Daily Newsletter - May 20, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Drafts

SEBI Drafts

Acts & Regulations:

RBI Directions

Useful Forms:

ITR Forms & eFiling Utilities for AY 2025-26

Tech Zone – Simplifying Technology for CAs:

Tech Zone Article

Legal Updates:

GST

IBBI

SEBI

IFSCA

Customs

News Update:

Indian News:

RBI announces $5 billion dollar-rupee swap, auction scheduled for May 26

IndusInd Bank denies allegations of insider trading, accounting discrepancies and evergreening

Sebi proposes STP overhaul to cut costs and reduce concentration risks

RBI transparency push: Banks may have to disclose detailed capital, liquidity and risk data under Basel III norms

EPFO to roll out WhatsApp chatbot for member queries amid rising grievances

Why startups are restructuring to secure Indian-controlled status

Employee files ITR using Form 16, gets Rs 51.2 lakh tax penalty; ITAT ruling offers key lessons for taxpayers

Link insurer CEO salaries to customer outcomes: Irdai

International News:

SEC Proposes Optional Semiannual Reporting for Public Companies

Exposure Drafts:

RBI Drafts:

Draft Reserve Bank of India (Capital Adequacy) Amendment Directions, 2026
[Last date for Comments: June 2, 2026] 

Revised Draft Amendment Directions on ‘Conduct of Regulated Entities in Recovery of Loans and Engagement of Recovery Agents’
[Last date for Comments: May 31, 2026] 

SEBI Drafts:

Draft Circular for Enabling Third Party Payments in Mutual Funds in certain scenarios
[Last date for Comments: June 10, 2026] 

Consultation Paper on Easing of framework for Straight Through Processing (STP) of trades
[Last date for Comments: June 9, 2026] 

Acts & Regulations:

RBI Directions:

Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Payments Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Local Area Banks – Financial Statements: Presentation and Disclosures) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Local Area Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Regional Rural Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Urban Co-operative Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Reserve Bank of India (Rural Co-operative Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)

Useful Forms:

ITR Forms & eFiling Utilities for AY 2025-26:

All ITRs in PDF format have been uploaded.
ITR 1 and ITR 4 Excel Utilities and Schema have also been uploaded.

Tech Zone – Simplifying Technology for CAs:

Tech Zone Article:

The Paperless Trap: Why Going Digital Often Increases Risk for CA Firms

Legal Updates:

GST:

Advisory: Filing of Annexure-B for Refund Applications involving Accumulated ITC using the offline utility in GST portal

IBBI:

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Amended upto 13-05-2026)

SEBI:

Revision of Monthly Cumulative Report (MCR) Format

IFSCA:

Framework for Ship Leasing Updated as on May 20, 2026)

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.47(NT)]

Seeks to provide for provisional assessment of subjects goods exported by M/s Anhui Krant Aluminum Products Co., Ltd under notification No. 16/2024-Customs (ADD) dated 27.09.2024 , till the final findings of New Shipper Review are issued [Notification No.7(ADD)]

Corrigendum to Notification No. 14/2026-Customs dated 30.04.2026

Standardisation of procedures relating to grant of Entry Inward and Vessel Sail-out Clearance [Circular No.26]