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Daily Newsletter - May 5, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:

Article

Exposure Drafts:

IBBI Draft

IRDA Draft

Acts & Regulations:

RBI Master Direction

Legal Updates:

Income Tax

GST

RBI

SEBI

IRDAI

Customs


  

News Update:

Indian News:

Taxmen to conduct two-month special drive to weed out fake GST registrations, identify masterminds

GSTN advises taxpayers to plan return filing, invoice uploading to avoid last-minute rush

Chartered Accountants Become Reporting Agencies After Tweak In Anti-Money Laundering Law: Report

SC: Homoeopathic hair oil entitled to lower tax rates

'Sebi to tell brokers, funds to limit use of financial influencers'

Dealing with EU's carbon tax is high on the agenda: DGFT

FinMin allows 22 finance cos to undertake Aadhaar-based client verification

Here's how banks are coping with surge in cyber attacks, phishing, fraud

India considering allowing foreign investment in nuclear power industry

CA, CS handling client money in PMLA ambit; FinMin notifies rules

RBI updates KYC instructions on wire transfers for banks, institutions

Additional 1.16% contribution for pension fund to come from employers: Govt

India should introduce carbon-pricing system

CBDC more environment friendly than other cashless modes: RBI report

Supreme Court paves way for prosecution of 2 ex-IL&FS audit firms

Performance linked incentive for MF industry to garner more investments, says SEBI official

Irdai proposes guidelines for remuneration of core team of private insurers

  

International News:

PCAOB enhances transparency of inspection reports

Insider trading case involving NFTs and a $57,000 profit ends with the first such criminal conviction ever

Supreme Court to Hear Whistleblower Retaliation Case with Widespread Implications

US Federal Reserve delivers small rate hike, flags possible pause in tightening cycle


Reference Section:

Article:

Professional scepticism requires ‘right’ culture
[Published By Accountancy Age]
May 4, 2023


Exposure Drafts:

IBBI Draft:

The IBBI invites comments from the public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016
[Last date for Comments: December 31, 2023] 

  

IRDAI Draft:

Amendments to Insurance Advertisements and Disclosure Regulations
[Last date for comments: May 25, 2023]
  


Acts & Regulations:

RBI Master Direction:

Master Direction - Know Your Customer (KYC) Direction, 2016 (Amended as on May 4, 2023)


Legal Updates:

Income Tax:

​Clarification on FAQ 6(reporting) and FAQ 3 (reporting) issued by U.S. IRS in respect of FATCA reportable accounts [Press Release]

DTAA with Chile [Notification No.24]

Applicability of PMLA on CA/CS/CWA

  

GST:

Guidelines for Special All-India Drive against fake registrations [Instruction No.1]

Advisory for Timely Filing of GST Returns

  

RBI:

Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer

  

SEBI:

Testing Framework for the Information Technology (IT) systems of the Market Infrastructure Institutions (MIIs)

Additional requirements for the issuers of transition bonds

  

IRDAI:

Instructions to stop the facility of re-payment of loan taken against the insurance policy through Credit Card

  

Customs:

Exchange rate Notification No. 33/2023-Cus (NT) dated 04.05.2023 [No.33(NT)]

Seeks to impose countervailing duty on imports of Saturated Fatty Alcohols of Carbon Chain length C10 to C18 and their blends originating in or exported from Indonesia Malaysia and Thailand for a period of 5 Years [No.1(CVD)]


  

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