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CAalley Newsletter for the week ending on November 30, 2022

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Latest additions to CAalley:

News:

Indian News

Budget News

International News

Exposure Draft:

IRDA Drafts

Acts & Regulations:

SEBI Regulations

Reference Section:

Articles

Legal Updates:

GST

IBBI

SEBI

Customs


  

News:

Indian News:

Proposal to levy GST on cryptos likely to be put on backburner

India-Australia FTA to come into effect on December 29: Piyush Goyal

Market regulator Sebi plans simplified BRSR, ESG rating regulations

SEBI limits active debt funds’ single-company exposure

Same PAN allotted to two persons, HC asks income tax department to respond

SEBI launches amnesty scheme for 150 brokers

FinMin to meet bank CEOs on December 5 to promote cross-border rupee trade

Need separate ministry for pharma to counter Chinese imports: Industry CEOs

RBI to launch pilot of retail digital rupee on December 1

Small firms may be allowed to merge PF, pension payments

'Financial creditors forego Rs 790 cr under insolvency resolution process'

Fifteenth Finance Commission chief bats for universal health cover

CSR sparks R&D spends

Irdai endorses panel's view to cut obligatory cession to zero from 4%

Sebi revises framework for approving changes in control of stock brokers

I-T dept sends notices to firms to enquire about their foreign assets

Can't deny mediclaim to a vegetarian, insurer told

BL Explainer: Why is SEBI moving to T+1 settlement?

Indian industries urge RBI to consider moderating pace of rate hikes

GST Council to meet virtually on December 17

Stock brokers should report tech glitch within hour, says SEBI

Sebi gives more time to implement guidelines on share pledging for margin purposes

RBI pauses onboarding of online merchants by Paytm payments services

After 5 years, Irdai gives licence to general insurer, 19 more in line

Irdai approves amendments, simplifies rules to set up insurance firms

Private equity funds can directly invest in insurers: IRDAI

SEBI sets buying, selling of MFs under insider trading rules

Will new credit card rule help you? RBI fixes minimum amount due formula for all cards

India, UAE central banks discuss rupee-dirham trade prospects: Official

RBI permits banks to open 12 special vostro accounts for trade in rupees

Forex reserves rise for second week in a row; up $2.5 bn to $547.25 bn

Sebi releases uniform format for OTC trades in non-convertible securities

GoM on GST levy on casinos, online gaming to submit report next week

Explained | SEBI’s measures to tackle incorrect information in the market

Guidelines to check fake online reviews to kick in today: Details here

Monetary policy faces severe information constraints: RBI DG Patra

About Rs 400 cr tax deposited by filing updated ITRs so far

Technology driven third-party validation needed: Sebi chief

 

Budget News:

Pre-budget consultations make finance ministry officials no wiser

Crowdsourcing of ideas for Budget 2023-24 to continue till December 10

FM Nirmala Sitharaman concludes pre-budget meetings: Here's what India wants

Stay on fiscal glide path, boost capex in Budget: Economists to FM

Why tax collections are likely to exceed Budget estimates

Challenges in casting the tax net wider

Centre invites suggestions, Dec 10 last date

Miners' body seeks withdrawal of export duty on bauxite

Central Trade Unions reject finance ministry’s 3-minute pre-budget consultation offer, to boycott deliberations

Centre Might Increase CGST Target By 15% In Next Union Budget, Says Top Govt Official

Alternative investment funds: PE-VCs look for clarity on taxation

States' Budget demand: 60% GST share, extended compensation period

Mutual Fund body asks for preferential tax treatment

Exporters demand fiscal incentives, credit at affordable rates in Budget

FM Sitharaman seeks to shrink budget deficit as global headwinds loom

Rationalisation in long-term capital gains tax structure on the anvil

'Provide tax rebate on consumers' durables, real assets'

Farmers' groups urge Finance Minister to allow global trading of carbon credits from farms

 

International News:

PCAOB Finds Deficiencies at 21 Audit Firms

The importance of filling the skills gap in the accountancy sector

Nervous auditors re-examine crypto clients after FTX collapse

PCAOB Hopes Updating Quality Control Rules

In a 1st, UN to call shots on global tax rules

Hong Kong exchange carries out first carbon credit trades

Financial and non-financial reporting in the health sector

FRC to fine Deloitte £440k over 2018 audit

Concerns Bubbling Up Over Implications of Financial Data Transparency Act for GASB

FRC publishes what makes a good environment for auditor scepticism and challenge

 


Exposure Draft:

IRDA Draft:

The IRDAI (Re-insurance) (Amendment) Regulations, 2022
[Last date for Comments: December 16, 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. ]

  


Acts & Regulations:

SEBI Regulations:

SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022 [Dated November 24, 2022]

  


Reference Section:

Articles:

What Makes a Good Environment for Auditor Scepticism and Challenge
[Issued by Financial Reporting Council, UK, in November 2022]

GST: Research Paper on filing of TRAN-1
[Submitted by Hiregange & Associates,
Bengaluru, Karnataka]
[November 22, 2022]

  


Legal Updates:

GST:

Manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the CGST Rules, 2017 [Instruction No.4]

 

IBBI:

Payment of fees to the Insolvency and Bankruptcy Board of India

  

SEBI:

Net Settlement of Cash segment and Futures & Options (F&O) segment upon expiry of stock derivatives

Review of timelines for listing of securities issued on Private Placement basis – Chapter VII of the Operational Circular issued under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

Introduction of credit risk based single issuer limit for investment by mutual fund schemes in debt and money market instruments

Procedure for seeking prior approval for change in control

Framework to address the ‘technical glitches’ in Stock Brokers’ Electronic Trading Systems

Extension of timelines for implementation of SEBI circulars SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/137 and SEBI/HO/MIRSD/ DoP/P/CIR/2022/119

Timelines for transfer of dividend and redemption proceeds to unitholders

Reporting of trades in Non-convertible Securities – Chapter XVI of Operational Circular issued under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

Issue of Green Debt Securities by an issuer under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 - Disclosures and Compliance requirements

 

Customs:

Improvements in SWIFT: Integration of ICEGATE with AQCS-ICS (Animal Quarantine and Certification Services-Import Clearance System) effective 01.12.2022 [Circular No.24]

Seeks to amend notification no. 17/2019-Customs (ADD) dated 9th April, 2019 [No.30(ADD)]

Amendment to Instruction No 18/2022-Customs dated 12.08.2022 and 26/2022-Customs dated 06.10.2022 regarding extension of Requirement of Health Certificate accompanied with the import of food consignments [Instruction No.32]

Amendments to certain specific FTA/PTA notifications [No.61]