Daily Newsletter - June 9, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Draft

IFSCA Draft

RBI Drafts

Legal Updates:

Income Tax

GST

RBI

News Update:

Indian News:

Creating Indian peers for Big Four: PMO holds high-level meeting

GSTR-3B filing to tighten: GSTN to lock monthly tax form from July 2025, changes allowed only via GSTR-1A

RBI's T Rabi Sankar joins 16th Finance Commission as part-time member

GST returns to become time-barred after 3 years starting July tax period

Self-audit within 3 mths: CCPA's advisory to ecom firms on dark patterns

Infosys gets relief as DGGI drops Rs 32,403 crore GST demand notice

No plans to raise foreign ownership cap in banks beyond 15%: RBI Governor

RBI reschedules next MPC meeting to August 4–6; cites administrative exigencies

RBI eases gold loan 'value' norms for small borrowers

RBI to cut CRR by 100 bps in four tranches to boost liquidity, effective Sept

RBI MPC opts for a 'jumbo' rate cut to bring repo rate down to 5.5%, switches to neutral gear

Irdai chief post vacant since March, reforms stall

ITR filing FY 2024-25: Taxpayers take note! These 7 changes in new ITR forms excel utilities are important

Form 16 changes: Higher standard deduction for these taxpayers, and other changes in Form 16 for FY 2024-25 (AY 2025-26)

Sebi clears IPOs worth Rs 20k crore after listing lull

PSU banks to set up common platform for debt recovery

RBI may introduce bank-like rate norms for NBFCs to plug policy gaps

EPF withdrawals via ATM, instant UPI as EPFO 3.0 likely to roll out in June 2025

ICAI to review fin statements of IndusInd

Sebi tightens derivatives rules to protect investors and improve market discipline

Govt extends income tax returns filing deadline to September 15, 2025 from July 31

Customs authorities impose Rs 2.76 cr penalties on IndiGo; airline to appeal against orders

NPCI issues new API guidelines for UPI ecosystem members to prevent outages

Sebi fines MCX Rs 25 lakh over lapses in disclosing payments

How RBI earns profit, decides dividend: Explained

RBI seeks approval for overseas Rupee lending to neighbours, say sources

International News:

Russia cuts interest rate by 100 bps from 20-year high; warns tight policy will stay

ECB trims rates: Cuts benchmark rates by 25 bps amid Trump tariff risks; growth path now hinges on trade talks

Exposure Drafts:

SEBI Draft:

Draft Circular on FAQs related to regulatory provisions for Research Analysts
[Last date for Comments: June 30, 2025]
 

IFSCA Draft:

Revised Draft Revamped Regulatory Framework for Global Access in the IFSC
[Last date for Comments: June 9, 2025]
 

RBI Drafts:

Draft Circular on ‘Inoperative Accounts/ Unclaimed Deposits in Banks - Revised Instructions (Amendment) 2025
[Last date for Comments: June 6, 2025]
 

RBI Draft Circular on ‘Updation/ Periodic Updation of KYC– Revised Instructions’
[Last date for Comments: June 6, 2025]
 

Legal Updates:

Income Tax:

Amendment to Schedule 80IE [Notification No.51]

Amendment to Schedule 80IE [Notification No.50]

Extension of due date for furnishing return of income for the Assessment Year 2025-26 [Circular No.6]

GST:

Advisory: Barring of GST Return on expiry of three years

Advisory: Non-editable of auto-populated liability in GSTR-3B

RBI:

Non-achievement of PSL targets – Prudential treatment of contribution towards eligible funds with NABARD, NHB, SIDBI and MUDRA Ltd.

Large Exposures Framework – Amendment in the list of exempted exposures

RBI (Lending Against Gold and Silver Collateral) Directions, 2025

Maintenance of Cash Reserve Ratio (CRR)

Penal Interest on shortfall in CRR and SLR requirements - Change in Bank Rate

Review of Qualifying Assets Criteria

Standing Liquidity Facility for Primary Dealers

Liquidity Adjustment Facility - Change in rates

Inclusion of “The Vishweshwar Sahakari Bank Ltd., Pune” in the Second Schedule of the Reserve Bank of India Act, 1934

Reporting on FIRMS portal – Issuance of Partly Paid Units by Investment Vehicles