RBI/FEMA RBI Extends PCA (Prompt Corrective Actions) Framework to Government NBFCs. [Notification No. RBI/2023-24/67 Ref. No. DoS. CO. PPG/SEC.05/11.01.005/2023-24 dated 10th Oct 2023]
IBBI: IRP (Interim Resolution Professional), RP (Resolution Professional), IP (Insolvency Professional) or Liquidator not allowed to cross the Laxman Rekha (borders) in due diligence. [Ordner No. IBBI/DC/192/2023 dated 9th October 2023]
Income Tax: Clarifications issued w. r. t. Trust Audit Reports for various entities, including funds, trusts, institutions, universities, educational institutions, hospitals, and medical institutions with regard to trust audit reports issued by CBDT. [Circular No.17/2023 dated 9th Oct 2023]
Customs: In order to implement Bilateral Safeguard measure on imports of “Ferro Molybdenum” from the Republic of Korea under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017 on the basis of DGTR recommendations, Notification No.152/2009 amended for BCD rates declared as under: Sr. No. HSN Description BCD rate Effective from to up to …
DGFT: Trade notice issued for Automatic System based issue of Status Holder Certificate (e-SHC) with no requirement of filling any application by the exporter. [Trade Notice No.28/2023-24 dated 9th Oct 2023 & Public Notice No.32/2023 dated 9th Oct 2023]
SEBI: SEBI relaxed certain provisions of the LODR Regulations for listed entities such as regulation 36(1)(b) concerning Annual General Meetings (AGMs) and regulation 44(4) concerning general meetings held electronically, these relaxations are now extended till 30th September 2024. [Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/167 dated 7th Oct 2023]
Income Tax: Notification issued to grant an exemption to the Dental Council of India, New Delhi, from specified income under Section 10 of the Income-tax Act, 1961. [Notification No.87/2023 dated 6th Oct 2023]
IBBI: IBBI (Insolvency & Bankruptcy Borad of India) directs IP to be more diligent & careful in handling assignments under IBC (Insolvency & Bankruptcy Code). [Order No. IBBI/DC/191/2023 dated 6th Oct 2023]
SEBI: SEBI confirms to maintain a sum of Rs. 10 lakh Base Minimum Capital Deposit (BMC) requirements for Category 2 Execution Only Platforms (EOPs) operating in the stock exchange segment. [Circular No. SEBI/HO/MRD/POD-III/CIR/2023/165 dated 6th Oct 2023]
SEBI: SEBI Extends Relaxation from dispatching of physical copies of the financial statements by (including Board’s report, Auditor’s report or other documents required to be attached) up to September 30, 2024. [Circular No. SEBI/HO/DDHS/P/CIR/2023/0164 dated 6th Oct 2023]
RBI/FEMA: RBI’s UDGAM portal now covers 30 banks, allowing public to search for unclaimed deposits easily. [Press Release: 2023-2024/1048 dated 5th Oct 2023]
RBI/FEMA: RBI keeps Repo rate unchanged at 6.50%. [Press Release: 2023-2024/1053, Press Release: 2023-2024/1052, Press Release: 2023-2024/1051 dated 6th Oct 2023]
RBI/FEMA: RBI Doubles Gold Loan Ceiling to ₹4.00 Lakh for Compliant Urban Co-operative Banks. [Notification No. RBI/2023-24/66/DOR.CRE.REC.42/07.10.002/2023-24 dated 6th Oct 2023]
Bizsol Update for the month October 2023 From the Desk of Chairman Article on ‘Legends who shaped the Economic Landscape of the World’ by CS. Venkat R. Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. Article on ‘Reassessment of Income under Income Tax Act, 1961 – Sec 148A by CA Preeti Kulkarni, Director, Bizsolindia Services Pvt Ltd. …
JP Morgan Chase & CO, the US-based financial services behemoth, announced late September, 2023 that they had decided to include certain Indian Sovereign Bonds in its Global Bond Index – Emerging Markets (GBI-EM) Index starting 28th June 2024. This inclusion would commence in a staggered manner, with 1% incremental weightage considered for each consecutive month, …
Others: The government of India has notified an interest rate of 7.1% for deposits made under non-government Provident Funds (PF), superannuation, and gratuity. This revised interest rate will be effective from October 1, 2023, to December 31, 2023. [Notification F. No. 5(3)-B(PD)/2023 dated 4th Oct 2023]
Company Law: National Financial Reporting Authority (NFRA) issued an order imposing penalty of Rs. 15 Lakh on CA firm for irregularities in Audit of a Limited Company. [Order No. 59/2023 dated 4th Oct 2023]
Income Tax: District Mineral Foundation Trusts’ (DMF Trusts) classified as a specific class of Authority for tax purposes as per provisions of Section 10(46) of the Income Tax Act, 1961. [Notification No. 86/2023 dated 4th Oct 2023]
GST: Advisory issued in respect of introduction of Compliances Pertaining to Form DRC-01C (Intimation for difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B). [Press Release No. 606 dated 6th Oct 2023]
Matching ITC with GSTR-2B has been made mandatory effective from 1st January 2022 by inserting clause (aa) in section 16(2) of CGST Act, 2017. Prior to this amendment, though GST Act has not made it mandatory but Rules,36(4) was inserted w.e.f. 09.10.2019 to match ITC with GSTR-2A, the said rule initially allowed to take ITC …
