Weekly Newsletter - December 20, 2023
Latest additions to CAalley:
News Update:
Exposure Drafts:
Reference Section:
International Content:
Legal Updates:
News Update:
Central Goods and Services Tax (Second Amendment) Bill, 2023 passed by Rajya Sabha
Fintech startup EnKash gets RBI nod to operate as payment aggregator
Approval for 19 General insurance cos applications in IRDAI's pipeline
Number of CAG audits on Union govt. tabled in Parliament hits a low in 2023 | Data
Valuation rules for GST on e-gaming platforms effective prospectively: FM
Will review held-up insolvency cases: Government
Are banks making a business out of punishing loan defaulters?
Government mulls two-month asset freeze for bankrupt airlines
Sebi mandates periodic PFMIs assessment for depositories, clearing corps
RBI tightens norms to check evergreening of loans by lenders through AIFs
Unclaimed deposits with banks rise by 28% to Rs 42,270 crore in FY23: Govt
Lok Sabha passes bill to raise age limit of president, members of GSTAT
Banks seek RBI's nod to defer penal interest guideline by 3 months
Govt lashes out at IMF for saying currency intervention excessive
Sebi streamlines regulations for accredited investor registration
I-T dept seized Rs 5,095 crore assets in four years till FY23: Parliament told
SC quashes GST department's plea against HC order on input tax credit
RBI imposed monetary penalties worth Rs 40 crore on 211 entities in 2022-23
SEZ rules amendments to benefit commercial office leasing: Report
Tax row over salary to expats: Chennai tribunal pronounces split verdict
India, US to step up fight against money laundering
56% to shut bank lockers due to rising rentals, KYC requirement: Survey
Irdai proposes limit on surrender charges for non-linked plans
Allow rectification of inadvertent, bonafide errors in GSTR forms, HC tells tax dept
IRDAI release draft for increasing surrender value of non-par products
SAT quashes Sebi penalty against NSE in dark-fibre case
IRDAI aims to move towards RBC model, IFRS by 2025, says chairman
GST rates’ rationalisation back on the table
GST on expat salary: CBIC asks officers not to apply SC order mechanically
No proposal for duty sops on import of electric vehicles: Government
Securities Appellate Tribunal junks Sebi fine against Reliance Industries subsidiary
Arbitration clause in unstamped, insufficiently stamped agreements enforceable: SC
Accommodation with amenities is in the nature of hostel facilities, GST at 12% applies holds AAR
FM moves legislation to set up GST Appellate Tribunals ‘at the earliest’
Firms advised to prepare for tough enforcement of SEC cyber rules
UK plans to implement carbon tax on imported goods like steel from 2027, a year after EU’s proposals
BoJ keeps negative interest rate unchanged, says watching wage trends
Deloitte Is Looking to AI to Help Avoid Mass Layoffs in Future
Bank of England holds rates with warning of 'way to go' on inflation
FASB issues cryptoasset standard
IFAC sees need for internal controls for sustainability
FRC publishes inspection findings for the Tier 2 and 3 audit firms
Exposure Drafts:
Proposed Consequential provisions for non-compliance with CPE hours requirement on yearly basis from calendar year 2024 onwards
[Last date for comments: January 2, 2024]
IRDAI (Insurance Products) Regulations, 2023
[Last date for Comments: January 3, 2024]
IRDAI (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024
[Last date for Comments: January 3, 2024]
Reference Section:
Checklist on Standards on Auditing
International Content:
Disclosure Improvements
Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative
[October 2023]
Legal Updates:
The Income-tax Amendment (Twenty-Eighth Amendment) Rules, 2023 [Notification No.103]
Card-on-File Tokenisation (CoFT) – Enabling Tokenisation through Card Issuing Banks
Investments in Alternative Investment Funds (AIFs)
Business Continuity for Clearing Corporations through Software as a Service (SaaS) Model
Principles of Financial Market Infrastructures (PFMIs)
Simplification of requirements for grant of accreditation to investors
Insurance claims relating to Cyclone Michaung and subsequent heavy rains/floods
Amendment in Export Policy of Food Supplements containing botanicals [Notification No.53]
Implementation of Yellow Peas Import Monitoring System [Public Notice No.35]
Exchange Rate Notification No. 92/2023-Cus (NT) dated 18.12.2023 [Notification No.92(NT)]
