India imposes antidumping duty on 5 Chinese goods for 5 years

Dec 27, 2021 

India has imposed antidumping duties on five Chinese products, including certain aluminium goods and some chemicals, for five years to guard local manufacturers from cheap imports from the neighbouring country. According to separate notifications of the Central Board of Indirect Taxes and Customs (CBIC), the duties have been imposed on certain flat rolled products of aluminium; sodium hydrosulphite (used on dye industry); silicone sealant (used in manufacturing of solar photovoltaic modules, and thermal power applications); hydrofluorocarbon (HFC) component R-32; and hydrofluorocarbon blends (both have uses in refrigeration industry).

These duties were imposed following recommendations of the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR).

GST

Statutory auditors may not get large companies’ non-audit operations

Feb 21, 2022 

The government is looking to ban statutory auditors from taking up non-audit work on “public interest” companies — which means those that are listed or are above a certain threshold — and their subsidiaries.

Besides, it is exploring the possibility of joint audit for certain companies as part of the amendments to the Companies Act, for which a Bill is planned to be introduced during the Budget session of Parliament that reconvenes next month, sources told TOI. The ministry of corporate affairs (MCA), which will pilot the Bill, is currently engaged in consultations and is yet to decide the final details of the legislation, which will also need inter-ministerial discussion and a go-ahead from the Union Cabinet.

While both the issues — joint audit and ban on non-audit work by audit firms — have been discussed in the past, the government has been reluctant to legislate on the issue principally due to opposition from chartered accountants, a powerful interest group.

Audits

Statutory auditors get a breather on NFRA-2 form

Mar 11, 2020 

Statutory auditors have been given more time to file their form NFRA-2 — which specifies the format of annual return — for financial year 2018-19 with the National Financial Reporting Authority (NFRA), the independent audit regulator.

They can now file this form within 150 days from the date of its publication on NFRA’s website i.e., 150 days from December 9, when it was published on website.

It may be recalled that the corporate affairs ministry (MCA) had, in December last year, given a breather for statutory auditors who were earlier required to file the NFRA-2 form with NFRA by November 30.

It had then said that the form NFRA-2 could be filed with NFRA within 90 days from the day on which it was published on the website of the authority.


This meant that auditors had time till March 9 to file the comprehensive annual return for 2018-19. Now, this time limit has been extended by two more months — by May 9, this form has to be filed.

One of the reasons for extending the timeline in November 2019 was that the NFRA came up with the format very late and closer to the November 30 deadline. As the information sought was quite extensive, more time was required and representations were made to the MCA to extend the last date of filing, sources said. Even with the revised deadline of March 9, auditors are not able to provide comprehensive information that is sought to be obtained by the regulator.

Audits

Govt to review regulations of audit services, floats paper

·         Feb 10, 2020 

The ministry of corporate affairs (MCA) has floated a consultation paper seeking to review regulations of audit services and business with a view to enhance independence and accountability of audit firms. It will explore ways to check concentration of audit services with a few firms and to analyse its impact on economy.

Audits

Stricter reporting regime coming soon for auditors

The Ministry of Corporate Affairs (MCA) is expected to take a major step to revamp the auditor’s report that accompanies company balance-sheets, placing more onus on statutory auditors to fulfill their professional responsibilities. The move is expected in February.

Jan 28, 2020 

Besides overhauling the Companies Auditors Report Order (CARO), the government is also likely to make changes to the secretarial audit reporting that is mandated under the company law, sources said.

The entire effort will be to provide early-warning signals to policy-makers and regulators of impending disasters in corporates, they said.

Indications are that the MCA may even ask statutory auditors to digitally file the new CARO instead of waiting for the auditor report to form part of the annual report.

The aim is to tighten the working of auditors and also push managements to conform to more elaborate disclosures on their state of affairs.

Audits

Auditors get 90 days to file NFRA-2 form

 Dec 13, 2019 

The Corporate Affairs Ministry (MCA) has given a breather for statutory auditors who were earlier required to file the NFRA-2 form with the National Financial Reporting Authority (NFRA) by November 30. It has now allowed the form — which specified the format of the Annual return — to be filed with the new independent audit regulator NFRA within 90 days from the day on which it was published on the website of the Authority. With December 9 as the date on which form NFRA-2 was published on the Web site, auditors will have time till March 9 to file the form, said experts in the audit fraternity.

Audits

Sebi lays down stricter norms for statutory auditors

·         Oct 19, 2019 

Regulator Sebi on Friday put in place stricter norms for auditors, including prompt disclosures about reasons for their resignation and requirement to approach chairman of audit committee directly in case of any concerns with management of the firm concerned

Audits

RBI updates ‘Alert List’ of entities not authorised to deal in forex trading

Feb 11, 2023 

The Reserve Bank on Friday updated its ‘Alert List’ for the public on unauthorised forex trading platforms to include names of entities/platforms/ websites which appear to be promoting such entities.

In September last year, the central bank came out with an ‘Alert List’ containing the names of 34 entities. The list now has 48 entries.”The Alert List has been updated and includes names of entities/platforms/ websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services,” the RBI said, and added the Alert List is not exhaustive.

Corporate Laws