Central Goods and Services Tax (Third Amendment) Rules, 2023
The amendment provides that the value of supply of online gaming, including supply of actionable claims involved in online money gaming, shall be the total amount paid or payable to or deposited with the supplier by way of money or money’s worth, including virtual digital assets, by or on behalf of the player, provided that any amount returned or refunded by the supplier to the player for any reasons whatsoever, including player not using the amount paid or deposited with the supplier for participating in any event, shall not be deductible from the value of supply of online money gaming.
Report of periodic meeting of CEOs of Insurance and Reinsurance Companies at IRDAI office
The progress made towards implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF) and International Financial Reporting Standards (IFRS) was discussed in the meetng. It was highlighted that first Quantitative Impact Study (QIS-1) under RBC has already been rolled out and first pilot exercise under RBSF has also been commenced. The glide path outlined for adoption of IFRS to be implemented after notification of the standard was also briefed to the insurers.
NSE Advisory on Cyber Security Alert for G20 Summit
All listed members are advised to maintain vigil, monitoring and be aware of the health of your digital assets. They shall keep in place immediate measures to be taken if a cyber incident occurs and report the same immediately to CERT-In (incident@cert-in.org.in ) and SEBI (mkt_incidents@sebi.gov.in, ciso@sebi.gov.in).
RBI has announced discontinuation of requirement for banks to maintain Incremental Cash Reserve Ratio
On a review, it has been decided to discontinue the I-CRR in a phased manner. Based on an assessment of current and evolving liquidity conditions, it has been decided that the amounts impounded under the I-CRR would be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner. The I-CRR can be completely discontinued by banks by October 7, 2023.
Clarification regarding investment of Mutual Funds Schemes in units of Corporate Debt Market Development Fund
It is clarified that for calculation of asset allocation limits of mutual fund schemes, investment in units of CDMDF shall be excluded from base of net assets.
