Economic Laws Amendments | CA Final | November 2023

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Economic Laws Amendments CA Final

Paper 6D: Economic Laws

Amendments CA Final November 2023

The significant notifications/circulars issued up to 30th April, 2023 are relevant for November 2023. Further, amendments which were applicable for May 2023 examinations are also relevant for November 2023 examinations.
Key Highlights of Amendments:

Sr. No. Chapter Type of Amendment Level of Amendment
1. 4 Authorities and other officers – Appointment and Powers of – Appointment of Director to Exercise Power with Regard to Specified Dealers Minor
2. 4 Person carrying on designated business or profession – Notified Real Estate Agent Minor
3. 4 Person carrying on designated business or profession – Notified Real Estate Agent – Rescission of Notification Minor
4. 4 Person carrying on designated business or profession – Dealings in Virtual Digital Asset – Notified activity Minor

Amendment Details

Sr. No. Heading Provisions
  Chapter 4: The Prevention of Money Laundering Act, 2002
1. Authorities and other officers – Appointment and Powers of – Appointment of Director to Exercise Power with Regard to Specified Dealers Background: As per section 49(1) and 49(3) of the said Act,

  • The Central Government may appoint such persons as it thinks fit to be authorities for the purposes of this Act.
  • Subject to such conditions and limitations as the Central Government may impose, an authority may exercise the powers and discharge the duties conferred or imposed on it under this Act.

Notification: Central Government vide Notification No. S.O. 5475(E) dated 24th November, 2022, in exercise of the powers conferred by sub-sections (1) and (3) of section 49 of the Act, appoints the Principal Additional Director General (Audit), Central Board of Indirect Taxes and Customs, as the Director, to exercise the powers conferred under section 13 of the said Act with regard to the dealers in precious metals and precious stones and the real estate agents, w.e.f. 15th November, 2022.
2. Person carrying on designated business or profession – Notified Real Estate Agent Background: As per clause (iii) of section 2(1)(sa) “person carrying on designated business or profession” means,—

(i) real estate agent, as may be notified by the Central Government;

Notification: Central Government vide Notification No. G.S.R. 855(E) dated 29th November, 2022 notified ‘real estate agents’ as defined under clause (zm) of section 2 of the Real Estate (Regulation and Development) Act, 2016 and a person engaged in providing services in relation to sale or purchase of real estate and having annual turnover of Rupees twenty lakhs and above, as a “person carrying on designated business or profession”.
3. Person carrying on designated business or profession – Notified Real Estate Agent – Rescission of Notification Central Government hereby rescinds the notification of the Government of India, Ministry of Finance, Department of Revenue, published in the Gazette of India, vide Notification No. G.S.R. 798(E), dated 28th December, 2020, notifying real estate agent, as per the powers conferred under clause (iii) of section 2(1)(sa) defining “person carrying on designated business or profession”.
4. Person carrying on designated business or profession – Dealings in Virtual Digital Asset – Notified activity Background: As per clause (vi) of section 2(1)(sa) “person carrying on designated business or profession” means,—

(vi) person carrying on such other activities as the Central Government may, by notification, so designate, from time to time;

Notification: Central Government vide Notification No. S.O. 1072(E) dated 7th March, 2023 notified the following activities when carried out for or on behalf of another natural or legal person in the course of business as an activity for the purposes of said sub sub-clause, namely: —

(i) exchange between virtual digital assets and fiat currencies;

(ii) exchange between one or more forms of virtual digital assets;

(iii) transfer of virtual digital assets;

(iv) safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and

(v) participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset.

Explanation: — For the purposes of this notification “virtual digital asset” shall have the same meaning assigned to it in clause (47A) of section 2 of the Income-tax Act, 1961.

For official notification of amendments, please visit https://resource.cdn.icai.org/74398bos60319.pdf.

For official notification of study guidelines, please visit https://boslive.icai.org/announcement_details.php?id=228.

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

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