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Weekly Newsletter - February 21, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Acts & Regulations:

IBBI Regulations

Useful Forms:

MCA eForms

Exposure Drafts:

SEBI Draft


From the ICAI:

Guidance Note

CA's Referencer:

ICAI Reference Material

Legal Updates:

Income Tax











Central Excise


News Update:

Indian News:

PFRDA notifies amendments to National Pension System Trust and Pension Fund Regulations for Good Governance

Reserve Bank bolsters oversight of fintech firms with more inspections

Lenders form panel to protect bank executives against graft cases

ICAI to suggest ways to improve country's tax to GDP ratio, says Agarwal

Irdai to introduce collaterals for reinsurance transactions with CBRs

Sebi uncovers $241 million accounting issue at Zee

MCA notifies leniency plus regime under the Competition Act 2023

India decides to study the proposal for Brics currency, minus China

A third of withdrawn insolvency processes fully settled, says IBBI

UK says India needs to open its markets much more for a successful FTA

Personal guarantors face more insolvency heat

Arrest of Chanda Kochhar, her husband Deepak in loan fraud case amounted to abuse of power by CBI: Bombay HC

You've money to buy Go First but not to pay Credit Suisse: SC to Ajay Singh

CBDT sets Rs 1 lakh limit for withdrawal of pending tax demands till AY16

Income Tax Order regarding outstanding direct tax demands

Banks cede microfinance ground to NBFCs

Banks to conduct performance review of advocates to fast-track DRT cases

NFRA's first annual inspection of key audit firms to start by April

IBBI amends the Insolvency Resolution Process for Corporate Persons Regulations

The Finance Act, 2024

Paytm Payments Bank crisis: RBI releases FAQs for customers

MCA operationalises CPC for Centralised Processing of Corporate Filings

DGGI Summons 10 Foreign Airlines Operating In India Over Alleged GST Evasion

RBI extends Paytm Payments Bank restriction deadline to March 15

Money laundering suspected: More payment banks under scanner

Why did the Supreme Court strike down the Electoral Bonds Scheme?

No TDS on minimum guarantee paid by OYO Rooms to hotels: ITAT

Centre extends 'public utility' deadline for iron and steel industries

Central banks of India, Nepal sign agreement to link UPI-NPI, says RBI

Sebi considering mandatory registration of PMS distributors with APMI

Sebi asks companies for accurate details on end use of IPO funds

Income Tax department issues notices to taxpayers for donations to unrecognized political parties

RBI asks card networks to halt card-based business payments on KYC, fund-use concerns

Irdai draft guidelines to safeguard insurance policyholder interests: 5 major changes proposed

IFSCA to set up int'l arbitration centre at IFSC for dispute resolution

Life insurers ask Irdai to charge surrender value on accumulated premia


International News:

KPMG Study Reveals Surprising Plan for ESG Spending by Companies

IESBA proposes ethics changes for sustainability

Exposure Drafts:

SEBI Draft:

Consultation Paper on Ease of Doing Business Initiatives for Portfolio Managers
[Last date for Comments: March 7, 2024] 


IRDAI Draft:

Exposure Draft Guidelines on Collateralized reinsurance transactions for placement of reinsurance business with Cross Border Reinsurers
[Last date for Comments: March 5, 2024] 


Acts & Regulations:

IBBI Regulations:

IBBI (Liquidation Process) Regulations, 2016 (Amended upto 12.02.2024)

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Amended upto 31-01-2024)

IBBI (Voluntary Liquidation Process) Regulations, 2017 (Amended upto 31-01-24)

IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (Amended upto 31-01-2024)

IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (Amended upto 31-01-2024)

Useful Forms:

MCA eForms:

The following MCA eForms have been updated:

Form CRA-2
Form of intimation of appointment of cost auditor by the company to Central Government.

Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprise.

Form MGT-15
Form for filing Report on Annual General Meeting

From the ICAI:

Guidance Note:

Guidance Note on Audit of Banks
(2024 Edition)

CA's Referencer:

ICAI Reference Material:

Commonly Found Errors in Reporting Practices
[January 2024]

Legal Updates:

Income Tax:

Income Tax Order regarding outstanding direct tax demands



Advisory: Enhanced E-Invoicing Initiatives & Launch of Enhanced portal



Deployment and usage of Change Request Form (CRF) on MCA-21 [Circular No.2]

The Companies (Registration Offices and Fees) Amendment Rules, 2024



The CCI (Lesser Penalty) Regulations, 2024

Coming into force of section 33 of the Competition Amendment Act 2023



The IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024



Maintenance of net worth by Fund Management Entity



Exclusion of “Rupee Co-operative Bank Limited” from the Second Schedule to the Reserve Bank of India Act, 1934



Centralization of certifications under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) at KYC Registration Agencies (KRAs)



Modifications to the Master Circular to Unclaimed Amounts of Policyholders



Clarification regarding Notification No. 60 dated 13.02.2024 [Trade Notice No.38]

Amendment in Para 2.51 of Handbook of Procedures, 2023 [Public Notice No.43]

Import of Muskmelon Seeds under ITC(HS) 12077090 of ITC (HS) 2022 for the period up to 31.08.2024 [Public Notice No.42]



Seeks to amend Notification 11/2021-Cus dated 01.02.2021 in order to exempt AIDC on goods falling under tariff item 5201 00 25 [Notification No.11]

Seeks to amend notification No. 50/2017- Customs dated 30.06.2017 [Notification No.10]

Compliance of imported consignments of Boric Acid (Technical Grade) with notified Bureau of India Standards (Standards for Boric Acid) Order, 2019 [Instruction No.3]

Arrest Report and Incident Report (where arrest not made) – revised guidelines and formats [Instruction No.2]

Exchange Rate Notification No. 13/2024-Cus (NT) dated 15.02.2024 [Notification No.13(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.12(NT)]


Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to increase the Special Additional Excise Duty on export of Diesel [No.7]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude [No.6]



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