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CAalley Newsletter dated January 18, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Acts & Regulations:

RBI Master Direction

Exposure Drafts:

NFRA Draft

IBBI Draft

SEBI Draft

RBI Draft

Legal Updates:


Central Excise


News Update:

Indian News:

DGFT simplifies composition fee for export obligation extension

High inflation causing tension between monetary and fiscal policy: Gopinath

Govt proposes a slew of changes to Insolvency and Bankruptcy Code

GoMechanic cooked books; founder admits to grave errors, 70% staff sacked

To avoid fraud, SEBI moves to end transfer of funds to brokers

Kerala govt’s GST dept underwent restructuring for ensuring tax revenue increase: K N Balagopal

Financial sector exposed to risks of low-carbon transition, shows study

Annual transparency report may be must for audit firms

India making big strides in ease of doing business: DPIIT Secretary

Sebi proposes blocking of funds facility for trading in secondary market

Reverting to old pension scheme poses big financial risk, RBI warns States

RBI proposal on loan loss provisions to raise bank capital needs: Analysts

Centre cuts windfall tax on crude, export taxes on aviation fuel and diesel

Insurers can classify green bond purchases as infra investments: Irdai

RBI prior approval now a must for picking up over 5% stake in banks

NFRA to introduce annual transparency report requirement for audit firms

RBI tweaks norms related to acquisition for banks

Increased provision on CET1 for loan loss to be phased out: RBI paper


Budget News:

Govt may increase allocation for PLI schemes in Budget to boost exports

Get to know the team behind Union Budget 2023

Good news for taxpayers? Modi government mulls lowering income tax rates in Budget

Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist

Union Budget 2023: Long-term capital gains tax likely to be rationalised


International News:

Putting carbon credits on blockchain will not tackle the issue alone: Davos

IAASB Begins Work on Global Standards for ESG Assurance


Acts & Regulations:

RBI Master Direction:

Master Direction - RBI (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023


Exposure Drafts:

NFRA Draft:

Publication of Annual Transparency Reports (ATR) by Auditors/Audit Firms
[Last date for Comments: February 16, 2023] 


IBBI Draft:

Invitation of comments from the public on changes being considered to the Insolvency and Bankruptcy Code, 2016
[Last date for Comments: February 7, 2023] 


SEBI Draft:

Consultation Paper on “Blocking of Funds for Trading in Secondary Market"
[Last date for Comments: February 16,2023] 


RBI Draft:

Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks
[Last date for Comments: February 28, 2023] 


Legal Updates:


Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies


Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel [No.4]

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 and export of Aviation turbine Fuel [No.3]


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