Weekly Updates from CA Cult (June 2022- Second Week)

Weekly Updates from CA Cult (June 2022- Second Week)

Important Updates from last week:

Income-tax

1. Notification under sub section (8A) of section 9A of the Income-tax Act, 1961.
2. Union Minister of State (Independent Charge) Dr. Jitendra Singh releases CBDT’s e-book “Aarohan”.
3. Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961.
4. Notified Income-tax Authorities facilitate the conduct of Faceless Assessment proceedings under section 144B of the Income-tax Act.
5. Notification under section 118 of the Income-tax Act, 1961.

CBIC

1. Seeks to amend notification no. 50/2017-Customs dated 30.06.207 extending the time period for furnishing the final Mega power project certificate from 120 months to 156 months and extending the period of validity of security in the form of Fixed Deposit Receipt (FDR) or Bank Guarantee from 126 months to 162 months, in case of provisional mega power projects- NOTIFICATION No. 31/2022-Customs.
2. Seeks to rescind notification No. 28/2017-Customs (ADD) which imposed ADD on Hydrogen Peroxide imported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand- Notification No. 20/2022-Customs (ADD).
3. Instructions to Authorized Officers of FSSAI & Customs.
4. Government notifies the rate of interest per annum to be ‘Nil’, for the class of registered persons – NOTIFICATION No. 08/2022 –Central Tax.
5. Non-availability of E-invoice services due to maintenance activity.

Corporate Law (MCA)

1. Improvement to the scheme of examinations – frequency of attempts in Limited Insolvency Examination/ Valuation Examinations.
2. The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2022.
3. IBBI to hold Conference on “Entrepreneurship Liberty: Freedom of Entry, Competition and Exit” and IP Conclave under Azadi ka Amrit Mahotsav tomorrow.
4. Discussion Paper on Remuneration of an Insolvency Professional.
5. Revised forms and new sub-rule inserted in Companies Rules- Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022.
6. Appointment and Qualification of Directors Second Amendment.

Directorate General of Foreign Trade (DGFT)

1. Amendments in Para 2 (b)(i) of the ‘Guidelines For Applicants’ under ANF-4F of Handbook of Procedures 2015-2020- Public Notice No. 11 /2015-2020.
2. Relaxation in the provision of submission of ‘Bill of Export’ as an evidence of export obligation discharge for supplies made to SEZ units in case of Advance Authorisation.
3. Amendments in Chapter 5 of the Handbook of Procedures 2015-20, related to Export Promotion Capital Goods (EPCG) Scheme to reduce ‘Compliance Burden’ and enhance ‘Ease of doing Business’- Public Notice No. 13/2015-20.
4. Enlistment of PSIA under para 2.55 of HBP 2015-2020.

Reserve Bank of India (RBI)

1. RBI clarifies: No change in existing Currency and Banknotes.
2. Provisioning for Standard assets by Non-Banking Financial Company (NBFC) – Upper Layer.
3. The RBI Governor’s Statement dated 8th June 2022.
4. RBI increases the repo rate by 50 basis points.
5. Standing Liquidity Facility for Primary Dealers.
6. RBI notifies the Change in Bank Rate.
7. Section 23 of the Banking Regulation Act, 1949 – Doorstep Banking.
8. Enhancement in Individual Housing Loan limits and credit to Commercial Real Estate – Residential Housing (CRE-RH).
9. Individual Housing loans – Enhancement in limits.
10. Discontinuation of Return under Foreign Exchange Management (FEMA) Act, 1999.
11. Payments Infrastructure Development Fund (PIDF) – Status Update.
12. Punjab and Maharashtra Co-operative Bank Limited (Amalgamation with Unity Small Finance Bank Limited) Scheme, 2022 – Provisioning on interbank exposure and valuation of Perpetual Non-Cumulative Preference Shares (PNCPS) and Equity Warrants.

Securities and Exchange Board of India (SEBI)

1. Modification in Cyber Security and Cyber resilience framework for Stock Brokers / Depository Participants.
2. Modification in Cyber Security and Cyber Resilience Framework of Mutual Funds/ Asset Management Companies (AMCs).
3. Caution to Investors against dealing with unregulated platforms offering Algorithmic Trading.

Insurance Regulatory and Development Authority of India (IRDAI)

1. Exposure Draft on the Appointed Actuary (AA) Regulations.
2. Judgment* dated 3rd June, 2022 of the Hon’ble Supreme Court of India in the matter of Vallal RCK Vs. M/s Siva Industries and Holdings Limited and Ors. [Civil Appeal Nos. 1811-1812 of 2022].
3. Life Insurance Corporation of India (Payment of Gratuity to the Chief Executive and Managing Directors) Amendment Rules, 2022.

Institute of Chartered Accountants of India (CA Fraternity)

1. Setting up of a Branch of the Central India Regional Council (CIRC) in Bhagalpur (Bihar).
2. Setting up of a Branch of Central India Regional Council (CIRC) in Hanumangarh District (Rajasthan).
3. Proposed Scheme of Education and Training at a Glance through Power Point Presentation.
4. National Webinar on Proposed Scheme of Education and Training.
5. Exposure Draft Guidance Note on the Companies (Auditor‟s Report) Order, 2020 (Revised 2022 Edition).
6. ICAI celebrates ‘Azadi ka Amrit Mahotsav’- “ICONIC DAY”.
7. Admit Cards are hosted for Foundation Examinations June 2022.
8. ICAI issued Technical Guide on Financial Statements of Non-Corporate Entities.
9. Registration for Online Home-Based Practical Training Assessment.
10. Practical Training Module 2 – ITR 1 Salaries Part on 12th June 2022 from 10:30 AM to 1:00 PM (as an initiative to aid and standardize the practical aspects of training for students undergoing articleship) organized by SSEB, Board of Studies (Operations) of ICAI.
11. Feedback on Proposed Scheme of Education and Training.

OTHER UPDATES:

1. Jute Bags (Quality Control) Order, 2022.
2. Notaries (Amendment) Rules, 2022.

Videos of the Week: Online application process for Import Export Code (IEC) : https://www.youtube.com/watch?v=Nnzr8u3CCtQ&t=612s

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