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CAalley Newsletter for the week ending January 25, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Reference Section:

Acts & Regulations [includes New additions]


Useful Forms:

MCA eForms

Exposure Drafts:

RBI Draft


Legal Updates:


DGFT [New addition]





News Update:

Indian News:

Sebi to introduce more safeguards for F&O as traders' losses mount

Sebi slaps ₹26 crore fine on Coffee Day Enterprises, asks to be paid within 45 days

India bluechips to shift to world's fastest settlement cycle T+1 this week

SAT slashes NSE co-location case fine to Rs 100cr from Rs 625cr

Reserve Bank of India says no foreign investment cap on sovereign green bonds

ECLGS scheme stopped Rs 2 trn MSME loans from turning bad: SBI report

Company formation, conversion made easier and swifter on new MCA portal

India plans to cut gold import duty to arrest smuggling: Govt officials

SEBI launches information database on municipal bonds

Supreme Court notice on Kerala GST law permitting levy of tax under repealed VAT regime

Exim data revised, trade deficit narrows by $10 billion

GST wing told to identify tax defaulters

SEBI slaps final hearing notices to 9 'missing' entities

Longer wait for GST tribunals with Council yet to clear proposals

'Sinking hole of regulations': Mitra calls for simplification of GST system

EPFO portal offers link to opt for higher pension

Commerce Ministry relaxes EPCG norms to promote ease of doing biz

Indian banks' switch to IFRS norms unlikely to drive rating changes: Fitch

Sebi carries out nationwide raids on market experts for front-running

Sebi opts for principles-backed approach on ESG ratings, says report

Auditors of GoMechanic had raised several red flags in accounting: Report

No issue with crypto in India if laws are followed: Rajeev Chandrasekhar

FinMin exhorts PSBs to achieve financial inclusion targets for FY23

End of GST compensation to jolt six states most, says RBI

Insolvency law may provide carveouts for homebuyers

SC asks NCLAT to decide by March 31 on Google’s appeal against CCI’s order of ₹1337 crore penalty for unfair practices

Have issues with only 6 of 10 CCI directions: Google to SC

Taxmen probe rich Indians for having foreign policies without approval

IBC overhaul seeks to give adjudicating authority a power boost


Budget News:

Bihar govt seeks GST compensation extension for another five years

India should consider reducing 1% TDS rate on cryptocurrency trade: Report

Centre expected to introduce new income tax slabs in Budget 2023: Report

Govt may not announce capital infusion for PSU banks in Budget: Sources

Rationalised TDS framework, concessional I-T regime expected in Budget: EY

Gone are the Budget day volatilities

From ‘jailed for doing business’ to ‘total harassment’ by banks, entrepreneurs seek an end to hostilities

Budget set to boost schemes linked to SCs, STs, senior citizens


International News:

Deloitte Cited For Not Disclosing Auditor Financial Ties

Taxpayers reminded about digital asset question and income reporting

Complying with the SEC’s insider trading reforms

U.S. accounting watchdog faces lawsuit over its 'secretive' disciplinary process

FASB mulls two new software accounting options

Top 5 Accounting Rules to Hit Companies’ Books This Year, Including Issues to Watch For

FASB Plans to Require More Detailed Disclosures of Income Statement Expenses

FASB to Expand Use of Accounting Method to More Tax-Credit Investments


Reference Section:

Acts & Regulations:

RBI acts, master directions / master circulars updated

IBBI acts, rules, etc added

DGFT acts, rules, etc added



Analysis of Profit and Loss of Individual Traders dealing in Equity F&O Segment
[Published by SEBI on Jan.25, 2023]

Useful Forms:

MCA eForms:

Updated as on January 23, 2023

Exposure Drafts:

RBI Draft:

Discussion Paper on Securitisation of Stressed Assets Framework (SSAF)
[Last date for Comments: February 28, 2023] 


IAASB Draft:

Proposed Part 10, Audits of Group Financial Statements
[Last date for Comments: May 2, 2023]

Legal Updates:


Companies (Management and Administration) Amendment Rules, 2023

Companies (Share Capital and Debentures) Amendment Rules, 2023

Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2023

Companies (Incorporation) Amendment Rules 2023

Companies (Registration of Foreign Companies) Amendment Rules, 2023

Companies (Accounts) Amendment Rules, 2023

Companies (Authorised to Register) Amendment Rules, 2023

Companies (Prospectus and allotment of securities) Amendment Rules, 2023

Companies (Misc) Amendments Rules, 2023

Companies (Appointment and Qualification of Directors) Amendment Rules, 2023



Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule – I (Import Policy) [Notification No.54]

Amendments in Chapter 5 of the Handbook of Procedures, 2015-20 - One time relaxation from maintenance of Average Export Obligation and extension in Export obligation period for specified EPCG Authorisations [Public Notice No.53]

Amendments in Para 4.42 of the Handbook of Procedures 2015-2020 [Public Notice No.52]

Amendments in Para 2.79A of Handbook of Procedures for issue of export authorization for "Stock and Sale" of SCOMET items [Public Notice No.51]

Discontinuation of Tariff Rate Quota for Import of Crude Soya bean Oil w.e.f. 01.04.2023 [Public Notice No.50]

Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2015-2020 [Public Notice No.49]

Amendments to para 2.56 of Handbook of Procedure and addition of agencies to Appendix 2G [Public Notice No.48]

Implementation of Paper Import Monitoring System (PIMS) – Clarification [Circular No.45]

Streamlining of Halal Certification Process for Meat and Meat Products [Trade Notice No.25]

Withdrawal of EODC ONLINE Monitoring System [Trade Notice No.24]

Implementation of RoDTEP Committee report in relation to Anomalies etc



Extension of time for renewal of safe locker agreements



Circular - Clarification on classification of shares issued by virtue of demerger

Guidelines on Insurance claims of victims of Subsidence and Landslides in the calamity affected areas in the State of Uttarakhand



Presidential Award of Appreciation Certificates and Medals announced on the occasion of Republic Day [No.6(NT)]

Exchange rate Notification No. 05/2023-Cus (NT) dated 19.1.2023 [No.5(NT)]


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