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CAalley Newsletter for the week ending February 22, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Acts & Regulations:

SEBI Master Circular & Regulations

RBI Master Directions

Exposure Draft:

SEBI Drafts

RBI Drafts


From the ICAI:

Indian Accounting Standards (IndAS)

International Content:

International Financial Reporting Standards (IFRS) [New addition]

Legal Updates:

Income Tax






Central Excise



News Update:

Indian News:

Surge in personal guarantor cases under IBC in FY23

Norms to boost audit quality

CAs, advocates mustn't be arrested sans proof of role in business fraud: HC

Market regulator Sebi proposes to introduce 5 new categories in ESG funds

GST on online gaming: Industry awaits clarity

Practice of permanent board seats at listed companies likely to end

Sebi proposes more power to shareholders

RBI allows UPI-based transactions for inbound travellers to India

Wife co-owner? Pay tax on 50% property income : ITAT

More insurance players required for diverse needs of citizens: Irdai chief

Bankruptcy cases rise 25% in Q3; recovery lowest at 23.45%: Care Ratings

Sebi issues consultation paper on disclosure requirements for listed firms

EPFO sets procedure to apply for higher pension in Employees Pension Scheme

Banks, financial institutions should safeguard banking security, says RBI

Over 94% value erosion found in 165 IBC liquidation case

FinMin to meet heads of banks on Feb 22; to review progress ECLGS for MSMEs

GST Council reaches broad consensus on setting up GST Appellate Tribunal; likely to be included in Finance Bill 2023

GST Council cuts tax on jaggery; rationalises late fee on delayed returns

Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM

No service tax on takeaway food items sold by restaurants: CESTAT

RBI issues final guidelines on interest rate risk in banking book

India finalises 13 activities under 3 heads for trading of carbon credits

PwC will hire around 30,000 people in India in couple of years: Chairman

RBI issues draft norms for lending and borrowing of G-secs

Irregularities found on certain tax payments, says I-T department on 'survey' at BBC offices

GST council should raise exemption threshold to Rs 1.5 cr, says GTRI

Govt. likely to place reverse charging of GST on scrap before Council

RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances

Sebi mandates brokers, depositories to maintain websites

Govt looks to tap section of kirana stores to expand GST base: Report

GST Council to discuss GoM reports on appellate tribunals, tax evasion by gutkha firms on Feb. 18

If states agree, petroleum and gas can be brought under the GST ambit: FM Sitharaman

Delay in renewable energy project? Centre can blacklist companies

Cashback and gift vouchers will not attract GST, rules Karnataka High Court

Sebi introduces issue summary document for filing IPO papers in XBRL format

Sebi notifies governance norms for REITs, InvITs similar to listed cos


Budget News:

'Angel Tax' provisions in Finance Bill will not impact start-ups: DPIIT Secy

Budget prepared keeping mind external challenges also: FM Sitharaman


International News:

Britain says global accounting rule is crimping its economy

'Cheaper, faster, safer': India, Singapore launch real-time payments link

‘Fake EBITDA’ masks risk in debt-laden companies

ISSB announces sustainability standards issue date

FASB votes to finalize lease accounting relief

KPMG US to cut 700 advisory jobs

UK audit regulator risks cementing the Big Four’s oligopoly

Acts & Regulations:

SEBI Master Circular & Regulations:

Master Circular for Substantial Acquisition of Shares and Takeovers

SEBI (Infrastructure Investment Trusts) Regulations, 2014 [Last amended on February 14, 2023]

SEBI (Real Estate Investment Trusts) Regulations 2014 [Last amended on February 14, 2023]

SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 [Last amended on January 13, 2023]


RBI Master Directions:

Master Direction on Financial Statements - Presentation and Disclosures (Updated as on February 20, 2023)

Master Directions on Prepaid Payment Instruments (PPIs) (Updated as on February 10, 2023)

Exposure Drafts:

SEBI Drafts:

Consultation Paper on Regulatory Framework for ESG Rating Providers (ERPs) in Securities Market
Last date for Comments: March 8, 2023]


Consultation Paper on certain Amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with the objective of increasing transparency and streamlining certain processes
Last date for Comments: March 8, 2023]


Consultation Paper on Strengthening Corporate Governance at Listed Entities By Empowering Shareholders - Amendments to the SEBI (LODR) Regulations, 2015
Last date for Comments: March 7, 2023]


Consultation Paper on Streamlining Disclosures by Listed Entities and Strengthening Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Last date for Comments: March 6, 2023]


Consultation Paper on ESG Disclosures, Ratings and Investing
Last date for Comments: March 6, 2023]



RBI Drafts:

Draft Guidelines on Minimum Capital Requirements for Market Risk – under Basel III
[Last date for Comments: April 15, 2023] 

Reserve Bank of India (Government Securities Lending) Directions, 2023
[Last date for Comments: March 17, 2023] 


ICAEW Draft:

Proposed Revisions to the Code Addressing Tax Planning and Related Services (Issued by IESBA)
[Last date for Comments: May 18, 2023] 

From the ICAI:

Indian Accounting Standards (IndAS):

Indian Accounting Standards (IndAS) have been updated and educational material has also been added.

International Content:

International Financial Reporting Standards (IFRS):

International Financial Reporting Standards (IFRS) have been uploaded

Legal Updates:

Income Tax:

The Income-tax Amendment (3rd Amendment) Rules, 2023 - Amendments relating to Charitable and Religious Trusts [No.7]



Filing of Forms GNL-2 MGT-14, PAS-3, SH-8, SH-9 and SH-ll due to migration from V2 Version to V3 Version in MCA 21 Portal from 22.02.2023 to 31.03.2023 [Circular No.5]

Extension of Time for filing of 45 company e-Forms, PAS-03 and SPICE+PartA in MCA 21 Version 3.0 without additional fee [General Circular No.4]



Advisory for SEBI Regulated Entities (REs) regarding Cybersecurity best practices

Maintenance of a website by stock brokers and depository participants



Implementation of Indian Accounting Standards (Ind AS)

Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021 – Disclosures for State Co-operative Banks and Central Co-operative Banks

Governance, measurement and management of Interest Rate Risk in Banking Book

Introduction of Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems



Treatment of inward Co-Insurance while reporting MTP Obligations



Amendment in Circular No. 26/2016-Customs dated 09.06.2016 [Circular No.5]

Amendment in Circular No. 25/2016-Customs dated 08.06.2016 for including details of Ex-bond Bill of Entry/Shipping Bill in Form A [Circular No.4]

Exchange rate Notification No. 10/2023-Cus (NT) dated 16.02.2023 [No.10(NT)]


Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel [No.9]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude and export of Aviation turbine Fuel [No.8]



Amendment in Import Policy condition of Cashew Kernels (broken/ whole) [No.59]

Processing of MEIS/SEIS applications pending at RAs under Para-3.06 of HBP [Circular No.46]


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