Weekly Newsletter - May 20, 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 Implementation Guide

CA's Referencer:

From ICAI

Useful Forms:

ITR Forms & eFiling Utilities for AY 2025-26

Tech Zone – Simplifying Technology for CAs:

Tech Zone Article

Legal Updates:

GST

MCA

IBBI

SEBI

IFSCA

DGFT

Customs

Central Excise

News Update:

Indian News:

RBI announces $5 billion dollar-rupee swap, auction scheduled for May 26

IndusInd Bank denies allegations of insider trading, accounting discrepancies and evergreening

Sebi proposes STP overhaul to cut costs and reduce concentration risks

RBI transparency push: Banks may have to disclose detailed capital, liquidity and risk data under Basel III norms

EPFO to roll out WhatsApp chatbot for member queries amid rising grievances

Why startups are restructuring to secure Indian-controlled status

Employee files ITR using Form 16, gets Rs 51.2 lakh tax penalty; ITAT ruling offers key lessons for taxpayers

Link insurer CEO salaries to customer outcomes: Irdai

NSE launches Electronic Gold Receipts trading today: What are EGRs, how do they work, and what investors should know

RBI decides against imposing additional capital buffer on banks

Explained: What is Balance of Payments and how does it affect the rupee?

Have urged chief justices of all HCs to conduct virtual hearings: Chief Justice of India

ICAI to embed AI, data analytics in CA curriculum

Deloitte India aims to become country's biggest professional services firm by 2028

Aadhaar-PAN mismatch on UAN? KYC documents, steps and key checks explained

NPS launches Retirement Income Schemes: Payout rules and benefits explained

RBI tightens scrutiny of overseas investments as outflows surge to $27 billion in FY26

Govt imposes curbs on silver imports after sharp rise in shipments

Six arrested in ₹128 crore fake GST invoicing racket busted by EOW in Delhi

Sebi, CBDT ease PAN rules for foreign investors after onboarding concerns

GSTAT is now operational with nationwide benches and an appeal system to ease GST litigation burden

PFRDA eases NPS annuity exit rules for retirees facing emergencies: Details

India’s invisible workforce gets a new safety net: Key labour reforms for migrant employees decoded

PwC resigns as statutory auditor of Arisinfra Solutions over fee dispute

India GCCs to gain as US plans sharp H-1B wage hikes

Who can file ITR-1 this year? Common mistakes to avoid while filing ITR-1 for AY 2026-27 on or before July 31, 2026

India caps gold imports under Advance Authorisation scheme at 100 kg

ED freezes ₹526 crore deposits in money laundering case against Gameskraft

As rupee dips, I-T steps up vigil on shady outflows

India's gold policy trap: Cut duty to curb smuggling, raise to save rupee

Bank account frozen without FIR? Delhi HC says it violates right to life

Govt considers reducing taxes on bond investments by foreign investors

Sebi proposes major overhaul of derivatives rules to simplify compliance for exchanges

International News:

SEC Proposes Optional Semiannual Reporting for Public Companies

Five adjustments to make when auditing SMEs

Artificial Intelligence in Audit Work: Managing the Risks

FRC Publishes Final Revisions to UK Auditing Standards on Fraud and Going Concern

Exposure Drafts:

RBI Drafts:

Draft Reserve Bank of India (Capital Adequacy) Amendment Directions, 2026
[Last date for Comments: June 2, 2026] 

Revised Draft Amendment Directions on ‘Conduct of Regulated Entities in Recovery of Loans and Engagement of Recovery Agents’
[Last date for Comments: May 31, 2026] 

SEBI Drafts:

Draft Circular for Enabling Third Party Payments in Mutual Funds in certain scenarios
[Last date for Comments: June 10, 2026] 

Consultation Paper on Easing of framework for Straight Through Processing (STP) of trades
[Last date for Comments: June 9, 2026] 

Consultation paper on Relaxation in requirement of maintenance of call records for institutional clients - Amendment to the SEBI (Research Analysts) Regulations, 2014
[Last date for Comments: June 8, 2026] 

Consultation Paper on Measures for ease of doing business on Exchange Traded Derivatives
[Last date for Comments: June 4, 2026] 

Acts & Regulations:

RBI Directions:

Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Payments Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Local Area Banks – Financial Statements: Presentation and Disclosures) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Local Area Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Regional Rural Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Urban Co-operative Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Rural Co-operative Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Commercial Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025
(Updated as on May 18, 2026)

Reserve Bank of India (Small Finance Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025
(Updated as on May 18, 2026)

Reserve Bank of India (Rural Co-operative Banks – Prudential Norms on Capital Adequacy) Directions, 2025
(Updated as on May 15, 2026)

From the ICAI:

ICAI Implementation Guide:

Implementation Guide on Forensic Accounting and Investigation Standards
[As on September, 2025]

CA's Referencer:

From ICAI:

AML & CFT Guidelines For Trust and Company Service Providers
(Applicable w.e.f April 21, 2026)
[Published by Financial Intelligence Unit – India (FIU-IND) of Finance Ministry]

Useful Forms:

ITR Forms & eFiling Utilities for AY 2025-26:

All ITRs in PDF format have been uploaded.
ITR 1 and ITR 4 Excel Utilities and Schema have also been uploaded.

Tech Zone – Simplifying Technology for CAs:

Tech Zone Article:

The Paperless Trap: Why Going Digital Often Increases Risk for CA Firms

Legal Updates:

GST:

Advisory: Filing of Annexure-B for Refund Applications involving Accumulated ITC using the offline utility in GST portal

MCA:

Procedure for Transfer of Membership Interest in a Company Without Share Capital [MCA Advisory dated May 11, 2026]

IBBI:

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Amended upto 13-05-2026)

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2026

SEBI:

Revision of Monthly Cumulative Report (MCR) Format

Master Circular on Surveillance of Securities Market
[Updated as on May 15, 2024]

Status of SPVs post conclusion or termination of Concession Agreement

Permitted use of fresh borrowings for InvITs where Net Borrowings exceeds forty-nine percent of the value of InvIT assets

IFSCA:

Framework for Ship Leasing Updated as on May 20, 2026)

IFSCA (Fund Management) Regulations, 2025
[As amended up to January 30, 2026]

DGFT:

Amendment in Import Policy of Silver covered under ITC (HS) codes 71069221 and 71069229 of Chapter 71 of ITC (HS), 2022, Schedule-I (Import Policy) [Notification No.17]

Amendment in export policy of sugar [Notification No.16]

Insertion of SION notes below the SIONs M1 to M8 [Public Notice No.11]

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.47(NT)]

Seeks to provide for provisional assessment of subjects goods exported by M/s Anhui Krant Aluminum Products Co., Ltd under notification No. 16/2024-Customs (ADD) dated 27.09.2024 , till the final findings of New Shipper Review are issued [Notification No.7(ADD)]

Corrigendum to Notification No. 14/2026-Customs dated 30.04.2026

Standardisation of procedures relating to grant of Entry Inward and Vessel Sail-out Clearance [Circular No.26]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.46(NT)]

Extension of validity of the circulars issued under Section 143AA of the Customs Act, 1962, to mitigate challenges arising from ongoing disruptions in maritime routes due to the closure of the Strait of Hormuz [Circular No.25]

Identification and import clearance of Hazardous cargo [Circular No.24]

Central Excise:

Seeks to amend Notification No. 08/2026-Central Excise dated 26.03.2026 to revise the SAED rates on exports of ATF outside India [Notification No.23]

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.22]