- CBIC clarified that LUT shall be deemed to be accepted on Generation of ARN, No documents required to be physically submitted to Jurisdictional Office.
- RBI has decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks. Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.
- CBDT has entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018.
- SEBI begins adjudication proceedings against 567 entities involved in ‘non-genuine trades’ through illiquid stock options segment in the first phase. It has decided to take action against more than 14,700 entities.
- Income tax department has set up a committee to look into the tax implications of the super-rich leaving the country to settle abroad and also arrive at the country’s stand on such migrations.
- The Payment of Gratuity (Amendment) Bill, 2018 has been passed by LokSabha on 15th March, 2018 and by the RajyaSabha on 22nd March, 2018, has been brought in force on 29th March,2018.
- RBI rolled out the regulations to allow cross-border mergers and amalgamation that could boost foreign direct investment into the country. The Foreign Exchange Management (Cross Border Merger) Regulations, 2018, will cover both inbound and outbound investments.
- RBI has decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.
- Exporters furnish fresh Bond / Letter of Undertaking online for exports without payment of IGST for FY 2018-19. Circular 8/8/2017-GST of 4.10.2017.
- SEBI to tighten the derivatives framework could provide an impetus to ‘dabba trading’ — an unofficial parallel market. the concept of ‘product suitability’ and physical settlement can see many proprietary traders and wealthy investors shift to dabba trading.
- SEBI will issue rules that will put the onus on chartered accountants, company secretaries, cost accountants, valuers and monitoring agencies to get companies to comply with securities regulations and act in the interests of public shareholders
- IBBI has issued a Press release to clarify that rendering of Valuation Services without a Certificate of Registration under the Companies(Registered Valuers and Valuation) Rules, 2017 is allowed till 30th September,2018.
India: Professional updates for April 2018
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