CAalley Newsletter dated April 5, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

PCAOB Exposure Draft

Acts & Regulations:

RBI Master Circulars/Directions

Legal Updates:

Income Tax

SEBI

DGFT

IRDAI

Customs

Central Excise

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News Update:

Indian News:

No GST on business vertical sold as 'going concern'

Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR

SC rules on service tax on corporate guarantees, gives pvt firm relief

China-based Huawei gets partial relief from ITAT

Web-based returns to deter attempts to float shell cos

CCI to get more enforcement powers on Big Tech following amendment to Competition law

Health insurance penetration still low

Windfall taxes virtually scrapped, for now

Regulator pulls up companies, auditors for flouting Ind As norms

Banks must have diverse boards: RBI

Centre cuts all windfall tax on domestically produced crude oil from today

Competition law gets more teeth, mergers to win swifter nod

Bankruptcy resolutions yielding lower realisations, taking longer: Report

I-T dept seized assets worth over Rs 4,800 cr in last 4 fiscals: Govt

Finance Ministry to constitute 16th Finance Commission this year

  

International News:

Big Four Auditors and Consultants Need Liability—And a Divorce

EY fined, banned from some audits in Germany over Wirecard scandal

Audit Regulatory Board Mum on Bank Failures as Critics Question Clean Audit Opinion for Silicon Valley Bank

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Exposure Draft:

PCAOB Exposure Draft:

Proposed Auditing Standard – Responsibilities of the Auditor in Conducting an Audit
[Last date for Comments: May 30, 2023] 

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Acts & Regulations:

RBI Master Circulars/Directions:

Master Direction on Framework of Incentives for Currency Distribution & Exchange Scheme for bank branches including currency chests based on performance in rendering customer service to the members of public

Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of public

Master Direction on Penal Provisions in reporting of transactions/ balances at Currency Chests

Master Direction on Counterfeit Notes, 2023 - Detection, Reporting and Monitoring

Master Direction – Facility for Exchange of Notes and Coins

Master Circular – Lead Bank Scheme

Master Circular - Asset Reconstruction Companies

Master Circular - Disbursement of Government Pension by Agency Banks

Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

Master Circular – Housing Finance

Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

Master Direction – Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Primary (Urban) Co-operative Banks) Directions, 2023

Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

Master Circular - Guarantees and Co-acceptances

Master Circular on SHG-Bank Linkage Programme

Master Circular - Guarantees, Co-Acceptances & Letters of Credit - UCBs

Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)

Master Circular on Credit Facilities to Minority Communities

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Legal Updates:

Income Tax:

Amendment to section 10(26AAA) of the Income-tax Act, 1961 by the Finance Act, 2023 [Press Release]

  

SEBI:

Advertisement code for Investment Advisers (IA) and Research Analysts (RA)

  

DGFT:

Implementation of the Track and Trace System for export of Pharmaceuticals and drug consignments along with maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain - Extension of date of implementation [Public Notice No.3]

  

IRDAI:

IRDAI (Expenses of Management of insurers transacting Life Insurance business) Regulations 2023 - Clarifications

  

Customs:

Amendment to Notification 40/2015 - Customs dated 21.07.2015 [No.29]

  

Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel [No.17]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [No.16]

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