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Weekly Newsletter - May 10, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:


Exposure Drafts:

IBBI Draft

IRDA Draft

FRC Exposure Draft

Acts & Regulations:

RBI Master Circular / Direction

Reference Section:

Legal FAQs

From the ICAI:

ICAI Announcement

Legal Updates:

Income Tax







De-stressing Zone - Fun alley


News Update:

Indian News:

Brokers call for Sebi intervention to avert a freeze on bank accounts

Govt expands scope of money laundering law to cover firm's representatives

Bad loan firms call for rule change to open up sector to new players

Goods transport agencies have time till May 31 to opt for GST payment: Govt

Centre asks industry to be ready for EU carbon tax, vows smooth transition

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

GST: Automated returns scrutiny set to roll out

India to push for carbon certificates mutual recognition with EU

Govt entities should curb consumers tendency for ‘forum shopping’, encourage them to approach RERA: Hardeep Singh Puri

Sebi levies Rs 35 lakh fine on 7 entities for non-genuine trades

RBI directs users to pay fee, charges on forex cards in rupees

Finance Ministry Refuses To Act On Insurers Plea In GST Violation Case: Report

Surprise checks one of Goa's plans to boost GST mopup

Ensuring financial stability is a shared responsibility, says FM

Commerce ministry recommends anti-dumping duty on imported optical fibre

Centre to come up with creditor-led insolvency resolution framework: Report

FSDC discusses need for more early warning indicators for economy

Reserve Bank of India imposes penalty worth Rs 1.75 crore on HSBC

FSDC for special drive to help people get unclaimed deposits in banks

Home buyers likely to get some relief from insolvency proceedings

Common GST audit norms for Centre and states from this fiscal

Over 30,000 I-T pleas for condoning ‘delayed returns’ pending

SC: ‘Profit attribution to India operations of foreign company is question of fact’

India asks European Union to recognise its carbon credit trading scheme

Prickly heat powder is a cosmetic; to face higher tax: SC

Irdai proposes to tighten norms for media campaigns by insurers

GSTN defers implementation of e-invoice reporting time limit by 3 months

Live streaming of court proceedings has flipside, judges need to be trained: CJI Chandrachud

Age factor: Indian companies looking for younger independent directors

IBBI seeks public comments on regulatory framework under insolvency law

Sebi shocker for law firms handling IPOs

Sebi comes out with testing framework for IT systems of stock exchanges

Taxmen to conduct two-month special drive to weed out fake GST registrations, identify masterminds

GSTN advises taxpayers to plan return filing, invoice uploading to avoid last-minute rush

Chartered Accountants Become Reporting Agencies After Tweak In Anti-Money Laundering Law: Report

SC: Homoeopathic hair oil entitled to lower tax rates

'Sebi to tell brokers, funds to limit use of financial influencers'

Dealing with EU's carbon tax is high on the agenda: DGFT

FinMin allows 22 finance cos to undertake Aadhaar-based client verification

Here's how banks are coping with surge in cyber attacks, phishing, fraud

India considering allowing foreign investment in nuclear power industry

CA, CS handling client money in PMLA ambit; FinMin notifies rules

RBI updates KYC instructions on wire transfers for banks, institutions

Additional 1.16% contribution for pension fund to come from employers: Govt

India should introduce carbon-pricing system

CBDC more environment friendly than other cashless modes: RBI report

Supreme Court paves way for prosecution of 2 ex-IL&FS audit firms

Performance linked incentive for MF industry to garner more investments, says SEBI official

Irdai proposes guidelines for remuneration of core team of private insurers


International News:

UK watchdog probes Deloitte audit of UK clothing retailer Joules

Federal Reserve warns of credit crunch risk after US bank turmoil

Warren Buffett faults handling of US bank failures

SEC probing First Republic Bank executives for insider trading, Bloomberg reports

KPMG Pledges Cooperation in Senate Probe of Bank Audits

PCAOB enhances transparency of inspection reports

Insider trading case involving NFTs and a $57,000 profit ends with the first such criminal conviction ever

Supreme Court to Hear Whistleblower Retaliation Case with Widespread Implications

US Federal Reserve delivers small rate hike, flags possible pause in tightening cycle

Reference Section:


Professional scepticism requires ‘right’ culture
[Published By Accountancy Age]
May 4, 2023

Exposure Drafts:

IBBI Draft:

The IBBI invites comments from the public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016
[Last date for Comments: December 31, 2023] 


IRDAI Draft:

Amendments to Insurance Advertisements and Disclosure Regulations
[Last date for comments: May 25, 2023]


FRC Exposure Draft:

Consultation Paper - Technical Actuarial Standards for Pensions
[Last date for Comments: August 4, 2023

Acts & Regulations:

RBI Master Circular / Direction:

Master Circular - Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs

Master Direction - Know Your Customer (KYC) Direction, 2016 (Amended as on May 4, 2023)

Reference Section:

Legal FAQs:

All Legal FAQs

Income Tax FAQs





From the ICAI:

ICAI Announcement:

Deferment of second phase of Peer Review Mandate

Legal Updates:

Income Tax:

Inclusion of agents under PMLA

​Clarification on FAQ 6(reporting) and FAQ 3 (reporting) issued by U.S. IRS in respect of FATCA reportable accounts [Press Release]

DTAA with Chile [Notification No.24]

Applicability of PMLA on CA/CS/CWA



Extension of last date for exercise of option by GTA to pay GST under forward charge [No.5 - Central Tax (Rate)]

Extension of last date for exercise of option by GTA to pay GST under forward charge[No.5 - Integrated Tax (Rate)]

Extension of last date for exercise of option by GTA to pay GST under forward charge[No.5 - Union Territory Tax (Rate)]

Advisory: Deferment of Implementation of Time Limit on Reporting Old e-Invoices

Guidelines for Special All-India Drive against fake registrations [Instruction No.1]

Advisory for Timely Filing of GST Returns



Levy of charges on forex prepaid cards/store value cards/travel cards, etc

Formalisation of Informal Micro Enterprises on Udyam Assist Platform

Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer



Direct Market Access (DMA) to SEBI registered Foreign Portfolio Investors (FPIs) for participating in Exchange Traded Commodity Derivatives (ETCDs)

Registration with the FINNET 2.0 system of Financial Intelligence Unit – India (FIU-India)

Testing Framework for the Information Technology (IT) systems of the Market Infrastructure Institutions (MIIs)

Additional requirements for the issuers of transition bonds



Instructions to stop the facility of re-payment of loan taken against the insurance policy through Credit Card



Amendment in import policy condition of Apples under ITC (HS) 08081000 of Chapter-08 of ITC (HS), 2022, Schedule-I (Import Policy) [No.5]



Exchange rate Notification No. 33/2023-Cus (NT) dated 04.05.2023 [No.33(NT)]

Seeks to impose countervailing duty on imports of Saturated Fatty Alcohols of Carbon Chain length C10 to C18 and their blends originating in or exported from Indonesia Malaysia and Thailand for a period of 5 Years [No.1(CVD)]


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