Daily Newsletter - June 1, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

SEBI Draft

Acts & Regulations:

RBI Master Directions

Useful Forms:

ITR eFiling Utilities for AY 2025-26

Legal Updates:

MCA

DGFT

Customs

Central Excise

News Update:

Indian News:

India-Oman free trade pact comes into force; exporters set to gain

Harassed by loan recovery agents? What borrowers can do under RBI rules

Why the world's wealthiest still choose Switzerland despite higher taxes

UPI security, PAN rules, tax deadline: Key financial changes from June 1

Govt plans 'AI-against-AI' approach to strengthen digital public infra

GST dept issues tax demand of ₹124 cr to Spicejet, slaps showcause notice

Mumbai businessman arrested in Rs 12cr GST fraud

Supreme Court seeks govt, RBI response to plea for audit of banks' realty exposure

Govt exempts import duty on cotton for five months till October 30

International News:

FASB issues standard for clarifying environmental credit disclosures

Exposure Draft:

SEBI Draft:

Consultation Paper on Review of Framework for Calculation of Net Distributable Cash Flows for InvITs
[Last date for Comments: June 22, 2026] 

Acts & Regulations:

RBI Master Directions:

Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Directions, 2025 (Updated as on June 01, 2026)

Master Direction on Incentives for Currency Distribution and Exchange and Penalties / Penal Provisions for Bank Branches and Currency Chests for Deficiency in Rendering Customer Service and Reporting of Transactions / Balances (Updated as on May 27, 2026)

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Common Offline Utility has been updated - Now available for ITR-2 also

Legal Updates:

MCA:

Amendment of Schedule VII of the Companies Act,2013 [G.S.R. 416(E)]

The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2026 [G.S.R. 415(E)]

DGFT:

Applicability of Quality Control Orders (QCOs)/BIS requirements on imports by Special Economic Zone (SEZ) Units and Developers- Amendment in Para 2.03(A)(iii) of FTP 2023 [Notification No.16]

Electronic filing and Issuance of Preferential Certificate of Origin (CoO) under India-Oman Comprehensive Economic Partnership Agreement (India-Oman CEPA) with effect from June 01, 2026 [Trade Notice No.6]

Customs:

Seeks to give effect to the first tranche of tariff concessions under India-Oman CEPA [Notification No.20]

Seeks to prescribe BCD and AIDC on Raw Cotton for a specified period [Notification No.19]

Fixation of Tariff Value of Edible Oils,Brass Scrap, Areca Nut, Gold and Silver [Notification No.49(NT)]

Central Excise:

Seeks to amend Notification No. 08/2026-Central Excise dated 26.03.2026 to revise the SAED rate on exports of ATF outside India [Notification No.25]

Seeks to amend Notification No. 06/2026-Central Excise dated 26.03.2026 to revise the SAED rates on exports of Petrol and Diesel outside India [Notification No.24]