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CAalley Newsletter dated March 29, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

From the ICAI:

ICAI Announcement

Auditing Standard

Legal Updates:

Income Tax






News Update:

Indian News:

SEBI to put in place framework to prevent frauds by stock brokers

Lok Sabha approves amendments to competition law

States asked to finish fresh audits of public sector enterprises

No charge on normal UPI payment; interchange fee for PPI transactions: NPCI

NCLAT upholds Rs 1,337.76 crore fine imposed on Google by competition watchdog

Sebi approves key reforms giving more say to investors

Sebi discontinues payment through demand draft mode for intermediaries

PSU banks recover 14% of written-off loans in last 5 years: FM

Centre clears IRDAI's new commission norms for insurance intermediaries

Sebi extends nomination deadline for existing trading, demat account holders till Sep 30

To get long-term capital gains benefit, MFs re-open overseas investment funds

Government extends last date for linking PAN with Aadhaar to June 30

EPFO raises interest rate to 8.15% for FY23 from 8.1% last year: Report

SEBI getting set to regulate index providers

Power ministry seeks comments on draft carbon credit trading scheme


International News:

Proposal aims to ‘modernize’ public-company audit standards

FASB issues update to leases guidance

US regulator sues top crypto exchange Binance, CEO for 'willful evasion'

FASB issues lease standards update

From the ICAI:

ICAI Announcement:

Guidance on Audit Trail - Implementation Guide on Reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014


Auditing Standard:

FAQs on Important Principles enunciated in Standards on Auditing w.r.t. Auditor’s Opinion and Audit Sampling

Legal Updates:

Income Tax:

Income Tax: Rule 114AAA - Consequences of PAN becoming inoperative

Form 10F: Partial Relaxation provided to Non-residents not having PAN and not required to have it

Last date for linking of PAN-Aadhaar extended [Press Release]



Cyber Security and Cyber Resilience framework for Portfolio Managers

Review of time limit for disclosure of NAV of Mutual fund schemes investing overseas

Nomination for Mutual Fund Unit Holders – Extension of timelines

Norms for Scheme of Arrangement by unlisted Stock Exchanges, Clearing Corporations and Depositories

Amendment to Securities Lending Scheme, 1997

Nomination for Eligible Trading and Demat Accounts - Extension of timelines for existing account holders

Streamlining the onboarding process of FPIs



Special Clearing Operations on March 31, 2023

Revised Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and Capital Adequacy



Extension of Date for mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31st December 2023 [Trade Notice No.27]



Demarcation of the role of Central Intelligence Unit (CIU) in a Custom House in relation to anti smuggling work [Instruction No.12]


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