Daily Updates

DGFT: DGFT has issued amendments in Para 2 (b)(i) of the “Guidelines For Applicants” under ANF-4F of Handbook of Procedures 2015-2020 to simplify the procedure and reduce the compliance burden for applying Export Obligation Discharge Certificate (“EODC”) in case of deemed exports. (Public Notice No. 11 /2015-2020 Dated 7th June 2022)

RBI: RBI permits branches of Indian banks operating in GIFT-IFSC to act as Professional Clearing Member (PCM) of India International Bullion Exchange IFSC Limited (IIBX) (Circular No. RBI/2022-23/62 DOR.AUT.REC.41/24.01.001/2022-23 Dated 7th June 2022)  

DGFT: 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. (Policy Circular No. 39/2015-20 Dated 7th June 2022

IBBI: Insolvency and Bankruptcy Board of India has changed the frequency of attempts in Limited Insolvency Exam/Valuation Exams to a maximum of six in a year (Circular No. Exam-13016/1/2022-IBBI Date 06th June 2022)

Corporate Law: EPF interest rate for FY 2021-22 reduced to 8.10% (Circular No. INV-11/2/2021-INV/4670 dated 3rd June 2022)

Income Tax: Transfer/postings (Local changes) in Addl. CsIT/JCsIT Grade (Order No. 112 of 2022 Dated: 03.06.2022.  F. No. A-22012/1/2022-Ad-VI (Part) dtd 3rd June 2022)

OTHERS: Draft Chartered Accountants (2nd Amendment) Regulations, 2022 [Notification No. 1-CA(7)/201/2022 dtd 2nd June 2022]

IBBI : IBBI suspends registration of IP for violating the procedure under IBC 2016 [Order No. IBBI/DC/104/2022 dtd 3rd June 2022] Insolvency and Bankruptcy Board of India celebrates ‘Azadi ka Amrit Mahotsav’. [IBBI Press Release No. IBBI/PR/2022/24 dtd 3rd June 2022]

SEBI: SEBI amends Investor Grievance Redressal Mechanism Circular [Circular. No. SEBI/HO/MIRSD/DOS3/P/CIR/2022/78 dtd 3rd June 2022]

FEMA / RBI : RBI permits 14 reporting entities to perform Aadhaar Authentication. [Notification No. S.O. 2543(E). 2nd June 022 ]

CORPORATE LAW: Footwear Made from Leather and Other Materials (Quality Control) Order, 2022            [Order No. S.O. 2599(E) dtd 3rd June 2022] Govt rescinds Footwear Made from Leather and other materials (Quality Control) Order, 2020. 2022            [Order No. S.O. 2598(E) dtd 3rd June 2022]

INCOME TAX: Clarification regarding Form No 10AC issued till the date of this Circular. [Circular No. 11 of 2022 dtd 3rd June 2022]

INCOME TAX: Revised Guidelines for compulsory Income Tax Returns Scrutiny. [Instruction No. F.No.225/ 81/2022/ITA-II dtd 3rd June 2022]

CUSTOMS: Instructions to FSSAI & Customs Officers on testing of UHT Whipping Cream [Instruction No. 08/2022 dtd. 03/06/2022]

CUSTOMS: Provisional assessment of Saccharin, exported from Thailand into India, till the completion of anti-circumvention investigation concerning alleged circumvention of countervailing duty imposed on Saccharin from China PR.  [Notification No. 3/2022-Customs (CVD) [G.S.R. 414(E).] 2nd June 2022]

Customs : ADD on import of Toluene Di-isocyanate (TDI) originating in or exported from China PR, Japan and Korea RP         [ Notification No. 19/2022-Customs (ADD) [G.S.R. 417(E).] dtd 3rd June 2022

Customs: Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver  w.e.f. 1st June 2022 (Notification No. 46/2022-Customs (N.T.), Dated: 31.05.2022)

Customs: CBIC has exempted deposits pertaining to all classes of persons and all categories of goods, from the provisions of the said section 51A of Customs Act, 1962. (Notification No. 47/2022-Customs (N.T.) Dated 31st May 2022)

Customs: Anti-dumping Duty on Import of Jute products from Nepal & Bangladesh extended till 30th November 2022 unless revoked, superseded or amended earlier. (Notification No. 18/2022-Customs (ADD) Dated 31st May 2022)

DGFT: A new RoDTEP schedule (Appendix 4R) is being notified for implementation with effect from 01.05.2022. notified for implementation with effect from 01.05.2022.w.e.f. 01.05.2022 (Notification No. 12/2015-2020-DGFT Dated 01st June 2022)