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ICAI AASs re-numbered and re-categorised as
"Engagement and Quality Control
Standards"
This newsletter contains the following categories:
Indian News Update
International News Update
VAT Update
CA's Referencer
Articles
Legal Updates
Indian News Update:
RBI eases commodity derivative deal norms
RBI allows LCs, bank guarantees for overseas commodity trading
Govt imposes ad-valorem duty on iron ore fines
Firms defer advance tax payments
Regulator to review TPAs’ performance
Transponder capacity lease not taxable: AAR
Withholding tax on core sector ECBs likely to go
Insurance cos deny covers to exporters
SC settles doubt on venue of bounced cheque trial
Mandatory IPO rating to stay for now
UP sops for solar water heaters
Foreign cos' services under brand names to be taxable: ITAT
RBI offers forex liquidity to Indian banks abroad
Core sector lending norms may be eased
No case for hike in customs duty on veg oil
IRDA relaxes general insurance norms
Gift, travel cards may come under RBI scanner
Excess liquidity to create bad assets, warn bankers
Sebi extends ECN to equity derivatives
Govt may soon restore DEPB for steel sector
Easier norms, tax sops to give volume boost to new stock lending platform
Insider trading: Companies Bill at odds with SEBI move
Sebi releases framework for SME stock exchange
Incentives to private sector for employing persons with disability
IPO ratings system under SEBI scanner
RBI gives banks long rope on home loans portfolio
TDS credit and declaration of income
Sebi nets Rs 3.5 cr through IPO scam consent orders
Tax-free gratuity ceiling may treble to Rs 10 lakh
International News Update:
AICPA Revises Electronic Confirmations Standard
IASB questions relaxing of fair value accounting
IFRS Back on Track?
IFAC Examines Developments in Public Sector Performance Measurement Structures
VAT Update:
Centre views GST as an inclusive transaction tax
VAT panel-FM meet in Dec on revenue sharing
CA's Referencer:
AS 13: Accounting for Investments
[Submitted by Mr. Ankit Maisheri]
Articles:
Understanding Stock Market
[Submitted by CA. Abhishikta Chadda,
Associate Chartered Accountant,
Delhi]
Bank Glossary terms
[Submitted by CA. Jyot Shukla,
Vadodara, Gujarat]
Legal Updates:
SEBI:
Time period for utilization of debt limits
Issuance of Electronic Contract Notes (ECNs) in Equity Derivatives Segment
Framework for recognition and supervision of stock exchanges / platforms of stock exchanges for small and medium enterprises
RBI:
Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy
Advances against pledge of Gold / Silver Ornaments
Prudential Guidelines on Restructuring of Advances by Banks
SLR reduced
Standing Liquidity Facilities for Banks and Primary Dealers
Liquidity Adjustment Facility – Repo and Reverse Repo Rates
Special Refinance Facility (SRF) under Section 17(3B) of the Reserve Bank of India Act, 1934
CRR reduced
Shortfall in Maintenance of SLR/Additional Liquidity support under LAF
Special Fixed Rate Repo Under Liquidity Adjustment Facility
FEMA:
Remittance related to Commodity Derivative Contract - Issuance of Standby Letter of Credit / Bank Guarantee [Circular No.35]
Foreign Exchange Management (Deposit) Regulations, 2000 - Credit to Non Resident (External) Rupee Accounts - Clarification [Circular No.34]
Rupee Export Credit Interest Rates Subvention
Exim Bank's Line of Credit of USD 20 million (as 1st tranche of USD 80 million) to the Government of the Republic of Rwanda [Circular No.33]
Exim Bank's Line of Credit of USD 33 million to the Government of Lao People’s Democratic Republic (Lao PDR) [Circular No.32]
Exim Bank's Line of Credit of USD 25.5 million to the Government of Cote d’Ivoire [Circular No.31]
Exim Bank's Line of Credit of USD 100 million to the Government of the Democratic Socialist Republic of Sri Lanka [Circular No.30]
Exim Bank's Line of Credit of USD 10.59 million to Government of Suriname [Circular No.29]
Exim Bank's Line of Credit of USD 30 million to the African Export-Import Bank (Afreximbank) [Circular No.28]
DGFT:
Amendments in Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items 2004-09 [No.56]
Amendments to earlier notifications [No.55]
Amendments in Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items 2004-09 [No.54]
Amendments to earlier notifications [No.53]
Amendments in Foreign Trade Policy [No.52]
Customs:
Computation of Value under Section 14 for Levy of Export Duty [Circular No.18]
Amendment in Notification No.116/2008-Customs [No.121]
Further amendments in Notification No.21/2002-Customs dated 1st March, 2002 [No.119]
Anti-dumping duty upon import of Cable ties originating in, or exported from, the People’s Republic of China and Taiwan [No.118]
Amendment in Notification No.79/2008-Customs dated 13th June, 2008 [No.117]
Conditional exemption from duty for export of iron ore fines [No.116]
Amendments in Notification No.66/2008-Customs dated 10th May, 2008 [No.115]
Further amendment in Notification No.36/2001-Cus (N.T.) dated 3rd August 2001 [No.116(N.T.)]
Further amendments in Notification No.21/2002-Customs dated 1st March, 2002 [No.110]
The entire list of notifications is available at
www.CAalley.com/legal.html
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