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CAalley Newsletter dated February 8, 2023

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Latest additions to CAalley:


Indian News

International News

Exposure Drafts:

ICAI Drafts

SEBI Drafts

Legal Updates:

Income Tax







News Update:

Indian News:

No more penal interest: How RBI decision will help home, personal, car and other loan borrowers

FinMin issues draft scheme for settling disputes related to govt contracts

Digital currency has 50,000 users, 5,000 merchants: RBI

RBI to issue norms to boost green finance, mitigate climate risks

RBI announces pilot for QR code-based Coin Vending Machine

RBI proposes to expand scope of TReDS to improve cash flows for MSMEs

RBI to allow lending, borrowing of govt bonds: Shaktikanta Das

Travellers to India from G20 nations can use UPI for merchant payments: RBI

RBI MPC increases repo rate by 25 bps, pegs FY24 inflation at 5.3%

Key highlights of RBI policy statement

SEBI burdens stock brokers with more compliance

Will get fitment panel to look into 28% GST for cement: FM Sitharaman

Artificial Intelligence to be a game changer in govt audit space: CAG

Leave encashment received at retirement will be tax-free under new I-T regime: Revenue Secretary

FinMin asks depts, CPSEs to refund 95% of MSMEs securities till March 2022

Foreign tourists not exempt from GST

Govt to come out with discussion paper on contractual disputes: Somanathan

16-member panel set up to draft Digital Competition Act within 3 months

CAG call to combat cyber security threats to auditing

SEBI gets strict on beneficial owners hiding behind FPIs

Govt streamlines rules for settlement of disputes among CPSEs

PPO number: How to download PPO (Pension Payment Order) number from Digilocker

No provision to refund accumulated corpus under NPS to state govt: FinMin


International News:

The IIA Opposes New PCAOB Standard Proposal's Anti-Internal Auditor Language in Comment Letter

Proposed crypto accounting rules won’t cover self issued tokens

GASB Proposes New Guidance for Subscription-Based IT Services

Deficiencies In Audit Quality

Exposure Drafts:

ICAI Drafts:

Guidance Note on Financial Statements of Limited Liability Partnerships
[Last date for Comments: March 8, 2023] 

Guidance Note on Financial Statements of Non-Corporate Entities
[Last date for Comments: March 8, 2023] 


SEBI Drafts:

Consultation paper on review of Corporate Governance norms for a High Value Debt Listed Entity
[Last date for Comments: February 22, 2023] 

Consultation paper on institutional mechanism for Stock Brokers to ensure prevention and detection of fraud or market abuse
[Last date for Comments: February 21, 2023] 

Consultation paper on Investor consent for buying/selling investments from/to associates of AIFs
[Last date for Comments: February 18, 2023] 

Consultation paper on review of eligibility criteria for the key investment team and prescribing qualification for compliance officer of Manager of an Alternative Investment Fund
[Last date for Comments: February 18, 2023] 

Consultation paper on dematerialisation of units of AIFs
[Last date for Comments: February 18, 2023] 

Consultation paper on safeguarding clients’ funds placed with stock brokers/ Clearing Members (CMs): Upstreaming of clients’ funds to Clearing Corporations (CCs)
[Last date for Comments: February 17, 2023] 

Consultation paper on direct plan for schemes of Alternative Investment Funds (AIFs) and trail model for distribution commission in AIFs
[Last date for Comments: February 18, 2023] 


Legal Updates:

Income Tax:

The Centralised Processing of Equalisation Levy Statement Scheme, 2023 [No.3]

Corrigendum to Circular No. 23 of 2022 Dated 03.11.2022 - Explanatory Notes to Finance Act, 2022 [Circular No.2]



Extension of Time for filing of 45 company e-Forms and PAS-03 in MCA 21 Version 3.0 without additional fee [General Circular No.3]



Clarification w.r.t. issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under Chapter V of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021

Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA

Grant of extension of time to entities operating/ desirous of operating as Online Bond Platform Providers (OBPPs) for making an application to obtain certificate of registration as a stock broker under the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992



Liquidity Adjustment Facility - Change in rates

Change in Bank Rate

Standing Liquidity Facility for Primary Dealers



Addition of Gemological Science International (GSI) Pvt. Ltd., Mumbai, Maharashtra, India in Para 4.42 of Foreign Trade Policy (2015-20) [No.56]

Alignment of RoDTEP Schedule for Chapter 28, 29, 30 & 73 with First Schedule of the Customs Tariff Act, 1975 [No. 55]

Assistance in filing of the applications for fixation of Standard Inputs Output Norms (SION) [Trade Notice No.26]



Amendment in Circular No. 29/2020-Customs dated 22.06.2020 for allowing transhipment of Bangladesh export cargo to third countries through Delhi Air Cargonotifications related thereto with reference to appointment of officers of customs and assignment of functions [Circular No.3]

Instruction regarding Import of High risk food products at specific ports [Instruction No.5]



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