IFSCA has amended its circular to require financial institutions to remit eligible funds received in SNRR accounts to their IBU accounts in specified foreign currency within 30 working days. The exemption for administrative expenses remains unchanged.
The Mumbai ITAT held that penalty under Section 270A cannot be sustained where income is determined purely on estimation after rejection of books. It also ruled that a show-cause notice failing to specify whether the penalty is for under-reporting or misreporting of income is legally defective and invalid.
IFSCA has amended its AML exemption circular to require all financial institutions, including exempt entities, to route business-related monetary transactions through an IFSC Banking Unit or SNRR account. The amendment takes immediate effect while all other provisions remain unchanged.
IRDAI has proposed replacing the existing three-year licence system for insurance surveyors and loss assessors with a perpetual registration regime subject to annual fee payment. The draft amendments also simplify regulatory processes and compliance requirements.
The Exposure Draft revises the regulatory framework governing Third Party Administrators by introducing annual fee obligations, continuation of registration procedures, and updated compliance provisions. Stakeholders have been invited to submit comments before the specified deadline.
IRDAI has issued draft regulations prescribing a transparent procedure for imposing penalties under insurance laws. The proposal emphasizes due process, proportional penalties, and greater procedural fairness.
SEBI approved wide-ranging reforms covering transmission of securities, buy-backs, mutual funds, AIFs, municipal bonds, and securitisation. The measures aim to simplify compliance, improve operational efficiency, and strengthen investor protection.
SEBI has clarified the applicability of the early pay-in facility in the commodity derivatives segment by revising its Master Circular. The key change allows Clearing Corporations to waive most margins based on risk perception while continuing to collect mark-to-market margins.
Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is a significant increase in disclosure obligations and audit work for taxpayers and auditors.
This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exemption under Schedule VII. It highlights that the issue remains unsettled due to differing interpretations of Section 332.
