Weekly Updates from CA Cult (2nd Week of June 2023)

Weekly Updates from CA Cult (2nd Week of June 2023)

Important Updates from last week:

Income-tax

1. Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the Income-tax Act, 1961.
2. Notification under sub clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income tax Act, 1961.

CBIC

1. Advisory on the E-Invoice Verifier App by GSTN.
2. Electronic Repairs Services Outsourcing (ERSO) –initiation of pilot at ACC Bengaluru – reg.
3. Mandatory additional qualifiers in import/export declarations in respect of certain products wef 1.7.2023 -reg.
4. Implementation of Honourable Supreme Court direction in judgement dated 28.04.2023 in matter of Civil Appeal No. 290 of 2023 relating to pre-import condition – Circular No. 16/2023 – Cus.

MCA

1. Amendment in the Limited Liability Partnership Form No. 3.
2. Judgment dated 25th May 2023 of five-member bench of National Company Law Tribunal, New Delhi on the power of review and recall of its judgments.
3. 4th National Online Quiz on Insolvency and Bankruptcy Code.

DGFT

1. Import of Watermelon Seeds under ITC(HS) 12077090 of ITC(HS), 2022 Schedule-I (Import Policy) for the period upto 31.10.2023 – PUBLIC NOTICE No. 13 /2023.

RBI

1. Governor, RBI launches अंतर्दृष्टि (ANTARDRIHSTI) Financial Inclusion Dashboard.
2. Risk Management and Inter-Bank Dealings – Non-deliverable derivative contracts (NDDCs).
3. Expanding the Scope of Trade Receivables Discounting System.
4. RBI updates the Alert List of unauthorised forex trading platforms.
5. Framework for Compromise Settlements and Technical Write-offs.
6. Reserve Bank of India (RBI) (Call, Notice and Term Money Markets) Directions, 2021-Review.
7. Guidelines on Default Loss Guarantee (DLG) in Digital Lending.

SEBI

1. Participation of Mutual funds in repo transactions on Corporate Debt Securities.
2. Online processing of investor service requests and complaints by RTAs.
3. Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs).

ICAI

1. Call for Papers – International Finance and Accounting Conference being organised by ICAI & IIM Jammu.
2. LIST OF ORGANIZATIONS PARTICIPATING IN PLACEMENT PROGRAMME FOR EXPERIENCED CHARTERED ACCOUNTANTS (1 YEAR AND ABOVE) CAREER ASCENT – JUNE 2023.

IRDAI

1. Investments in National Bank for Financing Infrastructure and Development – Circular.
2. Guidelines on Insurance Claims of victims of recent Train Accident tragedy in Balasore, Odisha (June 2023).

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