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CAalley Newsletter dated April 22, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Acts & Regulations:

RBI Master Circular

Legal Updates:






News Update:

Indian News:

HC can decide on transfer pricing litigation, rules SC

India Inc should prepare for a national carbon market

Sebi plans to allow mutual funds with performance-based fees

New customs interface “moving towards normalcy”, claims CBIC

Sebi bans Care Ratings' former MD & CEO Rajesh Mokashi for manipulating rating process

Audit intricacy, access to talent make splitting audit-non-audit biz tough

ICAI focuses on enhancing audit quality

New ICAI president says emphasis on blending new age thinking with traditional approach

ICAI to widen peer review process for auditors: Talati

Auditors Not Expected To Look At Every Single Invoice, Transaction: ICAI President

Tax treaty rate cannot override dividend distribution tax rate: I-T tribunal

RBI to meet board members of PSU banks to address ethics issues on May 22

SC says no lawyer can go on strike or abstain from court work, asks high courts to set up panel for grievance redressal

Asked to tally funds in A/Cs to filings: Closer scrutiny on tax filings of NRIs

GST evasion detection nearly doubles to Rs 1.01 lakh cr in FY23

Standardising ESG reporting

Corporate failures: Auditors are soft targets for blame

RBI to come up with new rules on classification of accounts as fraudulent

Is interest income earned on Mahila Samman Savings Certificate tax free?


International News:

ESG reporting standard setter extends reach

How Financial Stability Relates To ESG Disclosure

Acts & Regulations:

RBI Master Circular:

Master Circular- Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs)

Legal Updates:


MCA Advisory regarding Form STK-2



Procedure for seeking prior approval for change in control of Vault Managers

Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories



Allocation of additional quantity of 2360 MT for export of raw cane sugar to USA under Tariff Rate Quota (TRQ) for the US Fiscal Year 2023 [Public Notice No.8]

Amendment under Interest Equalisation Scheme in respect of UIN [Trade Notice No.4]

Amendments under Interest Equalisation Scheme in respect of UIN [Trade Notice No.3]



Seeks to further amend notification No. 55/2022- Customs, dated 31.10.2022, in order to notify Nepalgunj road as an additional LCS against condition number 1 [No.31]

Exchange rate Notification No. 29/2023-Cus (NT) dated 20.04.2023 [No.29(NT)]

Seeks to levy ADD on imports of "Vinyl Tiles other than in roll or sheet form" originating in or exported from China PR, Taiwan and Vietnam [No.5(ADD)]


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