Weekly Newsletter - December 11, 2024

Weekly Newsletter - December 11, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Acts & Regulations:

SEBI Regulations

Useful Forms:

ITR Utilities for AY 2024-25

From the ICAI:

ICAI Publication - Quality Review Board

ICAI Technical Guide

International Content:

PCAOB Reference Material

FASB Reference Material

Legal Updates:

News Update:

Indian News:

You can withdraw PF directly from ATMs starting next year: Labour Secretary

CBI arrests Indian bank panel advocate in Kolhapur for accepting Rs 1.70 lakh bribe

Income Tax Department Targets Political Party Donors Over Fraudulent Deductions

CCI looking at killer, creeping acquisitions in digital market: Ravneet Kaur

Stability, trust, and growth key: RBI Guv Sanjay Malhotra in first address

Need to differentiate between financial, non-financial regulation: CEA

Sebi for using DigiLocker to reduce unclaimed assets in securities market

T+0 settlement: More stocks added

Sebi revises guidelines for capacity planning, real-time performance monitoring of MIIs

Machine Learning, Deep Learning, Gen AI Offer Most Value In Finance: KPMG Report

Govt mandates use of locally-made solar cells from 2026 to curb imports

Shift of Sanjay Malhotra creates major gap in Budget team

New RBI governor faces 'trilemma' of growth, inflation, rupee-dollar rate

Still holding Rs 2,000 notes? Here's how to exchange or deposit them

Sebi warns investors against platforms facilitating transactions in unlisted securities

Cabinet nod for ₹40,000-cr PLI Scheme for electronics components soon

Six years of Shaktikanta Das's leadership as Mint Road's helmsman

Sanjay Malhotra appointed as new RBI governor, replacing Shaktikanta Das

Budget 2025: CII urges govt to stick to fiscal deficit target

GST officers detect Rs 35,132 cr ITC evasion by over 17k fake firms: Govt

66% businesses in India resort to bribe to get their work done: Report

Defaults under EPFO hit all-time high, rise 69.3%

Upgrading India's auditing standards will boost credibility: NFRA chief

Deloitte says "no systems have been impacted", as Brain Cipher hacker group claims access to company's 1TB data

RBI to introduce new benchmark SORR based on secured money markets

De-dollarisation is not our objective, says RBI Governor Shaktikanta Das

Audit firms yet to meet many norms: NFRA

How companies are adopting real-time audits to boost responsiveness, explains expert

New AI tool MuleHunter.ai by RBI to help reduce digital frauds

RBI raises rates for non-residents to attract forex, halt rupee losses

RBI allows small finance banks to offer pre-sanctioned credit via UPI

RBI's Shaktikanta Das has a few suggestions for banks to further boost India's financial strength

RBI MPC Meet Highlights: Unchanged repo rate, CRR cut, concerns about GDP and inflation; here are all the key announcements

Sebi proposes auction process to determine stock closing price

Income tax grievance redressal overhaul: Faster response, demarcated list of officers for tax refund, TDS, PAN, waiver, other issues

ICAI intensifies disciplinary action against errant CAs

Some ATMs to retract cash to tackle fake shutter overlay fraud: RBI

Cyberattacks to spike in 2025; healthcare and finance sectors at risk: Report

ED arrests two CAs, one crypto trader in ₹640-crore cyber fraud case

Telangana HC admits plea to quash ICAI’s disciplinary proceedings

FM Nirmala Sitharaman to start pre-Budget consultation with various stakeholders from December 6

EPFO to give time till Dec 15 to activate UAN for financial scheme

Sebi notifies rules on uniform standards for nomination facilities across securities markets

Platforms to be created for discussions with CBI to expedite investigation in bank fraud cases

Specified digital platforms not obligated to register, clarifies Sebi

International News:

How the new QM standards may affect peer review

Engagement quality reviews: What auditors should know

PCAOB posts 2025 inspection priorities

PCAOB finds audit firm culture impacts quality

Grant Thornton LLP Named Top Audit Firm in U.S. by Private Equity Wire

Exposure Drafts:

IFSCA Draft:

Consultation Paper on proposed IFSCA (KYC Registration Agency) Regulations 2024
[Last date for Comments: December 27, 2024]

SEBI Drafts:

Consultation paper on Draft Circular on Operational Efficiency in Monitoring of Non-Resident Indians (NRIs) Position Limits in Exchange Traded Derivatives Contracts - Ease of Doing Investment
[Last date for Comments: December 31, 2024]

Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market
[Last date for Comments: December 31, 2024]

Consultation Paper on draft circular to provide clarity on provisions related to association of persons regulated by the Board, MIIs, and their agents with persons carrying on prohibited activities
[Last date for Comments: December 27, 2024]

Consultation Paper on “the proposed framework for devolvement of In-The-Money (ITM) single stock option contracts into futures, 1 day prior to expiry, to mitigate the potential risks arising from sudden movement of Out-of-The-Money (OTM) option contracts to ITM option contracts near expiry in the context of physical settlement in the derivatives segment”
[Last date for Comments: December 26, 2024]

Consultation paper on Introducing Close Auction Session in Equity Cash segment
[Last date for Comments: December 26, 2024]

Measure for ease of doing business – Settlement of Account of Clients who have not traded in the last 30 days
[Last date for Comments: December 26, 2024]

Acts & Regulations:

SEBI Regulations:

9 Updated SEBI Regulations

SEBI (Depositories and Participants) Regulations, 2018
[Updated upto December 2, 2024]

SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011
[Updated upto November 28, 2024]

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
[Updated upto November 28, 2024]

SEBI (Settlement Proceedings) Regulations 2018
[Updated upto November 28, 2024]

SEBI (Index Providers) Regulations, 2024
[Updated upto November 28, 2024]

SEBI (Delisting of Equity Shares) Regulations, 2021
[Updated upto November 28, 2024]

SEBI (Custodian) Regulations, 1996
[Updated upto November 28, 2024]

SEBI (Credit Rating Agencies) Regulations, 1999
[Updated upto November 28, 2024]

SEBI (Buy-Back of Securities) Regulations, 2018
[Updated upto November 28, 2024]

Useful Forms:

ITR Utilities for AY 2024-25:

The following ITR eFiling Utilities have been updated:

Common Offline Utility (ITR 1 to ITR 4) - Windows Utility
ITR 3 - Excel Utility
ITR 5 - Windows Utility
ITR 5 - Excel Utility
ITR 6 - Windows Utility
ITR 6 - MAC Utility
ITR 6 - Excel Utility
ITR 7 - Windows Utility
ITR 7 - Excel Utility

From the ICAI:

ICAI Publication - Quality Review Board:

Report on Audit Quality Review - 2022-23

ICAI Technical Guide:

Technical Guide on Conducting Quality Review (Revised 2024 Edition)

International Content:

PCAOB Reference Material:

Firm and Engagement Metrics
[November 21, 2024]

FASB Reference Material:

FASB Accounting Standard Update
Disaggregation of Income Statement Expenses
[November 2024]

Legal Updates:

Income Tax:

Notification u/s 280A of the Income Tax Act, 1961 for designation of Courts in Tamil Nadu for the purpose of section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 [Notification No.126]

GST:

Extension for filing of Form GSTR-3B for the month of October 2024 in Murshidabad district, West Bengal [CGST Notification No.30]

Advisory on difference in value of Table 8A and 8C of Annual Returns FY 23-24

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Haryana, Manipur, Meghalaya and Tripura

Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No.17/2024

RBI:

Credit Flow to Agriculture – Collateral free agricultural loans

Maintenance of Cash Reserve Ratio (CRR)

Interest Rates on Foreign Currency (Non-resident) Accounts (Banks) [FCNR(B)] Deposits

SEBI:

SEBI (Prohibition of Insider Trading) (Third Amendment) Regulations, 2024

Enhancement in the scope of optional T+0 rolling settlement cycle in addition to the existing T+1 settlement cycle in Equity Cash Markets

Revised Guidelines for Capacity Planning and Real Time Performance Monitoring framework of Market Infrastructure Institutions (MIIs)

Transaction in Securities of Unlisted Public Limited Companies on Electronic Platforms [Press Release]

Repository of documents relied upon by Merchant Bankers during due diligence process in Public issues

DGFT:

Procedure for implementation of Import Management System for import of restricted IT Hardware (viz. Laptops, Tablets, All-in-one Personal Computers, Ultra small form factor computers and Servers under HSN 8471) for the calendar year 2025 [Circular No.9]

Export of Broken Rice to Senegal and Gambia through National Cooperative Exports Limited (NCEL) [Notification No.42]

Launch of Revamped Preferential Certificate of Origin (eCoO) 2.0 System [Trade Notice No.23]

Customs:

Corrigendum to Notification No. 26/2024-Customs (ADD)

Seeks to impose Anti-Dumping Duty on imports of "Textured Tempered Coated and Uncoated Glass " falling under Tariff headings 7003, 7005, 7007, 7016, 7020 and 8541 originating in or exported from China PR or Vietnam for a period of 6 Months [Notification No.26(ADD)]

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