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CAalley Newsletter for the week ending January 18, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Reference Section:


From the ICAI:

Standards on Quality Control (SQCs)

Acts & Regulations:

RBI Master Direction

Exposure Drafts:

NFRA Draft

IFRS Draft

IBBI Draft

IEPF Draft

SEBI Drafts

RBI Draft

Legal Updates:







Central Excise


News Update:

Indian News:

DGFT simplifies composition fee for export obligation extension

High inflation causing tension between monetary and fiscal policy: Gopinath

Govt proposes a slew of changes to Insolvency and Bankruptcy Code

GoMechanic cooked books; founder admits to grave errors, 70% staff sacked

To avoid fraud, SEBI moves to end transfer of funds to brokers

Kerala govt’s GST dept underwent restructuring for ensuring tax revenue increase: K N Balagopal

Financial sector exposed to risks of low-carbon transition, shows study

Annual transparency report may be must for audit firms

India making big strides in ease of doing business: DPIIT Secretary

Sebi proposes blocking of funds facility for trading in secondary market

Reverting to old pension scheme poses big financial risk, RBI warns States

RBI proposal on loan loss provisions to raise bank capital needs: Analysts

Centre cuts windfall tax on crude, export taxes on aviation fuel and diesel

Insurers can classify green bond purchases as infra investments: Irdai

RBI prior approval now a must for picking up over 5% stake in banks

NFRA to introduce annual transparency report requirement for audit firms

RBI tweaks norms related to acquisition for banks

Increased provision on CET1 for loan loss to be phased out: RBI paper

Amendments to competition law likely in Budget Session

India hopeful rupee trade with Russia will pick up in future: Govt official

Govt may offer low-cost credit to small retailers, ease rules: Officials

Markets to shift to T+1 settlement system from January 27: Report

Union Minister Piyush Goyal pitches for startup database in country

The changes in Sebi’s complaints redressal system

CBIC gives clarification on GST on SUVs

Pending deal approvals: Industry participants flag lack of quorum at CCI

GST not payable on Govt incentive to banks for promoting RuPay card

Customs dept monitoring toy imports, newer modus operandi adopted: CBIC

Sebi mulls allowing PE funds to become sponsor of mutual fund house

Cryptos are nothing but gambling, their value only make-believe: RBI governor

Sebi bans three entities from securities market for insider trading activities

Sebi allows virtual meetings for REITs, InVITs unitholders via video call

Sebi notices to PE, VC funds for flouting rules

Mandatory joint audit to start with big firms

GST would apply if a rented residential building is sublet as hostel: AAAR

India lets banks use face recognition, iris scan for some transactions: Sources

Fake invoice racket busted, one arrested

NPS subscribers: Bank account verification, name/PAN matching to get faster

RBI open to non-bank arms route to end stalemate with ESMA: Report

Transparency audits will strengthen RTI

Sebi allows exchanges to launch multiple contracts in same commodity

No TDS on remunerations, salaries or commission paid to partners: ITAT

SEBI allows mutual funds with active ELSS to launch passive schemes

ICAI plans guidelines to control gaps in audits

NARCL gets ₹ 15,300-crore blanket guarantee to tackle bad loans

CBIC to release list of identified goods to check undervaluation of imports

RBI likely to tweak loan recovery framework for asset reconstruction companies

Tiruchi traders stick posters against ‘test purchase’ under GST

Auditors’ regulator seeks e-locker for audit docus


Budget News:

Govt may increase allocation for PLI schemes in Budget to boost exports

Get to know the team behind Union Budget 2023

Good news for taxpayers? Modi government mulls lowering income tax rates in Budget

Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist

Union Budget 2023: Long-term capital gains tax likely to be rationalised

Budget 2023: ‘New’ I-T regime may add some exemptions

Aware of middle class issues: Finance Minister Nirmala Sitharaman ahead of Budget

Need clarity in non-residents’ tax under SEP norms: Experts

Budget Session 2023 to begin January 31, continue till April 6

Budget 2023: Largely unnoticed, this $250-billion sector wants more attention from the FM


International News:

Putting carbon credits on blockchain will not tackle the issue alone: Davos

IAASB Begins Work on Global Standards for ESG Assurance

CEOs brace for recession, CFOs eye costs

First-of-its-Kind Crypto Insider Trading Conviction

Insurer Can’t Flush Away Its Duty to Defend

FASB decides to require expense disclosures

SEC Adopts Amendments Regarding Insider Trading Plans and Related Disclosures


Reference Section:


Simplifying your job search
[Written by The CAalley team]


From the ICAI:

Standards on Quality Control (SQCs)
(Auditing Standards):

Social Audit Standards (SAS) 100 to 1600
[Effective from January 14, 2023]

Technical Guide on Digital Assurance
Guide on use of Technology in Auditing]


Acts & Regulations:

RBI Master Direction:

Master Direction - RBI (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023


Exposure Drafts:

NFRA Draft:

Publication of Annual Transparency Reports (ATR) by Auditors/Audit Firms
[Last date for Comments: February 16, 2023] 


IFRS Draft:

IFRS Accounting Standard
International Tax Reform—Pillar Two Model Rules
Proposed amendments to IAS 12
[Last date for Comments: March 10, 2023] 


IBBI Draft:

Invitation of comments from the public on changes being considered to the Insolvency and Bankruptcy Code, 2016
[Last date for Comments: February 7, 2023] 


IEPF Draft:

Consultation Paper on refund process at IEPF Authority
[Last date for Comments: January 27, 2023] 


SEBI Drafts:

Consultation Paper on “Blocking of Funds for Trading in Secondary Market"
[Last date for Comments: February 16,2023] 

Consultation Paper on Review of Regulatory Framework for Sponsors of a Mutual Fund
[Last date for Comments: January 29, 2023] 


RBI Draft:

Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks
[Last date for Comments: February 28, 2023] 


Legal Updates:


Clarification regarding GST rates and classification of certain services [Circular No.190]

Clarification regarding GST rates and classification of certain goods [Circular No.189]



Standard Operating Procedure (SOP) for Virtual Hearings



Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies

Operational Risk Management: Price / Yield range setting in e-Kuber



Facility of conducting meetings of unit holders of REITs through Video Conferencing or Other Audio-Visual means

Facility of conducting meetings of unit holders of InvITs through Video Conferencing or Other Audio Visual means

Participation of AIFs in Credit Default Swaps

Allowing stock exchanges to launch multiple contracts on the same commodity in commodity derivatives segment



Circular - Sovereign Green Bonds (SGrBs)- Classification and Categorisation

Circular on Modifications to Surety Insurance Guidelines



Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.4(NT)]

Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 [No.3(N.T)]

Faceless Assessment – Standard Examination Orders through RMS - Phased implementation of Standardized Examination Orders through RMS [Circular No.2]

Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 (CAVR, 2023) [Circular No.1]


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.4]

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 and export of Aviation turbine Fuel [No.3]


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