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CAalley Newsletter for the week ending April 5, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

From the ICAI:

ICAI Announcement

Exposure Draft:

PCAOB Exposure Draft

Acts & Regulations:

DGFT Policy

RBI Master Circulars/Directions

Legal Updates:

Income Tax







Central Excise


News Update:

Indian News:

No GST on business vertical sold as 'going concern'

Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR

SC rules on service tax on corporate guarantees, gives pvt firm relief

China-based Huawei gets partial relief from ITAT

Web-based returns to deter attempts to float shell cos

CCI to get more enforcement powers on Big Tech following amendment to Competition law

Health insurance penetration still low

Windfall taxes virtually scrapped, for now

Regulator pulls up companies, auditors for flouting Ind As norms

Banks must have diverse boards: RBI

Centre cuts all windfall tax on domestically produced crude oil from today

Competition law gets more teeth, mergers to win swifter nod

Bankruptcy resolutions yielding lower realisations, taking longer: Report

I-T dept seized assets worth over Rs 4,800 cr in last 4 fiscals: Govt

Finance Ministry to constitute 16th Finance Commission this year

Govt may consider 0.3% fee to maintain UPI payment system: Reports

Centre has no hesitation in amending company laws frequently to make them more robust, says Union Finance Minister

CAG to go paperless, announces digital audits from April 1

India and Malaysia can now use Indian rupee to settle trade, says MEA

PAN, Aadhaar become mandatory for making investments in PPF, NSC, other small savings schemes

Finance ministry to launch three-month campaign to boost micro-insurance

Sebi imposes Rs 1.55-crore fine on 23 entities for flouting regulatory norms

Govt hikes interest rates on most small saving schemes for June quarter

Compliance period extended from 2 to 3 yrs for 'large corporates': Sebi

Ahead of GST Appellate Tribunal’s launch, an SOP for investigations

'India ready for rupee trade with countries facing currency crises'

Foreign Trade Policy 2023: One-time settlement of default, e-commerce exports, trade payments in rupee key focus areas

Foreign Trade Policy 2023 unveiled, govt breaks tradition of target year

Sebi directs top 100 listed firms to give clarification on market rumours from Oct 1

Sebi sets up Rs 33k-cr corpus for debt MFs hit by market turmoil

IRDAI's new rules to affect PSU insurers, legalises actions of pvt players

Imported drugs for rare diseases to be exempt from customs duty

SEBI greenlights backstop fund for corporate debt market

SEBI strengthens online dispute resolution mechanism in securities market

SEBI pushes norms to ensure better disclosures, boost transparency

Non-resident taxpayers without PAN can file Form 10F manually till September 30


International News:

Big Four Auditors and Consultants Need Liability—And a Divorce

EY fined, banned from some audits in Germany over Wirecard scandal

Audit Regulatory Board Mum on Bank Failures as Critics Question Clean Audit Opinion for Silicon Valley Bank

PCAOB Rulemaking Could Lead to More Timely Issuance of Audit Inspection Reports

US bank deregulation 'may have gone too far': Treasury Secretary

FASB maps ‘one-stop shop’ expense disclosure proposal

From the ICAI:

ICAI Announcement:

ICAI Advisory on Audit Trial Compliance by Clients

Exposure Draft:

PCAOB Exposure Draft:

Proposed Auditing Standard – Responsibilities of the Auditor in Conducting an Audit
[Last date for Comments: May 30, 2023] 

Acts & Regulations:

DGFT Policy:

Foreign Trade Policy 2023 - Key Highlights


RBI Master Circulars/Directions:

RBI Master Circulars/Directions for 2023-24

Master Direction on Framework of Incentives for Currency Distribution & Exchange Scheme for bank branches including currency chests based on performance in rendering customer service to the members of public

Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of public

Master Direction on Penal Provisions in reporting of transactions/ balances at Currency Chests

Master Direction on Counterfeit Notes, 2023 - Detection, Reporting and Monitoring

Master Direction – Facility for Exchange of Notes and Coins

Master Circular – Lead Bank Scheme

Master Circular - Asset Reconstruction Companies

Master Circular - Disbursement of Government Pension by Agency Banks

Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

Master Circular – Housing Finance

Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

Master Direction – Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Primary (Urban) Co-operative Banks) Directions, 2023

Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

Master Circular - Guarantees and Co-acceptances

Master Circular on SHG-Bank Linkage Programme

Master Circular - Guarantees, Co-Acceptances & Letters of Credit - UCBs

Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)

Master Circular on Credit Facilities to Minority Communities

Legal Updates:

Income Tax:

Amendment to section 10(26AAA) of the Income-tax Act, 1961 by the Finance Act, 2023 [Press Release]

Procedure, format and standards for filling an application in Form No. 15C or Form No. 150 for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES [No.1]


Seeks to provide commencement date for Section 163 of the Finance act, 2023 [No.1-Compensation Cess

Seeks to further amend notification No. 1/2017-Compensation Cess (Rate), dated 28th June, 2017 [No.2-Compensation Cess(Rate)]

Extension of limitation under Section 168A of CGST Act [No.9-Central Tax]

Amnesty to GSTR-10 non-filers [No.8-Central Tax]

Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers [No.7-Central Tax]

Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62 [No.6-Central Tax]

Seeks to amend Notification No. 27/2022 dated 26.12.2022 [No.5-Central Tax]

Amendment in CGST Rules [No.4-Central Tax]

Extension of time limit for application for revocation of cancellation of registration [No.3-Central Tax]

Amnesty to GSTR-4 non-filers [No.2-Central Tax]


The Companies (Indian Accounting Standards) Amendment Rules, 2023


Advertisement code for Investment Advisers (IA) and Research Analysts (RA)

Operational Circular for Debenture Trustees

Clarifications on Insider Trading - Comprehensive FAQs on SEBI (PIT) Regulations, 2015

Extension of compliance period – Fund raising by large corporates through issuance of debt securities to the extent of 25% of their incremental borrowings in a financial year



Implementation of the Track and Trace System for export of Pharmaceuticals and drug consignments along with maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain - Extension of date of implementation [Public Notice No.3]

Amendment in Export Policy of items under HS Codes 27101241, 27101242, 27101243, 27101244, 27101249, 27101941, 27101944 and 27101949 of Chapter 27 of Schedule 2 of the ITC (HS) Export Policy [No.2]

Foreign Trade Policy, 2023

Foreign Trade Policy, 2023 notified [No.1]

Amendment in Import Policy Condition under Chapter 29 of ITC (HS) 2022, Schedule – I (Import Policy) [No.64]

Amnesty scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders [Public Notice No.2]

Handbook of Procedures, 2023

Handbook of Procedures, 2023 notified [Public Notice No.1]


IRDAI (Expenses of Management of insurers transacting Life Insurance business) Regulations 2023 - Clarifications

Guidance note - Board policy of the insurer on the commission structure

Guidelines on Operational Issues pertaining to the Regulatory Sandbox

Payment of Distribution Fees to Motor Insurance Service Provider

Use and File Procedure for Products

IRDAI (Expenses of Management of Insurers transacting life insurance business) Regulations, 2023

IRDAI(Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023


Amendment to Notification 40/2015 - Customs dated 21.07.2015 [No.29]

Seeks to amend Notifications of G&J and EOU schemes-reg, 2023 [No.28]

Regarding Exemption for import of fabrics under Special Advance Authorization Scheme under para 4.04A of Foreign Trade Policy, 2023 for manufacture and export of garments [No.27]

Regarding implementation of EPCG Scheme under Foreign Trade Policy, 2023 [No.26]

Regarding implementation of Duty Free Import Authorisation Scheme under Foreign Trade Policy, 2023 [No.25]

Regarding implementation of Advance Authorisation Scheme for export of prohibited goods under Foreign Trade Policy, 2023 [No.24]

Regarding implementation of Advance Authorisation Scheme for annual requirement under Foreign Trade Policy, 2023, 2023 [No.23]

Regarding implementation of Advance Authorisation Scheme for deemed export under Foreign Trade Policy, 2023, 2023 [No.22]

Regarding implementation of Advance Authorisation Scheme under Foreign Trade Policy, 2023 [No.21]

Seeks to give effect to the 2nd tranche of India UAE CEPA [No.20]

Seeks to give effect to the 3rd tranche of India Mauritius CECPA [No.19]

Regarding the manner of issue of duty credit for goods exported under the RoSCTL Scheme under Foreign Trade Policy, 2023 [No.25(NT)]

Regarding the manner of issue of duty credit for goods exported under the RoDTEP Scheme under Foreign Trade Policy, 2023 [No.24(NT)]

Courier Imports and Exports (Electronic Declaration and Processing) Amendment, Regulations, 2023 [No.23(NT)]

Courier Imports and Exports (Clearance) Amendment, Regulations, 2023 [No.22(NT)]

Seeks to provide commencement date for various provisions of Finance act, 2023 [No.21(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.20(NT)]

Acceptance of Electronic Certificate of Origin (e-COO) issued under India-Japan CEPA [Instruction No.13]

Phased Implementation of Electronic Cash Ledger (ECL) in Customs w.e.f 01.04.2023 [Circular No.9]

Continue/provide health cess exemption on import of goods for use in the manufacture of X-ray machines [No.18]

Continue/provide BCD exemption on import of specific textile machineries parts & raw materials for manufacture of specified goods [No.17]

Amendment of Notification 19 of 2022 Customs NT dated 30.03.2022 [No.19(NT)]

Notification to exempt deposits into ECL till 30th April 2023 [No.18(NT)]

Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994 [No.17(NT)]

Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994 [No.16(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.17]

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 [No.16]

Seeks to amend No. 11/2017-Central Excise, dated the 30.06.2017 to extend the date of applicability of additional duty of excise on unblended diesel [No.15]


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