Weekly Newsletter - January 17, 2024

Weekly Newsletter - January 17, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Acts & Regulations:

RBI Master Circular

Useful Forms:

Income Tax eFiling Utilities

Legal Updates:

News Update:

Indian News:

NFRA: Request for Proposal for Appointment of CA Firms/LLP/Proprietorship for Compilation & Verification of Books of Accounts and Taxation Matters of NFRA

PFRDA notifies Point of Presence (PoP) Regulations requiring only one registration for NPS

Helmet makers demand cut in GST as 2W accidents claim goodslives in India

EPFO removes Aadhaar from list of acceptable documents for proof for updation/correction of DOB

Fitch affirms 'BBB-' rating for India with a stable outlook amid strong growth

Over 50% DPIIT-recognised startups from tier-II and tier-III cities

India will impose non-tariff barriers on reciprocal basis: Piyush Goyal

RBI panel makes several suggestions on state government guarantees

New RBI rules on penal charges on loans: Will there be any upper limit/cap for imposing penal charges?

Govt imposes 50% export duty on molasses; extends lower duty on edible oils

86% Indian CEOs optimistic about country's economic growth: PwC survey

Reserve Bank of India likely to withdraw relief to govt-owned NBFCs

Revised norms on fair lending practice effective from April 1, says RBI

Income tax benefits granted to 2,975 recognised startups: DPIIT

RBI proposes to increase total liquid assets bar for housing finance firms

RBI releases draft framework for fintech self-regulatory organisation

Sebi mulls liquidation flexibility for AIF, VCFs to deal with beyond tenure

Interim Budget may raise pension floor for unorganised sector workers

No import restrictions on certain IT products like desktop computers: DGFT

LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

RBI imposes Rs 2.49 crore penalty on 3 banks including Punjab & Sind

Sebi plans to allow voluntary freezing of clients’ trading account from July 1

LIC receives another Income Tax demand notice worth Rs 1,370.60 crore

Sebi aims for instant stock settlement in global race for speed

Sebi panel bats for easier listing norms

LIC gets IT demand notices worth Rs 3,529 crore

UPI-PayNow Linkage: Major UPI apps enabled to receive remittances from Singapore; who can use

RBI will not emulate others on regulations; world cannot afford a 'crypto mania': RBI chief

RBI governor Shaktikanta Das warns against ‘algorithm-based’ lending by banks

Invoicing racket to defraud GST busted in Mysuru

Government will take away your shares if dividend from shares have gone unclaimed for 7 consecutive years

Central Board of Indirect Taxes & Customs app to cut litigation time

I-T dept found unaccounted sales of Rs 1,000 cr during raid against Polycab

International News:

ACCA welcomes proposals to strengthen auditor reporting requirements

UK plans new system to tackle small bank failures after SVB collapse

US SEC approves bitcoin ETFs in watershed for crypto market

Exposure Drafts:

SEBI Drafts:

Consultation Paper on providing flexibility to Alternative Investment Funds (AIFs), Venture Capital Funds (VCFs) and their investors to deal with unliquidated investments of their schemes beyond expiry of tenure
[Last date for Comments: February 2, 2024]

Consultation Paper on Interim Recommendations of the Expert Committee for facilitating ease of doing business and harmonization of the provisions of ICDR and LODR Regulations
[Last date for Comments: February 1, 2024]

RBI Drafts:

Review of regulatory framework for Housing Finance Companies (HFCs) and harmonisation of regulations applicable to HFCs and Non-Banking Finance Companies (NBFCs)
[Last date for Comments: February 29, 2024]

Credit/Investment Concentration Norms – Government owned NBFCs
[Last date for Comments: February 29, 2024]

Acts & Regulations:

RBI Master Circular:

Master Circular - Exposure Norms and Statutory / Other Restrictions - UCBs

Useful Forms:

Income Tax eFiling Utilities:

Updated Income Tax eFiling Utility and Schema for Form 10BB

Legal Updates:

GST:

Advisory: Introduction of new Tables 14 & 15 in GSTR-1

MCA:

Draft Policy for Pre-Legislative consultation and comprehensive review of existing Rules and Regulations (including Regulations governing ICAI, ICSI, ICoAI and NFRA)

CCI:

The CCI (Director General) Recruitment Rules, 2009

The Competition Commission of India (General) Amendment Regulations, 2024

SEBI:

Guidelines for AIFs with respect to holding their investments in dematerialised form and appointment of custodian

Ease of doing business - Changes in reporting

Ease of Doing Investments by Investors- Facility of voluntary freezing/ blocking of Trading Accounts by Clients

Foreign investment in Alternative Investment Funds (AIFs)

RBI:

Second Schedule to the Reserve Bank of India Act, 1934 – Norms for inclusion

Guidelines on Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks

Credit/Investment Concentration Norms – Credit Risk Transfer

DGFT:

Amendment in policy condition of silver covered under Chapter 71 of Schedule - 1 (Import Policy) of ITC (HS) 2022 [Notification No.57]

Clarification regarding Import Policy Provisions for Laptops, Tablets, All-in-one Personal Computers and Ultra Small Form Factor Computers, Servers under HSN 8471 [Circular No.9]

Extension of Validity of Pre-Shipment Inspection Agencies (PSIAs) [Public Notice No.37]

Customs:

Appointment of Common Adjudicating Authority for the purpose of adjudication of finalization of Provisional Assessment in SVB case w.r.t. M/s Ecoclean Machines Pvt. Ltd [No.3(NT)]]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.2(NT)]]

Seeks to amend notification Nos. 48/2021 and 49/2021 - Customs both dated 13.10.2021 in order to extend the existing concessional import duties on specified edible oils up to and inclusive of the 31st March 2025 [Notification No.2]

Seeks to amend Second Schedule to the Customs Tariff Act to prescribe export duty of 50% on exports of Molasses (HS 1703) [Notification No.1]

Seeks to continue levy of anti-dumping duty on Meta Phenylene Diamine imported from Chian PR for 5 years pursuant to Sunset Review Final Findings issued by DGTR [Notification No.1(ADD)]

Requirement of quality control or inspection or both, prior to export as per Milk and Milk Products (Quality Control, Inspection & Monitoring) Rules, 2020 [Instruction No.1]

Central Excise:

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [Notification No.3]

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