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Daily Newsletter - April 24, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Drafts

SEBI Draft

PCAOB Drafts

Useful Forms:

ITR eFiling Utilities

MCA eForms

Acts & Regulations:

RBI Master Circulars / Directions

Legal Updates:

Income Tax








News Update:

Indian News:

New mutual fund KYC rules: Is your KYC validated, verified, registered or on hold? Find out

PayU receives RBI's in-principle approval for payment aggregator role

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

RBI asks Kotak Mahindra Bank to stop issuing fresh credit cards, onboarding new customers via online channels

RBI's compiled master direction on ARCs to be effective from April 24

IIFL Finance's RBI-directed audit starts after March gold loan ban

Sebi finds Adani offshore investors in disclosure rules violation: Report

Income Tax Act amendment on cards on tax treatment of MSME dues

CCI to study impact of AI on competition, efficiency and innovation


International News:

BoE tells lenders to get data on private equity or risk 'large loss'

EY Is the Busiest Among the Public Company Audit Firms

“Shadow Trading” is Insider Trading: Jury Establishes Liability in Historic Shadow Trading Case

PwC US announces major reversal in tax division strategy

Panama Papers: From Singapore to Switzerland, which are the top tax havens?

Exposure Drafts:

RBI Drafts:

Draft Regulation of Payment Aggregators (PAs) – Draft Directions
[Last date for Comments: May 31, 2024] 

Draft Regulation of Payment Aggregators – Physical Point of Sale
[Last date for Comments: May 31, 2024] 


SEBI Draft:

Consultation Paper on Framework for Price Discovery of Shares of listed Investment Companies & listed Investment Holding Companies
[Last date for Comments: May 10, 2024] 


PCAOB Drafts:

Firm and Engagement Metrics
[Last date for Comments: June 7, 2024] 

Firm Reporting
[Last date for Comments: June 7, 2024] 

Useful Forms:

ITR eFiling Utilities:

ITR 2 JSON Schema has been updated and Schema Change Document Released


MCA eForms:

MCA eForms have been updated

Acts & Regulations:

RBI Master Circulars / Directions:

Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024

Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)

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

Legal Updates:

Income Tax:

Partial modification of Circular No. 3 of 2023 dated 28.03.2023 regarding consequences of PAN becoming inoperative as per rule 114AAA of the Income-tax Rules, 1962 [Circular No.6]

Amendments in Notification No. S.O.2692 (E), dated the 10th June, 2022, read with Corrigendum Notification No. S.O.3044(E) dated 4th July,2022 [(Jurisdictional) Notification No.39]



Consolidated IFSCA (Payment Services) Regulations, 2024

Internet banking services to clients of IBUs

Import of gold and silver by Indian Banks through India International Bullion Exchange IFSC Limited (IIBX)

IFSCA (Payment Services) (Amendment) Regulations, 2024



Cross Margin benefits for offsetting positions having different expiry dates



Unauthorised foreign exchange transactions

Dealing in Rupee Interest Rate Derivative products - Small Finance Banks



Clarification on discharge of export obligation of Advance Authorisation (AA) bearing Customs Notification No.18/2015-Customs as amended and Customs Notification No.21/2015-Customs as amended both dated 01.04.2015 by making physical exports or by making domestic supplies [Circular No.1]

Streamlining of Halal Certification Process for Meat and Meat Products [Notification No.8]

Export of Onions (under HS Code 07031019) to Sri Lanka and UAE [Notification No.7]

Imposition of Port restrictions on supply of Prohibited/Restricted essential commodities to the Republic of Maldives during 2024-25 [Notification No.6]

Discontinuation of Safeguard measures on import of Isopropyl alcohol (IPA), under Chapter 29 of ITC (HS) 2022, Schedule -1 (Import Policy) [Trade Notice No.2]



Extension period for 3 months to Ortho-phosphoric Acid which is used for manufacturing of Fertilizers from applicability of BIS standard IS 798:2020 implemented through QCO dated 13.05.2022 [Instruction No.9]



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