Weekly Newsletter - May 3, 2023
Latest additions to CAalley:
News Update:
Acts & Regulations:
Exposure Drafts:
Legal Updates:
News Update:
No priority for worker dues after liquidation under IBC
MahaRERA issues show-cause notice to chartered accountants
EPFO extends deadline to apply for the higher pension to June 26
Professionals under the scanner for unethical conduct
Govt. amends offshore mining law to encourage private mining
Govt mulls making Indian Patent Act more research friendly, private sector urged to spend on R&D
Go First airline files for bankruptcy at National Company Law Tribunal
Five, including CA, arrested for cyber frauds
GST-registered consumers can approach AAR bench
New GST rules in effect from today for businesses with turnover of over ₹100 crore. Details here
State-run banks likely to launch special drive to recover written-off loans
FinMin wants PSBs to enhance recovery rate from written-off accounts to 40%
As risks loom, RBI asks banks not to increase exposure to unsecured loans
New Sebi rule from today: A ban that’s a boon in many ways
Tax notices to MNCs over salaries paid to expat employees
Start automated GST scrutiny, FM Sitharaman tells CBIC
Irdai asks insurance cos to lay down social media guidelines for employees
Taxmen cannot ignore ‘brazen misuse’ of laws: Finance minister Nirmala Sitharaman
Startups oppose separate law on digital markets
Govt. to revamp patenting process: Sanjeev Sanyal
India-UAE agreement: Easier norms for gold import on the anvil
India wants non-financial assets included in OECD info exchange framework
Rs 11 crore seized in income tax searches on steel company
NFRA examines proposals on new standard for accounting of insurance contracts viz. Ind AS 117
LIC front-running case: Sebi bans three individuals, two entities from stock market
ITAT: Tax relief on builder-paid rent in redevelopment projects
RBI removes restrictions on individuals from opening interest-earning FCAs
Coffee Day audit lapses: NFRA slaps Rs 1.15 cr fine on 2 auditors, 1 audit firm
FinMin considering classifying online games as games of skill, chance
SC asks tax tribunals to ensure appeals are e-filed
FASB Updates Rules on Common-Control Leases
Independence Gets Its Own Spot in PCAOB Audit Inspection Reports
Regulators seize First Republic Bank, sell to JPMorgan Chase
India, Russia to explore possibility of accepting RuPay and Mir cards
IAASB proposes revisions to going concern standard
FRC: KPMG audit failings at The Works exacerbated by Covid-19
KPMG fined £1mn over ‘rudimentary’ failures in TheWorks audit
Acts & Regulations:
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on April 28, 2023)
Exposure Drafts:
Exposure Draft Guidelines on Remuneration of Non-Executive Directors and Key Managerial Persons of Private Sector Insurers
Download this ZIP file for Drafts and Accompanying Documents
[Last date for Comments: May 15, 2023]
Proposed International Standard on Auditing 570 (Revised 202X)
Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs
[Last date for Comments: August 24, 2023]
Legal Updates:
Amendment to the Master Direction (MD) on KYC
Master Circular for Custodians
Amendment in details of an authorized agency under Appendix 2E of FTP, 2023 [Public Notice No.11]
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.32(NT)]
Amendment of Notification No.18/2023 Customs (NT) dated 30.03.2023 [No.31(NT)]
Amendment of Notification No.19/2022 Customs (NT) dated 30.03.2022 [No.30(NT)]
Reduction of Windfall Tax on Crude Oil [No.21]
Seeks to amend Notification No. 22/2003 & 23/2003 Central Excise dated 31.03.2003 [No.20]