CAalley Newsletter for the week ending on October 21, 2022
Latest additions to CAalley:
News:
Exposure Drafts:
Legal Updates:
IBBI (2022) [New addition]
IBBI (2021) [New addition]
News:
CBIC Extends Due Date For Filing GSTR 3B Return
CAG plans annual fiscal sustainability reports for states
PSBs to soon have a helpline for customer grievance redressal: Report
‘Fraudulent’ transactions of Rs 1,500 crore detected in Srei
Infosys allows employees to take up outside gig work
Slow GST portal: CBIC mulls extending Sept returns filing due date
CAG compliance audit report points to lapses in revenue collection
EPFO issues clarification on EDLI insurance claims
Profit-minded educational institutions cannot claim Income Tax exemption: SC
Sanjay Malhotra to take over as next revenue secretary
Sebi clears government proposal to turn Vodafone Idea dues into equity
CCI fines Google Rs 1,338 crore for anti-competitive practices
GST Council to meet before mid-Nov; GoM report on tax casinos on agenda
MSMEs can continue to avail non-tax benefits post re-classification: Govt
Sebi focuses on data, tech tools to detect malpractice in securities mkt
Risk to India's sovereign rating from external pressures limited: Fitch
CCI slaps penalties totalling Rs 392 cr on MakeMyTrip, Goibibo, OYO
Competition Comm orders probe against state-owned IREL for alleged unfair biz practices
Auditor makes adverse opinion on internal financial controls of BYJU’S
Government seeks waiver in key norm for IDBI Bank stake sale: Report
QR codes prone to manipulation by cyber fraudsters, warn IT experts
How to safely navigate through FEMA regulations and common mistakes to avoid
How does tokenisation prevent online card fraud?
Govt may infuse ₹5,000 cr in state-run general insurers
India examining proposal to raise palm oil import tax
‘Bigtechs’ pose systemic risks to financial stability: RBI paper
Supreme Court notice to RBI in Subramanian Swamy plea on bank scams
Women representation on Indian boards accelerated to 18 per cent in 2022: Report
PSU general insurer employees irked with move to link pay with performance
Revised RBI norms to improve governance, bolster ARCs structurally: Crisil
Raghuram Rajan explains why India should not follow China's economic model
Centre to simplify Patent Law: Piyush Goyal
MCA planning to shift all company forms to new portal by December
RBI Guv says central bank taking measures to improve availability of digital infra for banking
Do you pay rent through credit card? It may not be rewarding
SEBI’s framework for governing council of social stock exchange explained
Centre hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil
India unlikely to be hit as hard by global recession as other countries: SBI chairman
Explained | RBI’s concept note on introducing CBDCs
RBI policymakers divided on future path of rates, meeting minutes show
NFRA publishes list of auditors who have not filed returns for FY20
BIS should help facilitate zero defect, zero effect policy: Piyush Goyal
After RBI missive, FIDC asks NBFCs to revise codes of conduct
FM Sitharaman calls for effective tax reporting regime on crypto assets
FM Sitharaman offers open source network India Stack to other countries
Why banks want you to swipe new credit card soon
Sebi issues framework for dealing with suspension of rating agencies
Govt removes criteria for CPSEs to improve share price over sectoral index
In US, FM calls for infra investments, simple international taxation rules
World dangerously close to recession, warns World Bank President
AAAR: Frozen parathas not rotis, to face 18% GST rate
RBI asks banks to stop building positions in offshore market: Report
RBI to submit report on failure to tackle inflation for 3 qtrs since Jan
Sebi issues std operating procedure for inter-operable regulatory sandbox
US mulls security reviews for Elon Musk deals, including Twitter buy
KPMG Canada sanctioned by US audit watchdog for failing to disclose unregistered accounting firm
PCAOB hits audit partner with record $150K penalty
KPMG flunks US overseas audit inspections twice as often as rivals
FASB moves toward a standard for fair value accounting of cryptoassets
U.S. accounting watchdog levies largest-ever fine against individual
AICPA seeks guidance on corporate alternative minimum tax
FRC advises companies on optimising net-zero disclosures
U.K. Chancellor of Exchequer Jeremy Hunt scraps nearly all government tax cut plans
All you need to know about corporation tax in UK and Kwasi Kwarteng's U-turn indication
No longer working to Diwali deadline for India trade pact, says UK trade minister
Want visas for professionals, business in UK FTA: Govt
FASB Settles on Fair-Value Accounting for Measuring Crypto Assets
FASB Proposes Biggest Changes in 25 Years for Public Company Disclosure of Business Unit Expenses
PCAOB Adds 3 New Projects to Standard-Setting and Research Agendas
Global hazards outstrip corporate risk preparations
Exposure Drafts:
Draft Master Direction - Information Technology Governance, Risk, Controls and Assurance Practices
[Last date for Comments: November 20, 2022]
IRDAI (Re-insurance) (First Amendment) Regulations, 2022
[Last date for comments: November 11, 2022 to be sent to
IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) (First Amendment) Regulations, 2022
[Last date for comments: November 11, 2022 to be sent to
IRDAI (Actuarial Report and Abstract for Life Insurance Business) (First Amendment) Regulations, 2022
[Last date for comments: November 11, 2022 to be sent to
IRDAI (Registration of Indian Insurance Companies) Regulations, 2022
[Last date for comments: November 3, 2022 to be sent to Mr. Nirmal Jain at
Legal Updates:
Notification regarding Fast Track Corporate Insolvency Resolution process
Notification rescinding the MCA Notification dated the 28th January, 2022
Details of matters pending with Supreme Court of India and various High Courts
Revision of fees applicable for Limited Insolvency Examination and Valuation Examinations
Clarifications with respect to Temporary Surrender of Professional Membership
Order: Regular hearing in NCLT Benches w.e.f. 01.07.2021
Notification under section 4 of the Insolvency and Bankrutpcy Code, 2016 for Chapter III-A
Order: Physical hearing by NCLT Benches w.e.f. 01.03.2021
Monetary Penalties to be imposed by an Insolvency Professional Agency
Reporting of status of ongoing corporate insolvency resolution processes through Form CIRP 7
Retention of records relating to Corporate Insolvency Resolution Process
Retention of records relating to Corporate Insolvency Resolution Process
Governing Council for Social Stock Exchange (“SSE”)
Suspension, Cancellation or Surrender of Certificate of Registration of a Credit Rating Agency
Providing cover for Mental Illness under Health Insurance policies
Insurance cover for new-borns/infants under health insurance policies
Implementation of Information and Cyber Security Guidelines
Auditor's Certificate on Cyber Security Controls
Requirements to be Complied by Audit Firm Engaged for Certifying "Status of Cyber Security Controls"
Checklist on Applicability of Cyber Security Framework
Exchange rate Notification No. 90/2022-Cus (NT) dated 20.10.2022 [No.90(NT)]
Seeks to amend Project Import Regulations, 1986 [No.54]
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.89(NT)]
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019
Increase in the Special Additional Excise Duty on Diesel [No.35]