Don’t Miss, The Top Stories of April 2022

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April 2022 Updates

The month of April 2022 went through a series of ups and downs amidst the
Russia-Ukraine war. Businesses across sectors were grilled with some tough
questions from GST authorities as they begin to scrutinize returns for the first
time since the new indirect tax regime went into effect in 2017.

The Central Board of Indirect Taxes and Customs (CBIC) launched a computer-assisted automatic selection of GST returns, which will be based on risk-based indicators such as input tax credit claims.

The other top stories that stirred the hornet nest across the globe include -

The S&P BSE Sensex dropped 460.19 points (0.80%) to 57,060.87, while
the Nifty 50 dropped 142.50 points (0.83%) to 17,102.55. Both indices had
opened approximately 0.5 percent higher and had traded upward for most
of the last day of April — 2022 before falling into the red near the close.

The Sri Lankan worst economic crisis began to simmer when the Sri
Lankan President agreed to remove his brother as Prime Minister of Sri
Lanka.

The sweltering heatwave and ongoing blackouts across Indian states had
made the lives of people miserable with some of the states like Andhra
Pradesh having declared power holiday for 253 industrial units with
uninterrupted operations and 1696 factories with weekly holidays.

On the business front - MG Motor and Bharat Petroleum Corporation
Limited (BPCL) have teamed up to build recharge stations across India.
The collaboration with BPCL will boost EV adoption by boosting intercity
travel options, as the two companies will install EV chargers on roads and
within cities.

By the end of April month - stock markets across the globe rose after
Chinese authorities agreed to do more to support the country’s weakening
economy as it deals with the pandemic’s worst breakouts since it began.

The Reserve Bank of India (RBI) has fined the Bank of Maharashtra (BoM)
Rs. 1.12 crore for failing to comply with various Reserve Bank of India
directives on Know Your Customer (KYC), data reporting to the Central
Repository of Information on Large Credits (CRILC), and financial services
outsourcing.

The RBI stated in a statement that the action is based on regulatory
compliance issues and is not meant to rule on the legitimacy of any
transaction or arrangement the bank has with its clients.

Meanwhile, the Union home ministry has loosened limits on electronic
visas, including the e-tourist visa, and has permitted nationals from 156
countries to apply for e-medical visas, e-business visas, e-medical
attendant visas, and e-conference visas.

According to the United Nations High Commissioner for Refugees’ latest
assessment, 8.3 million refugees are anticipated to escape Ukraine
(UNHCR) due to the Russian - the Ukrainian war. According to the latest
UNHCR estimates, almost 5.2 million refugees have fled Ukraine by the
end of April - 2022

The DGCA, India’s pharmaceuticals authority, has approved the
emergency use of Russia’s Sputnik V vaccine in India, as part of the third
COVID-19 vaccine’s rollout. The permission came after the Central
government’s Subject Expert Committee (SEC) approved Russia’s vaccine
for emergency use authorization (EUA) in India.

The other notable story is the announcement of HDFC Ltd (mortgage
lender) that it would merge with HDFC bank with the proposed merged
entity will be known as HDFC Bank. Nevertheless, there will be no
immediate impact on customers of HDFC Ltd as the merger is yet to be
approved by the RBI.

The mind blowing story of April - 2022 is about Elon Musk of Tesla buying
Twitter for $44 Billion with the Twitter’s Board of Directors accepting
Musk’s offer of $54.20 per share leading to total control of Twitter by Elon
Musk.

These were the some of the top stories that made headlines during the Month of April - 2022

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