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CAalley Newsletter for the week ending February 8, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Exposure Drafts:

ICAI Drafts

SEBI Drafts

Acts & Regulations:


From the ICAI:

ICAI Announcement

Reference Section:


Legal Updates:

Income Tax






Central Excise


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

India will not merge GST tax rates in 2023-24: Revenue Secretary Malhotra

Markets regulator seeks beneficial ownership details of foreign investors: Report

Linking PAN with Aadhaar: CBDT chairperson says 48 crore linked so far

IRDAI should set up a committee to review its regulations: Experts

Govt not to impose import duty on cars brought in for testing: Minister

Insurance companies under scanner for rampant tax evasion

India, France, UAE unveil plans for co-operation under trilateral framework

Introduction of Insolvency and Bankruptcy Code helped improve ‘ease of doing business’ ranking: Justice Kaul

Sebi proposes measures to curb mis-selling in alternate investment funds

Centre working on implementing new Foreign Trade Policy from April 1, 2023

Sebi provides additional methods to comply with minimum public shareholding requirement; rationalises existing ones

SEBI tweaks operational framework on credit rating agencies

GST Council chaired by FM Nirmala Sitharaman to meet on Feb 18

Sebi tweaks framework on credit rating agencies, asks for detailed policy

Banking sector remains resilient and stable: RBI

No extension to lower withholding tax triggers concern among FPIs: Report

Will bring scheme for disposal of small appeals: CBDT chairperson

Window for unlimited investment in insurance policies with tax-free return closes on March 31

Wait for interest credit for 2021-22 prolongs for lakhs of EPF subscribers

Monthly GST revenue at Rs 1.50 lakh crore to be new normal next fiscal: CBIC chief

Govt paves way for IFSC units to issue P-notes to foreign investors

Windfall tax to continue for now; collections at Rs 25k cr this year: Govt

Sebi clarifies on transaction in corp bonds via request for quote platform

Sebi mulls framework for REITs, InvITs to issue depository receipts


Budget News:

Sending money abroad, foreign investment to cost more: How remittances will be taxed from July 1, 2023

Govt reduces customs duty on number of products for marine sector

EPF withdrawals will be less taxing now. All about the big budget announcement

India Inc braces for CSR cost blow

No angel tax on past foreign investments in startups

Increase in TCS under LRS is to target discretionary spending: Revenue Secy

Scope widens for GST levy on online database services

ITC cannot be claimed on goods/services used for CSR activities: Budget

Six Questions For Indian Startups, Tech & Digital India

Budget pitches for green credits to incentivize environmentally responsive action by individuals and companies

Tax reins tightened, charitable trusts have no margin of error

I-T, TDS to cover cash ‘benefits’

Notes on Clauses - Direct & Indirect Taxes -- As Published by IT Dept

Highlights of Finance Bill -- As Published by IT Dept

How many times can you switch between new tax regime and old tax regime?

10 things individual taxpayers should know

Understanding 20% TCS on foreign remittance transactions

Decriminalisation proposal can make investors gung-ho about doing business

Personal income tax googlies you must watch out for

Finance Minister proposes amendments to banking laws

Budget proposals don't seek privatisation of state-owned banks: DEA Secy

Govt hikes import duty on toys to 70% to boost domestic manufacturing

Budget gives thrust to handicrafts, ELS cotton


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

Audit committee job creep taking its toll

UK sets out plan to regulate cryptoassets

FASB Crypto Proposal Coming by End of March amid Slight Sector Rebound from Lows

PCAOB offers new guidance for quality control remediation

OECD releases technical guidance for implementation of the global minimum tax

Central banks should stick to 'higher for longer' interest rate approach: IMF

BOE Raises Key Rate to 4% Saying More Hikes May Be Needed

Fed raises rates a quarter point, expects ‘ongoing’ increases

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] 

Consultation Paper on providing option to Alternative Investment Funds and their investors to carry forward unliquidated investments of a scheme upon completion of its tenure
[Last date for Comments: February 18,2023] 

Consultation Paper on Regulatory Framework for REITs and InvITs to issue Depository Receipts
[Last date for Comments: February 21,2023] 


Acts & Regulations:


Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under
[Issued on February 3, 2023]

Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023 [Dated February 2, 2023]


ICAI Announcement:

Framework for Social Audit Standards

Reference Section:


Analysis of Indirect Tax Updates in Finance Bill 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]

​​FAQs on e-Verification Scheme 2021



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

Enhanced obligations and responsibilities on Qualified Stock Brokers (QSBs)

Review of Chapter IX – Green Debt Securities of the Operational Circular for issue and listing of Non-Convertible Securities (NCS), Securitised Debt Instruments (SDI), Security Receipts (SR), Municipal Debt Securities and Commercial Paper (CP) dated August 10, 2021 (hereinafter referred to as the ‘NCS Operational Circular’), as amended from time to time

Dos and don’ts relating to green debt securities to avoid occurrences of greenwashing

Updated Operational Circular for Credit Rating Agencies

Amendments to Operational Circular for Credit Rating Agencies

Manner of achieving minimum public shareholding

Amendments to Operational Circular for Credit Rating Agencies

Transaction in Corporate Bonds through Request for Quote (RFQ) platform by Alternative Investment Funds (AIFs)



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 Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Foreign Trade Policy 2015-2020 [No.55]



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]

Exchange rate Notification No. 08/2023-Cus (NT) dated 02.02.2023 [No.8(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.7(NT)]


Central Excise:

Performance Audit Report No. 14 of 2022 “Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019” of C&AG of India (Indirect Taxes-GST, Central Excise & Service Tax)

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel [No.7]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and export of Aviation turbine Fuel [No.6]


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