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This newsletter contains the following categories:
Indian News Update
Legal FAQs [New]
ICAI Exposure Drafts
ICAI Announcements
CA's Referencer
MVAT Form
Legal Updates
Indian News Update:
SEBI extends cross margin facility to all mkt participants
Banks up in arms against service tax on govt business
Regulations force insurers to look at speciality products
RBI eases lending norms for urban co-op banks
Companies to be asked to declare balance sheets every quarter
Sebi may tighten mutual funds norms
'RBI alone should take final decision on M&As among banks'
PM takes charge of finance ministry
RBI opens LAF window to housing finance cos to fight credit crunch
ICAI sets eyes on global standards
Pricing norms for FCCBs eased
Pricing norms eased for ADR/GDR issues by listed Indian cos
Auditors to soon ring alarm bell on income risks of cos
Reserve Bank likely to lose financial independence
RBI to ease warrant conversion norm
Anti-dumping duty may push up CFL prices
Sebi to unveil guidelines for smaller exchanges in Dec
Amendment to the FCCB Issues
Banks must disclose info on processing fees: RBI
Iron ore export duty rejigged to plug tax hole
Govt looking to allow up to 49% FDI in FM radio
Plant capacity, not output, may face excise duty
Banks may get free access to open branches and ATMs
RBI says measures ad hoc, banks must plan for long term
Dumping duty on caustic soda to continue
Legal FAQs
[New]:
Income Tax FAQs
SEBI FAQs
ICAI Exposure Drafts:
Standard on Internal Audit (SIA)
Internal Audit in an Information Technology Environment
(Last date for Comments: January 29, 2009)
Standard on Internal Audit (SIA)
Knowledge of the Entity and Its Environment
(Last date for Comments: January 29, 2009)
Standard on Internal Audit (SIA)
Using the Work of an Expert
(Last date for Comments: January 29, 2009)
ICAI Announcement:
Technical Guide on Review and Certification of Investment Risk Management Systems and Processes of Insurance Companies
CA's Referencer:
IAS 11 - A Presentation
[Submitted by Dushyant Chaturvedi,
Gurgaon, NCR]
MVAT Form:
Form-704 format for MVAT audit (in excel format)
[Submitted by CA.Mohammed Lakkadsha,
Chandrapur, Maharashtra]
Legal Updates:
Income Tax:
Industrial Park Scheme, 2008 - Amendments in Form IPS-1 [No.106]
Assessment of Banks - Checklist for deductions - regarding [Instruction No.17]
SEBI:
Cross Margining across Exchange traded Equity (Cash) and Exchange traded Equity Derivatives (Derivatives) segments
Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement
RBI:
RRBs - Housing Loans – Implementation of Delhi High Court Orders
Operations of Foreign Branches and Subsidiaries - Compliance with statutory norms, etc.
Review of Prudential Norms – Provisioning for Standard Assets and Risk Weights for Exposures to Commercial Real Estate and NBFCs
Special Refinance Facility (SRF) under Section 17(3B) of the Reserve Bank of India Act, 1934
Housing Loans – Orders of the Delhi High Court
FEMA:
Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses [Circular No.37]
Rupee Export Credit Interest Rates-Extension of period of credit
DGFT:
Extension of the validity of prohibition on import of milk and milk products from China [No.67]
Amendments in Schedule – II of the ITC (HS) Classification of Export and Import Items, 2004-09 [No.66]
Amendment in Para 2.1 of the Foreign Trade Policy 2004-2009 [No.65]
Customs:
Rate of exchange w.e.f December 1, 2008 [No.130(N.T.)]
Central Excise:
Instructions regarding Large Taxpayer Unit [Circular No.878]
The entire list of notifications is available at
www.CAalley.com/legal.html
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