February 16 2017
The Public Company Accounting Oversight Board has updated its staff guidance for auditing firms filing the new Form AP, in which firms are now required to disclose the names of engagement partners and other accounting firms that participated in audits.
The updated staff guidance explains how firms should treat professional staff involved in “secondment arrangements,” that is, when an employee is assigned on a temporary basis to work for another firm.
Consultative Paper on the proposed amendments to SEBI (Debenture Trustee) Regulations, 1993
[Last date for comments: March 8, 2017]
Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
[Last date for comments: February 28, 2017]
- Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2017
- SEBI (Depositories and Participants) (Amendment) Regulations, 2017
- SEBI (Mutual Funds) (Amendment) Regulations, 2017
- SEBI (Issue and Listing of Debt Securities by Municipalities) (Amendment) Regulations, 2017
- Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors
- Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) - Withdrawal of Fortnightly return
- Inclusion of “Capital Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
- Inclusion of “Equitas Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
- Repayment of Gold Loan
- Reimbursement of Merchant Discount Rate
- Formation of twenty one new districts in the State of Telangana - Assignment of Lead Bank Responsibility
New Delhi, February 17, 2017
The PAN-Aadhaar combination will not only make the tracking of individuals easier, it will also be a big source to gather banking transaction information, which can be an important indication of a person’s income profile.
The income tax department’s ‘Operation Clean Money’, launched on January 31, for e-verification of large cash deposits made during the demonetisation period, under which 18 lakh people were asked through e-mails and SMS to submit their response on the e-filing portal, should be taken as a pilot project for handling tax evasion in a non-intrusive manner in future.
New Delhi, February 16, 2017
Chartered accountants' apex body ICAI today signed an agreement with the Indian Railways for moving its accounting system to the accrual format.
"Accrual based financial statement will support Indian Railways in better utilisation of available resources, estimation of future liabilities and prioritisation of spending.
February 15, 2017
The Financial Accounting Standards Board’s guidance on the definition of a business could be of special benefit to the real estate, pharmaceutical, biotech and financial services industries, but doesn’t go as far as some had hoped.
FASB issued the accounting standards update last month (see FASB clarifies business definition). The update clarifies whether transactions should be treated as asset acquisitions or business combinations.
New Delhi, February 16, 2017
Today, RBI has placed on its website for public feedback the draft circular on rationalisation of Merchant Discount Rate for debit card transactions.
In the wake of the demonetisation drive that is gradually coming to an end, the Reserve Bank of India (RBI) has come out with yet another new push that seeks to empower people regarding digital payments – one of the goals of the note ban was to turn India into a less cash-dependent country by encouraging payments via the digital medium. Today, RBI has placed on its website for public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions and invited comments and suggestions for the same – last date for this is on or before February 28, 2017. With this goal in mind, RBI is looking at prospects of effecting a big cut in MDR charges on debit card payments and thereby make these payments by the public a much more viable option. For small merchants with annual turnover of Rs 20 lakh and special category merchants, like utilities, insurance, mutual funds, educational institutions and government hospitals, the MDR charge has been proposed at 0.40 per cent of the transaction value.
Mumbai, February 16, 2017
First such claim may be made by April 30, 2017 for the quarter ending March 31, 2017
The Reserve Bank will start reimbursing MDR charges to banks for payments made since January 1 through debit cards by citizens, in line with the government's move to further digital solutions.
In December 2016, the government had decided to absorb the merchant discount rate (MDR) charges in respect of debit card transactions for making payments to it. The move was aimed to encourage people to use digital payments post demonetisation.
February 16, 2017
On October 7, 2016, the Securities and Exchange Board of India (Sebi) issued a consultation paper on amendments clarifications to the Sebi (Investment Advisers) Regulations, 2013. Though it contained several points, Sebi's plan to curb the “practice of providing trading tips messages containing buy, sell, hold recommendations on securities“ (i.e. point number 4.5.2) got maximum attention.
If this discussion paper is accepted without any change, no person will be allowed to provide trading tips and stock-specific recommendations to the public through short message services (SMSs), email, phone etc or through social media like WhatsApp, Twitter, Facebook, etc. unless such persons obtain registration as an investment adviser or are specifically exempted from obtaining registration.
Mumbai, February 14, 2017
Will help lenders take action quickly and invoke penal measures in high-value fraud cases
The Reserve Bank of India wants banks to create a common pool of forensic audit firms so that they can pick one of them quickly whenever a high-value fraud needs to be investigated.
This is aimed at ensuring that precious time is not lost in evaluating eligibility criteria of audit firms.
February 14 2017
At least one of the Financial Accounting Standards Board’s simplification initiatives is proving to be so popular that some companies want to adopt it as of yesterday.
It involves eliminating an extra step for goodwill impairment tests. Late last month, FASB released a new standard to simplify the goodwill impairment test, allowing many companies that don’t already apply the private company accounting alternative for goodwill to skip the extra step (see FASB updates goodwill impairment standard).
New Delhi, February 15, 2017
After launching the ambitious e-nivaran facility for online redressal of taxpayers' grievances, the income-tax (I-T) Department has now opened these windows at its 60 special offices across the country.
The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Kendras (ASKs), as there has been a slight delay in its operalisation at a few centres due to certain infrastructure issues, a senior I-T official said.
Insolvency and Bankruptcy Board's draft for Voluntary Liquidation
- The Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2017
- IRDAI (Relaxations under Appointed Actuary Regulations 2017 and appointment of Mentors) Guidelines, 2017
Feb 14, 2017
Morgan Stanley (MS.N) has agreed to pay $8 million to settle charges related to single inverse exchange-traded fund investments that the firm had recommended to clients, U.S. financial regulators said on Tuesday.
In a statement, the Securities and Exchange Commission said Morgan Stanley admitted to wrongdoing, adding that the company had from 2010 to 2015 "recommended securities with unique risks and failed to follow its policies and procedures to ensure they were suitable for all clients."
New Delhi, February 14, 2017:
The Institute of Chartered Accountants of India (ICAI) is toying with the idea of introducing the concept of “temporary suspension” of erring members as part of broader improvement of its disciplinary mechanism of the audit profession, said Nilesh Vikamsey, newly elected President.
“This is only an idea with us. We have to discuss it at the Central Council level and then write to the government,” Vikamsey said at a press conference, his first after assuming charge as the 65th President of the single largest accountancy body in the world.