Newsletter - April 28, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Drafts

SEBI Drafts

Acts & Regulations:

RBI Directions

From the ICAI:

ICAI Announcement

Legal Updates:

Income Tax

GST

MCA

RBI

SEBI

News Update:

Indian News:

Claude's AI agent goes rogue, deletes firm's entire database in 9 seconds

China supplies over 30% of industrial goods; overdependence critical: GTRI

RBI finalises new risk weight norms

HDFC, Axis, RBL cut staff in FY26 as tech, automation boost productivity

Why India still lacks big audit firms despite rapid economic growth

India-New Zealand FTA signed: Duty on 100% Indian exports down to zero; top points to know about trade deal

CCIL revamps trade reporting system to boost offshore rupee transparency

Govt issues norms for ₹10,000 crore startup fund's second tranche

Explained | Why Anthropic’s Mythos is spooking bankers and what it means for global finance

New tax declaration forms introduced for NRI remittances

EPFO can't reject higher pension claims for employer lapses: Bombay HC

Sebi proposes overhaul of broker net worth norms, links it to client base

Govt forms panel under SBI chief C S Setty to assess Mythos-related risks

IDBI Bank disinvestment process to continue, says FM Nirmala Sitharaman

Bengaluru chartered accountant booked for Rs 1.81-crore fraud over fabricated tax records

RBI cancels Paytm Payments Bank licence; cites governance lapses

External debt and inflation within target: RBI governor Sanjay Malhotra

RBI proposes measures to strengthen Prepaid Payment Instruments framework

GST evasion probe: Two Neokred execs sent to judicial custody

2 GST Officials Arrested Over Rs 55-Lakh Bribe Demand In Gujarat

PIB fact-checks influencer CA Sarthak Ahuja's video about income tax clearance certificate for travel abroad'

DGFT authorizes 17 banks for import of precious metals

Sebi amends 'fit and proper' rule governing market intermediaries

Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled it

ICAI Debunks Claims of New Exam Authority, Issues Warning Against Fake News

RoC penalises firm, director for violating woman director mandate

KV Ramana Murty takes charge; Sebi gets its fourth whole-time member

SEBI seeks CBDT clarity on tax role of authorised representatives of FPIs

Income tax staff warn of nationwide agitation in April-May: 'Pushed to the brink’ over work pressure, delayed promotions

ICAI expands mandatory applicability of audit quality evaluation matrix

CBDT urged to issue master circular on legacy tax guidance in new I-T law

New ITR forms for AY 2026-27: NRIs opting for new presumptive income scheme have to make this separate disclosure additionally

Filing ITR just got easier: This new AI chatbot helps with income tax queries, forms and rules; check details

International News:

KPMG lays off 10% of US audit partners

CAQ, Deloitte gauge audit committee priorities

Exposure Drafts:

RBI Drafts:

Draft Master Direction on Prepaid Payment Instruments (PPIs), 2026
[Last date for Comments: May 22, 2026] 

Draft Amendment Directions on review of methodology for identification of NBFC-UL and inclusion of Government owned NBFCs in NBFC-UL
[Last date for Comments: May 4, 2026] 

SEBI Drafts:

Consultation Paper on Ease of Doing Investment and Ease of Doing Business- Handling of unpaid securities of clients by Trading Members / Clearing Members
[Last date for Comments: May 15, 2026] 

Consultation paper on Review of variable net worth for stock brokers
[Last date for Comments: May 15, 2026] 

Acts & Regulations:

RBI Directions:

Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 2026)

Reserve Bank of India (Small Finance Banks – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 20265)

Reserve Bank of India (Local Area Banks – Miscellaneous) Directions, 2025 (Updated as on April 27, 2026)

Reserve Bank of India (Regional Rural Banks – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 2026)

Reserve Bank of India (Urban Co-operative Banks – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 2026)

Reserve Bank of India (Rural Co-operative Banks – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 2026)

Reserve Bank of India (All India Financial Institutions – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 2026)

Reserve Bank of India (Housing Finance Companies) Directions, 2025 (Updated as on April 15, 2026)

Reserve Bank of India (Non-Banking Financial Companies – Acceptance of Public Deposits) Directions, 2025 (Updated as on April 15, 2026)

Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 2026)

Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Directions, 2025 (Updated as on April 15, 2026)

Master Direction - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025 (Updated as on April 27, 2026)

Master Direction - Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025 (Updated as on April 10, 2026)

From the ICAI:

ICAI Announcement:

Widening the scope of mandatory applicability of Audit Quality Maturity Model (AQMM)

Legal Updates:

Income Tax:

Corrigendum dated April 16, 2026 [Notification No.64]

Corrigendum to Notification of Income tax return Form U [Notification No.63]

Corrigendum to Notification of Income tax return Form 7 [Notification No.62]

Corrigendum to Notification of Income tax return Form 6 [Notification No.61]

Corrigendum to Notification of Income tax return Form 5 [Notification No.60]

Corrigendum to Notification of Income tax return Form 3 [Notification No.59]

Corrigendum to Notification of Income tax return Form 2 [Notification No.58]

Corrigendum to Notification of Income tax return Form 1 [Notification No.57]

GST:

Advisory: Introduction of IMS Offline Tool

Advisory: Re-Computation of Interest under Table 5.1 of GSTR-3B

Advisory: Pre-deposit Percentage in the GST Portal

Seeks to extends the due date for furnishing the return in FORM GSTR-3B for the month of March, 2026 till the twenty-first day of April, 2026 [CGST Notification No.1]

MCA:

The Companies (Registration Offices and Fees) Amendment Rules, 2026

FAQs on the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026)

RBI:

Reporting instructions for Authorised Dealer Category-I Banks

Digital Payments – E-mandate Framework, 2026 PDF - Digital Payments – E-mandate Framework, 2026

Risk Management and Inter-Bank Dealings

SEBI:

Launch of various IT platforms by Chairman, SEBI to improve ease-of-doing business [Press Release]

Framework for net settlement of funds for transactions done by Foreign Portfolio Investors (FPIs) in cash market

Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2026

Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2026

Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2026

Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2026

Review of requirement relating to registration for a Not for Profit Organization on Social Stock Exchange and minimum subscription requirement for issuance of Zero Coupon Zero Principal Instruments

NISM Certification for Social Impact Assessors