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Weekly Newsletter - February 14, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IFSC Draft

SEBI Drafts

IRDAI Drafts


From the ICAI:

ICAI Implementation Guide

CA's Referencer:

Corporate Law

Legal Updates:

Income Tax









News Update:

Indian News:

RBI Governor asks bank CEOs to maintain vigil around risks build-up

Co-location case: Sebi rejects NSE’s settlement plea

Sebi cautions investors against unregistered entities promising assured returns

Salary earned by a 'non-resident' overseas cannot be taxed in India, tribunal rules

Government looking at component-linked incentive scheme for electronic manufacturing

Fin service providers must have regulatory nod for liquidation: IBBI

Irdai chairman asks insurance companies to underwrite disruptions

EY conducting forensic audit of Bandhan Bank loans worth ₹23,000 crore

IT ministry fears losing out to China, Vietnam in smartphone exports race

Real-time payment service between India and US banks soon? NPCI in talks for linking

Taxpayer successfully challenges I-T official’s denial of LTCGs on sale of shares

Sebi ups scrutiny of issue documents amid a rise in IPO in market: Reports

ICAI elects new President, Vice President

UPI payments launched in Sri Lanka, Mauritius to boost economic ties

SC issues notice to central govt on GST anti-profiteering provisions

Non-audit services: NFRA to crack down on Big 4, others

SAT may have to hear afresh many important cases

Investigation of tax evasion by WSP India in progress: IT Dept tells HC

Haryana: CGST official, CA arrested by ACB Karnal unit for graft

EPFO plans to set up actuary, hire more staff

CBIC cautions against fake GST summons, asks to check communications

ESIC extends benefits to superannuated insured persons with relaxed norms

EPFO recommends 8.25% interest rate on employees' provident fund for FY 2023-24

'RBI plans tokenisation of assets, bonds under wholesale CBDC pilot'

RBI raises ceiling on remuneration of non-executive directors to Rs 30 lakh

Insurance companies under IT scanner, likely to receive tax notices worth ₹25,000 crore: Report

RBI cancels Certificate of Registration of Three NBFCs

Elon Musk’s Tesla can apply for battery PLI sops: Heavy Industries Ministry

Aadhaar frauds: RBI ready with masterplan to curb Aadhaar-enabled payment system (AePS) scams

SEBI bars 15 guest experts of Zee Business channel for unlawful trading, fines them ₹7.41 crore

GST raids expose retail chain’s over Rs 100 crore tax evasion in Hyderabad

Latest EPFO rules: How to unblock inoperative EPF account, settle claims

IBC review proposed to speed up resolutions

ITAT upholds cap-gain exemption to Mauritius entity, for shares acquired prior to April 1, 2017

RBI proposes alternate authentication framework, streamlining in AePS

RBI move to bring transparency in MSME loans will curb hidden charges, predatory lending practices, says industry

Sebi becomes stern grammarian: Companies asked to use simple language

RBI to introduce offline digital rupee transactions soon: Governor Das

RBI holds policy rates, stance unchanged over inflation concerns

Irdai proposes revising coverage across sectors to secure insurance for all

LS passes Finance Bill, completes exercise for interim budget 2024-25

EPFO mulls reinvesting 50% of ETF redemption proceeds in equity market

NPCI working on Digital Payments Score to scale up credit economy in India

Sebi mulls relaxation in timelines for FPIs' material change disclosures


International News:

PCAOB sanctions, bars 2 partners

CFOs harbor data quality worries ahead of AI push

IRS seeks more than $1B from collapsed SVB

Whistleblowers need not prove ‘retaliatory intent,’ SCOTUS holds

What Are the Consequences of Auditors Subject to Regulatory Enforcement Actions? Apparently Not Much

EY took on $700mn in debt for doomed ‘Project Everest’ spin-off plan

Exposure Drafts:

IFSC Draft:

Consultation paper on the proposed International Financial Services Authority (Payments Regulatory Board) Regulations, 2024
[Last date for Comments: February 23, 2024]  


SEBI Drafts:

Consultation Paper on Relaxation in Timelines for Disclosure of Material Changes by Foreign Portfolio Investors
[Last date for Comments: February 28, 2024] 

Consultation Paper on framework for providing flexibility to FPIs in dealing with their securities post expiry of their registration
[Last date for Comments: February 28, 2024] 


IRDAI Drafts:

IRDAI(Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
[Last date for Comments: March 4, 2024] 

IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024
[Last date for Comments: March 4, 2024] 

IRDAI (Actuarial, Finance and Investment Functions of insurers) Regulations, 2024
[Last date for Comments: March 4, 2024] 

IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
[Last date for Comments: February 27, 2024] 


IAASB Draft:

Proposed International Standard on Auditing 240 (Revised)
The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
Proposed Conforming and Consequential Amendments to Other ISAs

[Last date for Comments: Jun 5, 2024] 

From the ICAI:

ICAI Implementation Guide:

Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
(Revised January 2024 Edition)

CA's Referencer:

Corporate Law:

Report on Framework for Use of Mediation under the Insolvency and Bankruptcy Code, 2016
by Expert Committee constituted by the IBBI

Legal Updates:

Income Tax:

DTAA with Samoa [Notification No.21]



Direct Listing of Indian companies on the stock exchanges in IFSC - Monitoring of investments from countries sharing land border with India

Reporting Norms for Capital Market Intermediaries

Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC (As amended up to February 6, 2024)

Format and manner of seeking authorisation as Payment Service Provider



Relaxation of additional fees and extension of last date of filing of Form No. LLP BEN-2 and LLP Form No.4D under the Limited Liability Partnership Act, 2008



The Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024

Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

Reporting / Sharing of information in the Voluntary Liquidation process

Sharing of the Report prepared by the Resolution Professional under section 99 of the Insolvency and Bankruptcy Code, 2016 to both debtor and creditor



Revised Pricing Methodology for Institutional Placements of Privately Placed Infrastructure Investment Trust (InvIT)



Review of Fixed Remuneration granted to Non-Executive Directors (NEDs)

Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)



Import of Watermelon Seeds under ITC(HS) 12077090 of ITC(HS) 2022 for the period up to 31.08.2024 [Public Notice No.41]

Notification of ‘Indian Trade Classification (Harmonised System) of Export Items, 2023’ [Chapter 01-39 of Schedule 2, Export Policy of ITC (HS), 2023] [Notification No.60]

Implementation of Notification No.51/2015-2020 dated 25th January, 2022 during FY 2024-25 [Trade Notice No.37]

Amendments in Para 4.36 of the Handbook of Procedures, 2023 [Public Notice No.40]

Addition of Mundra Port and ICD Garhi Harsaru for Import of new Vehicles [Notification No.59]

Corrigendum to Public Notice no. 28/2023 dated 18.08.2023



Appointment of Common Adjudicating Authority for the purpose of adjudication of finalization of Provisional Assessment in SVB case w.r.t. M/s Pernod Ricard India Pvt. Ltd, DLF Phase-II [Notification No.11(NT)]



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