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Booklet – LIBOR Transition- Valuation Guide brought out by ICAI and ICAI RVO –

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA All rights reserved. No part of this publication may be translated, reprinted or reproduced orutilized in any form either in whole or in part or by any electronic, mechanical or other means, including photocopying and recording, or in any information storage and retrieval system,without prior permission in writing …

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Concept Paper on Inventory Valuation brought out by ICAI and ICAI RVO –

All rights reserved. No part of this publication may be translated, reprinted or reproduced orutilized in any form either in whole or in part or by any electronic, mechanical or other means,including photocopying and recording, or in any information storage and retrieval system,without prior permission in writing from the publishe DISCLAIMER:The views expressed in this …

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Rupee Interest Rate Derivatives (Reserve Bank) Directions – Review

To, All Eligible Market Participants Madam / Sir, Rupee Interest Rate Derivatives (Reserve Bank) Directions – Review Please refer to Paragraph 5 of the Statement on Developmental and Regulatory Policies, issued as a part of the sixth Bi-monthly Monetary Policy Statement for 2021-22 dated February 10, 2022 regarding permitting banks in India to deal in foreign currency settled …

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Meeting with Top Job Portals of the Country for strengthening the “Employment and Skilling Ecosystem”

The Ministry of Labour and Employment is implementing the National Career Service (NCS) Project as a Mission Mode Project for transformation of the National Employment Service to provide a variety of employment related services like job matching, career counselling, vocational guidance, information on skill development courses, apprenticeship, internships etc. The services under NCS are available …

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SUPPORT TO SMALL BUSINESSES

Ministry of Micro Small and Medium Enterprises through its MSME-Development Institutes (DIs) situated in all States, facilitates Micro Small and Medium Enterprises (MSMEs) to export from Domestic Tariff Area (DTA) and Special Economic Zones. For this purpose, 52 Export Facilitation Centres (EFCs) have been established to provide hand-holding support to MSMEs as well as creating …

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IMPACT OF COVID-19 ON SMALL BUSINESSES

The Government has taken a number of recent initiatives under the Aatma Nirbhar Bharat Abhiyan to mitigate the negative impact of Covid-19 on small businesses in the country and to improve their financial and market access. Some of them are: Rs. 20,000 crore Subordinate Debt for stressed MSMEs. Rs.3 lakh crores Emergency Credit Line Guarantee …

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Extension of On-Tap Liquidity Window for Contact-Intensive Sectors

As announced in the Statement on Developmental and Regulatory Policies on February 10, 2022, the On-Tap liquidity window for contact-intensive sectors, which was made available up to March 31, 2022, is now extended up to June 30, 2022. 2. Consequently, the special 14-day reverse repo window available under the scheme will now be extended up to …

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Results of the PQC Exams i.e. Information Systems Audit [ISA] Assessment Test, Insurance & Risk Management, and International Taxation Assessment Test declared. –

Examination DepartmentThe Institute of Chartered Accountants of India10th February, 2022 Information Systems Audit [ISA] Assessment Test Result Merit List – OLD Syllabus Merit List – NEW Syllabus International Taxation Assessment Test Result Merit List Insurance & Risk Management Result Merit List

Reserve Bank of India (Credit Derivatives) Directions, 2022

To,All Eligible Market ParticipantsMadam/Sir,Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022Please refer to Paragraph 4 of the Statement on Developmental and Regulatory Policiesannounced as a part of the Bi-monthly Monetary Policy Statement for 2021-22 datedFebruary 10, 2022, regarding review of the Credit Default Swaps (CDS) Guidelines. The draft Reserve Bank of India …

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Transactions in Credit Default Swap (CDS) by Foreign Portfolio Investors – Operational Instructions

To, All Authorised Persons Madam / Sir Transactions in Credit Default Swap (CDS) by Foreign Portfolio Investors – Operational Instructions Attention of Authorised Persons is invited to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 [Notification No. FEMA. 396/2019-RB dated October 17, 2019], as amended from time to time. A reference is also invited to A.P. …

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RBI reopens allotment of investment limit under the Voluntary Retention Route for Investments by Foreign Portfolio Investors

The Reserve Bank of India introduced the Voluntary Retention Route (VRR) for investments by Foreign Portfolio Investors (FPIs) on March 01, 2019. An amount of ₹1,50,000 crore was offered for investment through VRR, in three tranches so far; of which around ₹1,49,995 crore have been availed as on February 10, 2022. Based on the feedback received, …

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Corporate Compliance Calendar February, 2022 (Due Dates Trac

ABOUT ARTICLE: This article contains various Compliance requirements for the Monthof February, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is acontinuous process of following laws, policies, and regulations, rules tomeet all the necessary governance requirements without any failure. If you think compliance is expensive, try non‐ compliance” Compliance Requirement …

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LAF Fixed Rate Reverse Repo and MSF window – Change in timing

As announced in Governor’s statement dated February 10, 2022, the revised window timings of Fixed Rate Reverse Repo and Marginal Standing Facility (MSF) operations effective from March 1, 2022 would be as under: 2. All other terms and conditions as applicable to LAF Reverse Repo and MSF operations will remain the same. 3. Since August 06, 2020, …

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PPF Vs NPS: Which scheme is beneficial for higher returns, know before investing

If you want to invest for retirement, then these two schemes of the government can give you better returns. Let us tell you that in order to make a good retirement corpus, it is necessary that we should start retirement planning as soon as we start the job. Two government schemes Public Provident Fund (PPF) …

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Statement on Development and Regulatory Policies

This Statement sets out various developmental and regulatory policy measures relating to (i) liquidity measures; (ii) financial markets; and (iii) payment and settlement systems. 1.Liquidity Measures 1.Extension of Term Liquidity Facility of ₹50,000 crore to Emergency HealthServices On May 5, 2021, an on-tap liquidity window of ₹50,000 crore at the repo ratewith tenors of up …

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Monetary Policy Statement, 2021-22 Resolution of the Monetary Policy Committee (MPC) February 8-10, 2022

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (February 10, 2022) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent. The reverse repo rate under the LAF remains unchanged at 3.35 per …

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Governor’s Statement:

As I make this statement, the pandemic holds the global economy hostageonce again. Despite signs of moderation, record numbers of daily infections inseveral countries and consequent containment measures are denting thepace ofeconomic activity, especially in contact-intensive sectors, even as supply disruptions persist and restrained workforce participation tightens thelabour markets. With inflation at multi-decadal highs in …

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Section 143(1)

Income Tax Cash Transactions Notice: If you have also done this mistake!

Cash Transaction Notice: Today’s era is of digital transaction, because it is very easy and fast. The government has also made digital transactions mandatory for most payments so that financial transactions can be tracked. Despite this, there is no shortage of those who pay in cash, but these people may not know that the eyes …

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QR Code Based Tickets of East-West Metro can be Booked 12 Hrs in Advance

The Metro Railway authority has informed through a Press Release that the commuters may now book their QR Code based on East-West Metro Corridor 12 hours in advance by downloading ‘Metro Ride Kolkata’ app. The system started on Tuesday (February 8, 2022). It is to be mentioned that this ticketing option on this corridor was …

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Growth rate of Core Sector in the country increased by 3.4%

The growth rate of Core Sector in the country increased by 3.4% (provisional) in November 2021 compared to November, 2020. Overall growth rate of core sector for April-Dec 2021 is 12.6%. The Core Sector comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP), thus, it has an impact on …

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Foreign Direct Investment inflows (FDI) has shown a continuous increase

Foreign Direct Investment inflows (FDI) has shown a continuous increase from US$ 45.15 billion in 2014-15 to US$ 81.97 billion in 2020-21. During the last five financial years, Foreign Direct Investment (FDI) inflows worth US$ 339.55 billion have been reported into India. The financial year wise details are as under: To promote Foreign Direct Investment …

Foreign Direct Investment inflows (FDI) has shown a continuous increase Read More »

Schemes for funding and supporting startups in different sectors and areas

Many Ministries/ Departments of Government of India and State governments have implemented Schemes for funding and supporting startups in different sectors and areas. Details of funding or progress of startups is not centrally maintained. To provide seed funding to startups through approved incubators across all sectors and areas, the Startup India Seed Fund Scheme was …

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ENGINEERING CLUSTERS

The Government has set up engineering clusters in the country under the Industrial Infrastructure Upgradation Scheme (IIUS). District-wise details of Engineering Clusters projects set up in the country and funds sanctioned/allocated/released/utilized along with their progress under the scheme is given below: This information was given by the Minister of State in the Ministry of Commerce …

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Central Government follows the principle of “Minimum Government – Maximum Governance”

Central Government follows the principle of “Minimum Government – Maximum Governance”, under which efforts are being made to reduce public interface with government authorities and provide information, as far as possible through online modes. The details about the schemes of Ministry of MSME are made available through the web portals of Ministry and its attached …

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Income Tax Return for AY 2022-2023: How to avoid flat 30% tax on income from cryptocurrency? Know full details

Income Tax Return for AY 2022-2023: In the Budget 2022, 30 percent tax has been announced on the income from Cryptocurrency and other Virtual Digital Assets (VDA) including NFT. In such a situation, the biggest question in the mind of many crypto investors and traders is how to avoid flat 30% tax on income from …

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Results of the 'Certificate Course on Indian Accounting Standards (Ind AS)' Exam held on 30th Jan 2022 declared

ICAI Issues Guidelines for conducting Distance/Remote/ online Peer Review

The Peer Review Board after due deliberation at its recently held meeting has decided to adopt conducting of distance/ remote/ online Peer Review. Witnessing the last 2 years of pandemic and the changed audit methodologies adopted for conducting audits, the Board thought it appropriate to finally adopt the conduct of Peer Review remotely. On a …

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Khadi’s Employment Drive Transforms Tiger-infested Bali Island in Sunderbans

It is a historic transformation of the sleepy tiger-infested Bali island in the dense mangrove thickets of Sunderbans. The island, which was totally disconnected from the mainstream of development since Independence, is now bustling with Khadi activities. Over a hundred tiger widows (Bag Bidhoba in local parlance) in the Bali island who were engaged with …

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Mumbai fake input tax credit racket, arrests proprietor of scrap metal firm

CGST Commissionerate, Navi Mumbai has busted a fake ITC racket of Rs. 10.26 Crores and arrested the proprietor of M/s. Al-Marwah Traders on Tuesday (8th February, 2022). The firm was engaged in availing, utilizing and passing on a fraudulent Input Tax Credit (ITC) on the strength of bogus invoices of more than Rs. 60 Crores thereby …

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