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.
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.
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.
The Supreme Court upheld the Bombay High Court’s ruling that assignment of long-term leasehold rights in immovable property is not a taxable supply under the GST law. The decision confirms that such transfers are not liable to GST due to the absence of a business nexus and their character as transfers of immovable property rights.
RBI has temporarily withdrawn interest rate restrictions on specified NRE and FCNR(B) deposits until September 30, 2026. The move gives Urban Co-operative Banks greater flexibility to attract NRI funds.
RBI has temporarily removed interest rate restrictions on specified NRE and FCNR(B) deposits for Small Finance Banks until September 30, 2026. The move allows banks to offer more competitive rates to attract non-resident deposits.
This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciation, and unabsorbed depreciation. The key takeaway is that correct asset classification and applicable rates are crucial for accurate tax computation and compliance.
PFRDA has introduced a revised audit framework for PoPs handling NPS and NPS Vatsalya, prescribing new audit frequency, eligibility criteria for auditors, and reporting requirements. The circular strengthens compliance and operational oversight.
ICSI has mandated advance online registration for eligible members attending the Southern Region Convocation. The notification emphasizes that no on-the-spot registration facility will be available.
KSCAA has urged Karnataka authorities to assess empanelment eligibility based on the audit experience of Chartered Accountants within a firm rather than the firm’s age. The representation emphasizes that professional competence should prevail over technical considerations relating to firm reconstitution.
