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Weekly Newsletter - June 12, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

IBBI Draft

CCI Exposure Draft

IFSCA Exposure Draft

SEBI Drafts

Useful Forms:

Income Tax Return eFiling Utilities

MCA eForms

Acts & Regulations:

IRDAI Master Circulars

SEBI Master Circular / Regulations

Legal Updates:

Income Tax











News Update:

Indian News:

Policy loan now mandatory in all life insurance savings products: Irdai

Technical glitch halts RBI's liquidity management system: Explained

Blanket 5% infra provisions to hurt both lenders and project viability: Banks to RBI

Insurance companies can't reject claims for lack of documents: Irdai

Sebi bans former TV anchor Pandya, 7 others from securities market for 5 years, slaps fine

Govt restricts import of gold jewellery and parts amid unusual surge

I-T department set to complete 170,000 reassessments by next March

EU-STYLE LAW: Govt calls key meeting on draft digital competition law

Is the Centre planning to decriminalise minor I-T offences in 100 days?

IBBI proposes reducing compliance burden, simplifying forms for RPs

Demat accounts, MF portfolios won't be frozen in absence of nomination

Insurers cannot deny claims for non-disclosure after issuing policy

India's proposed EU-like antitrust law to pose new challenge for tech firms

Telangana High Court’s landmark decision: GAAR ruling impacts taxpayers

Infant milk formula attracts GST at 18% rules AAR

Tax tribunals in Delhi and Mumbai allow deductions for CSR donation

Modi 3.0: Nirmala Sitharaman set to present seventh Budget in a row

India proposes tighter rules for derivatives trading on individual stocks

Sebi proposes to open credit default swap market for MF: key factors

NDA govt proposes 50% assured pension for central govt staff under NPS

Instant flour mixes for dosa, idli, dhokla cannot be classified as sattu; 18% GST should be levied: GAAAR

RBI opens gates for investors, companies to invest in overseas funds

Trader sends abusive responses to Sebi regarding insider trading, fined Rs 20 lakh

RBI asks banks to rework biz plan, flags gap in credit, deposit rates

Inadequate tech at banks to blame for UPI downtimes

Arbitration no longer alternative, but preferred method of seeking commercial justice: CJI D Y Chandrachud

GST department makes one more arrest under Operation Palm Tree

RBI to set up digital payments intelligence platform to prevent fraud

FASTags, NCMC payments to become easier: You don't have to add money manually for each recharge

RBI permits automatic replenishment of UPI Lite wallet: Check details

RBI brings gold reserve to India; nothing more should be read into it: Das

RBI hikes threshold for bulk fixed deposit to Rs 3 crore from Rs 2 crore

RBI will act only if inflation stays put at 4%, says Governor Das

Repo rate unchanged for 8th time, GDP raised: 5 key takeaways from RBI MPC

Sebi mandates KRAs to update KYC info on Central KYC Records Registry

Sebi to penalise stock exchanges for any lapses in surveillance

CCI draft regulations: Company commitments to be closely watched

AAR rules 18% GST on infant food containing milk, other ingredients

Sebi warns ICICI Bank over investor outreach for ICICI Securities delisting

RBI penalties surge 88% in last 3 years, KYC and AML top violations list

Foreign investors now have more time to report changes to regulator Sebi

Mumbai 1st In India & 4th In World To Launch Climate Budget

No exemption for SEZ units under the proposed Central Excise Bill

Sebi mulls raising limit for basic service demat account to Rs 10 lakh


International News:

PCAOB sanctions Florida firm over audit violations

Auditors prioritize tech for fieldwork

SEC, FASB officials stress tone at the top, new standards

Exposure Drafts:

ICAI Exposure Draft:

Draft "Implementation Guide with respect to Changes in Form No. 3CD and Form No. 3CEB vide Notifications issued in March 2024"
[Last date for comments: June 17, 2024] 


IBBI Draft:

Discussion paper on Reducing Compliance by Review of CIRP Forms submitted by Insolvency Professionals (IPs) to IBBI
[Last date for comments: July 1, 2024] 


CCI Exposure Draft:

Draft 'The Competition Commission of India (General) Regulations, 2009'
[Last date for comments: July 8, 2024] 


IFSCA Exposure Draft:

Consultation paper on the IFSCA (Payment and Settlement Systems) Regulations, 2024
[Last date for Comments: June 28, 2024]  


SEBI Drafts:

Consultation Paper on Flexibility in Participation by Mutual Funds in Credit Default Swaps (CDS)
[Last date for Comments: July 1, 2024] 

Consultation paper on Review of Eligibility Criteria of Stock Derivatives in line with the market growth
[Last date for Comments: June 19, 2024] 

Consultation paper on Review of Facility for Basic Services Demat Account (BSDA) for Financial Inclusion and Ease of Investing
[Last date for Comments: June 26, 2024] 

Useful Forms:

Income Tax Return eFiling Utilities:

ITR 5 Excel Utility has been released


MCA eForms:

The following MCA eForms have been updated:

Form AOC-4(CFS)
Form for filing consolidated financial statements and other documents with the Registrar

Form AOC-4 NBFC (Ind AS)
Form for filing financial statement and other documents with the Registrar for NBFCs

Acts & Regulations:

IRDAI Master Circulars:

Master Circular on Life Insurance Products

Master Circular on General Insurance Business


SEBI Master Circular / Regulations:

Master Circular for Portfolio Managers
[Published on June 7, 2024]

SEBI (Foreign Portfolio Investors) Regulations, 2019
[Updated upto June 3, 2024]

Guidelines on AML Standards and CFT/Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under
[Published on June 6, 2024]

Legal Updates:

Income Tax:

Amendments in Jurisdiction of Principal Chief Commissioner of Income-tax, UP [Notification No.50]



Advisory: Filing of information by manufacturers of Pan Masala and Tobacco taxpayers



Global Access-Clarification



Foreign Exchange Management (Overseas Investment) Directions, 2022 - Investments in Overseas Funds



International Trade Settlement in Indian Rupees (INR) – Opening of additional Current Account for settlement of trade transactions

Amendment to Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016



Ease of Doing Investments - Non-submission of ‘Choice of Nomination’

Uploading of KYC information by KYC Registration Agencies (KRAs) to Central KYC Records Registry (CKYCRR)

Framework of “Financial Disincentives for Surveillance Related Lapses” at Market Infrastructure Institutions



Insurance claims relating to Cyclone Remal and subsequent heavy rains/floods



Restriction on Import of gold jewellery from UAE [Notification No.17]

Corrigendum to Notification No. 16/ 2024-25 dated 06.06.2024 on enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ

Issuance of RCMC for Medical Devices [Trade Notice No.5]

Corrigendum to Public Notice No.10/ 2024-25 dated 06th June, 2024 on enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance holders, EOU and SEZ

Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ [Notification No.16]

Export of food commodities through National Cooperative Exports Limited (NCEL) [Notification No.15]

Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ [Public Notice No.10]

Revision in Para 2 (b) of the Guidelines For Applicants under ANF-4F of the Hand Book of Procedures 2023 [Public Notice No.9]



Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Tyco Safety Products lndia Pvt Ltd [Notification No.41(NT)]

Exchange Rate Notification dated 06.06.2024 [Notification No.40(NT)]

Customs duty on Display Assembly of a cellular mobile phone [Circular No.6]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s ADT India Pvt. Ltd [Notification No.39(NT)]



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