INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY ( IFSCA )
Expert Committee on Longevity Finance recommends setting up of Longevity Hub at GIFT-IFSC ( APR 13, 2022 )
IFSCA constituted Expert Committee on Longevity Finance, co-chaired by Ms. Kaku Nakhate, Country Head (India), Bank of America and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Co. Ltd. submitted its final report to Chairperson, IFSCA on 12th April 2022.
The committee examined emerging trends in Longevity Economy globally and observed that people over 60 years are still very much a highly productive demographic group in terms of purchasing power and make up the wealthiest part of financial system with a global spending power of USD 15 trillion.
The committee members comprised of leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy.
For Report of Committee, Click Here
DELHI HIGH COURT
The High Court of Delhi Rules Governing Patent Suits, 2022 ( APR 13, 2022 )
In exercise of the powers conferred by sub-Rule (ii), Rule 1 of “The High Court of Delhi Rules Governing Patent Suits, 2022”, Hon’ble the Acting Chief Justice of the High Court of Delhi has been pleased to appoint the 15th day of April, 2022, as the date from which “The High Court of Delhi Rules Governing Patent Suits, 2022” shall come into force and the High Court of Delhi is pleased to notify that the said rules shall apply to the High Court of Delhi.
For Gazette Notification, Click Here
MINISTRY OF LAW AND JUSTICE
Press Communiqué ( 13 APR 2022 )
Shri Justice Ajay Tewari, has tender his resignation from the office of Judge, Punjab and Haryana High Court, in pursuance of proviso (a) to clause (1) of Article 217 of the Constitution, with effect from 15th March, 2022.
SEBI CIRCULAR
Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper (APR 13,2022)
This operational circular provides a chapter-wise framework for the issuance, listing and trading of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper. For ease of reference, each chapter of this operational circular contains footnotes corresponding to the respective erstwhile circulars.
This Circular is issued in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992, Regulation 55 of SEBI NCS Regulations, 2021, Regulation 29 of SEBI ILDM Regulations 2015, Regulations 48 of SEBI SDI Regulations, 2008.
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOM (CBIC)
CBIC proposes mandatory GST scrutiny on quarterly basis (APR13,2022)
The Central Board of Indirect Taxes and Customs (CBIC) has proposed mandatory Goods and Service Tax (GST) scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns. The CBIC would use business intelligence and other enterprise data available to run the quarterly scrutiny, the report said. According to the news channel's sources, tax evasion to the tune of Rs 52,000 crore was detected in the period between July 2017 and April 1, 2021.
On March 23, the CBIC issued a standard operating procedure for the scrutiny of GST returns for financial years 2017-18 and 2018-19, the first two years of the roll-out of the new taxation regime.
The Directorate General of Analytics and Risk Management (DGARM) has been assigned the task to select the GST identification numbers (GSTINs) registered, whose returns are to be scrutinised, and to communicate the same to the field officers from time to time.
WORLD AFFAIRS
JPMorgan profit slumps as Ukraine crisis stalls dealmaking ( APR 13, 2022 )
JPMorgan Chase & Co reported a 42% drop in quarterly profit on Wednesday as dealmaking slowed and the lender started building loan loss reserves in the face of decades-high inflation and the Ukraine crisis. The lackluster results from the largest U.S. lender set the tone for first-quarter earnings from Wall Street banks as the Federal Reserve looks to rein in inflation and the trading bonanza the banks enjoyed during the pandemic tapers off.
Like rivals Goldman Sachs and Morgan Stanley, JPMorgan last year rode the deal making wave and advised on several major business combinations, underwrote some of the biggest stock market listings and helped put together deals involving special purpose acquisition companies. In the first quarter of 2022, the number of deals where JPMorgan acted as a bookrunner declined 39% compared with last year.
WORD OF THE DAY
Consanguinity ("blood relation", from Latin consanguinitas) is the characteristic of having a kinship with another person (being descended from a common ancestor).Many jurisdictions have laws prohibiting people who are related by blood from marrying or having sexual relations with each other.
MARKET TODAY ( as on 13.04.2022 )
BSE SENSEX 58,338.93 ▼ 237.44 (0.41%)
NIFTY 50 7,475.65 ▼ 54.65 (0.31%)
DOLLAR VS RUPEE
1 US Dollar = 76.15 Indian Rupee ( April 13, 6:18 PM )
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