- Standardisation of Ratings Scales Used by credit rating agencies – Extension of timeline for implementation
Circular Number – SEBI/HO/MIRSD/MIRSD_CRADT/P/CIR/2022/43
Dated – 1.04.2022
In order to standardise the usage of rating scales, SEBI advised the credit rating agencies to either align their rating scales with the rating scales prescribed under the guidelines of respective financial sector regulator or authority in terms of Regulation 9(f) of SEBI (Credit Rating Agencies) Regulations, 1999, or in absence of the same, follow rating scales prescribed by the Board vide circular dated June 15, 2011, June 13, 2019, or any other circular issued by the Board from time to time, by March 31, 2022. 2. Representation have been received from credit rating agencies requesting for extension of the date of applicability of the provisions of the section B of the aforesaid circular. In view of representation received from credit rating agencies, it has been decided to extend the date of applicability of the section B of the aforesaid circular. Credit rating agencies shall ensure compliance with the requirements/ provisions of the section B of the aforesaid circular on or before June 30, 2022.
- Extension of IGST & Compensation cess exemption under Advance Authorisation, EPCG and EOU scheme
Notification Number – 66/2015-20
Dated – 1.04.2022
In exercise of powers conferred by Section 5 of FT(D&R) act 1992, the Central Government has made amendments in Foreign Trade Policy 2015-20. It has given an extension of Integrated Good and Service Tax (IGST) and Compensation cess exemption under Advance Authorisation, EPCG and EOU scheme up to 30.06.2022.
- CBDT notifies Form ITR-7 for AY 2023-14 / FY 2022-23
Notification Number – 23/2022-Income Tax
Dated – 1.04.2022
In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:
- These rules may be called the Income-tax (5th Amendment) Rules, 2022.
- They shall come into force with effect from the 1st day of April, 2022.
- In the Income-tax Rules, 1962, in Appendix-II, for Form ITR-7, a new Form shall be substituted for it.
- Master Direction on Penal Provisions in deficiencies in reporting of transactions/ balances at Currency Chests
Circular Number – RBI/2022-23/91 DCM (CC) No.G-4/03.35.01/2022-23
Dated – 1.04.2022
In terms of the Preamble to & Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of Clean Note Policy as part of currency management. With a view to sustain these efforts and to ensure discipline among the banks for timely and accurate reporting of currency chest transactions, instructions have been issued in the Master Direction.