Weekly Newsletter - May 24, 2023
Latest additions to CAalley:
News Update:
Reference Section:
Exposure Drafts:
Legal Updates:
News Update:
ED raids foreign-registered online gaming portals; says Rs 4,000cr funds sent abroad illegally
Forceful seizure of vehicles by recovery agents is illegal: Patna high court
Banks, lenders wary as RBI tags centralised KYC as high risk
Traders condemn GST Department's verification drive
Changes to angel tax will provide relief to small businesses, startups: Experts
TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT
SC ruling on user development fee provides guidance for GST, tax on royalty
I-T officials too face hurdles in Gameskraft case
Customs to introduce additional disclosures for export-import of medicinal products from June 1
GSTN to go live on Account Aggregator ecosystem before July 1
RBI asks banks to keep daily data on exchange, deposit of Rs 2,000 notes
Sebi proposes measures to contain price volatility on shares in derivative segment
Intimation of arrest through SMS is invalid: Madras HC
ITAT quashes taxing Swiss a/c funds in hands of NRI
AAAR: Flat buyers will face 18% GST on open car parks’ sale
NFRA imposes five-year ban, Rs 5 lakh penalty on auditor for lapses
Sebi proposes to cut down IPO listing timeline to 3 days from 6 days
GST E-invoicing: A new era of efficiency and accountability in Indian taxation
No TCS on overseas payment via international credit, debit cards upto Rs. 7 lakhs: FinMin
RBI may cancel licence of asset reconstruction companies after I-T report
RBI planning strict rules for firms offering payments via PoS machines
SEBI proposes changes in mutual funds' Total Expense Ratio to curb mis-selling
SEBI proposes new framework for AIFs to strengthen corporate governance rules
SEBI probe into Adani drew a blank: Supreme Court-appointed panel
Cracking the whip: Stricter rules against suspicious trading on cards
Reserve Bank of India to withdraw Rs 2,000 currency notes from circulation
Paytm partners with SBI Card, NPCI to launch co-branded RuPay credit cards
FinMin applies amnesty scheme for traders failing to meet export obligation
Travelling abroad? Limit personal expenses to $250K on intnl credit cards
Your credit card payments overseas will attract a 20% TCS from July 1
DPIIT takes up startup taxation issue with finance ministry: Secretary
Irdai forms task force to facilitate ease of doing KYC using Aadhaar
UK companies watchdog proposes tougher disclosures on internal controls
FRC minimum standard for audit committees ‘a step in the right direction’
IASB amends tax accounting requirements to help companies respond to international tax reform
FRC publishes minimum standard for audit committees
PwC turns to AI for audit transformation
IFAC issues anti-corruption tool for accountancy organisations
Angry lawmakers accuse Fed of inaction in insider trading investigation
PCAOB Moves Project on Audit Quality Indicators to Standard-Setting Agenda
Reference Section:
A Guide to GAAP
[Submitted by CA S. Ramaswamy,
Kochi, Kerala]
May 21, 2023
Exposure Drafts:
Consultation paper on proposal with respect to pro-rata and pari-passu rights of investors of Alternative Investment Funds (AIFs)
[Last date for Comments: June 4, 2023]
Consultation Paper on Price Band formulation for scrips in Equity Derivatives segment to strengthen volatility management and minimise information asymmetry
[Last date for Comments: June 5, 2023]
Consultation paper on reduction of timeline for listing of shares in Public Issue from existing T+6 days to T+3 days
[Last date for Comments: June 3, 2023]
Consultation paper on Institutional Mechanism for Asset Management Companies for deterrence of possible market abuse and fraudulent transactions
[Last date for Comments: June 3, 2023]
Consultation Paper on the proposal to review Qualified Institutional Buyer status of Alternative Investment Funds, Venture Capital Funds and Foreign Venture Capital Investors
[Last date for Comments: June 1, 2023]
Consultation Paper on Strengthening of Investor Grievance handling mechanism through SCORES and linking to the Online Dispute Resolution mechanism approved by SEBI
[Last date for Comments: May 29, 2023]
Consultation paper on proposal enabling direct participation by clients/ participants in the Limited Purpose Clearing Corporation - tri-party repo for corporate bonds
[Last date for Comments: May 29, 2023]
Consultation Paper on Review of Total Expense Ratio charged by Asset Management Companies (AMCs) to unitholders of schemes of Mutual Funds to facilitate greater transparency and accrual of benefits of economies of scale to investors
[Last date for Comments: June 1, 2023]
Consultation paper on streamlining regulatory framework for registration of Foreign Venture Capital Investors (FVCIs)
[Last date for Comments: May 31, 2023]
Consultation paper on proposed amendment to SEBI (Alternative Investment Funds) Regulations, 2012 to strengthen governance mechanisms of Alternative Investment Funds (AIFs)
[Last date for Comments: May 31, 2023]
Consultation paper on draft SEBI (Prohibition of Unexplained Suspicious Trading Activities in the Securities Market) Regulations, 2023
[Last date for Comments: June 2, 2023]
Consultation Paper on proposed review of the definition of Unpublished Price Sensitive Information (UPSI) under SEBI (Prohibition of Insider Trading) Regulations, 2015 to bring greater clarity and uniformity of compliance in the ecosystem
[Last date for Comments: June 2, 2023]
Legal Updates:
Clarification regarding provisions relating to charitable and religious trusts [Circular No.6]
Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2023-24
Guidelines for removal of difficulties u/s 194BA(3) of the Income-tax Act, 1961 [Circular No.5]
Mahila Samman Savings Certificate, 2023 notified [No.27]
Revision in computation of Core Settlement Guarantee Fund in Commodity Derivatives Segment
Dematerialization of securities of Hold Cos and SPVs held by Real Estate Investment Trusts (REITs)
Master Circular for Mutual Funds
Risk disclosure with respect to trading by individual traders in Equity Futures & Options Segment
₹2000 Denomination Banknotes – Maintaining Daily Data
Amendment in Export Policy of Broken Rice under HS Code [No.7]
Amendment in Export Policy of Cough Syrup [No.6]
Foreign Trade Policy 2023 [Circular No.12]
Exchange rate Notification No. 36/2023-Cus (NT) dated 18.05.2023 [No.36(NT)]
Corrigendum to notification No. 35/2023-Customs dated 29.04.2023
