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

CA Cult

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

Important Updates from last week:

Central Board of Indirect Taxes & Customs (CBIC)

  1. Webinar on Smart Search HSN- An Enhanced search HSN functionality for taxpayers.
  2. Enhanced Registration application user interface (UI).
  3. CGST Delhi officials bust a syndicate of 7 firms in GST evasion of more than Rs 85 crore.
  4. Notification to appoint common adjudicating authority- NOTIFICATION No. 02/2022-Central Tax.

Corporate Law (MCA)

  1. Limited Liability Partnership (2nd Amendment) Rules 2022.
  2. Important Update for Stakeholders on DSC Association.
  3. LLP filing and Other services are live in V3.
  4. Important updates related to V2 and Associating DSC in V3.

Directorate General of Foreign Trade (DGFT)

  1. Amendment in import policy conditions of items under ITC HS 0106 90 00 of Chapter 01 of ITC (HS), 2022, Schedule – I (Import Policy)- Notification No. 57/2015-20.
  2. Extension of the last date for submission of applications under certain Scrip based Schemes- NOTIFICATION No. 58/2015-2020.
  3. Amendment in import policy and insertion of policy condition under Chapter 29 and 38 of ITC (HS), 2022, Schedule – I (Import Policy)- Notification No. 59/2015-20.
  4. Amendment in Policy condition of Sl.No. 55 & 57, Chapter 10 Schedule-2, ITC(HS) Export Policy, 2018- Notification No. 60/2015-20.

Reserve Bank of India (RBI)

  1. BE(A)WARE – A Booklet on Modus Operandi of Financial Frauds.
  2. Reserve Bank of India launches (a) UPI for Feature Phones (UPI123pay) and (b) 24×7 Helpline for Digital Payments (DigiSaathi).
  3. Issue and regulation of share capital and securities – Primary (Urban) Co-operative Banks.
  4. Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension
  5. Results of the Swap Auction, March 08, 2022.
  6. NaBFID – All India Financial Institution (AIFI).
  7. Reserve Bank clarifies on the mode of receipt of complaints under Reserve Bank – Integrated Ombudsman Scheme 2021 (RB-IOS).
  8. Action against the Paytm Payments Bank Ltd under section 35 A of the Banking Regulation Act, 1949

Securities and Exchange Board of India (SEBI)

  1. Automation of disclosure requirements under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011-System Driven Disclosures -Ease of doing business.
  2. Change in UPI limits – Revision to Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.

Insurance Regulatory and Development Authority of India (IRDAI)

  1. Draft notification of Motor Third Party Premium Rates for the Financial Year (FY) 2022-23 for stakeholder’s consultation.
  2. Disclosure of underwriting philosophy of offering Health Insurance Coverage to Transgender persons.

Union Budget 2022

  1. Union budget 2022-23 encourages the power of youth: Smt. Nirmala Sitharaman

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

  1. Survey for seeking preference for learning a foreign language through virtual mode from ICAI Members and Students.
  2. Consent for enrolment for Exclusive Blended Online Weekend Batch of the Spanish language (level A1.1) for ICAI Members and Students (60 hours), Last Date: 10th March, 2022.
  3. Announcement of Online Examination of the ‘Certificate Course on Indian Accounting Standards (Ind AS)’ to be held on 24th April 2022.
  4. Important Update on Convocation 2022 – Kanpur and Indore

General Updates

  1. Visit of Delegation of CA Maldives to ICAI

OTHER UPDATES

  1. Clarification regarding the fake websites.
  2. Amendment of Rule 55 of the ESI Central Rules 1950- Notification.
  3. India and World Bank sign $125 Million Loan to support access to Social Protection Services in West Bengal.
  4. Aadhaar authentication services for validation of the identity of users of the FINnet system.
  5. The Central Board recommends an 8.10% rate of interest to its subscribers for the year 2021-22.

Blog of the Week: Clarification on provisions given in the Union Budget 2022: https://cacult.com/clarification-on-provisions-given-in-the-union-budget-2022/

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