Weekly Newsletter - September 16, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IBBI Draft

RBI Draft

SEBI Drafts

FASB Draft

Acts & Regulations:

RBI Directions

IFSCA Regulations

Legal FAQs:

MCA FAQs

Legal Updates:

Income Tax

IBBI

FEMA

IFSCA

IRDAI

DGFT

Customs

News Update:

Indian News:

No more tax wishlists? FM Sitharaman asks experts to make the case for what should go

UPI MDR above Rs 2,000 to attract 18% GST, merchants can claim input tax credit

Sitharaman urges ITRAF to make tax research more visible in policy process

CBIC to handhold MSMEs as less than 1,000 join customs duty payment scheme

NRI woman faced 200% penalty – how she got it reduced to 50% in ITAT

ED to fast-track 10 big PMLA cases in each region

Govt raises EPFO wage ceiling to ₹25,000; 5.1 mn more workers to be covered

EPF Scheme 2026: Can govt cut your PF contribution for 3 months? Explained

Tax department turns to AI for sharper scrutiny, compliance

Sebi proposes stronger tech resilience norms for exchanges, depositories

O.4% MDR kicks in from October 15 for ₹2,000-plus UPI payments

Explained: RBI proposes 60-day debit holds for suspected mule accounts

FIR filed against CA over Rs457cr foreign transfers

Online shopping to get stricter consumer rules on pricing, rankings in 2027

SEBI tightens scrutiny of Wall Street giants operating in India

RBI: Only disputed amount can be frozen under new norms

PwC US, PwC India form JV to combine advisory talent, capabilities

Smaller firms eye a larger slice in the ongoing auditor churn

CBI arrests CGST superintendent, consultant in Rs 1 crore bribe case

Mumbai businessman’s ₹6.42 lakh work travel claim denied as he used his wife’s credit card; here’s what ITAT ruled

₹1.09 crore sent from Kuwait to India: ITAT Ahmedabad grants partial relief in income tax notice case

Sebi proposes changes to derivatives settlement, closing auction timings

SBI to use UPI data to lend to small businesses without GST registration

One-time compensation received for diminution in value of stock options not taxable employment income

RBI imposes ₹27.3 lakh penalty on Asset Care & Reconstruction Enterprise

Corporate Laws Bill: Audit exemption exposes fault line in JPC over corporate accountability

IRDAI fines IndusInd Bank Rs 1 crore; here's what policyholders should know

₹1 crore penalty on Canara HSBC Life Insurance Company over mis-selling

Rs 1.17 crore interest income of minor child: Father faces Rs 12.83 lakh penalty; ITAT Delhi cancels it

Sebi's Demat 2.0 pilot explained: How tokenised bonds help investors

UPI gets new features: Tap-to-pay, unified window for transaction details

Sebi launches Demat 2.0 pilot for tokenised corporate bonds using DLT

Delhi HC rules no GST registration without biometric-based Aadhaar authentication

Govt tightens e-commerce rules: Price transparency to curbing dark patterns, key changes explained

India launches online platform to connect exporters with US buyers

Punjab HC strikes down Income Tax Act's Section 147A as unconstitutional

CAS stays, but derivatives settlement may change, says Sebi chief

Mumbai man sells property for Rs 24 Cr, buys multiple homes; LTCG benefit denied — ITAT says this

Three Indian companies under US Senators' scanner for data 'theft' allegations

India's Serious Fraud Office recommends 'detailed' probe into Xiaomi's business in country

International News:

ICAEW criticises plan for criminal offence on tax declarations

FASB proposes stablecoin disclosures

CA ANZ calls for ‘firm-level’ ASIC jurisdiction on audit firms

Audit teams’ AI use common but most lack strategy

Exposure Drafts:

IBBI Draft:

Discussion Paper - Strengthening safeguards in the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors
[Last date for Comments: October 3, 2026] 

RBI Draft:

Draft RBI (Know Your Customer) Amendment Directions, 2026
[Last date for Comments: October 2, 2026] 

SEBI Drafts:

Consultation paper on “Review of certain aspects of the Closing Auction Session, Market Timings and Settlement Methodologies for Derivative Contracts”
[Last date for Comments: October 3, 2026] 

Consultation Paper on Applicability of IT and Cyber Security Framework of MIIs to their Subsidiaries
[Last date for Comments: October 2, 2026] 

FASB Draft:

Proposed Accounting Standards Update
Statement of Cash Flows (Topic 230)
Cash Equivalents—Disclosure Enhancement and Evaluation of Certain Digital Assets
[Last date for Comments: November 19, 2026] 

Acts & Regulations:

RBI Directions:

Reserve Bank of India (Local Area Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on September 11, 2026)

Master Directions - Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2025 (Updated as on September 11, 2026)

IFSCA Regulations:

IFSCA (Prohibition of Market Abuse in Securities Markets) Regulations, 2026

IFSCA (Employees Service) Regulations, 2026

Legal FAQs:

MCA FAQs:

Registration of Foreign Companies / Subsidiary of Foreign Body Corporate FAQs

Legal Updates:

Income Tax:

Procedure for registration of reporting person/entity and submission of Form No. 98 as per rule 160 of the Income-tax Rules, 2026 [SFT Notification No.3]

Order u/s 258(1) of the Income-tax Act, 2025 - Ministry of Petroleum & Natural Gas to share Aadhar / PAN information with CBDT

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT-2518) for Mutual Fund Transactions under section 508(1) of the Income-tax Act, 2025 read with sub-rule 6 of rule 237 of the Income-tax Rules, 2026 by Registrar and Share Transfer Agent [SFT Notification No.2]

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT-2517) for Depository Transactions under section 508(1) of the Income-tax Act, 2025 read with sub-rule 6 of rule 237 the Income-tax Rules, 2026 [SFT Notification No.1]

FEMA:

Review of Circulars issued under Foreign Exchange Management Act, 1999

IBBI:

Due diligence by Insolvency Professionals regarding misuse of IBC framework

IFSCA:

IFSCA (Manner of Payment and Receipt of Premium) (Amendment) Regulations, 2026

Extension of validity of expired placement memorandum

IFSCA (Fund Management) (Second Amendment) Regulations, 2026

IRDAI:

Migration of Reinsurance Regulatory Returns and Other Reinsurance Functionalities to the Integrated Business Analytics Platform

DGFT:

De minimis exemption from Registration-cum-Membership Certificate (RCMC) requirements for low-value exports [Notification No.36]

Extension of timeline for surrender of unutilised TRQ quantity allocated for import of 10 Lakh MT of Raw Sugar [Public Notice No.30]

Inviting comments/suggestions on Amendment in Para 2.93 of the Handbook of Procedures, 2023 – Rules of Origin (Non-Preferential) [Trade Notice No.27]

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.75(NT)]

Seeks to amend Notification No. 73/2021-Customs dated 17.12.2021 to extend the anti-dumping duty on imports of “Calcined Gypsum Powder” originating in or exported from Iran, Oman, Saudi Arabia and United Arab Emirates (UAE) till 16th March, 2027 [Notification No.22(ADD)]