Weekly Newsletter - August 20, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IBBI Drafts

FEMA Draft

SEBI Drafts

Acts & Regulations:

RBI Master Direction

SEBI Regulations

SEBI Master Circular

Useful Forms:

ITR eFiling Utilities for AY 2025-26

Income Tax eFiling Utilities

International Content:

FRC Reference Material

Legal Updates:

Income Tax

MCA

IBBI

RBI

SEBI

IFSCA

DGFT

Customs

News Update:

Indian News:

Online Gaming Bill: Lok Sabha passes legislation to ban online money games

GoM to propose GST exemption on health and life insurance premiums: Bihar Dy CM

Explainer: Why govt disbanded the NAA and why GST 2.0 may revive it

Sebi likely to introduce intraday limits for index options trading

Housing finance companies under lens over lending faults

China pledges to address India's rare earth mineral needs: Report

Recalibrate export strategy with manufacturing focus: Parl Panel

Govt likely to tighten rules for money-based games in Online Gaming Bill

Crypto regulation in India: CBDT asks stakeholders on regulation, compliance; VDA oversight, tax-compliance in focus

Wife to get back her seized 998 purity gold jewellery as Delhi High Court held purity of gold has no relation with Baggage Rules, 2016

Centre removes cotton import duty till Sept 30 to aid textile sector

Piyush Goyal introduces Jan Vishwas Bill 2025 to ease doing business

Sebi proposes lower dilution for mega IPOs, extended MPS timelines

Govt mulling further FDI regime easing, more tax benefits for startups

ITR e-filing: CBDT enables ITR-U filing via ITR-3 and ITR-4 forms; here's who needs to file it and why

When can you tap into your PF savings? EPFO withdrawal rules explained

Govt likely to slash GST on insurance premiums to nil, says report

GST 2.0 tussle: Centre eyes extra duty over 40% slab on tobacco products; states push for 'significant' cut

Proposed GST rate tweaks on automobiles may end classification disputes

US-India bilateral trade talks scheduled from August 25 called off: Report

Sebi reports spike in settlement pleas; 703 filed, 284 cleared in FY25

ITR-6 excel utility for AY 2025-26 released by Income Tax Department — here’s what taxpayers should know

PM Modi's GST Diwali bonanza timely, strategic move: Experts

India to simplify GST: Finance Ministry proposes two-slab system with special rates only for select items

RBI issues draft regulations on forex guarantees

'Not part of financial agenda': India reaffirms stance on de-dollarisation in Brics; focuses on local currency trade

Irdai asks insurers to complete QIS 2 under RBC framework by October 15

ITR filing deadline needs to be extended due to discrepancies and issues, says GCCI

Govt imposes anti-dumping duty on certain steel imports from Vietnam

NFRA, IICA launch 2nd course for audit committee members, independent directors

ED freezes mule accounts worth ₹110 cr in PMLA case against Parimatch

New Income Tax Bill provides simple framework to enhance ease of doing biz: ICAI

India markets regulator proposes to add algo trading into stock broker regulations

Credit-to-deposit ratio in Indian banks stays under 80%; loan growth trails deposits: Report

China to continue anti-dumping tariff on Indian fibre optic products

Insolvency resolution timeline shrinks by 2 months since March

Banks to clear cheques within few hours from October 4, says RBI

Sebi permits use of mutual funds for IAs, RAs deposit compliance

RBI panel submits report on framework for AI use to foster innovation and mitigate risks in financial sector

DHFL case: Sebi bans Kapil Wadhawan, Dheeraj Wadhawan, four others from mkt; imposes Rs 120-cr fine

Ex-IndusInd Bank Dy CEO faces EOW probe over Rs 1,960 crore accounting lapse: Report

International News:

Thailand to allow foreign tourists to convert Crypto to Baht

Exposure Drafts:

IBBI Drafts:

Discussion paper - Review of Limit on Number of Assignments by IPs
[Last date for Comments: September 1, 2025] 

Discussion paper on deletion of Clause 6 from the Code of Conduct for Insolvency Professionals
[Last date for Comments: September 1, 2025] 

FEMA Draft:

Draft - Foreign Exchange Management (Guarantees) Regulations, 2025
[Last date for Comments: September 4, 2025] 

SEBI Drafts:

Implementation of Eligibility criteria for Derivatives on Non-Benchmark indices based on SEBI circular dated May 29, 2025
[Last date for Comments: September 8, 2025]

Consultation Paper on review of requirement of Minimum Public Offer and timelines to comply with Minimum Public Shareholding for issuers in terms of Securities Contracts (Regulation) Rules, 1957
[Last date for Comments: September 8, 2025]

Consultation Paper on review of SEBI (Stock Brokers) Regulations, 1992
[Last date for Comments: September 3, 2025]
 

Acts & Regulations:

RBI Master Direction:

Master Direction - Know Your Customer (KYC) Direction, 2016
(Updated as on August 14, 2025)

SEBI Regulations:

SEBI (Investment Advisers) Regulations, 2013
[Updated upto August 7, 2025]

SEBI (Research Analysts) Regulations, 2014
[Updated upto August 6, 2025]

SEBI Master Circular:

Master Circular for Debenture Trustees (DTs)
[Updated as on Aug 13, 2025]

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated:
Common Offline Utility (ITR 1 to ITR 4)

New releases:

For ITR 6:
Excel Utility
Schema
Validations

ITR 5 - Validations

Income Tax eFiling Utilities:

Updated:

Common offline utility for Form 3CA-3CD and 3CB-3CD:
Utility
Schema
Schema Change Document

International Content:

FRC Reference Material:

Annual Review of Audit Quality 2025
[July 2025]

Legal Updates:

Income Tax:

The Income tax (Twenty Second Amendment) Rules, 2025 - Income Thresholds for Taxability of Perquisites u/s 17 of the Income-tax Act, 1961 [Notification No.133]

The Income-tax (Twenty-First Amendment) Rules, 2025 - Amendment to Form No.7 [Notification No.132]

MCA:

The Companies (Indian Accounting Standards) Second Amendment Rules 2025

IBBI:

The Insolvency and Bankruptcy Code (Amendment) Bill, 2025
(As introduced in Lok Sabha)

Amendments to the Insolvency and Bankruptcy Board of India (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019

RBI:

RBI (Know Your Customer (KYC)) (2nd Amendment) Directions, 2025

FREE-AI Committee Report
[Framework for Responsible and Ethical Enablement of Artificial Intelligence]

Introduction of Continuous Clearing and Settlement on Realisation in Cheque Truncation System

SEBI:

Extension of timeline for implementation of SEBI Circular ‘Margin obligations to be given by way of pledge/Re-pledge in the Depository System’ dated June 03, 2025

Use of liquid mutual funds and overnight mutual funds for compliance with deposit requirement by Investment Advisers and Research Analysts

IFSCA:

Opening of an account of a person resident in India

DGFT:

Online Deemed Export Application Module - FTP 2015-20 - Reiteration of guidelines for compliance [Trade Notice No.10]

Amendment to Para 4.61 and Para 4.63 of FTP-2023 [Notification No.25]

Customs:

Seeks to extend imposition of anti dumping duty on imports of “Fluoroelastomers (FKM)” originating in or exported from China PR [Notification No.29(ADD)]

Seeks to extend imposition of anti dumping duty on imports of “Toluene Di-lsocyanate (TDI)” originating in or exported from European Union and Saudi Arabia [Notification No.28(ADD)]

Seeks to extend ADD on ‘Woven Fabric (having more than 50% Flax content) commonly known as “Flax Fabric”’, originating in or exported from China PR and Hong Kong [Notification No.27(ADD)]

Seeks to prescribe BCD and AIDC on Raw Cotton for a specified period [Notification No.35]

Fixation of Tariff Value of Edible Oils, Brass,Scrap, Areca Nut, Gold and Silver [Notification No.50(NT)]

Appointment of a Common adjudicating authority for finalization of provisionally assessed Bills of Entry of M/s. Angus Dundee India Pvt. ltd [Notification No.48(NT)]

CBIC-Guidelines regarding export of items suspected to be covered under SCOMET [Instruction No.26]