CAalley Newsletter dated September 01, 2022

Latest additions to CAalley:

News:

Indian News

International News

Exposure Draft:

IRDAI Exposure Draft

Legal Updates:

MCA

SEBI

RBI

IRDAI

Customs

Central Excise

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Indian News:

I-T dept detects Rs 250 cr 'black' income after Kolkata business group raid

MCA tweaks rules about company deposits, enhances statutory auditors' role

India proposes retaliatory duties on UK imports for curbs on steel products

RBI unlikely to accept NBFCs' requests for bad-loan exemptions: Report

Moody's slashes India's economic growth forecast to 7.7% for 2022

Manufacturing growth stayed strong in August, inflation eases

'Selling tickets, income from IPL': SC says BCCI a shop, provisions of ESI Act applicable

Customs to start risk-based scrutiny of imported goods in phases from Sep 5

Sebi bans individuals, entities for unauthorised investment advisory

Income Tax raids 22 locations in Lucknow, Kanpur in corruption cases

August GST collection likely to be in range of Rs 1.42-1.43 lakh crore: Ajay Seth

CBIC appoints two new members

Health, insurance require parallel investments: Irdai

ICAI approves formation of self-regulatory organisation for social auditors

Centre working to develop portal for ‘ease of living' of pensioners

Goyal reviews ongoing FTAs; deliberates ways to fast track negotiations

Changes in process flow of e-nomination for NPS subscribers with effect from October 1

RBI plans registry to save you from digital frauds

RBI launches key household surveys to get inputs for monetary policy

SAT quashes NSE order against Kotak Mahindra Bank in share pledging case

Reserve Bank can hike repo rate to 6% by December, say economists

GST revision can enable India achieve $5 trillion economy: EY

India not to miss 11.1% nominal GDP growth in FY23, says Bibek Debroy

Centre may revamp framework for setting state-owned banks' targets

Use technology to make insurance affordable, says Irdai chairman Panda

Mumbai: CSGT superintendent booked for demanding Rs 8,000 bribe

65% of banks expect MSME NPAs to increase in second half of 2022: FICCI-IBA survey

RBI considers setting up of fraud registry to check banking frauds

Looking at duty-free access for ODOP products in FTAs: Piyush Goyal

Stop charging platform fee on BBPS payments: NPCI directs payment apps

Employers favour administrative labour reforms over legislative ones

SC to soon get new mechanism for listing of matters, says CJI U U Lalit

Supreme Court notice to Centre, states on plea seeking stricter punishment for hoarding, black marketing

Company's latest retention tool: Stay interviews

 

 

International News:

Businesses must move away from short-term approach to IFRS 15 compliance

China announces 234 arrests in provincial banking scam promising high rates

U.S. and China Sign Historic Agreement on Audit Firm Supervision

Tax Court Says When Deathbed Gifts Are Complete

How CPAs Can Mitigate Greatest Malpractice Risks

 

 

IRDAI Exposure Draft:

IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2022
[Last date for comments: September 14, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a copy to This email address is being protected from spambots. You need JavaScript enabled to view it. ]

 

 

MCA:

Companies (Acceptance of Deposits) Amendment Rules, 2022 dated 29.08.2022

Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2022

Companies (Registration of Charges) Second Amendment Rules, 2022

Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2022

 

 

SEBI:

Circular for Portfolio Managers

Corrigendum to Master Circular for Depositories dated February 05, 2021 on Opening of demat account in case of HUF

Enhanced Disclosures by CRAs and Norms on Rating Withdrawal

 

 

RBI:

Section 23 of the Banking Regulation Act, 1949 – Branch Authorisation Policy – Left Wing Extremism affected districts – Revised List

Foreign Exchange Management (Overseas Investment) Directions, 2022

Foreign Exchange Management (Overseas Investment) Regulations, 2022

Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents

Bilateral Netting of Qualified Financial Contracts - Amendments to Prudential Guidelines

Section 23 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Opening of new place of business by District Central Co-operative Banks (DCCBs)

Rupee Interest Rate Derivatives (Reserve Bank) Directions - Review

Authorised Dealer Category-I License eligibility for Small Finance Banks

Change in Bank Rate

Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)

Standing Liquidity Facility for Primary Dealers

Liquidity Adjustment Facility- Change in rates

 

 

IRDAI:

Applicability of Service Tax / GST on services provided by IRDAI to Insurance intermediaries

Amendments to Investments Master Circular

Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT), 2022

Introduction of new add-ons in Motor Insurance

Accounting of Premium, claims and related expenses on estimation basis

Solvency Margin for Crop Insurance Business

Rationalization of regulatory returns and other compliance requirements

Use & file (U&F) procedure for life insurance products & riders

Product Filing Procedure

Use and file procedure for all categories of products under health insurance business

 

 

Customs:

Seeks to amend notification Nos. 48/2021 and 49/2021 - Customs, both dated 13.10.2021, in order to extend the existing concessional import duties on specified edible oils up to and inclusive of the 31st March, 2023 [No.46]

Seeks to further amend notification no. 130/2010-Customs dated 23rd December, 2010 [No.45]

Exchange rate Notification No. 73/2022-Cus (NT) dated 01.09.2022 [No.73(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.72(NT)]

Seeks to extend the levy of ADD on Jute Products originating in or exported from Nepal and Bangladesh [No.26(ADD)]

Faceless Assessment – Standard Examination Orders through RMS - Phase 1, Part 1 reg. [Circular No.16]

 

 

Central Excise:

Seeks to amend No. 10/2022-Central Excise, dated the 30th June, 2022 , to increase the road and infrastructure cesas on export of Diesel [No.28]

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.27]

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 and increase Special Additional Excise Duty export of Aviation Turbine Fuel [No.26]

Seeks to amend the eighth schedule to the Finance Act, 2002 to revise the duty on Aviation Turbine Fuel [No.25]