Team Bizsol

IBBI: IBBI withdraws circular related to IBC Liquidation Process Regulations (Circular No. IBBI/LIQ/2/2022 Dated 6th May 2022)

IBBI: IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Press Release No. IBBI/PR/2022/20, Dated: 06th May, 2022)

DGFT: Allocation of additional quantity of 2051 MT for export of raw sugar to USA under Tariff Rate Quota (TRQ) for the US Fiscal Year 2022. (Public Notice No.07/2015-2020, Dated: 6th May, 2022)

Income Tax: CBDT amended rule  Rule 44E of the Income Tax Rules, 1962 related to Application for obtaining an advance ruling and introduces amended FORM No. 34C , 34D, 34DA, 34E and 34EA (Notification No. 49/2022-Income Tax, Dated: 5th May, 2022)

MCA: The MCA has notified Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022 (MCA Notification dated 5th May 2022)

MCA: MCA continued Annual General Meeting (AGM ) through VC or OAVM up to 31st December, 2022 (General Circular No. 3/2022 dated 5th May 2022)

MCA: MCA continued Extraordinary General Meeting (EGM) through video conferencing (VC) or Other Audio Visual Means (OAVM) up to 31st December, 2022 (General Circular No. 3/2022 dated 5th May 2022)

CBIC: CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees w.e.f. 6th May, 2022 (Notification No. 40/2022-Customs (N.T.) dated 5th May, 2022.)

Customs: Govt amends notification No. 11/2018 Customs dated 2nd February, 2018 to align & substitute the HS Codes 6204 44 00 with 6204 44 10, 6204 44 90 and 6211 43 00 with 6211 43 10, 6211 43 90 with Finance Act, 2022 (Notification No. 24/2022-Customs Dated 30th April, 2022)

Customs: Govt notifies Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates) Rules, 2022  (Notification No. 39/2022-Customs (N.T.) Dated 30th April, 2022)

Income Tax: The functionality of Annual Aggregate Turnover ( AATO) has now been made live on taxpayers’ dashboards for the FY 2021-22 and can be amended twice within the month of May, 2022 in case it varies from the turnover as per their records. (Press Release dated 2nd May 2022)

DGFT: DGFT revises Para 2.107 of Handbook of Procedure 2015-2020 and Appendix 2A of FTP, 2015-20 to incorporate the items mentioned under Tariff Rate Quota (TRQ) under India – UAE Comprehensive Economic Partnership Agreement (CEPA) ( Public Notice No. 06/2015-2020 dated 1st May 2022)

DGFT: DGFT extends relaxation for import of crushed & de-oiled GM soya cake to allow import of remaining quantity of 5.50 Lakh MT up to 30.9.2022 (Notification No. 02 /2015-2020-DGFT dated 2nd May 2022).

RBI: RBI has been decided that the minimum investment grade credit rating for deposits of NBFCs shall be ‘BBB–’ from any of the SEBI-registered Credit Rating Agencies (RBI/2022-23/37 DOR.FIN.REC.No.30/03.10.001/2022-23 dated 2nd May 2022)

RBI: Guidelines introduced for fixing the compensation policy of Key Managerial Personnel and members of senior management of all NBFCs  under SBR framework. W.e.f.1st April 2023. (RBI/2022-23/36 DOR.GOV.REC.No.29/18.10.002/2022-23 dated 29th April 2022.)

RBI: Regulations Review Authority (RRA 2.0) set up by RBI has recommended withdrawal of additional 225 circulars which has become redundant and duplicate in the third tranche of recommendations and to reduce the compliance burden on Regulated Entities (REs). (RBI/2022-23/39 DoR.RRA.31/01.01.101/2022-23.)

Income Tax: CBDT Notifies Form and Manner for filing Updated Return [Notification No. 48/2022-Income Tax dtd. 29th April, 2022]

Corporate Law: Clarification regarding final withdrawal of PF for International Workers (IWs) [No. IWU/12061/1/2022-IWU/72/3 dtd 27th April 2022]

Customs: Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-UAE Comprehensive Economic Partnership Agreement (India-UAE CEPA) w.e.f. 01st May 2022 [Trade Notice No. 05/2022-2023 dtd 29th April 2022]