CAalley Newsletter for the week ending January 18, 2023
Latest additions to CAalley:
News:
Reference Section:
From the ICAI:
Standards on Quality Control (SQCs)
Acts & Regulations:
Exposure Drafts:
Legal Updates:
News Update:
DGFT simplifies composition fee for export obligation extension
High inflation causing tension between monetary and fiscal policy: Gopinath
Govt proposes a slew of changes to Insolvency and Bankruptcy Code
GoMechanic cooked books; founder admits to grave errors, 70% staff sacked
To avoid fraud, SEBI moves to end transfer of funds to brokers
Kerala govt’s GST dept underwent restructuring for ensuring tax revenue increase: K N Balagopal
Financial sector exposed to risks of low-carbon transition, shows study
Annual transparency report may be must for audit firms
India making big strides in ease of doing business: DPIIT Secretary
Sebi proposes blocking of funds facility for trading in secondary market
Reverting to old pension scheme poses big financial risk, RBI warns States
RBI proposal on loan loss provisions to raise bank capital needs: Analysts
Centre cuts windfall tax on crude, export taxes on aviation fuel and diesel
Insurers can classify green bond purchases as infra investments: Irdai
RBI prior approval now a must for picking up over 5% stake in banks
NFRA to introduce annual transparency report requirement for audit firms
RBI tweaks norms related to acquisition for banks
Increased provision on CET1 for loan loss to be phased out: RBI paper
Amendments to competition law likely in Budget Session
India hopeful rupee trade with Russia will pick up in future: Govt official
Govt may offer low-cost credit to small retailers, ease rules: Officials
Markets to shift to T+1 settlement system from January 27: Report
Union Minister Piyush Goyal pitches for startup database in country
The changes in Sebi’s complaints redressal system
CBIC gives clarification on GST on SUVs
Pending deal approvals: Industry participants flag lack of quorum at CCI
GST not payable on Govt incentive to banks for promoting RuPay card
Customs dept monitoring toy imports, newer modus operandi adopted: CBIC
Sebi mulls allowing PE funds to become sponsor of mutual fund house
Cryptos are nothing but gambling, their value only make-believe: RBI governor
Sebi bans three entities from securities market for insider trading activities
Sebi allows virtual meetings for REITs, InVITs unitholders via video call
Sebi notices to PE, VC funds for flouting rules
Mandatory joint audit to start with big firms
GST would apply if a rented residential building is sublet as hostel: AAAR
India lets banks use face recognition, iris scan for some transactions: Sources
Fake invoice racket busted, one arrested
NPS subscribers: Bank account verification, name/PAN matching to get faster
RBI open to non-bank arms route to end stalemate with ESMA: Report
Transparency audits will strengthen RTI
Sebi allows exchanges to launch multiple contracts in same commodity
No TDS on remunerations, salaries or commission paid to partners: ITAT
SEBI allows mutual funds with active ELSS to launch passive schemes
ICAI plans guidelines to control gaps in audits
NARCL gets ₹ 15,300-crore blanket guarantee to tackle bad loans
CBIC to release list of identified goods to check undervaluation of imports
RBI likely to tweak loan recovery framework for asset reconstruction companies
Tiruchi traders stick posters against ‘test purchase’ under GST
Auditors’ regulator seeks e-locker for audit docus
Govt may increase allocation for PLI schemes in Budget to boost exports
Get to know the team behind Union Budget 2023
Good news for taxpayers? Modi government mulls lowering income tax rates in Budget
Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist
Union Budget 2023: Long-term capital gains tax likely to be rationalised
Budget 2023: ‘New’ I-T regime may add some exemptions
Aware of middle class issues: Finance Minister Nirmala Sitharaman ahead of Budget
Need clarity in non-residents’ tax under SEP norms: Experts
Budget Session 2023 to begin January 31, continue till April 6
Budget 2023: Largely unnoticed, this $250-billion sector wants more attention from the FM
Putting carbon credits on blockchain will not tackle the issue alone: Davos
IAASB Begins Work on Global Standards for ESG Assurance
CEOs brace for recession, CFOs eye costs
First-of-its-Kind Crypto Insider Trading Conviction
Insurer Can’t Flush Away Its Duty to Defend
FASB decides to require expense disclosures
SEC Adopts Amendments Regarding Insider Trading Plans and Related Disclosures
Reference Section:
Simplifying your job search
[Written by The CAalley team]
From the ICAI:
Standards on Quality Control (SQCs)
(Auditing Standards):
Social Audit Standards (SAS) 100 to 1600
[Effective from January 14, 2023]
Technical Guide on Digital Assurance
[Guide on use of Technology in Auditing]
Acts & Regulations:
Exposure Drafts:
Publication of Annual Transparency Reports (ATR) by Auditors/Audit Firms
[Last date for Comments: February 16, 2023]
IFRS Accounting Standard
International Tax Reform—Pillar Two Model Rules
Proposed amendments to IAS 12
[Last date for Comments: March 10, 2023]
Invitation of comments from the public on changes being considered to the Insolvency and Bankruptcy Code, 2016
[Last date for Comments: February 7, 2023]
Consultation Paper on refund process at IEPF Authority
[Last date for Comments: January 27, 2023]
Consultation Paper on “Blocking of Funds for Trading in Secondary Market"
[Last date for Comments: February 16,2023]
Consultation Paper on Review of Regulatory Framework for Sponsors of a Mutual Fund
[Last date for Comments: January 29, 2023]
Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks
[Last date for Comments: February 28, 2023]
Legal Updates:
Clarification regarding GST rates and classification of certain services [Circular No.190]
Clarification regarding GST rates and classification of certain goods [Circular No.189]
Standard Operating Procedure (SOP) for Virtual Hearings
Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies
Operational Risk Management: Price / Yield range setting in e-Kuber
Participation of AIFs in Credit Default Swaps
Circular - Sovereign Green Bonds (SGrBs)- Classification and Categorisation
Circular on Modifications to Surety Insurance Guidelines
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.4(NT)]
Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 [No.3(N.T)]
