CAalley Newsletter for the week ending March 29, 2023
Latest additions to CAalley:
News Update:
From the ICAI:
Exposure Drafts:
Acts & Regulations:
Legal Updates:
News Update:
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
Tobacco in gunny bags to attract 28% GST, 71% compensation cess: AAR
India asks state-run banks to monitor top loan accounts strictly: Reports
SEBI makes KYC mandatory for maintaining e-wallets in mutual funds from May 1
Sebi relief for investors holding physical shares
STT hike could push FPIs to relocate operations to India to save tax
Can't declare a borrower 'fraud' without hearing him first: SC tells RBI
Mutual fund nomination deadline to end on March 31
Export benefits under RoDTEP extended to 18 textile items including sari
Revised guidelines to digitise fund flow architecture in MPLADS
FM tells PSBs to diversify deposit, asset base amid global financial stress
Chennai-based accounting firm under scanner for forging documents
NSE rolls back 6% hike in transaction charges on equity cash, derivatives
Windfall Tax | Vedanta deducts $91 million from govt.'s profit to make up for tax paid
Govt will set up a committee to review pension scheme: FM tells Parliament
GST appellate tribunal may be headed by a former Supreme Court judge
Parl panel expresses concern over financial health of insurance firms
Finance ministry asks public sector banks to share bond portfolio data
Small business' NPAs decline in Sep 2022 quarter despite high credit growth: Report
Aadhaar-based e-KYC: Govt onboards NBFCs, fintechs
'Sebi speeds up action against social media stock tips'
I-T dept launches ‘AIS for Taxpayer’ mobile app
Law firms plan fee hikes to retain talent amid 'foreign entry'
Lok Sabha approves Finance Bill as amended by Rajya Sabha: Report
Govt hikes duty on X-ray machine imports from 10% to 15% starting April 1
Govt caps maximum GST cess rate on pan masala; links rate to sale price
Withholding tax on royalty and technical fee doubled to 20%
RBI asked to monitor card spend under LRS
No relief to start-ups from angel tax provisions in Finance Bill amendments
Finance ministry issues clarification over STT hike on selling options
TDS on all winnings from online gaming to come into effect from April 1: Budget 2023
Government hikes securities transaction tax on futures, options contracts
Finance Bill 2023 passed in Lok Sabha with THESE major amendments
Govt. to scrap long-term tax benefit for debt mutual funds investing less than 35% assets in equity
Proposed Amendments to Finance Bill 2023
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
Why tighter regulations won't prevent the next financial crisis
FASB Proposes Accounting Rules for Measuring, Presenting and Disclosing Crypto Assets
Consider Developing a Standard Definition of EBITDA for U.S. GAAP, FASB Advisers Say
Accountant shortages likely to yield more audit failures
Bank of England raises key UK interest rate to 4.25%
Fed delivers small rate hike, says 'some additional' tightening possible
From the ICAI:
Exposure Drafts:
Proposed Accounting Standards Update
Intangibles — Goodwill and Other — Crypto Assets
Accounting for and Disclosure of Crypto Assets
[Last date for Comments: June 6, 2023]
Amendments to the Classification and Measurement of Financial Instruments
Proposed amendments to IFRS 9 and IFRS 7
[Last date for Comments: July 19, 2023]
Acts & Regulations:
Master Circular on Surveillance of Securities Market [Issued on March 23, 2023]
Legal Updates:
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
Streamlining the onboarding process of FPIs
E-wallet investments in Mutual Funds
Special Clearing Operations on March 31, 2023
Revised Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and Capital Adequacy
Inclusion of 18 HS Codes under Heading 5208 in Appendix 4R for RoDTEP [No.63]