Weekly Newsletter - June 10, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Drafts

SEBI Draft

Acts & Regulations:

RBI Master Directions

SEBI Master Circular

From the ICAI:

ICAI Publication

International Content:

FRC Reference Material

Legal Updates:

Income Tax

GST

IBBI

RBI

FEMA

IFSCA

DGFT

Customs

News Update:

Indian News:

Rajesh Exports says will cooperate with audit, won't challenge Sebi's order

Govt extends microfinance guarantee scheme, raises loan cap to ₹1,000 cr

Sebi mulls easing executive remuneration disclosure norms for AMCs

Firms defaulting on labour wage may face ban from govt tenders

Need to register gig workers by June 21, government tells platforms

Commerce ministry raises anti-dumping duty rejection issue at 'highest level'

RBI opens special window: NRI dollar deposits could earn higher interest

Fully utilise AI, technology to improve GST, tax collections: Andhra CM to officials

ED raids Ludhiana CA Ankur Garg's residence in Hampton Sky Realty money laundering probe

Government kicks off bourse-based coal trading; rules notified

Government raises Rs 20,000cr via disinvestment, asset sale

Maharashtra cabinet clears amendments to GST law to align state with Centre, eases compliance for businesses

RBI exempts FCNR(B), ECB swap positions from banks' NOP-INR limits

RBI launches FCNR(B) swap facility, allows banks flexibility on rates

Dollar-rupee swap window opened for PSUs' overseas borrowings till December

More measures on gold coming? Finance Ministry asks banks for information on gold metal loans

Planning a PF withdrawal? Here's all you need to know about tax rules

Bombay high court bins government’s 12 retrospective spectrum charge; telecom companies get relief

Karnataka universities reel under GST shocker

Ludhiana: 9 firms booked for availing fraudulent GST credits

Income Tax Department issues ITR scrutiny guidelines: These ITR filers may face compulsory scrutiny in FY 26-27

Man sold unlisted shares, bought Rs 5.65 cr house, pays no tax

RBI may need to absorb at least half of hedging cost to spur ECBs by PSUs

Rajesh Exports: Sent 400 GB Docs To SEBI, Regulator Couldn't Locate Files; Will Resubmit In 15 Days

Rajesh Exports may get dropped from PLI scheme, final decision in days

KPMG forensic review says IDFC First Bank Chandigarh fraud an isolated incident

Centre working on common definitions to make data AI-ready: MoSPI secy

Govt exempts foreign investors from tax on G-Secs: Why does this matter?

RBI widens FAR, unveils other measures to attract foreign capital

RBI MPC key takeaways

NPS goes digital: PFRDA launches StAR NPS, onboarding process explained

Who is Neelkanth Mishra, India's new Executive Director at World Bank?

RBI closes Myntra FEMA case after ED nod, imposes ₹2.88 lakh fee

IndusInd Bank faces fresh whistleblower allegations

The great $100-billion tech shift: GCCs tighten grip on India’s talent market

RBI, SEBI tighten scrutiny of overseas investments by firms and family offices amid rupee pressure: Report

How a shareholder's complaint led Sebi to Rajesh Exports' ₹15 trn puzzle

Rajesh Exports: Sebi finds 97-99% revenue inflation, bars promoter from trading

International News:

KPMG’s audit scandal could be worse than PwC’s tax leaks. Here’s why

PCAOB to modernise audit inspections with new advisory council

Five simple storytelling tricks for accountants: ICAEW

Exposure Drafts:

RBI Drafts:

Draft Harmonisation and Consolidation of Instructions on Control / Assurance Functions
[Last date for Comments: July 9, 2026] 

Draft Amendment Directions on 'Standardised Approach for Counterparty Credit Risk (SA-CCR)'
[Last date for Comments: July 1, 2026] 

Draft RBI (Interest Rate on Deposits) Amendment Directions, 2026
[Last date for Comments: June 20, 2026] 

SEBI Draft:

Consultation paper on review of provisions on disclosure of Executive Remuneration by Asset Management Companies (AMCs)
[Last date for Comments: June 30, 2026] 

Acts & Regulations:

RBI Master Directions:

Reserve Bank of India (Commercial Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on June 8, 2026)

Reserve Bank of India (Small Finance Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on June 8, 2026)

Reserve Bank of India (Regional Rural Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on June 8, 2026)

Reserve Bank of India (Urban Co-operative Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on June 8, 2026)

Reserve Bank of India (Rural Co-operative Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on June 8, 2026)

Master Direction – Export of Goods and Services (Updated as on June 5, 2026)

Master Direction - Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025 (Updated as on June 05, 2026)

Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on June 05, 2026)

SEBI Master Circular:

Master Circular for Alternative Investment Funds (AIFs)

From the ICAI:

ICAI Publication:

Handbook on Returns and Payments under GST
[Revised in March 2026]

International Content:

FRC Reference Material:

FRC Audit Quality Review Report: 
[Published in October 2025]

• Key Findings and Good Practice

• Key Findings and Good Practice - Appendix

Legal Updates:

Income Tax:

The Income-tax (Amendment) Ordinance, 2026 - Grants tax exemptions on interest and capital gains arising from Government securities for FIIs and the Bank for International Settlements

Guidelines for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2026-27 [Instruction dated June 4, 2026]

GST:

Empowers the Principal Bench of the Appellate Tribunal, New Delhi to hear appeals made u/s 101B [CGST Notification No.2]

Advisory: Extension of timeline for implementation of mandatory "Ship To GSTIN" and Voluntary Closure of E-Way Bill functionalities

IBBI:

Notification:

The Insolvency and Bankruptcy Code (Amendment) Act, 2026

Circulars:

Format for filing complaint under the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017

Formats under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017

Format for filing claims under the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017

Formats under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Formats under the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021

Formats under the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

Formats under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

Formats under the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

Formats under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

RBI:

NOP-INR position of Authorised Dealer Category-I banks

Swap Facility for External Commercial Borrowings and Overseas Foreign Currency Borrowings

Swap Facility for FCNR (B) Deposits

Submission of statement/return on Centralized Information Management System (CIMS)

Investments by Foreign Portfolio Investors in Government Securities – Amendments to the regulatory framework

FEMA:

Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026

Foreign Exchange Management (Cross Border Merger) (Amendment) Regulations, 2026

IFSCA:

Master Circular for recognised Stock Exchanges and recognised Clearing Corporations

Reporting format and norms for Annual Compliance Audit for CMIs in IFSC

Advisory on Heightened Cyber Security Risks arising from Frontier Artificial Intelligence Models

DGFT:

Enlistment under Appendix 2E of FTP, 2023-Agency Authorised to issue Certificate of Origin (Non-Preferential) [Public Notice No.17]

Customs:

Seeks to amend Notification No. 62/2022-Customs dated 26th December, 2022 [Notification No.21]

Appointment of Common Adjudicating Authority in the case of M/s. Koinone Polytech India Pvt. Ltd., (IEC: AAHCK5987A) – Consolidated Adjudication of Multiple Show Cause Notices arising from SVB Investigation Report No. Cus/SVB-DEL/85/2020-21 dated 17.12.2020 [Notification No.52(NT)]

Appointment of Common Adjudicating Authority in the case of M/s. View Sonic technologies India Pvt Ltd. (IEC 0409009709) – Consolidated Adjudication of Multiple Show Cause Notices arising from SVB Investigation Report No. GEN/INV/13/2024-SVB dated 30.06.2025 [Notification No.51(NT)]

Appointment of Common Adjudicating Authority in the case of M/s. Hewlett Packard Enterprise India Private Limited, (IEC: 0715007190) – Consolidated Adjudication of Multiple Show Cause Notices arising from SVB Investigation Report No.18/2024 dated 28.08.2024 [Notification No.50(NT)]