CBDT extends time limit for claiming exemption under Income Tax Act, 1961 in relation to Computation of Total Income
The Central Board of Direct Taxes (CBDT) issued a notification regarding the extension in the time limit for compliance to be made for claiming specified exemptions under the Income-tax Act,1961. This extension was made in view of the then-Covid-19 pandemic. The notification was published on 6th January, 2023.
DGFT adds agencies to Handbook of Procedure
The Directorate General of Foreign Trade (DGFT) has issued an amendment to the Handbook of Procedure in regard to the addition of agencies. The amendment notification was issued on 5th January, 2023. The amednment also adds, amongst others, that one photo of the Inspector shall be captured with the empty container in the background having only one door closed (door with container number) and the container number shall be clearly readable in that photo.
BSE notifies TM’s/ CM’s Handling of Client’s Securities and the certain Procedures
Indian Clearing Corporation Ltd (ICCL) Members are requested to take note of the contents of the relevant SEBI circulars. In case of any clarifications, members may contact their respective Relationship Managers or the contacts-mentioned in the present notification.
SEBI extends timelines for entering & verification of details of existing outstanding non-convertible securities in ‘Security and Covenant Monitoring’ system
Issuers must ensure that the details of existing outstanding non-convertible securities are entered into the system on or before 31st January 31, 2023. The DTs shall verify these entries by 28th February, 2023. The DTs shall also submit a fortnightly progress report of compliance status regarding the details pertaining to existing outstanding non-convertible securities being entered into the system by the issuers and verification of the same, till the extension of the timeline for compliance is in place.
DoT formulates the Indian Telegraph (Infrastructure Safety) Rules 2022
The Central government has envisioned fulfilling the communication needs of the citizens and enterprises through establishment of a resilient, secure, accessible and affordable Digital Communications Infrastructure and Services. The Press Information Bureau has publicised these Rules by its bulletin dated 6th January, 2023. In order to address the issues of safety to the existing telecom infrastructure, the Government has formulated the Indian Telegraph (Infrastructure Safety) Rules, 2022 published in the Gazette of India on 3rd January, 2023.
SEBI extends management and advisory services by AMCs to Foreign Portfolio Investors
AMCs may also provide management and advisory services to FPIs operating from IFSC and regulated by IFSCA, not falling under the specified categories of FPIs.
Consultation paper on a standardized approach to the valuation of the investment portfolio of AIFs
The paper proposes that AIFs shall be mandated to carry out valuation of their investment portfolio as per IPEV Guidelines. The valuation norms for Mutual Funds shall also be specified for valuation of investment portfolio of AIFs.
SEBI direction for enforcement of Operational guidelines for ‘Security and Covenant Monitoring’ using Distributed Ledger Technology (DLT)
Depositories shall ensure periodic monitoring regarding compliance with the requirements under “Operational guidelines for ‘Security and Covenant Monitoring’ using Distributed Ledger Technology (DLT)” from time to time. Any instances of non-compliance, shall be brought to the notice of SEBI on a quarterly basis, not later than one month from the end of the quarter.
