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CAalley Newsletter for the week ending March 29, 2023

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Latest additions to CAalley:

News Update:

Indian News

Budget News

International News

From the ICAI:

ICAI Announcement

Auditing Standard

Exposure Drafts:

FASB Exposure Draft

IFRS Exposure Draft

Acts & Regulations:

SEBI Master Circular

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

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'


Budget News:

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


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

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:

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

Exposure Drafts:

FASB Exposure Draft:

Proposed Accounting Standards Update
Intangibles — Goodwill and Other — Crypto Assets
Accounting for and Disclosure of Crypto Assets

[Last date for Comments: June 6, 2023]


IFRS Exposure Draft:

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:

SEBI Master Circular:

Master Circular on Surveillance of Securities Market [Issued on March 23, 2023]

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]



Clarification regarding GST rate and classification of ‘Rab’ based on the recommendation of the GST Council in its 49th meeting held on 18th February 2023 [Circular No.191]



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

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



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]

Inclusion of 18 HS Codes under Heading 5208 in Appendix 4R for RoDTEP [No.63]

Amendment in conditions of the Standard Input Output Norms (SION) at E-136 for export of wheat flour [Public Notice No.62]



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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