Weekly Newsletter - May 6, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Drafts

SEC Draft

Acts & Regulations:

RBI Master Direction

CA's Referencer:

NFRA Reference Material

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article

Legal Updates:

GST

RBI

FEMA

SEBI

IFSCA

DGFT

Customs

Central Excise

News Update:

Indian News:

Sebi sets Rs 20,000 crore threshold for ‘significant indices’; Sensex, Nifty among benchmarks covered

Negligence claims can continue against heirs after doctor's death: SC

To tax or not to tax mineral rights in India? SC to hear pleas on May 20

UCO Bank gets major relief as GST demand slashed after appeal

Large audit firms face unexpected jolt in the proposed Companies Act amendments

Sebi proposes allowing OBPPs to offer IFSCA products, tax-saving bonds

Govt sets 60-day FDI clearance for China-linked sectors, 40 sub-sectors

Gujarat HC ruling on ITC denial raises compliance burden for businesses

Cabinet approves Rs 5,659 crore for five-year mission to increase cotton output

Cabinet announces ₹18,100 crore credit guarantee scheme for MSMEs, airlines

Old vs new tax regime: Key differences that you must know before ITR filing for tax year 2026-27

RBI cautions against unauthorised campaigns promising loan waivers

RBI rejigs portfolios of DGs; Rohit Jain takes charge as deputy governor

Sebi urges GST Council to fix tax issues in commodity derivatives

Withdrawing PF soon? Missing this form could quietly cut your payout

US-based son gets tax notice in India over cash deposit made on behalf of parents during demonetisation

Spouse income can't be accessed via RTI, Delhi HC stresses privacy law

RBI, Irdai not inclined to allow investments in commodity derivatives: Sebi

Govt notifies 100% FDI in insurance sector under automatic route rules

DEA notifies Fema FDI easing for firms with up to 10% Chinese stake

Revised rules for OCI cardholders and minor children holding two passports: Citizenship (Amendment) Rules, 2026 notified

India's digitalisation reforms improved productivity in MSMEs: IMF paper

NFRA sets up 4 separate functional divisions

NFRA issues stringent rules for Big Four firms; auditors to get 90 days to fix gaps

Meesho GST dispute exposes grey area in social commerce tax rules; firm to challenge ₹14.3 crore demand

International News:

From paper trails to digital defense: Building an PCAOB AS 2310 compliant audit confirmation workflow

The Real AI Story in Tax and Audit Isn’t Adoption — It’s Impact

SEC Seeks Public Comment on the Consolidated Audit Trail and Other Audit Trails and Data Sources

Most PCAOB-registered firms don't do audits

Exposure Drafts:

SEBI Drafts:

Draft Circular on Clarification with respect to Applicability of the benefit of Early Pay-In in Commodity Derivatives Segment
[Last date for Comments: May 26, 2026] 

Consultation paper on Modification in the regulatory framework for Online Bond Platform Providers (OBPPs)
[Last date for Comments: May 26, 2026] 

Consultation paper on amendments to the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
[Last date for Comments: May 25, 2026] 

SEC Draft:

Consolidated Audit Trail and Other Audit Trails and Data Sources
[Last date for Comments: June 15, 2026] 

Acts & Regulations:

RBI Master Direction:

Master Direction - Other Remittance Facilities (Updated as on May 06, 2026)

CA's Referencer:

NFRA Reference Material:

Audit Quality Inspection Guidelines
(Updated up to 30.04.2026)

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article:

AI Hallucinations in Professional Work: How to Spot Them Before They Cost You

Legal Updates:

GST:

Seeks to amend Notification No 9/2025 - Central tax (Rate) to align them with changes made vide Finance Act, 2026 [Notification No.1-Central Tax (Rate)]

Seeks to amend Notification No 9/2025 - Integrated tax (Rate) to align them with changes made vide Finance Act, 2026​ [Notification No.1-Integrated Tax (Rate)]

Seeks to amend Notification No 9/2025 - Union Territory ​tax (Rate) to align them with changes made vide Finance Act, 2026​ [Notification No.1-Union Territory Tax (Rate)]

RBI:

Issuance of Foreign Exchange Management (Authorised Persons) Regulations, 2026

FEMA:

Foreign Exchange Management (Authorised Persons) Regulations, 2026

SEBI:

‘Significant Indices’ under SEBI (Index Providers) Regulations, 2024

Advisory on Emerging Advanced Artificial Intelligence (AI) Tools for Vulnerability Detection (like Mythos)

Fast-Track Mechanism for Processing of Placement Memorandum of AIFs filed with SEBI

Operationalisation of Past Risk and Return Verification Agency (“PaRRVA”)

Extension of timeline for compliance with terms and conditions by Debenture Trustees for carrying out activities outside the purview of SEBI

IFSCA:

Norms and manner of reporting for the IBCs of foreign universities in GIFT IFSC

Amendment to the Circular titled ‘Framework for Ship Leasing’

Framework for preferential issues and QIP under the IFSCA (Listing) Regulations 2024

Framework for rights issue under the IFSCA (Listing) Regulations, 2024

Governance and oversight of Schemes in IFSC - Segregation of the role of Fiduciaries

Requirements for Payment Service Providers entering into Rupee Drawing Arrangement (RDA)

DGFT:

Validity of Ad-hoc norms under Para 4.12 (vi) of HBP-2023 [Public Notice No.7]

Fixation of four new Standard Input Output Norms (SIONs) at SION No A-3698, A-3699, A- 3700 and A 3701 under Chemical and Allied Product (Product Code A) [Public Notice No.6]

Customs:

Extension of validity of the Circulars issued under Section 143AA of the Customs Act, 1962, to mitigate challenges arising from ongoing disruptions in maritime routes due to the closure of the Strait of Hormuz [Circular No.22]

Seeks to amend various Customs Notifications to align them with changes made vide Finance Act, 2026 [Notification No.14]

Seeks to amend various Customs(ADD) Notifications to align them with changes made vide Finance Act, 2026 [Notification No.6(ADD)]

Seeks to amend various Customs (CVD) Notification to align them with changes made vide Finance Act, 2026 [No.1(CVD)]

Central Excise:

Seeks to amend Notification No. 11/2026-Central Excise dated 26.03.2026 to revise the RIC rates on exports of High speed diesel oil outside India [Notification No.21]

Seeks to amend Notification No. 08/2026-Central Excise dated 26.03.2026 to revise the SAED rates on exports of ATF outside India [Notification No.20]

Seeks to amend Notification No. 06/2026-Central Excise dated 26.03.2026 to revise the SAED rates on exports of High speed diesel oil outside India [Notification No.19]