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CAalley Newsletter for the week ending on November 23, 2022

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Latest additions to CAalley:

News:

Indian News

Budget News

International News

Exposure Draft:

SEBI Draft

IRDA Drafts

IFRS Draft

PCAOB Draft

FASB Draft

Acts & Regulations:

SEBI Regulations

Legal Updates:

GST

MCA

SEBI

RBI

Customs

Central Excise


  

News:

Indian News:

GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI

DTAA amendment by Australia likely to come into force from April 1

Bank boards can decide on waiving penalty on minimum balance: Karad

Centre likely to raise EPFO wage threshold

Interest subvention on KCC crop loan to continue in FY23 & FY24: RBI

Sebi bans fresh inflows into AIF schemes making 'priority distribution'

Financial regulators designed in socialist era, must change: Amitabh Kant

T+1 settlement cycle for all F&O stocks from January: Stock exchanges

Banks' overnight SDF balances eligible for LCR computation: RBI

Irdai draft norms do away with specific caps on commissions to agents

CBIC not to file review petition in SC for restoring IGST on ocean freight

CBI arrests I-T official for accepting bribe of Rs 5 lakh in Mandsaur

ITR filing: What is the co-browsing feature on Income Tax website for taxpayers?

India's digital personal-data protection bill puts privacy at risk

Sebi extends deadline for settlement scheme on illiquid stock options cases to Jan 21

Fake certificates of CAs used to ‘set up’ industry, units in Sonepat

Bihar Income Tax Detects ₹ 100 Crore "Unaccounted Income" In 5 Cities

No takers for 6% GST rebate on apple cartons

Supreme Court to set up separate special Bench to hear tax matters

28% GST on online gaming likely; Council to take a final call on valuation

IBBI expected to introduce two key changes to the Insolvency Law: Report

Jeevan Pramaan: Information required to generate digital life certificate

Govt should rethink several clauses of draft data bill: Justice Srikrishna

Google Pay, PhonePe, other UPI payment apps may impose transaction limit

Parekh wants financial sector to do a credit bureau encore on climate risks

Rise in corporate lending signals new investment cycle

As moonlighting gains traction, most employees feel it is unethical: Report

Plea Seeks ‘Pass’, But HC Says ‘Fail’

Social media finfluencers welcome Sebi guidelines

Removing IPC offences from GST Act will be welcome move: Experts

Government moves on anti-subsidy; dumping levies under lens

Chartered accountants are engines and architects of economic empowerment: Lok Sabha Speaker Om Birla

National Pension System: What are the features of NPS Tier-I, Tier-II accounts?

Govt may remove penal offences covered under IPC from GST law

Global accounting standards convergence crucial for capital inflows: Khara

Auditors' timely red flag may have stopped many financial misdoings: NFRA

Govt appoints 10 executive directors to public sector banks for 3 years

India is differently placed, at low risk of recession: RBI Guv

NPCI holds talks with RBI on proposed December 31 volume cap deadline

RBI report flags large-scale variation in property tax collection in states

Crowdsourcing ideas can help auditors meet stakeholder expectations: NFRA chief

Sebi plans to bring new complaints system

Even govt will be held accountable for data breach, says govt source

India scraps export tax on low grade iron ore, some steel intermediates

India may soon have single e-commerce platform

FM urges independence of CAs to preserve integrity of financial statements

NSE amends rules for deletion of merged entities from indices

Securities depository CDSL detects malware in few internal machines

Works under SBM to attract GST if not done for govts, authorities: AAR

Relief to exporters: Centre lowers export obligation for 192 products under key scheme

Data bill may need multiple iterations before becoming practical: experts

India proposes easier cross-border data transfers under new privacy law

Draft personal data protection Bill: Penalties may range up to Rs 250 crore

Govt raises maximum tenure of PSU banks' CEOs to 10 years to retain talent

India's forex reserves rise at fastest pace since August 2021: RBI data

CBI arrests Gujarat CGST officer for accepting bribe

Sebi notifies rules on dividend, redemption proceeds to mutual fund unitholders

EPFO to appoint actuary firm for its pension and insurance schemes

Sebi proposes changes to buyback norms

New guideline for financial influencers under works, says Sebi

Windfall profit tax on crude oil hiked, levy on export of diesel cut

PSBs' asset quality challenges to pull down FY23 banking outlook

RBI looks for fault lines due to rate stress

NFRA to carry out conduct audit quality inspections of Big 4 network firms

Urgently call GST Council meeting, Amit Mitra writes to Sitharaman

CGST arrests proprietor for illegally availing fake input tax credit of Rs 21 cr

 

Budget News:

Union Budget 2023: Tax collection to exceed budget estimate by nearly Rs 4 lakh crore, says revenue secretary

Why income tax charged on earnings above Rs 2.5 lakh when EWS is fixed at Rs 8 lakh? asks plea in Madras HC

New roadmap likely for capital gains taxation in Budget 2023-24

Lifting ban on farm exports, cost rationalisation in commodities trading among top pre-budget demands

Regulating NBFCs like banks to impair lending model: FIDC to FM Sitharaman

Budget 2023: Why a decision on cutting taxes won't be easy for Nirmala Sitharaman

CII bats for lower income tax rates, paring 28% GST on consumer durables

Indian govt should stick to fiscal deficit target for this year - industry body

Sitharaman to meet state FMs for pre-budget consultation on Friday

Union Budget 2023: Why India's growth will slowdown in the next two years

Budget 2023 expectation: Focus on job creation, broaden tax base, India Inc tells FM Nirmala Sitharaman

Budget 2023-24: Nirmala Sitharaman chairs first consultation with industry leaders, experts

Decriminalise GST law, slash personal income tax rates in Budget: CII to government

 

International News:

New year, new challenges: Preparing for sustainability disclosures

IFRS Foundation proposes taxonomy changes to enhance data and improve usability

PCAOB Proposes a New Quality Control Standard

Sovereign investors favour U.S., India as top 2022 investment markets, study says

Committed to working quickly on UK-India free trade agreement: Rishi Sunak

Rwanda: Over 20 audit firms suspended

U.S. watchdog gained "good access" to audits of Chinese firms -sources

ECB warns of financial stability risks in euro area, warns of recession

Most auditors pessimistic about economy: CAQ

 


Exposure Drafts:

SEBI Draft:

Consultation Paper on Review of SEBI (Buyback of Securities) Regulations, 2018
[Last date for Comments: December 1, 2022]

 

IRDA Drafts:

IRDAI (EOM of Insurers Transacting Health & General Insurance Business) Regulations, 2022
[Last date for Comments: December 14, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. ]
 

IRDAI (EOM of Insurers Transacting Life Ins Business) Regulations, 2022
[Last date for Comments: December 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. ]
 

IRDAI (Payment of Commission) Regulations, 2022
[Last date for Comments: December 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.]
 

  

IFRS Draft:

IFRS® Accounting Taxonomy 2022
Proposed Update 1
General Improvements and Common Practice
[Last date for Comments: December 16, 2022]

 

  

PCAOB Draft:

A Firm's System of Quality Control and Other Proposed Amendments to PCAOB Standards, Rules, and Forms
Last date for Comments: February 1, 2023]

 

  

FASB Draft:

Proposed Statement of Financial Accounting Concepts
Concepts Statement No. 8, Conceptual Framework for Financial Reporting
Chapter 5: Recognition and Derecognition
[Last date for Comments: February 21, 2023]

 

  


Acts & Regulations:

SEBI Regulations:

Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2022 [Dated November 15, 2022]

Securities and Exchange Board of India (Alternative Investment Funds) (Fourth Amendment) Regulations, 2022 [Dated November 15, 2022]

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2022 [Dated November 15, 2022]

  


Legal Updates:

GST:

The Central Goods and Services Tax (Fourth Amendment) Rules, 2022 [No.24]

Seeks to empower the CCI to handle anti-profiteering cases under CGST Act, 2017 [No.23]

 

MCA:

The Companies (Registered Valuers and Valuation) Amendment Rules, 2022

  

SEBI:

Schemes of AIFs which have adopted priority in distribution among investors

FAQs for Grant of Registration As Alternative Investment Fund (AIF)

Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS)

Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager

 

RBI:

Basel III Framework on Liquidity Standards – Standing Deposit Facility

Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework

Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24

 

Customs:

Seeks to amend Notification 11/2021-Customs, dated the 1st February, 2021 in order to withdrawal AIDC exemption on Anthracite ,PCI Coal and Coking Coal [No.60]

Seeks to amend Notification No. 50/2017-Customs, dated the 30th June, 2017 in order to withdrawal BCD exemption on Anthracite and PCI Coal, Coke & Semi coke and ferronickel [No.59]

Seeks to amend Notification No. 27/2011- Customs, dated the 1st March, 2011 in order to withdrawal export duty on iron ore & steel products [No.58]

Seeks to give exemption from BCD for the motor car if imported by the Governor of the state [No.57]

Exchange rate Notification No. 97/2022-Cus (NT) dated 17.11.2022 [No.97(NT)]

 

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.39]

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 [No.38]