Daily Newsletter - July 17, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

IFSCA Draft

Useful Forms:

MCA eForms

Acts & Regulations:

RBI Master Directions

Legal Updates:

GST

MCA

IFSCA

Customs

Central Excise

 

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News Update:

Indian News:

Take KYC seriously: RBI’s clear message to fintechs

Sebi proposes new asset class for risk takers

Fraud detection framework: Quant MF affair triggers rush to apply new rules

Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance

Banks look to form their own self-regulatory body for fintechs

Govt implements uniform 5% tax for all aircraft, aircraft engine parts

Defaulting borrowers should be heard before being declared 'fraud': RBI

 

International News:

Internal auditing to undergo major transformation, says IIA

KPMG takes lead in Q1 SEC audit clients

PwC weighs halving of China financial services audit staff, Reuters reports

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Exposure Drafts:

ICAI Exposure Draft:

Exposure Draft - Audit Quality Maturity Model (AQMM) version 2.0
[Last date for comments: August 2, 2024] 

 

IFSCA Draft:

Public Consultation on proposed amendments to IFSCA (Registration of Insurance Business) Regulations, 2021
[Last date for Comments: July 30, 2024] 
  

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Useful Forms:

MCA eForms:

The following MCA eForm has been updated:

Form SCP
Serious Complaint Form

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Acts & Regulations:

RBI Master Directions:

Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)

Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs) / State Cooperative Banks (StCBs) / Central Cooperative Banks (CCBs)

Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions

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Legal Updates:

GST:

Advisory: Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals

 

Seeks to provide exemption from Compensation Cess on supplies under heading 2202 by URCs to authorised customers [No.1/2024-Compensation Cess (Rate)]

  

Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 53rd meeting held on 22nd June, 2024, at New Delhi [Circular No. 229]

Clarifications regarding applicability of GST on certain services [Circular No. 228]

 

Seeks to amend Notification No 12/2017- Central Tax (Rate) dated 28.06.2017 [No.4/2024-Central Tax (Rate)]

Seeks to amend notification No. 2/2017- Central Tax (Rate) [No.3/2024-Central Tax (Rate)]

Seeks to amend notification No. 1/2017- Central Tax (Rate) [No.2/2024-Central Tax (Rate)]

 

Seeks to amend Notification No 09/2017- Integrated Tax (Rate) dated 28.06.2017 [No.4/2024-Integrated Tax (Rate)]

Seeks to amend notification No. 2/2017- Integrated Tax (Rate) [No.3/2024-Integrated Tax (Rate)]

Seeks to amend notification No. 1/2017- Integrated Tax (Rate) [No.2/2024-Integrated Tax (Rate)]

 

Seeks to amend Notification No 12/2017- Union territory Tax (Rate) dated 28.06.2017 [No.4/2024-Union Territory Tax (Rate)]

Seeks to amend notification No. 2/2017- Union Territory Tax (Rate) [No.3/2024-Union Territory Tax (Rate)]

Seeks to amend notification No. 1/2017- Union Territory Tax (Rate) [No.2/2024-Union Territory Tax (Rate)]

  

MCA:

The Companies (Incorporation) Amendment Rules, 2024

 

IFSCA:

IFSCA (Banking) (Amendment) Regulations, 2024

 

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.49(NT)]

 

Central Excise:

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 [Notification No.18]

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