CAalley Newsletter for the week ending February 8, 2023
Latest additions to CAalley:
News:
Exposure Drafts:
Acts & Regulations:
From the ICAI:
Reference Section:
Legal Updates:
News Update:
No more penal interest: How RBI decision will help home, personal, car and other loan borrowers
FinMin issues draft scheme for settling disputes related to govt contracts
Digital currency has 50,000 users, 5,000 merchants: RBI
RBI to issue norms to boost green finance, mitigate climate risks
RBI announces pilot for QR code-based Coin Vending Machine
RBI proposes to expand scope of TReDS to improve cash flows for MSMEs
RBI to allow lending, borrowing of govt bonds: Shaktikanta Das
Travellers to India from G20 nations can use UPI for merchant payments: RBI
RBI MPC increases repo rate by 25 bps, pegs FY24 inflation at 5.3%
Key highlights of RBI policy statement
SEBI burdens stock brokers with more compliance
Will get fitment panel to look into 28% GST for cement: FM Sitharaman
Artificial Intelligence to be a game changer in govt audit space: CAG
Leave encashment received at retirement will be tax-free under new I-T regime: Revenue Secretary
FinMin asks depts, CPSEs to refund 95% of MSMEs securities till March 2022
Foreign tourists not exempt from GST
Govt to come out with discussion paper on contractual disputes: Somanathan
16-member panel set up to draft Digital Competition Act within 3 months
CAG call to combat cyber security threats to auditing
SEBI gets strict on beneficial owners hiding behind FPIs
Govt streamlines rules for settlement of disputes among CPSEs
PPO number: How to download PPO (Pension Payment Order) number from Digilocker
No provision to refund accumulated corpus under NPS to state govt: FinMin
India will not merge GST tax rates in 2023-24: Revenue Secretary Malhotra
Markets regulator seeks beneficial ownership details of foreign investors: Report
Linking PAN with Aadhaar: CBDT chairperson says 48 crore linked so far
IRDAI should set up a committee to review its regulations: Experts
Govt not to impose import duty on cars brought in for testing: Minister
Insurance companies under scanner for rampant tax evasion
India, France, UAE unveil plans for co-operation under trilateral framework
Sebi proposes measures to curb mis-selling in alternate investment funds
Centre working on implementing new Foreign Trade Policy from April 1, 2023
SEBI tweaks operational framework on credit rating agencies
GST Council chaired by FM Nirmala Sitharaman to meet on Feb 18
Sebi tweaks framework on credit rating agencies, asks for detailed policy
Banking sector remains resilient and stable: RBI
No extension to lower withholding tax triggers concern among FPIs: Report
Will bring scheme for disposal of small appeals: CBDT chairperson
Window for unlimited investment in insurance policies with tax-free return closes on March 31
Wait for interest credit for 2021-22 prolongs for lakhs of EPF subscribers
Monthly GST revenue at Rs 1.50 lakh crore to be new normal next fiscal: CBIC chief
Govt paves way for IFSC units to issue P-notes to foreign investors
Windfall tax to continue for now; collections at Rs 25k cr this year: Govt
Sebi clarifies on transaction in corp bonds via request for quote platform
Sebi mulls framework for REITs, InvITs to issue depository receipts
Govt reduces customs duty on number of products for marine sector
EPF withdrawals will be less taxing now. All about the big budget announcement
India Inc braces for CSR cost blow
No angel tax on past foreign investments in startups
Increase in TCS under LRS is to target discretionary spending: Revenue Secy
Scope widens for GST levy on online database services
ITC cannot be claimed on goods/services used for CSR activities: Budget
Six Questions For Indian Startups, Tech & Digital India
Tax reins tightened, charitable trusts have no margin of error
I-T, TDS to cover cash ‘benefits’
Notes on Clauses - Direct & Indirect Taxes -- As Published by IT Dept
Highlights of Finance Bill -- As Published by IT Dept
How many times can you switch between new tax regime and old tax regime?
10 things individual taxpayers should know
Understanding 20% TCS on foreign remittance transactions
Decriminalisation proposal can make investors gung-ho about doing business
Personal income tax googlies you must watch out for
Finance Minister proposes amendments to banking laws
Budget proposals don't seek privatisation of state-owned banks: DEA Secy
Govt hikes import duty on toys to 70% to boost domestic manufacturing
Budget gives thrust to handicrafts, ELS cotton
The IIA Opposes New PCAOB Standard Proposal's Anti-Internal Auditor Language in Comment Letter
Proposed crypto accounting rules won’t cover self issued tokens
GASB Proposes New Guidance for Subscription-Based IT Services
Audit committee job creep taking its toll
UK sets out plan to regulate cryptoassets
FASB Crypto Proposal Coming by End of March amid Slight Sector Rebound from Lows
PCAOB offers new guidance for quality control remediation
OECD releases technical guidance for implementation of the global minimum tax
Central banks should stick to 'higher for longer' interest rate approach: IMF
BOE Raises Key Rate to 4% Saying More Hikes May Be Needed
Fed raises rates a quarter point, expects ‘ongoing’ increases
Exposure Drafts:
Guidance Note on Financial Statements of Limited Liability Partnerships
[Last date for Comments: March 8, 2023]
Guidance Note on Financial Statements of Non-Corporate Entities
[Last date for Comments: March 8, 2023]
Consultation paper on review of Corporate Governance norms for a High Value Debt Listed Entity
[Last date for Comments: February 22, 2023]
Consultation paper on institutional mechanism for Stock Brokers to ensure prevention and detection of fraud or market abuse
[Last date for Comments: February 21, 2023]
Consultation paper on Investor consent for buying/selling investments from/to associates of AIFs
[Last date for Comments: February 18, 2023]
Consultation paper on review of eligibility criteria for the key investment team and prescribing qualification for compliance officer of Manager of an Alternative Investment Fund
[Last date for Comments: February 18, 2023]
Consultation paper on dematerialisation of units of AIFs
[Last date for Comments: February 18, 2023]
Consultation paper on safeguarding clients’ funds placed with stock brokers/ Clearing Members (CMs): Upstreaming of clients’ funds to Clearing Corporations (CCs)
[Last date for Comments: February 17, 2023]
Consultation paper on direct plan for schemes of Alternative Investment Funds (AIFs) and trail model for distribution commission in AIFs
[Last date for Comments: February 18, 2023]
Consultation Paper on providing option to Alternative Investment Funds and their investors to carry forward unliquidated investments of a scheme upon completion of its tenure
[Last date for Comments: February 18,2023]
Consultation Paper on Regulatory Framework for REITs and InvITs to issue Depository Receipts
[Last date for Comments: February 21,2023]
Acts & Regulations:
Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under
[Issued on February 3, 2023]
Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023 [Dated February 2, 2023]
Framework for Social Audit Standards
Reference Section:
Analysis of Indirect Tax Updates in Finance Bill 2023
Legal Updates:
The Centralised Processing of Equalisation Levy Statement Scheme, 2023 [No.3]
FAQs on e-Verification Scheme 2021
Enhanced obligations and responsibilities on Qualified Stock Brokers (QSBs)
Dos and don’ts relating to green debt securities to avoid occurrences of greenwashing
Updated Operational Circular for Credit Rating Agencies
Amendments to Operational Circular for Credit Rating Agencies
Manner of achieving minimum public shareholding
Amendments to Operational Circular for Credit Rating Agencies
Liquidity Adjustment Facility - Change in rates
Standing Liquidity Facility for Primary Dealers
Instruction regarding Import of High risk food products at specific ports [Instruction No.5]
Exchange rate Notification No. 08/2023-Cus (NT) dated 02.02.2023 [No.8(NT)]
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.7(NT)]
