Weekly Updates from CA Cult (4th Week-November 2022)

Weekly Updates from CA Cult (4th Week-November 2022)

Weekly Updates from CA Cult (4th Week-November 2022)

Important Updates from last week:


  1. Search and seizure action by Income Tax Department in Bihar.


  1. Competition Commission of India to examine ITC availed- NOTIFICATION No. 23/2022 – Central Tax.
  2. The Following Rules are omitted from the Central Goods and Services Tax Rules, 2017 via NOTIFICATION No. 24/2022 – Central Tax.
  3. Webinar on Filing of an Appeal by Taxpayers on GST Portal.


  1. Registered Valuers and Valuation Amendment Rules, 2022.
  2. Payment of fees to the Insolvency and Bankruptcy Board of India (the IBBI/ Board).

Directorate General of Foreign Trade (DGFT)

  1. Modification in Standard Input Output Norms (SION) of Textiles (Product Code ‘J’) : Amendment in SION J-222- Public Notice No. 37/2015-2020.
  2. Fixation of new Standard Input Output Norms (SION) at E-136 for export of wheat flour (Atta), deletion of SION E-110, amendment in Appendix 4J and insertion of new para 4.05 (iii) under Handbook of Procedures 2015-20- PUBLIC NOTICE No. 38/2015-2020.
  3. One-time relaxation for submission of hard copy of applications for claiming assistance under the erstwhile ‘Transport and Marketing Assistance (TMA) for Specified Agriculture Products’ Scheme (foreclosed by Department of Commerce w.e.f. 31.03.2021)- Trade Notice No. 21/2022-23.

Reserve Bank of India (RBI)

  1. Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24.
  2. Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework.
  3. Basel III Framework on Liquidity Standards – Standing Deposit Facility.

Securities and Exchange Board of India (SEBI)

  1. Public Notice on Extension of the SEBI Settlement Scheme, 2022.
  2. Schemes of AIFs which have adopted priority in distribution among investors.
  3. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2022.
  4. Disclosures and compliance requirements for Issuance and Listing of Municipal Debt Securities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, which fall within the definition of “green debt security”.
  5. Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2022.
  6. Reporting of trades in non-convertible securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
  7. Timelines for transfer of dividend and redemption proceeds to unitholders.
  8. Extension of timelines for implementation of SEBI circulars SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/137and SEBI/HO/MIRSD/DoP/P/CIR/2022/119.
  9. Framework to address the ‘technical glitches’ in Stock Brokers’ Electronic Trading Systems.

Institute of Chartered Accountants of India (CA Fraternity)

  1. The 21st World Congress of Accountants (WCOA) becomes a knowledge powerhouse with discussions being held on Technology, Innovation, Entrepreneurship, Wealth Creation, Taxation.
  2. Gautam Adani highlights the accelerating growth of India towards becoming an economic super power at the World Congress of Accountants 2022.
  3. The 21st World Congress of Accountants’ Day 4 starts with powerhouse speakers shedding light on India’s current green initiatives and [email protected] vision.
  4. Important Date for Information System Audit – Assessment Test (ISA – AT), December 2022.


  1. Reporting entities to perform authentication under the Aadhaar Act.
  2. Rate of interest applicable to the deposit- The National Savings Time Deposit (Amendment) Scheme, 2022.
  3. Kisan Vikas Patra (Amendment) Scheme, 2022.
  4. Rate of interest under the National Savings (Monthly Income Account) Scheme.
  5. Rate of interest under Senior Citizens’ Savings Scheme.
  6. Verify Aadhaar before accepting it as a proof of identity: UIDAI.
  7. Appointment of the Principal Additional Director General (Audit).
  8. Finance Minister Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of States.
  9. IRDAI (Reinsurance) (First Amendment) Regulations, 2022.

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