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Daily Newsletter - April 28, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Legal Updates:





Central Excise


News Update:

Indian News:

India wants non-financial assets included in OECD info exchange framework

Rs 11 crore seized in income tax searches on steel company

NFRA examines proposals on new standard for accounting of insurance contracts viz. Ind AS 117

LIC front-running case: Sebi bans three individuals, two entities from stock market

ITAT: Tax relief on builder-paid rent in redevelopment projects

RBI removes restrictions on individuals from opening interest-earning FCAs

Coffee Day audit lapses: NFRA slaps Rs 1.15 cr fine on 2 auditors, 1 audit firm

FinMin considering classifying online games as games of skill, chance

Sebi crackdown on fake Telegram channels; Rs 5.7 crore penalty on 3 entities for ‘pump & dump’ stock tips

SC asks tax tribunals to ensure appeals are e-filed


International News:

FRC: KPMG audit failings at The Works exacerbated by Covid-19

KPMG fined £1mn over ‘rudimentary’ failures in TheWorks audit

Legal Updates:


New facility to verify document Reference Number (RFN) mentioned on offline communications issued by State GST authorities



Master Circular for Custodians



Amendment in details of an authorized agency under Appendix 2E of FTP, 2023 [Public Notice No.11]



Seeks to amend notification Nos. 11/2022-Customs and 12/2022-Customs dated 01.02.2022 with respect to PMP of wearable and hearable devices [No.33]

Amending Customs Notifications to implement the Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders notified by DGFT [No.32]

Amendment of Notification No.18/2023 Customs (NT) dated 30.03.2023 [No.31(NT)]

Amendment of Notification No.19/2022 Customs (NT) dated 30.03.2022 [No.30(NT)]


Central Excise:

Seeks to amend Notification No. 22/2003 & 23/2003 Central Excise dated 31.03.2003 [No.20]



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