Weekly Newsletter - March 13, 2024

Weekly Newsletter - March 13, 2024

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Latest additions to CAalley:

News Update:

Legal FAQs:

Useful Forms:

Acts & Regulations:

Exposure Draft:

Legal Updates:

News Update:

Indian News:

NFRA to set up sandbox for supporting innovation in auditing techniques

RBI imposes monetary penalty on Bank of India and Bandhan Bank

RBI tells 2 banks to stop adding new customers to co-branded credit cards

Finmin asks PSU banks for comprehensive review of their gold loan portfolio

KYC rules to change: Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds

Sebi may offer FPIs relief on stricter disclosures

Sebi re-examines settlement guarantee fund after a decade

More checks on Big Tech for anti-competitive acts

125% interest rate on loans? RBI, Sebi dragged to court over Paisalo's charge

NPCI likely to approve third-party application license for Paytm this week

Complaints under RBI's ombudsman schemes soar 68% to over 7 trn in 2022-23

Tax dept finds inconsistencies in transaction report of market entity

India limits market access in financial services to EFTA countries

SEBI to introduce T+0 settlement on an optional basis by March 28: Madhabi Puri Buch

Top auditors stop offering non-audit work to clients

Trade game-changer in making? Several countries willing to start trading with India in rupee

Using a credit card? From usage beyond limit to overlimit fees - top queries answered based on RBI’s new FAQs

Why RBI has increased its scrutiny on co-branded credit cards

CBDT starts sending emails, SMSs for mismatch in tax profile in FY24

SEBI notifies micro-REITs regulations; move to boost transparency, investments

CBIC working to weed out duplicate notices

FinMin asks PSBs to ensure compliance in withdrawal from Rera accounts

Govt exempts certain payments to units in IFSC from TDS starting April 1

UPI can now be used to make payments to Nepalese merchants, says NPCI

NFRA proposes sandbox-like structure for audit innovations

Big-Four’s dominance has regulator worried

CGST Commissionerate busts syndicate involved in Rs 1,000 cr ITC fraud

CCI can now impose fines based on cos' global turnover

RBI tightens norms for credit, debit cards used with business accounts

Indian government panel backs higher carbon tax on coal imports

India mulls quota-based duty cuts on gold imports to Switzerland under EFTA

CBI conducts searches at 67 locations in Raj, Maha in UCO Bank IMPS scam

RBI, Bank Indonesia agree to use local currencies for bilateral trade

NFRA to look at feasibility of ranking auditors

SEBI offers settlement opportunity to entities in illiquid stock option segment. Details here

Explained: You can choose your own credit card network from 6 September

MCA starts major review of regulatory rules

International News:

AICPA Provides Recommendations for Clarification on Proposed Digital Asset Transactions Regulations

Legal FAQs:

RBI FAQs:

FAQs on Master Direction (MD) - Credit Card and Debit Card – Issuance and Conduct

Useful Forms:

MCA Forms:

MCA eForms have been updated as on March 8, 2024:

All MCA eForms are available at here

Acts & Regulations:

SEBI Regulations:

SEBI (Index Providers) Regulations, 2024

Exposure Draft:

MCA Draft:

Report of the Committee on Digital Competition Law
[Last date for Comments: April 15, 2024]

Legal Updates:

Income Tax:

Advance Tax e-campaign for F.Y. 2023-24 [Press Release]

TDS Exemption for IFSC units [Notification No.28]

Advisory for Trusts / Institutions

Advisory on Updated Returns

Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23) [Circular No.4]

CBDT clarifies provisions relating to donations made by a trust / institution to another trust / institution for the purposes of application of income [Press Release]

GST:

Advisory on GSTR-1/IFF: Introduction of New 14A and 15A tables

Integration of E-Waybill system with New IRP Portals

IFSCA:

Clarifications in relation to Fund Management Entities and Schemes set up in IFSCs by Sovereign Wealth Funds

Notification on TDS Exemption IFSC

CCI:

Revision of (a) de minimis exemption; (b) relevant assets and turnover in case a portion of an enterprise or division or business is being acquired, taken control of, merged or amalgamated with another enterprise

Enhancing the value of assets and the value of turnover, by One hundred and fifty per cent for the purposes of section 5 of the Competition Act, 2002

The Competition Commission of India (Determination of Turnover or Income) Regulations, 2024

The Competition Commission of India (Determination of Monetary Penalty) Guidelines, 2024

The Competition Commission of India (Settlement) Regulations, 2024

The Competition Commission of India (Commitment) Regulations, 2024

RBI:

Cut-off time for uploading of GST, ICEGATE and TIN 2.0 luggage files

Reporting and Accounting of Central Government transactions for March 2024

Amendment to the Master Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022

SEBI:

Simplification and streamlining of Offer Documents of Mutual Fund Schemes - Extension of timelines

SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2024

Measures to instill trust in securities market – Expanding the framework of Qualified Stock Brokers (QSBs) to more stock brokers

Notification for List of goods notified under SCRA, 1956

DGFT:

RODTEP implementation for exports of products manufactured by AA holders (except Deemed Exports) and EOU for 166 Tariff lines [Notification No.74]

Incorporation of Policy condition for export of Chitin, Chitosan, Chitosan Salts, Chitosan Salts (Chitosan Hydrochloride, Chitosan Acetate, Chitosan Lactate) and Chitosan Derivatives (Chitosan Succinamide) [Notification No.73]

Amendment in export Policy of Human Biological Samples under Chapter-30 of ITC HS schedule-2 of export policy [Notification No.72]

Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ [Notification No.71]

Extending RoDTEP support for exports made by Advance Authorisation (AA) holders, Export Oriented Units (EOU), Special Economic Zones (SEZ) units [Notification No.70]

Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders and EOU [Notification No.69]

Amendment in Import Policy condition for Raw Pet Coke and Calcined Pet Coke under Chapter 27 of Schedule–I (Import Policy) of ITC (HS) 2022 [Notification No.68]

Export of Onions (under HS Code 07031019) to Bhutan, Bahrain and Mauritius [Notification No.67]

Amendment in import policy condition for Duck Meat Chapter 2 of ITC (HS) 2022, Schedule–I(Import Policy) [Notification No.66]

Export of Onions (under HS Code 07031019) to UAE [Notification No.65]

Export of food commodities through National Cooperative Exports Limited (NCEL) [Notification No.64]

Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ [Public Notice No.50]

Procedure for Import Allocation for the Financial Year 2024-25, for import of Calcined Pet Coke for Aluminium Industry and Raw Pet Coke for CPC manufacturing industry [Public Notice No.49]

Import of Menthol covered under ITC(HS) codes: 29061100, 30039021, 33012590 and 33012400 under Advance Authorisation/DFIA [Public Notice No.48]

Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders and EOU [Public Notice No.47]

Amendments in Implementation of Yellow Peas Import Monitoring System [Public Notice No.46]

Customs:

Seeks to amend Notification No. 50/2017-Customs dated 30.06.2017 so as to change the applicable BCD rate on specified parts of medical X-ray machines [Notification No.16]

Seeks to amend specific tariff items in Chapter 90 of the 1st schedule of Customs Tariff Act, 1975 [Notification No.15]

Amendment to Notification No. 24/2023-Customs (N.T.) dated 01.04.2023 - Extension of RoDTEP support to exports by AA/EOU [Notification No.20(NT)]

Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994 - Notification of Bhopal Airport as Customs Airport [Notification No.19(NT)]

Seeks to amend No. 1/2019-Customs (CVD) in order to extend the levy on Pnumatic radial tyres from China PR upto 23rd July, 2024 [Notification No.1]

Exchange Rate Notification No. 18/2024-Cus (NT) dated 07.03.2024 [Notification No.18(NT)]

Inclusion of gender specific infrastructure facilities to be provided by the Custodian CCSP-CFS/AFS/ICD under the HCCAR, 2009 [No.3]

Encouraging Women Participation in International Trade [Circular No.2]

Product Designation for Commercial Import of Premium Frozen Duck Meat into India [Instruction No.4]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.17(NT)]

Seeks to amend notification No. 50/2017- Customs dated 30.06.2017, in order to reduce the BCD on imports of meat and edible offal, of ducks, frozen, subject to the prescribed conditions, with effect from 07.03.2024 [Notification No.13]

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