Weekly Newsletter - July 10, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Useful Forms:
Acts & Regulations:
From the ICAI:
Legal Updates:
News Update:
CFOs, auditors must follow regulations in letter and spirit says RBI
PF account freeze/ defreeze: Check out new EPFO SOPs to prevent frauds
RBI red flags 'lakhs' of accounts used for fraud and evergreening
Strict compliance, reporting rules making tax function difficult: PwC India
Insolvency law fosters healthy credit culture: NFRA chief Pandey
Sebi cracks down on sponsor bias: New rules for passive funds in India
Stock ‘GIFT’ to founders of tech cos, unicorns comes under ED lens now
NFRA, IICA join hands to launch training modules
ICAI and MeitY Collaborate on AI Audit Tool for Corporate India
Bulk of rise in forex reserves in Q1 due to gold
RBI to send strict 'zero tolerance' message to banks' bosses
SEZ units set to get refund of cess on imports
Some key provisions of India's new criminal laws
Govt reopens application window for PLI scheme for ACs, LED lights for 90 days
ICAI sets ball rolling on ‘aggregation of firms’, takes two key decisions
ICAI can proceed against entire CA firm for professional misconduct: Delhi High Court
Hindenburg shared Adani report with client 2 months before publishing: Sebi
FinMin concludes pre-Budget talks with 120 invitees, 10 stakeholder groups
ICAI “fully empowered” to act against big audit firms
ICAI disciplinary panel report on Byju’s soon
RBI imposes a monetary penalty of Rs 1.32 crore on Punjab National Bank
RBI imposes penalty on YES Bank for not exchanging mutilated notes
RBI launches quarterly survey on order books of manufacturing sector
Sebi issues guidelines to streamline operations of credit rating agencies
RBI has cancelled licence of 7 co-operative banks since Jan: Here's why
Demat account KYC: Why it matters more than ever for Indian investors
DPIIT close to finalising model to launch Producer Price Index in India
Paytm Bank, auditor lock horns over business viability
Sebi chair Madhabi Puri Buch urges industry to report mischief in markets
Sebi mandates institutional mechanism for fraud prevention in stock broking
Sebi eases passive fund rule, allows higher exposure in sponsor group firms
ICAI assures of action after women asked to move ‘out of sight’ of Swami Gyanvatsal at Kolkata event
Sebi notifies institutional mechanism for brokers to prevent mkt abuse
RBI governor Das asks banks to strengthen governance, risk management
ED arrests 3 including CA for fraudulent take over of insolvent company
GST Council decisions to be incorporated in the Finance Bill: CBIC Chief
[US] Financial restatements drop, a good sign for reporting quality
Exposure Drafts:
Consultation on Draft Circulars - Amendment to Master Circulars for InvITs and REITs dated May 15, 2024
[Last date for Comments: July 29, 2024]
Consultation Paper on Treatment of interest income by Clearing Corporations (CCs) on cash collaterals received from Clearing Members (CMs) and upstreamed client funds
[Last date for Comments: July 25, 2024]
Useful Forms:
The following utilities have been updated:
Common Offline Utility (ITR 1 to ITR 4)
Windows Utility
MAC Utility
ITR 2
Excel Utility
Schema
Schema Change Document
ITR 3
Excel Utility
Schema
Schema Change Document
ITR 5
Windows Utility
MAC Utility
ITR 7
Windows Utility
MAC Utility
Excel Utility
The following MCA eForms have been updated:
Form 23C
Form of application to the Central Government for appointment of cost auditor
Form-20B
Filing annual return by a company having a share capital with the Registrar
Acts & Regulations:
Master Circular on Surveillance of Securities Market
[Published on July 9, 2024]
From the ICAI:
Implementation Guide on Revision in Form No.3CD and Form No.3CEB in March, 2024
[Published in June 2024]
Legal Updates:
Enhancements to Address-Related Fields in GST Registration Functionalities
Extension of time for Filing of PAS-7 [Circular No.5]
Direct Market Access and Sponsored Access facilities for participants in Bullion Exchange
Basel III Capital Regulations - Eligible Credit Rating Agencies (ECAI)
Release of foreign exchange for Miscellaneous Remittances
Online submission of Form A2: Removal of limits on amount of remittance
Measures for Ease of Doing Business for Credit Rating Agencies (CRAs) – Timelines and Disclosures
Modification to Enhanced Supervision of Stock Brokers and Depository Participants
Reduction in denomination of debt securities and non-convertible redeemable preference shares
Clarification to the Trade Notice No. 07/2024-2025 [Trade Notice No.8]
