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Daily Newsletter - June 9, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IBBI Exposure Drafts

PCAOB Exposure Draft

Reference Section:

RBI Master Directions


Legal Updates:







News Update:

Indian News:

FEMA violation: ED issues show-cause notices to Xiaomi, 3 foreign banks

Govt invites applications for 10 NCLT members

RBI notifies 4 key measures to strengthen 1,514 urban co-operative banks

Undue harassment of genuine MSME online sellers by GST officials 'not justified', says industry

Clarification on applicability of TCS on overseas credit card spends soon

RBI allows fintechs to guarantee loans with strict norms

Sebi to digitise processing of investor service requests, complaints by RTAs

Sebi allows mutual funds to invest in repo transactions on commercial papers, certificate of deposits

CBDC QR codes likely to be interoperable with UPI, says Reserve Bank

Cooperative banks will soon be able to do compromise settlements, write-offs on NPAs: RBI Guv

RBI to come out with guidelines regarding fraud account classification

RBI not planning to issue norms to regulate social media influencers

Is FD a must? All your queries on opening a bank locker answered

Rupay forex cards to your fixed deposits: How today's RBI policy impacts us

We are only pausing on rates, too early to call on inflation fight: Das


International News:

20-nation Eurozone dips into recession, economy shrinks by 0.1% in Jan-March

Exposure Drafts:

IBBI Exposure Drafts:

Discussion Paper: Simplification of Enrolment and Registration Process for Ease of Entry and Exit in the Insolvency Profession
[Last date for Comments: June 28, 2023] 

Discussion Paper: Measures for Increasing the Possibility of Resolution, Value of Resolution Plan and Enabling Timely Resolution
[Last date for Comments: June 27, 2023] 


PCAOB Exposure Draft:

Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations And Other Related Amendments
[Last date for Comments: August 7, 2023] 

Reference Section:

RBI Master Directions:

Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 (Updated as on June 08, 2023)

Master Direction - Risk Management and Inter-Bank Dealings (Updated as on June 6, 2023)



Enhancing interconnectedness for audit teams and clients
[Author: ICAEW]

Legal Updates:


Advisory: E-Invoice Verifier App by GSTN



Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)

Participation of Mutual funds in repo transactions on Corporate Debt Securities

Online processing of investor service requests and complaints by RTAs



Priority Sector Lending (PSL) targets / sub-targets and contribution against shortfall in achievement of PSL targets – Primary (Urban) Co-operative Banks (UCBs) - Extension of time

Guidelines on Default Loss Guarantee (DLG) in Digital Lending

Framework for Compromise Settlements and Technical Write-offs

Rationalization of Branch Authorisation Policy for Urban Co-operative Banks (UCBs)

Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021-Review



Implementation of Hon'ble Supreme Court direction in judgment dated 28.04.2023 in matter of Civil Appeal No. 290 of 2023 relating to ' pre-import condition' [Trade Notice No.7]

Import of Watermelon Seeds under ITC(HS) 12077090 of ITC(HS), 2022 Schedule-I (Import Policy) for the period up to 31.10.2023 [Public Notice No.13]



Seeks to amend notification No. 31/2022-Customs (ADD) dated 20.12.2022 in order to change the name of the producer viz. “Zhejiang Tsingshan Steel Pipe Co., Ltd.” to “Tsingshan Steel Pipe Co., Ltd”, in pursuance of DGTR recommendation [No.6(ADD)]

Exchange Rate Notification dated June 8, 2023 [No.41(NT)]



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