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Weekly Newsletter - May 3, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Acts & Regulations:

RBI Master Direction

Exposure Drafts:

IRDA Exposure Draft

IAASB Exposure Draft

Legal Updates:






Central Excise


News Update:

Indian News:

No priority for worker dues after liquidation under IBC

MahaRERA issues show-cause notice to chartered accountants

EPFO extends deadline to apply for the higher pension to June 26

Professionals under the scanner for unethical conduct

Govt. amends offshore mining law to encourage private mining

Govt mulls making Indian Patent Act more research friendly, private sector urged to spend on R&D

Go First airline files for bankruptcy at National Company Law Tribunal

Five, including CA, arrested for cyber frauds

GST-registered consumers can approach AAR bench

Go green, earn green: India’s 1st Green Credit scheme to reward eco-friendly actions by individuals, industries

New GST rules in effect from today for businesses with turnover of over ₹100 crore. Details here

State-run banks likely to launch special drive to recover written-off loans

FinMin wants PSBs to enhance recovery rate from written-off accounts to 40%

As risks loom, RBI asks banks not to increase exposure to unsecured loans

New Sebi rule from today: A ban that’s a boon in many ways

Tax notices to MNCs over salaries paid to expat employees

Start automated GST scrutiny, FM Sitharaman tells CBIC

Irdai asks insurance cos to lay down social media guidelines for employees

Taxmen cannot ignore ‘brazen misuse’ of laws: Finance minister Nirmala Sitharaman

Startups oppose separate law on digital markets

Govt. to revamp patenting process: Sanjeev Sanyal

India-UAE agreement: Easier norms for gold import on the anvil

India wants non-financial assets included in OECD info exchange framework

Rs 11 crore seized in income tax searches on steel company

NFRA examines proposals on new standard for accounting of insurance contracts viz. Ind AS 117

LIC front-running case: Sebi bans three individuals, two entities from stock market

ITAT: Tax relief on builder-paid rent in redevelopment projects

RBI removes restrictions on individuals from opening interest-earning FCAs

Coffee Day audit lapses: NFRA slaps Rs 1.15 cr fine on 2 auditors, 1 audit firm

FinMin considering classifying online games as games of skill, chance

Sebi crackdown on fake Telegram channels; Rs 5.7 crore penalty on 3 entities for ‘pump & dump’ stock tips

SC asks tax tribunals to ensure appeals are e-filed


International News:

FASB Updates Rules on Common-Control Leases

Independence Gets Its Own Spot in PCAOB Audit Inspection Reports

Regulators seize First Republic Bank, sell to JPMorgan Chase

India, Russia to explore possibility of accepting RuPay and Mir cards

IAASB proposes revisions to going concern standard

FRC: KPMG audit failings at The Works exacerbated by Covid-19

KPMG fined £1mn over ‘rudimentary’ failures in TheWorks audit

Acts & Regulations:

RBI Master Direction:

Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on April 28, 2023)

Exposure Drafts:

IRDAI Exposure Draft:

Exposure Draft Guidelines on Remuneration of Non-Executive Directors and Key Managerial Persons of Private Sector Insurers
Download this ZIP file for Drafts and Accompanying Documents
[Last date for Comments: May 15, 2023] 


IAASB Exposure Draft:

Proposed International Standard on Auditing 570 (Revised 202X)
Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs
[Last date for Comments: August 24, 2023] 

Legal Updates:


New facility to verify document Reference Number (RFN) mentioned on offline communications issued by State GST authorities



Amendment to the Master Direction (MD) on KYC



Introduction of Legal Entity Identifier (LEI) for issuers who have listed and/ or propose to list non-convertible securities, securitised debt instruments and security receipts

Master Circular for Custodians



Realignment of RoDTEP Schedule w.e.f 01.05.2023 consequent to amendments made under Finance Bill, 2023 [No.4]

New TRQ Applications under tariff head 7108 under India-UAE CEPA for FY 2023-24 [Public Notice No.12]

Amendment in details of an authorized agency under Appendix 2E of FTP, 2023 [Public Notice No.11]



Acceptance of Electronic Certificate of Origin (e-COO) issued under the India-Sri Lanka FTA (ISFTA) [Instruction No.15]

Seeks to amend the various Customs Tariff notifications in order to align the HS Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023 [No.36]

Seeks to amend 50/2017-Customs in order to align the HS Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023 [No.35]

Seeks to amend various electronics related notifications in order to align the HS Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023 [No.34]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.32(NT)]

Seeks to amend notification Nos. 11/2022-Customs and 12/2022-Customs dated 01.02.2022 with respect to PMP of wearable and hearable devices [No.33]

Amending Customs Notifications to implement the Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders notified by DGFT [No.32]

Amendment of Notification No.18/2023 Customs (NT) dated 30.03.2023 [No.31(NT)]

Amendment of Notification No.19/2022 Customs (NT) dated 30.03.2022 [No.30(NT)]


Central Excise:

Reduction of Windfall Tax on Crude Oil [No.21]

Seeks to amend Notification No. 22/2003 & 23/2003 Central Excise dated 31.03.2003 [No.20]



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