Weekly Newsletter - September 4, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Acts & Regulations:
From the ICAI:
International Content:
Legal Updates:
News Update:
How to use new electronic system to resolve Income Tax disputes
Interest equalisation scheme for exporters extended for another month
Assam Police uncovers ₹2,200 cr scam; CM warns against fraudulent online investments
Banks ready list of 3,000 entities involved in fraudulent practices
India’s audit penalties are among the world’s lowest. That could change.
GST on insurance premiums: Karnataka in favour of exemption on products used by working class
FinMin to develop climate finance taxonomy in 6-10 months, says Ajay Seth
To facilitate taxpayers in invoice matching, GSTN to launch IMS from Oct 1
Finance ministry to sell 6.78% stake in GIC Re for Rs 4,700 crore
Mis-selling of life insurance policies at alarming level, says Irdai
Sebi working on simplified rules for foreigners investing in govt bonds
New notices for GST on transfer of leasehold land stir real estate concerns
No income tax rebate u/s 87A despite total income below Rs 7 lakh in these cases
48% tax on hybrid cars, 5% on electric to continue for 'long time': Kant
Use digital for efficiency, not undue risks: RBI
Rs 250 mutual fund SIPs, single-bourse disclosures for companies soon: Sebi chief
Eye on FDI, Centre to ask state govts for investment-friendly reforms
Three key changes in September that can impact your GST return filing
Lead auditors to face the heat for group lapses. Small audit firms are fretting
Gig workers to be soon registered on e-shram portal: Mandaviya
Sebi removes over 15,000 finfluencer content in crackdown on unregulated entities
Sebi cancels registration of 39 stock brokers, 7 commodity brokers
Sebi revises eligibility criteria for entry, exit of stocks in F&O segment
Sebi amends rules to regulate influencers
FM Nirmala Sitharaman approves 'Navratna' status for four CPSEs
Develop mechanism to notify members on deductions: Mandaviya directs EPFO
CBDT rolls out Dispute Resolution Scheme (e-DRS), 2022, to minimise litigation
RBI imposes Rs 2.68 cr on UCO Bank
Sebi mulls expanding scope of informal guidance scheme, raises fees
Government receives over ₹10 lakh crore in revenue by July 2024
IFSCA Press Release: New IFSCA (Listing) Regulations, 2024 come into effect
New feature: Deposit cash at ATMs via UPI, no debit card required
Shipping Corporation of India receives ₹160 crore GST demand notice for FY2020
NFRA and ICAI at odds over plan to sync audits with global norms
Finance ministry lowers entry barrier for GIFT City listing
RBI cautions against fraud, warns against sharing OTP and KYC details
Moody's raises India's growth projection; Fitch affirms 'BBB-' rating
In first address after Hindenburg, Sebi chair urges 'trust, compliance'
Tax authorities send Rs 606 crore GST demand notice to LIC
Zomato gets Rs 4.59 crore tax demand notices
‘Shoddy probe in I-T fraud’: Action ordered against IO
GST OTP mandate: Flipkart sellers cry foul
Delhi HC overturns AAR ruling on Tiger Global-Flipkart transaction
Protection against suits can't continue forever, NCLAT tells IL&FS
Sebi cautions investors against SME companies doing price manipulation
RBI Governor Das advocates for fintech self-regulation to ensure balanced innovation with integrity
Hindustan Unilever gets Rs 963 crore Income Tax demand notice
Crowdstrike Windows outage: Delta threatens to sue cybersecurity company for damages
SEC tightens auditor oversight
PCAOB releases two new, divergent inspection reports for Canadian accounting firms
Internal audit faces a critical decade ahead
FASB Urged to Revamp Personal Financial Statement Rules Amid Trump Case Controversy
Exposure Drafts:
Consultation Paper on proposed IFSCA (Investment by IFSC Insurance Office) (Amendment) Regulations, 2023
[Last date for Comments: September 23, 2024]
Listing of Commercial Papers (CPs) and Certificate of Deposits (CDs) on the recognized stock exchange in IFSC
[Last date for Comments: September 17, 2024]
Consultation Paper on the IFSCA (Bullion Market) Regulations
[Last date for Comments: September 20, 2024]
Consultation Paper on the proposed IFSCA (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024
[Last date for Comments: September 20, 2024]
Consultation Paper on the proposed Guidelines on setting up of International Trade Financing Services Platform (‘ITFS’)
[Last date for Comments: September 20, 2024]
Consultation Paper on review of the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003
[Last date for Comments: September 15, 2024]
Review of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992
[Last date for Comments: September 18, 2024]
Consultation Paper on Maintenance of Record of Mandatory Communication by Regulated Entities
[Last date for Comments: September 13, 2024]
Consultation Paper on “Provisions pertaining to appointment of Public Interest Directors”
[Last date for Comments: September 12, 2024]
Consultation Paper on “The facility for Trading in the Secondary Market using UPI Block Mechanism to be mandatorily offered by Qualified Stock Brokers (QSBs) to their clients (ASBA - like facility for secondary market) and other incidental matters”
[Last date for Comments: September 12, 2024]
Acts & Regulations:
SEBI (Intermediaries) Regulations, 2008 [Updated upto August 29, 2024]
Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 [Updated upto August 29, 2024]
SEBI (Depositories and Participants) Regulations, 2018 [Updated upto August 29, 2024]
From the ICAI:
Peer Review:
Revised Statement on Peer Review, 2021
Peer Review Manual, Revised Edition, 2020
Anti-Money Laundering:
CAs’ Handbook on Obligations and Privileges of Non-Residents under FEMA</a
CAs’ Handbook on Drafting Power of Attorney</a
Guidelines on Customer Due Diligence (CDD)
[For SAFA Members]
International Content:
Legal Updates:
CBDT rolls out e-DRS Scheme, 2022 [Press Release]
Advisory on Reporting of supplies to un-registered dealers in GSTR1/GSTR 5
Advisory: Invoice Management System
IFSCA (Listing) Regulations, 2024
Review of Extant Instructions – Withdrawal of Circulars
Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
SEBI (Intermediaries) (Amendment) Regulations, 2024
SEBI (Depositories and Participants) (Second Amendment) Regulations, 2024
Review of eligibility criteria for entry/exit of stocks in derivatives segment
Amendments in Appendix-4J of the Handbook of Procedures, 2023 [Public Notice No.19]
Abeyance of Public Notice No. 05/2024 dated 27.05.2024 [Trade Notice No.15]
Sea Cargo Manifest and Transhipment (Third Amendment) Regulations, 2024 [Notification No.57(NT)]
Implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR) [Circular No.12]
