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Weekly Updates from CA Cult (2nd Week-October 2022)

CA Cult
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Weekly Updates from CA Cult (2nd Week-October 2022)

Important Updates from last week:

Income-tax

  1. Notification under section 120 of Income tax Act.
  2. Norges Bank notified under section 10(23FE) of the Income tax Act.

CBIC

  1. Due to scheduled maintenance activities, services relating to Central Excise/Service Tax will not be available.

MCA

  1. Insolvency and Bankruptcy Board of India (IBBI) (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022.

Directorate General of Foreign Trade (DGFT)

  1. Extension of Validity regarding Export of Raw Sugar to USA under Tariff Rate Quota (TRQ) for the Fiscal Year 2022 from 30.09.2022 to 31.12.2022- Public Notice No. 29/2015-20.
  2. Amendment in Standard Input Output Norms (SION) of ‘Chemical & Allied Product’ (Product Code ‘A’): Suspension of SIONs A254, A257, A282, A1939, A1973, A2061, A2331, A2539, A2818, A3056 and A3486- PUBLIC NOTICE No. 30 /2015-20.
  3. Export Quota of only broken rice (HS Code 10064000) for the year 2022-23- Notification No. 38/2015-20.
  4. Inclusion of Paragraph 2.79C (D) in the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 to notify the procedure for General Authorisation for Export after Repair in India (GAER)- Public Notice No. 31/2015-20.
  5. Amendment in Export Policy of items under HS Code 1101- NOTIFICATION No. 39 /2015-2020.

Reserve Bank of India (RBI)

  1. Diversification of activities by SPDs – Review of permissible non-core activities – Prudential regulations and other instructions.
  2. Review of Prudential Norms – Risk Weights for Exposures to Corporates and NBFCs.
  3. Diversification of activities by SPDs – Review of permissible non-core activities.
  4. Multiple NBFCs in a Group: Classification in Middle Layer.
  5. Reserve Bank of India (RBI) (Financial Statements – Presentation and Disclosures) Directions, 2021 – Disclosure of Divergence in Asset Classification and Provisioning.
  6. Review of Regulatory Framework for Asset Reconstruction Companies (ARCs).
  7. Reserve Bank of India (RBI) (Unhedged Foreign Currency Exposure) Directions, 2022.
  8. Standard Operating Procedure for Inter-operable Regulatory Sandbox.
  9. Cancellation of the CoR of Brickwork Ratings India Private Limited by SEBI.
  10. Survey on International Trade in Banking Services, 2021-22.
  11. The Reserve Bank of India (RBI) cancels Certificate of Registration of four NBFCs.
  12. Claims Received from the National Credit Guarantee Trustee Company Ltd (NCGTC) – Classification for the Purpose of Maintenance of Cash Reserve Ratio (CRR)/Statutory Liquidity Ratio (SLR).

Securities and Exchange Board of India (SEBI)

  1. Review of provisions pertaining to Electronic Book Provider platform (Revision in Chapter VI of the Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper).
  2. Governing Council for Social Stock Exchange (“SSE”).
  3. Suspension, Cancellation or Surrender of Certificate of Registration of a Credit Rating Agency.

Institute of Chartered Accountants of India (CA Fraternity)

  1. Updation of UDINs at income tax e-filing Portal.
  2. Invitation for ICAI International Research Awards 2022 scheduled on October 20, 2022 at Kanpur (U.P.).
  3. Third edition of the IFRS for SMEs Accounting Standard.
  4. Live Coaching Classes (LCC Batch-5) commencing from 14th October 2022 for the Students of Final Course appearing in May 2023 exam.
  5. Notification for Online Eligibility Test (ET) for Post Qualification Course on Information Systems Audit on Saturday the 12th November 2022 (10:00 AM to 12:30 PM) Organized by Digital Accounting & Assurance Board of ICAI.
  6. LIST OF ORGANIZATIONS PARTICIPATING IN First Placement Programme for Women Chartered Accountants OCT-Nov 2022 (As on 15-10-2022).

OTHER UPDATES:

  1. Updated Harmonized Master List of Infrastructure Sub-sector.

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