13 April 2023 News and Updates

📰√ Corporate Snippets 😊

📝 India elected to UN Statistical Commission for four-year period

📝 Nykaa expects over 30% growth in FY-23 revenue on better conversion rates

📝 DMart Q4 Update: Revenue rises 20% YoY to INR 10,337 Cr; store count at 324

📝 Paytm reports 27% YoY jump in monthly transacting users; loan disbursements surge 206%

📝 India may consider dairy products' import on tight supply amid stagnant milk output: Government

📝 Sugar output falls 3 pc to 299.6 lakh tonnes in October-March of 2022-23 market year

📝 Bank of Maharashtra logs 30% loan growth; total business crosses INR 4 lakh Cr in Q4

📝 Larsen & Toubro bags multiple contracts worth over INR 7,000 Cr in Middle East

📝 Ossus Biorenewables raises $2.4 million in funding from Nikhil Kamath's Gruhas, Rainmatter Climate

📝 Video telematic startup LightMetrics raises $8.5 million from Sequoia Capital India

📝 Magenta Mobility raises $22 million from bp, Morgan Stanley India Infra

📝 Citi launches its branch in GIFT IFSC; to offer financing solutions

📝 Finance Ministry to meet chiefs of PSBs, key schemes' progress in focus

📝 India services growth slows down in March after 12-year high in Feb

📝 Tata Steel output grows 3% to 7.77 MT in Q4; sales fall 3.43% to 7.59 MT.

📝 India plans to get ahead of the curve in 6G telecom technology

📝 New projects hit INR 12.3 trillion in March quarter on large orders

📝 Five IPOs get Sebi go-ahead to raise up to INR 3,000 Cr collectively

📝 Cube Highways files document for privately placed INR 5,226 Cr InvIT

📝 SEBI takes slew of measures to crack down on misleading investment ads

📝 Global trade growth expected to be subpar at 1.7% in 2023: WTO

📝 Embattled Adani Group trumpets stable ties with international lenders

📝 FY-23 bank credit growth highest since FY-12, up 15%, shows RBI data

📝 Hindalco recalibrates capex to $4.5 bn from $8 bn, cites challenges

📝 Over INR 40,700 Cr sanctioned under Stand-Up India Scheme in seven years

📝 Reliance Retail ropes in Amul ex-MD Sodhi to strengthen grocery biz 

📝 Poonawalla Fincorp disbursements up 151% in Q4

📝 Investment bankers get USD 261.5 mln in Q1 despite fall in deal making activities: Report

📝 Jakson Green to set up methanol synthesis facility at NTPC’s Vindhyachal power plant

📝 DBT-enabled savings at  INR 2.73 trillion

📝 Tamil Nadu ports see 24% jump in vehicle exports, ship 380,000 units in FY-23

📝 Edelweiss Financial to raise INR 400 Cr via NCDs

📝 Tiger Global posts 7.3% Q1 gain after losses in 2022

📝 Course5 to raise $75 mn from Temasek, shelves IPO

📝 EU's 43 billion euro plan to boost semiconductor industry may get green light

📝 FedEx to combine delivery units as part of $4 billion cost-cut push

📝 RailTel gets order of ₹38 Cr for lease line connectivity at immigration centre

📝 NPPA regulates price of coronary stents

📝 Govt plans green hydrogen incentives of at least 10% of cost: Report

📝 Indian banks to gain $36 billion in deposits

📝 I&B ministry signs pact with Amazon India for collaboration in media and entertainment

📝 India Grid commissions its first battery energy storage system.

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📝 Govt extends sops for chip, electronics gear by a year

📝 Banks want cover for one-time settlement option under ECLGS

📝 Natgas price fixed at $6.5 per mmBtu for rest of April

📝 Foreign tourist arrivals soar over 300% to 6.19 m in 2022

📝 Investors' wealth jumps over Rs 10.43 lakh cr in last 5 days of market rally

📝 India's forex reserves snap 2-week rise, down $380 million

📝 Saudi provides $240 million for Pakistan hydro-power dam

📝 Tata Motors posts 8 pc jump in group global wholesales in Jan-Mar

📝 Avaada Energy gets 421 MW solar project from Damodar Valley Corporation

📝 BlackBerry opens IoT centre in Hyderabad, to partner with firms locally

📝 Byju’s lenders seek $200 million prepayment over restructuring $1.2 billion loan

📝 Vedanta-Foxconn likely to get conditional approval for fab plant

📝 Interstate flow of goods rose to 70% of GDP post-GST implementation

📝 Temasek buys majority stake in Manipal Health in largest wellness deal

📝 US job growth strong in March; unemployment rate falls to 3.5% from 3.6%

📝 Hindustan Aeronautics launches third assembly line of Tejas jets

📝 NGT orders review of green nod for Great Nicobar Port amid public uproar

📝 Inter-ministerial panel under GatiShakti recommends four rail projects

📝 Wheat crop loss likely to be 1-2 MT due to untimely rains: Govt. 

📝 Govt. exploring possibilities of investing in lithium mines abroad

📝 Reliance Capital lenders likely to push resolution deadline to May end

📝 Alight to pay $965 mn services fee to Wipro over five years

📝 Cargo fleet size in India is set to grow manifold: Boeing India head

📝 Telcos to see muted Q4 growth on tariff hike delay, lower subscriber addition

📝 PwC survey reveals 74% Indian consumers are worried about personal finance; 63% to cut back non-essential spending

📝 ONGC Tripura Asset posts high ever gas production

📝 16th Finance Commission to be set up by November

📝 Collective market share of PSU general insurers falls 175 bps

📝 COVID-19 cases surge in Delhi with increase in H3N2 influenza cases

📝 State-run REC raises $750 mn via green bonds

📝 Maruti eyes 25% of India SUV market

📝 Nazara's subsidiary acquires 73% stake in Pro Football Network for $1.8 mn

📝 Policybazaar data shows 87% increase in customers opting for pre-existing diseases

📝 Leap India targets up to ₹500 Cr deals

📝 Adani opens power plant for supply to Bangladesh

📝 India, Mexico exploring free trade agreement: Envoy.

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📝 India, Bangladesh, Japan to hold connectivity meet in Tripura

📝 Yellen downplays recession fears, expects US economy to grow

📝 Banks sanction Rs 23.2 lakh crore to about 41 crore beneficiaries under Mudra Yojana

📝 Swiss finance minister sees no 'stumbling blocks' to UBS takeover of Credit Suisse

📝 India surpasses Rs 85,000 cr worth mobile phone exports in FY23

📝 CNG, piped cooking gas price cut by up to Rs 6 in Delhi

📝 Vi pays 10% of Q4 licence fee dues, seeks time till July 31 to clear balance

📝 ICICI-Videocon fraud case: CBI files charge sheet against Kochhars, Dhoot

📝 PM Modi inaugurates slew of projects in Tamil Nadu, Telangana during visit

📝 Asian banks lure investors with safety amid US-led banking turmoil

📝 NBFC firm REC raises $750 million through issuance of green bonds

📝 UltraTech uses LNG trucks to transport cement as part of ESG initiative

📝 Hotel occupancy goes up to 80% in Shimla, gives rise to traffic in state

📝 10 regional parties received Rs 852 cr via electoral bonds: ADR report

📝 KYC verification for SIM cards to soon become fully digital

📝 Office leasing loses ground in top 7 cities, may remain sluggish

📝 Global headwinds to slowdown GDP growth; India resilient than many large economies: HDFC Chairman Parekh

📝 IGL cuts piped gas, CNG prices by up to 9.5%

📝 FM leaves for US; to host G20 meeting, attend IMF, World Bank meetings

📝 IMD forecasts rise in temperature in 5 days, predicts heatwave in 10 states

📝 ONGC increases stake in Mangalore SEZ to 49%

📝 Exxon Mobil Eyes Potential Megadeal With Shale Driller Pioneer

📝 Google search engine to get AI support, CEO Sundar Pichai says

📝 Obesity among Indians rose 50% between 2019 and 2022: Report

📝 India reports over 6,000 new covid cases in a day

📝 India's first underwater section of the Kolkata metro to test run on 9 April.

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📝 RBI brings out norms for outsourcing of IT services

📝 SBI to consider raising of up to $2 billion via unsecured USD notes

📝 Govt kickstarts IREDA IPO process, scouts for merchant bankers

📝 Govt allows 5 pvt firms for cluster farming in 50,000 hectares with Rs 750cr investment

📝 Retail loan securitisation rises 56% to Rs 1.76 lakh cr in FY23

📝 JSW One Platforms raises Rs 205 crore in funding from Mitsui at INR 2,750 Cr valuation

📝 NCLT admits Mantri Developers for insolvency

📝 Discom debt surges 24% to INR 6.2 Lakh Cr in 2021-22

📝 Shipping ministry issues draft Sagarmala Innovation and Startup Policy

📝 RBI simplifies CIC application form, prunes list of documents required

📝 India's e-commerce logistics space to exceed 10 bn parcels by FY28: Redseer

📝 CPSEs achieve revised capex target of Rs 6.46 trn in FY-23: Govt. official

📝 Amid tension with China, India looks to Taiwan for high-tech imports

📝 El Nino likely to keep monsoon rains below normal, says Skymet

📝 Hospitals conduct Covid mock drills as positivity rate nears 7%

📝 At 19%, BoB's loans grew faster than overall banking system in FY-23

📝 Sterlite Copper gets SC go-ahead for Thoothukudi plant maintenance

📝 Centre nudges state govts to speed up PM GatiShakti scheme adoption

📝 Air India completes ERP modernisation ahead of schedule

📝 Temasek inks pact to acquire additional 41% stake in Manipal Health Enterprises

📝 Industry body calls for separate digital competition law

📝 L&T hydrocarbon business bags significant order worth INR 1,000- 2,500 Cr

📝 Digital MSME lender FlexiLoans’ AUM triples in FY-23 from previous year

📝 Speciality Restaurants bets big on AI, aims at INR 1,000 Cr revenue in 5 years

📝 Rupee gains 5 paise to close at 81.97 against US dollar

📝 Glenmark weighs sale of API business to pare debt

📝 E-scooters drive EV sales to record 1 mn units in FY-23

📝 Zydus Lifesciences gets USFDA nod to market generic drug

📝 Vedanta to consider issuance of NCDs on a private placement basis on April 13

📝 SpiceJet Completes Hive-Off of Cargo Division

📝 JSW Steel logs 24% growth in consolidated crude steel production

📝 NARCL plans to ramp up acquisition of distressed assets in fiscal year 2024

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📝 Co-lending rises over fourfold in FY-23; assets cross INR 25,000 Cr

📝 India set to play key role in global supply chains: FM Nirmala Sitharaman

📝 Lenders of Reliance Capital fix April 26 as new date for second auction

📝 Delta Corp Q4 Results: Net profit rises 6% YoY to INR 51 Cr; revenue up 4%

📝 Five-year gilt yields drop below 7%, hit 7-month low

📝 NTPC to raise INR 3,000 Cr through 3-year bond issue

📝 Govt to invite financial bids for Shipping Corp in May -sources

📝 IMF cuts India's FY-24 GDP forecast to 5.9%

📝 HDFC Bank to raise $6 billion in debt over next 1 year

📝 JICA, Citi to provide USD 125 mn to Indusind Bank for onlending to agri sector

📝 BHEL-led consortium bags order to supply 80 sleeper class Vande Bharat trains worth over INR 9,600 Cr

📝 Luxury D2C skincare brand RAS raises $1.5 million in funding from Green Frontier Capital, others

📝 MPL’s game development unit Mayhem Studios raises $20 million from Sequoia, Steadview, Truecaller, others

📝 Four states raise INR 5,800 Cr through SDLs at bond auction

📝 Demand for white-collar gig roles rises 11% YoY in March 2023: Foundit.in

📝 Skill ministry launches digital version of employability skills curriculum

📝 Bed occupancy under 3% in major cities even as Covid cases top 37,000

📝 Lenders to step up work on large size loans under MUDRA scheme

📝 L&T Technology Services to pay $9.9 million for US visa fraud allegations

📝 Normal rains likely this year despite El Nino conditions, says IMD

📝 Mercedes-Benz's India sales jump 36% in FY-23; female customer base doubles

📝 ICICI Bank to offer EMI facility for UPI transactions above INR 10,000

📝 Market share of PSU general insurers shrinks 800 bps in 5 years: IRDAI

📝 Kotak Mahindra Bank jumps 5% to INR 1,847.60 after FPI room increases

📝 Tech and telecom equipment companies seek 6 GHz band delicensing

📝 SEBI codifies 'excuse-exclude' norms used by AIFs for managing portfolios

📝 Indian companies to see higher interest burden in FY-24 against FY-22: Report

📝 Govt. to nudge PSBs to increase enrolments of its insurance schemes

📝 PE investments in India decline over 75% in Q1 of CY23, lowest since 2018

📝 Multiplex spends rise 173% y-o-y in FY-23: Razorpay report

📝 Corporates stare at 25% jump in financing cost this fiscal, may reverse deleveraging

📝 Govt. invites bids from CPSEs to set up 20 new MSME Technology Centres

📝 Shapoorji Pallonji Group weighs $2 billion asset sales

📝 India extends transmission fee waiver for green hydrogen plants: Source

📝 Co-lending platform Yubi records 250% growth in FY-23 transaction volume

📝 CBDT unearths INR 1,000 Cr ‘bogus spend’ by Karnataka cooperatives

📝 SEBI asks AIF to provide option of direct plans to investors

📝 Rupee falls 13 paise to close at 82.12 against US dollar

📝 G7 to discuss digital currency standards, crypto regulation

📝 Apple to invest another $200 million in carbon removal fund

📝 OpenAI to offer users up to $20,000 for reporting bugs

📝 Ernst & Young calls off splitting its audit and consulting units

📝 NSE launches India’s first Reits and InvITs Index

📝 Italy declares state of emergency as migrant numbers surge

📝 SII recommends Covovax to elderly as booster dose amid covid surge

📝 BankBazaar.com plans to go public in next 12-18 months

📝 Delhivery block deal: Internet Fund III offloads shares worth ₹387 Cr

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📝 Retail inflation eases to 5.66 per cent in March, within RBI's comfort zone

📝 TCS Q4 profit up 15% to Rs 11,392 crore; dividend declared at Rs 24/share

📝 US inflation slows in March but remains above Fed target

📝 Anand Rathi Wealth Q4 Results: Net profit jumps 23%, co guides for 21% PAT growth in FY24

📝 REC raises Rs 2,848 cr in first local bond issue of FY24

📝 Bumper Apple harvest: iPhone FY23 exports jump 4x to top $5 billion

📝India's economic growth projected to decelerate to 6% in 2023 from 6.6% in 2022: UN

📝 Apax, CVC Capital, TH Lee bid for Blackstone's 32% stake in IBS Software

📝 Solar capacity installations drop 8 per cent in FY23, wind jumps 105%: Report

📝 BHEL, Nuclear Power Corp ink pact for biz opportunities in pressurised heavy water reactor tech

📝 Reliance Industries Ltd readies $2.4-3 billion InvIT for retail warehousing assets

📝 PhonePe chalks up further $100 million from General Atlantic; more expected

📝 Early-stage fund pi Ventures raises Rs 100 crore from Sidbi’s startup fund

📝 India's industrial production rises 5.6% in February vs 5.2% in January

📝 Serum re-starts Covishield production, seeks to despatch 6 mn Covovax doses

📝 Govt committed to reforms for a stronger India: FM Nirmala Sitharaman

📝 Krithivasan to take charge as TCS's new CEO and MD from June 1

📝 Zerodha forms joint venture with Amazon-backed Smallcase for AMC operations

📝 Radisson Hotel Group announces entry of luxury lifestyle brand in India

📝 Torrent to give 920 MW power from its gas-based plants under govt tender

📝 DPIIT to raise startups' concerns on 'fair market value' with FinMin

📝 Electronics exports cross Rs 1.8 trn, mobiles alone surpass Rs 90K cr

📝 Sebi approves proposal for change in control of HDFC Capital Advisors

📝 Swiss parliament rebukes Credit Suisse rescue by rival bank UBS

📝 India retains FAA IASA ‘Category 1’ status

📝 Baskin Robbins expands capacity, launches product portfolio

📝 BoldCap launches $25-mn early-stage fund

📝 Future Retail’s creditors seek 90 days extension for concluding insolvency resolution process

📝 HDFC Bank signs agreement with Export Import Bank of Korea for USD 300 million credit line 

📝 Suzlon Group bags 50 MW wind project from Sembcorp

📝 Plan to import dairy products put in abeyance

📝 India to have stable debt-to-GDP ratio: IMF

📝 RBI permits Karnataka Bank to collect direct, indirect taxes

📝 Rupee gains 3 paise to close at 82.09 against US dollar

📝 SEBI imposes INR 25 lakh fine on 5 entities for non-genuine trades

📝 PDS may invest up to ₹225 Cr in India, Egypt to service US mkt

📝 Flexiloans aims to raise $75 mn for SME loans

📝 Govt sends notice to Pawan Hans winning bidder

📝 Govt raises rent, consultation fees at CGHS hospitals

📝 NTPC to raise ₹3,000 Cr via non-convertible debentures for capex boost

📝 Govt to allow agri credit societies to convert wholesale petrol pumps into retail outlets

📝 Siemens Gamesa secures 166 MW wind project from ArcelorMittal

📝 OPEC+ output cut may push up India’s oil import bills IEA warns

📝 Govt. seeks to boost micro-insurance coverage with three-month campaign

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SEBI approves five AIF reforms

The changes which have been approved as per the Press Release are as follows:

1. Compulsory Dematerialization of the Units of the AIF;

2. Carry forward of unliquidated investments after the closure of a scheme;

3. Eligibility Criteria for Key Investment Team;

4. Requirement for investor consent for buying/selling investments from/to associates of AIFs; and

5. Principles of valuation proposed

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Important Update - UPI/ NPCI

🔹Paying from UPI 

Let's find out what is free and what will be charged from 01st April 2023

🔹 FREE

- Paying to any UPI scanner directly from your bank account

- Transferring money from one bank account to another

- Bank account to Bank account based UPI payments are free

🔹 What will be CHARGED ?

- If you keep money in your UPI wallet, avoid from next month. Transactions made from wallets like Google Pay, Paytm, Phonepe, Amazon Pay etc, to any scanner or bank transfer will be charged upto 1.1% above Rs 2000.

- 1.1 % tax applicable if paying using UPI via credit Cards.

🔹 No charges to customers

🔹 99% of transactions are made from Bank accounts to wallets with scanners and phone numbers, which will continue to remain free.

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Big Relief in GST in New FY

1. GST registration cancelled on or before 31st December 2022 can now be revoked, by filling an application before 30th June 2023.

2. Late fee for filling of Annual return for FY 2017-18 to 2021-22 is capped at 20000/- if filling before 30/06/2023

3. Late fee for filling of Final Return GSTR 10 is capped at ₹1000/- if filled before 30/06/23

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Most awaited Notification relating to GST Registration Activation / Cancelled Registration cases is issued

🌠 Notification No. 03/2023 – CENTRAL TAX dt 31-03-2023

Revocation of cancellation of registration;

🌠 Taxpayer Whose GST registration cancelled under section 29(2)(b) or (c) before 31-12-2022 but failed to apply for revocation, can apply for revocation after filing all the returns till effective date of cancellation by paying applicable tax , interest, penalty and late fee.

🌠 Appeal Rejected Cases- Person whose appeal against the order of cancellation of registration or the order rejecting application for revocation of cancellation of registration under section 107 of the said Act has been rejected on the ground of failure to adhere to the time limit specified under sub-section (1) of section 30 of the said Act, can also take benefit of this notification and reactive GST Registration

🌠 Hope that suitable changes are made on GST Portal ..

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Series- 420 

Amnesty Scheme in GST 2023

 

1- RP fails to file GSTR-4 for the period FY 2017-18 to 2021-22 but furnish in 01-04-2023 to 30-06-2023 late fees max to Rs. 250/- CGST and Rs. 250/- SGST.

2- RP, whose registration has been cancelled on or before 31-12-2022 and failed to apply for revocation of cancellation within time period may apply for revocation upto 30-06-2023 after filing of all returns.

3- RP, who failed to furnish return within 30 days of order u/s 62. The order shall be withdrawn if furnish the return by 30-06-2023 and taxes and interest paid.

4- RP fails to file GSTR-9 for the period FY 2017-18 to 2021-22 but furnish in 01-04-2023 to 30-06-2023 late fees max to Rs. 10,000/- per act.

5- Late fee for filling of Final Return GSTR 10* is capped at ₹1,000/- if filled before 30/06/2023.

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Member's Profile updation at SSP with GST Number to avail GST benefit on Membership Fee Payment:

Please update the profile latest by 15th April, 2023. Any updation made after the last date will not be considered in the tax invoice for the financial year 2023-24.

Read more at:

https://www.icai.org/post/updation-of-member-profile-at-self-service-portal-with-gstin

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Relief under GST

The government has allowed businesses, whose GST registrations were cancelled for non-filing of returns, to apply for revocation of the cancellation by June 30, after paying due taxes, interest and penalty. The finance ministry has made amendments in the Central GST act specifying that businesses whose registration has been cancelled on or before December 31, 2022, and who have failed to apply for revocation of cancellation within the specified period can do so by June 30, 2023.

However, the application for revocation shall be filed only after furnishing the returns due up to the effective date of cancellation of registration and after payment of any amount due as tax, in terms of such returns, along with any amount payable towards interest, penalty and late fees.

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GST On Corporate Guarantee without consideration 

in a sign of relief for additions for GST on notional corporate guarantee fee, the Supreme Court (SC) in its recent ruling in the matter of Commissioner of CGST and Central excise v/s Edelweiss Financial Services, has put an end to the long standing conflict regarding service tax on Corporate Guarantees. The SC held that no service tax can be levied on Guarantees provided by a parent company to its subsidiary, on the ground that no consideration was charged by the Assessee against the Guarantee provided to its subsidiary. 

Although, the ruling did not shed light upon GST implications in the case of Corporate Guarantees. Under the GST regime, concept of “deemed consideration” applies even if no consideration is involved in related party transactions, which can be structured basis the principles of this ruling and the GST law on related party transaction.

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👉🏻RBI announces a Central Portal to Check Unclaimed Money from Inoperative Bank Accounts.

(RBI has announced the development of a new centralised web portal to search for unclaimed deposits that are older than 10 years)

👇🏻 👇🏻 👇🏻

http://bit.ly/40POx9o

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GST Registration Rejected bcoz of non-submission of electricity bill 

Allahabad High Court levies a penalty of ₹ 15,000/- on the erring tax officer as non-submission of electricity bill cannot be ground for rejection 

Case: Ranjana Singh vs Commissioner of State Tax .

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 ✅ICAI | CPE hours requirements applicable from 2023 onwards

As per the Council's new requirements, members who are required to complete a minimum of 20 structured CPE hours in a calendar year need to complete at least two structured CPE hours each on the topics of "Standards on Auditing" and "Code of Ethics" (total 4 Structured CPE Hours) through Digital Learning Hub/Physical mode every calendar year. These requirements came into effect from January 1, 2023, onwards.

The following are the details of the requirements for each category of members

1. Members holding Certificate of Practice and below 60 years of age:

- Minimum of 40 CPE credit hours during each calendar year.

- Out of the 40 hours, a minimum of 20 hours should be structured learning.

- The balance of 20 hours can be completed either through structured or unstructured learning.

2. Members not holding Certificate of Practice and members residing abroad (below 60 years of age):

- Minimum of 20 CPE credit hours of either structured or unstructured learning.

3. Members above 60 years of age holding Certificate of Practice:

- Minimum of 30 CPE credit hours of either structured or unstructured learning.

Exemptions:

- Members who have newly obtained their membership are exempted for the first calendar year.

- Members aged 60 years and above who are not holding the Certificate of Practice are exempted.

- Judges of the Supreme Court, High Court, District Courts, and Tribunals are exempted.

- Members of Parliament/MLAs/MLCs, Governors of States, and Civil Services are exempted.

- Entrepreneurs (owners of Business (manufacturing) organizations other than professional services) are exempted.

- Judicial officers and members in Military Service are exempted.

Temporary Exemptions:

a. Female members for one Calendar year on the grounds of pregnancy.

b. Physically disabled members on a case-to-case basis having permanent disability of not less than 40% and above (supported with medical certificates from any doctor registered with Indian Medical Council with relevant specialization as evidenced by Post Qualifications (M.D., M.S. etc.).

c. Members suffering from prolonged critical diseases/illnesses or other disability as may be specified or approved by the CPED (supported with medical certificates from any doctor registered with Indian Medical Council with relevant specialization as evidenced by Post Qualifications (M.D., M.S. etc.).

Note:

- The Council has decided to have mandatory 2 Structured CPE Hours each on topics of "Standards on Auditing" and "Code of Ethics" (total 4 Structured CPE Hours) during every Calendar year through DLH/Physical mode (applicable from Calendar Year 2020 onwards) for the Categories of members who are required to complete minimum 20 Structured CPE Hours in a Calendar year (COP Holder). This may be completed any time during the year through DLH/Physical mode.

- Out of 20 Structured CPE Hours which is mandatory to be completed by Members below 60 years and holding COP, in each Calendar year starting from 2023 (including mandatory CPE hours on "Code of ethics" and "Standard on auditing"), 4 Structured CPE Hours can be completed in virtual mode through Digital Learning Hub till any further modification. For Calendar Year 2023, the members who have already earned 4 or less Structured CPE hours in online mode (through VCM/DLH) till 31.03.2023 will get credit on actual basis.

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SC holds Sec.271C penalty not applicable on belated remittance of TDS; Adopts literal interpretation

SC allows Assessees' appeals against Kerala HC judgment, holds that belated remittance of tax deducted at source shall not attract penalty under Section 271C; SC observes that penal provisions are to be interpreted literally and nothing can be added or taken out from the  imposing penalty; SC  that the cases in appeal are  cases of belated remittance and not the cases of non-deduction, thus, Section 271C(1)(a) shall not be applicable as the provision talks Of fail to deducy whole or any part of the tax, not failure to remit the deducted tax; SC further observes that wherever Parliament sought to provide for consequences of non-remittance of deducted tax, the Parliament has specifically provided for it i.e., Section 276B and 201(1A)

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👉🏻RBI issues detailed norms for outsourcing of IT services by banks, NBFCs.

(came out with detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.)

👇🏻 👇🏻 👇🏻

http://bit.ly/41gSSlP

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Redvat® Headlines (12-04-2023)

▪️Ukraine urges India to consider its G20 participation

▪️LIC appoints PC Paikray as Chief Risk Officer, Ratnakar Patnaik as CIO

▪️EY calls off plan to split audit, consulting units after internal dissent

▪️Can't levy sales tax on SIM cards, recharges and value-added services: Supreme Court

▪️BHEL-led consortium bags order to supply 80 sleeper class Vande Bharat trains worth over Rs 9,600 crore

▪️NASA sends powerful new instrument to space to track air pollution

▪️FinMin exempts CBSE from paying income tax with retrospective effect from FY21 till FY25

▪️Export duty on husk rice scrapped

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👉🏻Mere Delay in TDS remittance shall not attract penalty u/s 271C - SC.

(The Supreme Court (SC)  held that the delay in remitting tax deducted at source (TDS) by assessees is not liable for penalty. It stated the revenue department should adopt a literal interpretation of the penal provision.)

👇🏻 👇🏻 👇🏻

http://bit.ly/408KQdM

👉🏻RBI announces framework for acceptance of Green Deposits.

(With a view to foster and develop a green finance eco-system in India, the Reserve Bank has put in place a framework for acceptance of Green Deposits.)

👇🏻 👇🏻 👇🏻

http://bit.ly/41lr3sH

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Cost Inflation Index (CII)* for FY 2023-24 for computing Indexed Cost of Acquisition for determining Taxable Amount of LTCG notified as 348.

Compared to the preceding CII 331 for FY 2022-23, this represents an *increase of 5.14%.

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IEC Update

IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible.

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1. It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores.

2. To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting.

3. Please note that this restriction will only apply to the document type invoice, and there will be no time restriction on reporting debit/credit notes.

4. For example, if an invoice has a date of April 1, 2023, it cannot be reported after April 8, 2023. The validation system built into the invoice registration portal will disallow the user from reporting the invoice after the 7-day window. Hence, it is essential for taxpayers to ensure that they report the invoice within the 7-day window provided by the new time limit.

5. It is further to clarify that there will be no such reporting restriction on taxpayers with AATO less than 100 crores, as of now.

6. *In order to provide* sufficient time for taxpayers to comply with this requirement, which may require changes to your systems, we propose to implement it from 01.05.2023 onwards.

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RBI issues draft circular on Fair Lending Practice - Penal Charges in Loan Accounts for comments 

Features:

On a review of the practices followed by REs for charging penal interest/charges on loans, the following instructions are issued for adoption.

(i) Determination of interest rates on credit facilities, including conditions for reset of interest rates, will be strictly governed by the relevant regulatory instructions issued in this regard. REs shall not introduce any additional component to rate of interest.

(ii) Penalty, if charged, for default / non-compliance of material terms and conditions of loan contract by the borrower shall be treated as ‘penal charges’ and shall not be levied in the form of ‘penal interest’ that is added to the rate of interest charged on the advances. There shall be no capitalisation of penal charges, i.e, no further interest computed on such charges. However, this will not affect the normal procedures for compounding of interest in the loan account.

(iii) It needs to be recognised that the rate of interest on a loan includes appropriate credit risk premium reflecting the credit risk profile of the borrower. If the credit risk profile of the borrower undergoes change, REs will be free to alter credit risk premium as per the contracted terms and conditions, in terms of extant instructions.

(iv) The quantum of penal charges shall be proportional to the defaults/ non-compliance of material terms and conditions of loan contract beyond a threshold. This threshold is to be determined by the REs and shall not be discriminatory within a particular loan / product category.

(v) The penal charges in case of loans sanctioned to individual borrowers, for purposes other than business, shall not be higher than the penal charges applicable to non-individual borrowers.

(vi) Penal charges and the conditions precedent therefor, shall be clearly disclosed by REs to the customers in the loan agreement and most important terms & conditions / Key Fact Statement (KFS) as applicable, in addition to being displayed on REs website under Interest rates and Service Charges.

 https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=4254

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A special CBI (central bureau of investigation) court in Mumbai on Monday sentenced a former Bank of Maharashtra (BoM) AGM (assistant general manager) and several directors of private companies to varying jail terms in connection with a fraud of over Rs3.50 crore, officials said here.

 

The convicts include ex-AGM of BoM, DR Deshnapde, who has been awarded three-year rigorous imprisonment along with a fine of Rs200,000.

 

SPL Technochem Ltd directors Mukesh M Shah and Shreyansh P Sheth have also been awarded three-year jail term along with a fine of Rs1.01 crore. The company has also been separately penalised for Rs300,000.

 

Other directors like Kalpataru Comtrade's Dhumil Sheth, Sabrangh Polymers' Vilesh Sheth, Vision Agencies' Vishal Sheth, Sharp Industries' Hasmukh Sheth and Vinod Sheth, and Cat Cosmetics & Healthcare's Manoj B. Shah have been sentenced to three-year jail term each, along with a fine of Rs50.50 lakh each.

 

The verdict was pronounced by special judge SP Naik-Nimbalkar after a trial that lasted over 13 years.

 

As per the CBI investigation, in 2007, the accused along with Mr Deshpande had connived to obtain cash credit limit of Rs2.10 crore against hypothecation of inventory and receivables, and LC (letter of credit)-inland/import limit of Rs5.40 crore from the Bank of Maharashtra through fraudulent means and on forged documents.

 

Following a complaint lodged by the BoM genreal manager, the CBI took up the probe in March 2009.

 

CBI's detailed probe into the fraud revealed cheating to the tune of Rs2,69,08,482 plus interest of Rs1,04,25,069 by the accused persons, who were arrested, charge-sheeted and the case went for trial.

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