Filing GSTR 3B Return

CAG plans annual fiscal sustainability reports for states

PSBs to soon have a helpline for customer grievance redressal: Report

‘Fraudulent’ transactions of Rs 1,500 crore detected in Srei

Infosys allows employees to take up outside gig work

Slow GST portal: CBIC mulls extending Sept returns filing due date

CAG compliance audit report points to lapses in revenue collection

EPFO issues clarification on EDLI insurance claims

Profit-minded educational institutions cannot claim Income Tax exemption: SC

Sanjay Malhotra to take over as next revenue secretary

Sebi clears government proposal to turn Vodafone Idea dues into equity

CCI fines Google Rs 1,338 crore for anti-competitive practices

GST Council to meet before mid-Nov; GoM report on tax casinos on agenda

MSMEs can continue to avail non-tax benefits post re-classification: Govt

Sebi focuses on data, tech tools to detect malpractice in securities mkt

Country relatively insulated from volatility due to limited reliance on external financing, says rating agency

Risk to India's sovereign rating from external pressures limited: Fitch

CCI slaps penalties totalling Rs 392 cr on MakeMyTrip, Goibibo, OYO

Competition Comm orders probe against state-owned IREL for alleged unfair biz practices

Auditor makes adverse opinion on internal financial controls of BYJU’S

Government seeks waiver in key norm for IDBI Bank stake sale: Report

QR codes prone to manipulation by cyber fraudsters, warn IT experts

How to safely navigate through FEMA regulations and common mistakes to avoid

How does tokenisation prevent online card fraud?

Govt may infuse ₹5,000 cr in state-run general insurers

India examining proposal to raise palm oil import tax

‘Bigtechs’ pose systemic risks to financial stability: RBI paper

Supreme Court notice to RBI in Subramanian Swamy plea on bank scams

Women representation on Indian boards accelerated to 18 per cent in 2022: Report

PSU general insurer employees irked with move to link pay with performance

Revised RBI norms to improve governance, bolster ARCs structurally: Crisil

Raghuram Rajan explains why India should not follow China's economic model

Centre to simplify Patent Law: Piyush Goyal

MCA planning to shift all company forms to new portal by December

RBI Guv says central bank taking measures to improve availability of digital infra for banking

Do you pay rent through credit card? It may not be rewarding

SEBI’s framework for governing council of social stock exchange explained

Centre hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

India unlikely to be hit as hard by global recession as other countries: SBI chairman

Explained | RBI’s concept note on introducing CBDCs

RBI policymakers divided on future path of rates, meeting minutes show

NFRA publishes list of auditors who have not filed returns for FY20

BIS should help facilitate zero defect, zero effect policy: Piyush Goyal

After RBI missive, FIDC asks NBFCs to revise codes of conduct

FM Sitharaman calls for effective tax reporting regime on crypto assets

FM Sitharaman offers open source network India Stack to other countries

What is low base effect?

Why banks want you to swipe new credit card soon

Sebi issues framework for dealing with suspension of rating agencies

Govt removes criteria for CPSEs to improve share price over sectoral index

In US, FM calls for infra investments, simple international taxation rules

World dangerously close to recession, warns World Bank President

AAAR: Frozen parathas not rotis, to face 18% GST rate

RBI asks banks to stop building positions in offshore market: Report

RBI to submit report on failure to tackle inflation for 3 qtrs since Jan

Sebi issues std operating procedure for inter-operable regulatory sandbox

 

International News:

US mulls security reviews for Elon Musk deals, including Twitter buy

KPMG Canada sanctioned by US audit watchdog for failing to disclose unregistered accounting firm

PCAOB hits audit partner with record $150K penalty

KPMG flunks US overseas audit inspections twice as often as rivals

FASB moves toward a standard for fair value accounting of cryptoassets

U.S. accounting watchdog levies largest-ever fine against individual

AICPA seeks guidance on corporate alternative minimum tax

FRC advises companies on optimising net-zero disclosures

U.K. Chancellor of Exchequer Jeremy Hunt scraps nearly all government tax cut plans

All you need to know about corporation tax in UK and Kwasi Kwarteng's U-turn indication

No longer working to Diwali deadline for India trade pact, says UK trade minister

Want visas for professionals, business in UK FTA: Govt

FASB Settles on Fair-Value Accounting for Measuring Crypto Assets

FASB Proposes Biggest Changes in 25 Years for Public Company Disclosure of Business Unit Expenses

PCAOB Adds 3 New Projects to Standard-Setting and Research Agendas

Global hazards outstrip corporate risk preparations

---

Exposure Drafts:

RBI Draft:

Draft Master Direction - Information Technology Governance, Risk, Controls and Assurance Practices
[Last date for Comments: November 20, 2022]
 

 

IRDAI Drafts:

IRDAI (Re-insurance) (First Amendment) Regulations, 2022
[Last date for comments: November 11, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. and This email address is being protected from spambots. You need JavaScript enabled to view it.  ]
  

IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) (First Amendment) Regulations, 2022
[Last date for comments: November 11, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a copy to This email address is being protected from spambots. You need JavaScript enabled to view it.  ]
  

IRDAI (Actuarial Report and Abstract for Life Insurance Business) (First Amendment) Regulations, 2022
[Last date for comments: November 11, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a copy to This email address is being protected from spambots. You need JavaScript enabled to view it.  ]
  

IRDAI (Registration of Indian Insurance Companies) Regulations, 2022
[Last date for comments: November 3, 2022 to be sent to Mr. Nirmal Jain at This email address is being protected from spambots. You need JavaScript enabled to view it. with a copy to Mr. Mahesh Agarwal at This email address is being protected from spambots. You need JavaScript enabled to view it. in the format as per Annexure B (attached herewith) ]

 

Legal Updates:

IBBI (2022):

Notification regarding Fast Track Corporate Insolvency Resolution process

Notification rescinding the MCA Notification dated the 28th January, 2022

Details of matters pending with Supreme Court of India and various High Courts

Revision of fees applicable for Limited Insolvency Examination and Valuation Examinations

Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016

Review of circulars

Withdrawal of Circular dated 26th August, 2019 regarding applicability of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 notified on 25th July, 2019

Clarifications with respect to Temporary Surrender of Professional Membership

 

IBBI (2021):

Order: Regular hearing in NCLT Benches w.e.f. 01.07.2021

Notification regarding appointment of President, NCLT in terms of Section 415 of the Companies Act, 2013

Notification under section 4 of the Insolvency and Bankrutpcy Code, 2016 for Chapter III-A

Order: Physical hearing by NCLT Benches w.e.f. 01.03.2021

Filing of list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

Clarification regarding requirement of seeking No Objection Certificate or No Dues Certificate from the Income Tax Department during Voluntary Liquidation Process under the Insolvency and Bankruptcy Code, 2016

IBBI’s Electronic Platform for hosting Public Notices of Auctions of Liquidation Assets under the IBBI (Liquidation Process) Regulations, 2016

Monetary Penalties to be imposed by an Insolvency Professional Agency

Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Clarification - Consideration of matters / issues by the committee of creditors on request by members of the committee

Reporting of status of ongoing corporate insolvency resolution processes through Form CIRP 7

Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the IBBI (Liquidation Process) Regulations, 2016

Providing copy of application to the Board, as mandated under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019

Retention of records relating to Corporate Insolvency Resolution Process

Retention of records relating to Corporate Insolvency Resolution Process

 

RBI:

Claims Received from the National Credit Guarantee Trustee Company Ltd (NCGTC) - Classification for the Purpose of Maintenance of Cash Reserve Ratio (CRR)/Statutory Liquidity Ratio (SLR)

 

SEBI:

Governing Council for Social Stock Exchange (“SSE”)

Suspension, Cancellation or Surrender of Certificate of Registration of a Credit Rating Agency

 

IRDA:

Providing cover for Mental Illness under Health Insurance policies

Insurance cover for new-borns/infants under health insurance policies

Guidelines on Establishment and Closure of Liaison Office in India by an Insurance Company registered outside India

Product Filing Procedure

Implementation of Information and Cyber Security Guidelines

Auditor's Certificate on Cyber Security Controls

Requirements to be Complied by Audit Firm Engaged for Certifying "Status of Cyber Security Controls"

Checklist on Applicability of Cyber Security Framework

 

Customs:

Exchange rate Notification No. 90/2022-Cus (NT) dated 20.10.2022 [No.90(NT)]

Seeks to amend Project Import Regulations, 1986 [No.54]

Seeks to impose Anti-Dumping duty on "Electrogalvanized Steel" originating in or exported from Korea RP, Japan and Singapore [No.29(ADD)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.89(NT)]

Amendment in Import Policy Condition under ITC(HS) 08028010 of Chapter 08 of ITC(HS) 2022, Schedule - I (Import Policy) [Instruction No.27]

Requirement of Health Certificate to be accompanied with the import of certain food consignments - modification of Board Instruction No.18/2022-Customs [Instruction No.26]

Implementation of the judgment of the Honourable Apex Court in the case of M/s Westinghouse Saxby Farmer Ltd. Vs. Commissioner of Central Excise, Kolkata- Clarification [Instruction No.25]

 

Central Excise:

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Increase in the Special Additional Excise Duty on Diesel [No.35]

Increase in the Special Additional Excise Duty on production of Petroleum Crude and export of Aviation Turbine Fuel [No.34]