Daily Updates

DGFT: Appendices & Aayat Niryat Forms of Foreign Trade Policy, 2023, are notified. [Public Notice No.11/2023 dated 26th April 2023]

Customs: Notification issued to implement the Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders as notified by DGFT. [Notifications No. 32/2023-Customs dated 27th Apr 2023]

GST: New facility introduced to verify document Reference Number (RFN) mentioned on offline communications issued by State GST authorities. [Press Release No.580 dated 28th Apr 2023]

SEBI: Clarifications w.r.t. Modifications in the requirement of filing of Offer Documents by Mutual Funds issued. [Circular No. SEBI/HO/IMD/IMD-RAC-2/P/CIR/2023/60 dated 25th April 2023]

RBI/FEMA: Revised norms under four-tiered regulatory framework issued for provisioning for standard assets by primary (Urban) co-operative banks. [RBI/2023-24/18 DOR.STR.REC.12/21.04.048/2023-24 dated 24th April 2023]

DGFT: Extension of validity of Advance Authorizations ad-hoc norms ratified from 1st April 2015 to 31st Mar 2023 will be valid till 31st Mar 2026. [Public Notice No.09/2023 dated 25th April 2023]

GST: GSTN Advisory on Bank Account Validation: The functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Taxpayer is correct.

IBBI: IBBI suspends License of RV (Registered Valuer) for discrepancy in Valuation Report. [Order No. IBBI/Valuation/Disc./12/2023 dated 19th April 2023]

SEBI: Procedure for seeking prior approval for change in control of Vault Managers is issued and link for online application for approval is available on SEBI online portal in view of amendments to Regulation 8(b) of SEBI (Vault Managers) Regulations, 2021. [Circular No. SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/59 dated 21st April 2023]

RBI/FEMA: Master Circular issued for Prudential Norms on Capital Adequacy for Primary (Urban) Co-operative Banks (UCBs). [Notification No. RBI/2023-24/17 DOR.CAP.REC.11/09.18.201/2023-24 dated 20th April 2023]

Company Law: Company Registered office not capable of receiving Communications, Penalty imposed by Registrar of Companies, Bihar-Cum-Official Liquidator, High Court, Patna [Order No. ROC/S-12/BR120980/98 dated 18th April 2023]

Company Law: Penalty imposed for not filing declaration for commencement of business by ROC Delhi. [Order No. ROC/D/ADJ/Section 10A/DEVYANSH/1565-1568 dated 17th April 2023]

Income Tax: Central Government hereby approves ‘National Institute of Design, Ahmedabad (PAN: AAATN1137D)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ [Notification No. 23/2023 dated 21st April 2023]

DGFT: Additional quantity of 2360 MT of raw cane sugar for export to USA under TRQ (Tariff Rate Quota) up to 30th Sept 2023 has been notified. [Public Notice No. 08/2023 dated 21st Apr 2023]

DGFT: Amendments under Interest Equalisation Scheme in respect of UIN as “An Acknowledgement consisting of UIN, valid for a financial year shall be unique to a specific bank. If a scheme beneficiary desires to take advantage of the benefits of the scheme from multiple banks, a new UIN must be provided for each bank”. [Trade …

DGFT:Amendments under Interest Equalisation Scheme in respect of UIN as “An Acknowledgement consisting of UIN, valid for a financial year shall be unique to a specific bank. If a scheme beneficiary desires to take advantage of the benefits of the scheme from multiple banks, a new UIN must be provided for each bank”.  (24.04.2023) Read More »

Customs: ‘Nepalgunj Road’ declared as an additional LCS (Land Customs Stations). [Notification No.31/2023-Cus dated 20th April 2023]

GST: Clarification issued for Pre-deposit payment method for cases pertaining to Central Excise & Service Tax. [CBIC-240137/14/2022-SERVICE TAX SECTION-CBIC dated 18th April 2023]

GST: Automatic drop proceedings of Suo moto cancellation of GST Registration advisory issued, [Registration Advisory No.08/2023 dated 24th Apr 2023]

Others: The International Financial Services Centres Authority in reference to the Rule 21B of the SEZ rules, 2006, issues the guidelines for the purpose of seeking approval for utilization of office space or manpower or both by an IFSC Unit undertaking aircraft leasing activity in the IFSC. [Circular F. No. 535/IFSCA/FC/ALF/2023-24/02 dated 18th April 2023]

IBBI: IBBI warns RV to be cautious and transparent while conducting valuation under the Insolvency and Bankruptcy Code, 2016 and the Companies (Registered Valuers and Valuation) Rules, 2017. [Order No. IBBI/Valuation/Disc./11/2023 dated 18th April 2023]