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Weekly Newsletter - May 8, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:


RBI Draft

Acts & Regulations:

SEBI Master Circular

SEBI Regulations

RBI Guidance Note

Legal Updates:

Income Tax









News Update:

Indian News:

RBI lifts restrictions on Bank of Baroda's 'Bob World' mobile app, allows onboarding customers

NPCI issues guidelines for merchant acquisition on BHIM Aadhar Pay

Sebi extends settlement scheme period till Jun 10 in stock option cases

RBI asks NBFCs to stick to loan cash payout cap of Rs 20,000: Report

NPCI likely to extend UPI market cap deadline for payment platforms

NSE to run special trading session on May 18 with disaster recovery switch

ITAT: Redemption of unlisted NCDs will not result in cap gains, but interest income

'Permanent deletion of transactions can anonymise e-rupee like cash'

Sebi rejects NSE proposal to extend trading hours as brokers protest

HC relief for holding companies facing GST notices over corporate guarantees

RBI to make digital currency available offline, says Governor Das

Centre may push for 12% GST for health insurance; lower rate seen to widen cover

Big 4's dominance: Local companies call for level playing field

FPSB India, IFSCA sign pact to promote GIFT IFSC as 'global finance hub'

Data sharing among authorities, taxpayers can help improve I-T dept AIS functionality: Deloitte

Financial Intelligence Unit arms itself with AI to check money laundering

Five GST officials arrested in refund fraud cases

Sebi eases e-onboarding for portfolio managers

ICAI defends action against EY affiliates, says move in sync with its statutory power

CBI arrests income tax officer for accepting Rs 4 lakh bribe

RBI proposes tighter rules for under-construction infra project financing

RBI revises banks' capital market exposure norms for T+1 settlement

MSMEs protest 45-day payment rule, file appeal in apex court: Report

RBI allows standalone primary dealers to borrow in foreign currency

Supreme Court asks Centre to furnish data on notices, arrests done under GST Act

Adani Group faces Sebi scrutiny; show-cause notices issued to 6 firms

Regulatory tightening creates demand for senior roles in forensic functions

Manpasand Beverages scam: How Sebi exposed the Rs 40-crore GST fraud

Foreign funds can issue P notes to investors: What is it, why this matters

Sebi makes mandatory registration of PMS distributor with APMI

CFA bats for enhanced climate accountability measures in RBI's draft norms

Rs 10,000 cr transactions, bogus firms: How police busted multi-cr GST scam

Small finance banks to seek RBI clarification on loan book diversification


International News:

FRC fines PwC, EY for London Capital & Finance audit failings

PCAOB sanctions auditors over audit evidence

UK: Deloitte further strengthens governance

Why don’t auditors find fraud?

CFOs must lead on establishing trust in AI for financial reporting

SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings

IFRS and EFRAG release interoperability guidance for companies

US: IRS aims to more than double its audit rate for wealthiest taxpayers in strategic plan update

Exposure Drafts:

IFSCA Draft:

Consultation Paper on proposed IFSCA (Listing) Regulations, 2024
[Last date for Comments: May 25, 2024] 


RBI Draft:

Prudential Framework for Income Recognition, Asset Classification and Provisioning pertaining to Advances - Projects Under Implementation
[Last date for Comments: June 15, 2024] 

Acts & Regulations:

SEBI Master Circular:

Master Circular for Registrars to an Issue and Share Transfer Agents


SEBI Regulations:

SEBI (Alternative Investment Funds) Regulations, 2012 [Last amended on April 25, 2024]


RBI Guidance Note:

Guidance Note on Operational Risk Management and Operational Resilience

Legal Updates:

Income Tax:

Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2024-25 - Procedure for compulsory selection in such cases



Additional requirements for carrying out the permissible activities by Finance Company as a Lessor under ‘Framework for Ship Leasing’

Import of UAEGD Gold through IIBX by valid India-UAE TRQ holders

Facilitating investments by NRIs and OCIs into Indian securities through Schemes / Funds in an IFSC

Issuance of Derivative Instruments against Indian securities by non-bank entities in GIFT-IFSC



Periodic reporting format for Investment Advisers

SEBI (Employees' Service) (Second Amendment) Regulations, 2024

Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA

Portfolio Managers - Facilitating ease in digital on-boarding process for clients and enhancing transparency through disclosures

Facilitating collective oversight of distributors for Portfolio Management Services (PMS) through APMI

Framework for administration and supervision of Research Analysts and Investment Advisers



Margin for Derivative Contracts

Master Direction – Risk Management and Inter-Bank Dealings: Amendments

Banks' Exposure to Capital Market - Issue of Irrevocable Payment Commitments (IPCs)



FEMA: Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024 - Amendment to Regulation 7 of the Principal Regulations



Extension in Import Period for Yellow Peas under ITC(HS) Code 07131010 of Chapter 07 of ITC (HS) 2022, Schedule –I(Import Policy) [Notification No.12]

Export of food commodities through National Cooperative Exports Limited (NCEL) [Notification No.11]

Amendment in the Export Policy of Onions [Notification No.10]

Suspension of inoperative SIONs [Public Notice No.3]

Clarification on the applicability of 3% amount on account of non-achievement of minimum Value Addition as mentioned in para 4.49 (b) and amount equivalent to 10% of the CIF value in Para 4.49 (a)(ii) of HBP 2023 [Circular No.2]



Amendments to the All Industry Rates of Duty Drawback effective from 03.05.2024 [Circular No.4]

Seeks to further amend List 34A and List 34B in the Appendix to the Table of Notification No. 50/2017-Customs dated 30.06.2017 [Notification No.25]

Seeks to amend specified customs tariff notifications to exempt applicable import duty on imports of desi chana (HS 0713 20 20) up to 31.03.2025; to impose export duty of 40% on exports of Onions (HS 0703 10); to extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.10.2024 [Notification No.24]

Instruction on review of requirement of G-Card holders at a Customs Station and conduct of G-Card examination in terms of Regulation 13 of CBLR, 2018 [Instruction No.12]

Verification of authenticity and genuineness of Certificate of Origin (CoO) issued by UAE Authority [Instruction No.11]

Acceptance of Electronic Certificate of Origin (e-CoO) issued by the issuing Authority of Korea under India-Korea Comprehensive Economic Partnership Agreement after implementation of India-Korea Electronic Origin Data Exchange System (EODES) [Instruction No.10]

Exchange Rate Notification No. 34/2024-Cus (NT) dated 02.05.2024 [Notification No.34(NT)]



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