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Weekly Newsletter - November 17, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:


Useful Forms:

ITR eFiling Utilities

Legal Updates:







Central Excise


News Update:

Indian News:

Inactive UPI IDs will be deactivated by December 31, 2023 by payment apps: NPCI

RBI tightens norms on consumer loans, raises risk weight on credit exposure

RBI imposes penalty on Axis Bank, Manappuram Finance for violating norms

MNC arms pay Rs 1,600-cr GST for services from kin abroad

Roles of NFRA and ICAI are not overlapping but complementary: Pandey

Core accountancy tasks still outside PMLA ambit, says ICAI

CBI files chargesheet against CA in bribery case

UCO Bank recovers 79% of wrongly credited amount after technical glitch

New LLP rules to improve transparency: Experts

2 Dabur firms get relief in lawsuits in US, 3rd entity to face charges

RBI directs Bajaj Finance to stop lending under eCOM, Insta EMI Card

Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr

Irdai issues exposure draft on EoM for insurers based on RRC suggestions

NFRA joins IFIAR to strengthen global audit oversight

Insurers must curb product mis-selling: Insurance Ombudsman Delhi

11.5 cr PAN cards deactivated for not linking with Aadhaar: How to reactivate

I-T appellate tribunal rules in favour of HDFC Life in Rs 3K cr litigation

Govt relaxes norms for some small savings schemes

Warranty & guarantee period of white goods should start from date of installation, govt advisory to sellers


International News:

Audit Fees Increased 4.6 Percent in 2022

Japan: PCAOB Sanctions KPMG AZSA LLC for Quality Control Violations

Auditors Gear Up for Fight as PCAOB Brings Back Critical Audit Matters to Research Agenda

EY Hit With $3M Ethics Penalty; PCAOB Finds Flaws in 46% of EY Audits

FRC publishes review of companies’ IFRS 17 disclosures

Croatia arrests three suspects linked to crypto fraud

Generative AI revolution: How auditors are leading the way

Exposure Draft:

IRDAI Draft:

IRDAI (Expenses of Management, including Commission, of Insurers) Regulations, 2023
[Last date for Comments: December 6, 2023] 

Useful Forms:

ITR eFiling Utilities:

ITR 7 eFiling Utilities have been updated

Legal Updates:


Advisory for Online Compliance Pertaining to ITC mismatch -GST DRC-01C

ITC Reversal on Account of Rule 37(A)

Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023



Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023



Simplified norms for processing investor’s service requests by RTAs and norms for furnishing PAN, KYC details and nomination

Most Important Terms and Conditions



Regulatory measures towards consumer credit and bank credit to NBFCs

Guidelines on import of silver by Qualified Jewellers as notified by – The International Financial Services Centres Authority (IFSCA)



Incorporation of Policy Condition for export of Non-basmati rice under HS Code 10063090 [Notification No.43]

Notice for Calcined Petroleum Coke(CPC) Manufacturers regarding import of Raw Pet Coke [Trade Notice No.34]

Pilot Launch of the Upgraded Electronic Bank Realization Certificate (eBRC) system for self-certification by Exporters [Trade Notice No.33]



Exchange Rate Notification No. 84/2023-Cus (NT) dated 16.11.2023 [Notification No.84(NT)]

Exchange Rate Notification No. 83/2023-Cus (NT) dated 15.11.2023 [Notification No.83(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.82(NT)]

Order under rule 5 of the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 for Stainless Steel of J3 grade [CAVR Order No.2]


Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on export of Diesel Notification No.39]

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 [Notification No.38]



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