SEBI

Weekly RoundUp of Significant Notifications issued by Various Authorities

The authorities are well aware of the need of updating the laws and regulations to be in tune with the dynamic environment of the country. Therefore in furtherance of the same, various significant authorities such as the Central Board of Indirect Taxes and Customs, SEBI^[1] and CBDT have issued several notifications this week. The article discusses the significant notifications issued by various authorities from 14th – 20th November 2022

SEBI Notifications

The notifications issued by SEBI are discussed below-

SEBI (ALTERNATIVE INVESTMENT FUNDS) (4th AMENDMENT) REGULATIONS, 2022

 This notification was issued on 15h November 2022, No SEBI/LAD- NRO/GN/2022/105. The notification was issued to amend further the regulations, which shall be enforced from the 60th Day of being published in the gazette   the amendments made through the notification are discussed below –

 Amendments in sub-regulation (1) of regulation 2

There has been the replacement of the words day of its launch” with “date of the first close, and the same goes for the last day  being replaced with the last date in clause (p) in the Explanation

Amendments in regulation 12, 

After the sub-regulation (3) of these regulations, some new regulations have been inserted that are –

4) The first close of the scheme would be declared by an Alternative Investment Fund as specified by the Board from time to time

In the event of failure of the AIF to adhere to the same, it shall be required to file a fresh application for the launch of the scheme along with the payment of the prescribed fees as per the 2nd Schedule 

Amendment in Regulation 13 

A new sub-regulation after the sub-regulation 3, which is elaborated below–

The board shall specify the manner for the calculation of the tenure of a close-ended scheme of an AIF, along with the manner of modification of the tenure, As a consequence of the same, the existing (4) and (5) shall be renumbered as (5) and (6), respectively.

In regulation 20

The symbols and words “any change in the Manager, Sponsor or designated partners or any other” shall be replaced with the word “any” in sub-regulation (12),  

 the symbols and words “change of Sponsor or Manager, or” shall be inserted after the words “In case of” )in sub-regulation (13) after the words “taken by the AIF, the symbol and words“subject to levy of fees and any other conditions as be specified by the Board from time to time” shall be inserted.

Addition of a new sub-regulation 16 after sub-regulation (15, namely, –

“(16) The Manager and either the trustee company or trustee himself or the BOD or designated partners of the AIF, as the case may be, must ensure the liabilities and assets of each scheme of an AIF be ring-fenced and segregated from other schemes of the AIF and bank and securities accounts of each scheme are segregated and ring-fenced.

SEBI (MUTUAL FUNDS) (3rd AMENDMENT) REGULATIONS, 2022

 SEBI issued this notification on 15th November 2022 vide SEBI/LAD-NRO/GN/2022/106 to amend regulation 53 of the said regulations of 1996. Briefly, the substituted regulation transfer of dividend and redemption proceeds stated that

It is mandatory for every asset management company to –

• Transfer the dividend payment, and the redemption or repurchase proceeds to the unit holders in the time period as prescribed by the Board. If the company fails to comply with the same, it shall be liable for payment of interest to the unit holders at a rate which the Board shall specify for such delay.

• Notwithstanding the payment of such interest to the unit-holders management company would be under the liability for action due to  failure to transfer the redemption or repurchase proceeds or dividend payments within the prescribed time:
• Provided that physical despatch of the repurchase and redemption proceeds or dividend payments shall be carried out in exceptional circumstances only and asset management companies must maintain records along with reasons for all such physical despatches.”

CGST (Third Amendment) Rules, 2022

The rules were notified vide Circular No 22/2022 Central Tax on 15th November 2022. The purpose of these rules being the further amendment of the CGST Rules 2017, which shall be enforced from the day it has been published in the official gazette 

The following amendments have been made in this regard 

In FORM GSTR-9, under the heading Instructions, in para 7, 

•   The figures, letters and words “ between April, to September 2022 shall be substituted with the words and figures of April 2022 to October 2022 filed upto 30th November,  
• In the second column of the table, against serial numbers 10 & 11, for the figures and words “April 2022 to September 2022”, the figures, letters and words “April 2022 to October 2022 filed upto 30th November 2022” shall be substituted. The same should be applicable to serial no. 12 and 13 as well.

The Central Board of Indirect Taxes and Customs Notifications

The Central Board of Indirect Taxes and Customs vide Exchange Rate Notification No. 97/2022 dated 17^th November 2022  determined  the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II, into Indian currency or vice versa,  which shall, at  the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods be  with effect from 18 November, 2022

Schedule II

The Central Board of Indirect Taxes & Customs makes Amendments via new Notification

CBIC made below mentioned amendments  vide Notification No. 94/2022-CUSTOMS (N.T.) amending the notification of the GOI  in the Ministry of Finance (Department of Revenue), No. 36/2001Customs (N.T.), dated the 03.08.2001  published in the Gazette of India, Extraordinary, Part-II, Sec -3, Sub-section (ii), vide no.  S. O. 748 (E), dated the 3rd August, 2001, namely:-

In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely:

Table 1

S. No.	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value  (US $Per Metric Tonne)
1	1511 10 00	Crude Palm Oil	952 (i.e., no change)
2	1511 90 10	RBD Palm Oil	962 (i.e., no change)
3	1511 90 90	Others – Palm Oil	957 (i.e., no change
4	1511 10 00	Crude Palmolein	968 (i.e., no change)
5	1511 90 20	RBD Palmolein	971 (i.e., no change
6	1511 90 90	Others– Palmolein	970 (i.e., no change
7	1507 10 00	Crude Soya bean Oil	1345 (i.e., no change)
8	7404 00 22	Brass Scrap (all grades	4518 (i.e., no change)

Table 2

S.No	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value (US $)
(1)	(2)	(3)	(4)
1	71 or 98	Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed	562  per 10 grams
2	71 or 98	Silver, in any form, regarding which the benefit of entries S.No. 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed 698	698  per kilogram (i.e., no change
3	71	(i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi manufactured forms of silver falling under sub-heading 7106 92;   (ii) Medallions and silver coins having silver content not below 99.9% or semi manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage.   Explanation. – For the purposes of this entry, silver in any form shall not include foreign currency coins, jewellery made of silver or articles made of silver.	698 per kilogram (i.e., no change)
4	71	(i) Gold   bars, other   than   tola   bars, bearing manufacturer’s or refiner’s engraved S.No and weight expressed in metric units; (ii) Gold coins with gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage. Explanation. – For the purposes of this entry, “gold findings” means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place	562  per 10 grams

Table 3

S. No	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value (US $ Per Metric Tonne
1	080280	Areca nuts	7333 (i.e., no change)”

CBDT Notification Regarding raising limit for monitoring of dossier cases for various IT Authorities

 CBDT vide INSTRUCTION NO. 1/2022 [F.NO.404/1/2022-ITCC], modified the monetary threshold of the jurisdiction of the Income Tax Authorities for facilitating focused monitoring and rationalization of workload.  Therefore with the supersession of Instruction No. 10/2015, dated 16/09/2015, the revised jurisdiction of Income Tax Authorities in respect of dossier cases is as under:—

Monitoring Authority	Current Jurisdiction	Revised Jurisdiction
Range Head	Up to Rs. 30 lakh	Rs. 10 lakh- 1 cr
Pr.CIT	Above Rs. 30 lakh to Rs. 3 crore	Above Rs. 1 crore to Rs. 25 crore
CCIT	Above Rs. 3 crore to Rs. 15 crore	(i) For Delhi and Mumbai region: Above Rs. 25 crore to Rs. 250 crore (ii) For other regions: Above Rs. 25 crore to Rs. 100 crore
Pr. CCIT	Above Rs. 15 crore to Rs. 25 crore	(i) For Delhi and Mumbai region: Above Rs. 250 crore to Rs. 500 Crore (ii) For other regions: Above Rs. 100 crore to Rs. 500 crore
Pr. DGIT (Admin & TPS)	All dossiers above Rs. 25 crore by Pr. DGIT (Admin) with assistance of ADG (Recovery). Pr. DGIT (Admin) to monitor specific very high demand cases on the directions of Member (Revenue) with assistance of ADG (Recovery).	(All dossiers above Rs. 500 crore by Pr. DGIT (Admin & TPS) with assistance of ADG (Recovery). Pr. DGIT (Admin & TPS) would submit proposals for monitoring very high demand cases for approval of Member (TPS).
Mem Revenue CBDT

Conclusion

The revision of the notifications by the various authorities can help maintain a balance between the old and new laws and change the same as and when required. Enterslice aims to provide the latest updates regarding significant notifications issued by various authorities from time to time through the weekly roundups. Stay connected to Enterslice for more such updates.

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