caalley logo

Welcome to the alley for Indian Chartered Accountants and other finance professionals

CAalley Newsletter dated December 2, 2022

Go to Newsletter Archives

Latest additions to CAalley:


Indian News

Budget News

International News

Legal Updates:





Central Excise



Indian News:

Income tax department moves to resolve tax refund issues quickly

India extends deadline to levy cap on digital payment transactions

Sebi to use AI to scan stock tips on TV shows

RBI revises norms for classifying UCBs as financially sound & well managed

SEBI permits brokers to extend margin trading facility to equity ETFs

Reserve Bank of India issues framework for Indian banks' foreign biz

RBI announces 4-tiered regulatory framework for urban cooperative banks

Govt proposes issuance of one licence for all insurance businesses

e-Rupee: India's digital currency fails to excite interest, say bankers

Sebi brings in net settlement of cash, F&O segment upon expiry of stock

RBI's modified digital lending norms to come in effect from Dec 1


Budget News:

India plans to offer in Budget slew of incentives to boost shipbuilding industry, say sources


International News:

FASB takes step toward clarifying lease accounting

FRC sets out policy plans to increase competition and resilience in failing audit market

Audit committee disclosures increase, right along with workload

Chair Williams Says PCAOB Has No Authority to Inspect Audits of FTX


Legal Updates:


Revised Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and Capital Adequacy

Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) - Compliance with statutory/regulatory norms

Revised Regulatory Framework - Categorization of Urban Co-operative Banks (UCBs) for Regulatory Purposes

Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM)

Notification of Significant Benchmark



Updated Operational Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper
– Modifications in Chapter IV and Introduction of Chapter XII on Scheme(s) of Arrangement by entities who have listed their NCDs/ NCRPS

Extension of timeline for implementation of Standardized Industry Classification by CRAs

Inclusion of Equity Exchange Traded Funds as list of eligible securities under Margin Trading Facility



Clarification with respect to NDS-OM - Investments - Master Circular



Exchange rate Notification No. 101/2022-Cus (NT) dated 01.12.2022 [No.101(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.100(NT)]

Amendment of notification number 48/2022-Customs (N.T.) dated the 31st May, 2022 [No.99(NT)]

Amendment of notification no. 47/2022–Customs (N.T.), dated the 31st May, 2022 [No.98(NT)]


Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel [No.41]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [No.40]