Weekly Newsletter - December 13, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:

CA's Referencer

Exposure Drafts:

CCI Draft

SEBI Drafts

ICAI Exposure Draft

From the ICAI:

ICAI FAQs

Legal Updates:

IBBI

RBI

SEBI

IRDAI

DGFT

Customs

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News Update:

Indian News:

ITAT: Non-deposit of LTCGs in designated account will not result in denial of tax sop for purchase of new house

SEBI allows brokers to invest clients’ fund in overnight MF schemes

ED attached Rs 64,920 cr crime proceeds in bank frauds, arrested 150: Govt

LIC announced that it has received a communication/ demand order for collection of GST along with interest and penalty worth Rs 183 crore for Telangana

Sebi puts in place process for dematerialising units of AIFs

SEBI proposes slashing NCD face value from Rs one lakh to Rs 10,000

Govt says 10 PSBs transferred NPAs of over Rs 11k cr to NARCL from Jan-Nov

SC agrees to hear IDBI Trusteeship Services’ appeal, issues notice to Essel group entities

HC judgement on IOCL sets precedent on input tax refunds under GST

63% taxpayers stick to Old Tax Regime; Here’s why

GST evasion of Rs 345 cr detected against lottery distributors till Nov '23

Coming soon: NFRA's reports on top 5 auditors

Sebi mulls 'fast track' public issuance of debt securities to increase participation of non-institutional investors

FinMin to empanel bankers, law firms for OFS disinvestment, dribbling

NCLAT stays CCI penalty on NTPC for non-disclosure on acquisition of Ratnagiri gas & power shares

Govt working on 1st ever 'cost of regulation' study for states: DPIIT secy

Sebi plans new asset class for high-risk investors

RBI to come up with unified regulatory framework on connected lending

UPI payment limit to hospitals, educational institutes raised to Rs 5 lakh

Four more arrested in connection with ₹10,000 crore GST fraud

RBI allows liquidity reversal for banks on weekends, holidays from Dec 30

No OTP needed for UPI payments up to Rs 1 lakh for credit card bills, MF SIPs

RBI MPC: Repo rate kept unchanged at 6.5%, FY24 GDP estimate hiked to 7%

Casinos Act to go, Maharashtra GST amend on the cards

West Bengal clears bill to impose 28% GST on online gaming, horse racing

'No spectacular announcements' coming up in February 1 budget, says FM Nirmala Sitharaman

RBI revokes the banking licence of UP-based Urban Co-operative Bank

CCI case: Google withdraws appeal against HC order in user choice billing system case

Indian banks ask fintech partners to limit tiny personal loans: Report

Will banks open only for 5 days a week? Here’s what you should know about IBA’s proposal

Ready to relook at some AIF norms if assured of no misuse: Sebi official

  

International News:

US: New audit standards will add to compliance load

US Audit partners see more use of AI at public companies

SEC approves new PCAOB audit confirmation standards targeting fraud

SEC warns auditors about cash flow statement

IAASB offers audit standard for less complex entities

Accounting Profession Not Just About Closing Books and Issuing Reports, Chief Accountants Say

EU foreign investment scrutiny has blind spots, say auditors

Auditors say accountant shortage ramps up work pressure: CAQ

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Reference Section:

CA's Referencer:

Customs Post Clearance Audit Formats

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Exposure Drafts:

CCI Draft:

Amendment in the CCI (General) Regulations, 2009
[Last date for Comments: January 1, 2024] 
  

  

SEBI Drafts:

Consultation paper on review of provisions of NCS Regulations and LODR Regulations for ease of doing business and introduction of fast track public issuance of debt securities
[Last date for Comments: December 30, 2023] 
  

Consultation paper on Framework for issuance of subordinate units and Unit Based Employee Benefits - REITs and InvITs
[Last date for Comments: December 29, 2023] 
  

  

ICAI Exposure Draft:

Exposure Draft of Guidance Note on Audit of Banks (2024 Edition)
[Last date for comments: December 31, 2023] 

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From the ICAI:

ICAI FAQs:

FAQs on applicability of PMLA to Chartered Accountants

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Legal Updates:

IBBI:

The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2023

  

RBI:

Processing of e-mandates for recurring transactions

Sovereign Gold Bond (SGB) Scheme 2023-24

  

SEBI:

Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)

Credit of units of AIFs in dematerialised form

  

IRDAI:

Insurance claims relating to Cyclone Michaung

  

DGFT:

Amendment in Policy Condition of Sl. No. 55 & 57, Chapter 10 Schedule-2, ITC (HS) Export Policy,2018 [Notification No.52]

Amendment in Export Policy of De-Oiled Rice Bran [Notification No.51]

Amendment of Import Policy and Policy Conditions for Yellow Peas under ITC(HS) Code 07131010 of Chapter 07 of ITC(HS), 2022, Schedule –I (Import Policy) [Notification No.50]

Amendment in Export Policy of Onions [Notification No.49]

Export of Non-Basmati White Rice (under HS Code 10063090) to Comoros, Madagascar, Equatorial Guinea, Egypt and Kenya through National Cooperative Exports Limited (NCEL) [Notification No.48]

Incorporation of Policy Condition for export of Non-Basmati Rice under HS Code 10063090 [Notification No.47]

  

Customs:

Seeks to levy anti-dumping duty on Synthetic Grade Zeolite 4A imported from Thailand and Iran for 5 years pursuant to Final Findings issued by DGTR [Notification No.14(ADD)]

Corrigendum-Corrigendum dated 11.12.2023 to notification No. 12/2023-Customs(ADD) [Notification No.14(ADD)]

Veterinary Health Certificate for Import of Milk and Milk Products into India [Instruction No.29]

Requirement of BIS registration for import goods notified under the Electronic and Information Technology Goods (Requirement of Compulsory Registration) Order, 2012 and random sampling of LED products and control Gear for LED [Instruction No.28]

Exchange Rate Notification No. 90/2023-Cus (NT) dated 07.12.2023 [Notification No.90(NT)]

Seeks to exempt imports of Yellow Peas [HS 0713 10 10] from applicable BCD and AIDC up to 31.03.2024 [Notification No.64]

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