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Weekly Newsletter - February 28, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

CCI Draft

RBI Draft

SEBI Drafts

Useful Forms:

MCA Forms

Acts & Regulations:


IBBI Regulations

RBI Master Directions

Legal Updates:

Income Tax









News Update:

Indian News:

India's rank remains unchanged at 42 in International IP index 2024

Bengaluru tax payers are giving us buoyancy: FM Nirmala Sitharaman

Sebi mulls relaxing enhanced disclosure framework for certain FPIs

Trusts fear new tax to shrink coffers, hurt charity work

RBI consolidates reporting norms for REs, eases compliance burden

CCI proposes changes in confidentiality regime for efficient proceedings

Corporate affairs ministry probing Chinese cos linked to mobile loan apps

Sebi asks small, mid-cap funds to disclose more information about risks

Finmin, RBI to look at ownership change in fintech cos for compliance

Banks branch out as deposits hard to come by on apps

MCA to refer larger unlisted firms governance framework matter to CLC next month

CBDT identifies mismatches in ITRs, dividend income info from third party

RBI imposes ₹2 crore penalty on SBI; also fines Canara Bank, City Union Bank

GST Council may soon clarify tax exemption to RERA

Sebi cautions against fraudulent trading platforms offering FPI route

RBI lifting curbs on forex non-deliverable forward arbitrage by banks

Paytm issue may be reviewed, scrutiny on Byju's progressing well: ICAI

Sebi using AI for investigations, says official

SEBI plans to make nomination optional for joint MF portfolios

Use of AI will prevent formation of stressed assets: IMF's Subramanian

Govt permits GSTN to share data with RBI's frictionless credit platform

RBI allows banks, non-banks to issue PPIs to commuters for public transport

RBI allows Paytm’s UPI payment business to be migrated to four to five other banks

₹10,000 crore GST fraud: Assets worth ₹5 crore of two suspects attached

Govt extends the interest equalization scheme until June 30, 2024

PFRDA amends regulations for Trustee Bank, Central Recordkeeping Agency

Technology advancements prompt ICAI to favour shorter frequency for audit reports

Chartered accountants from UK, Canada might be allowed to practice in India: ICAI president

SEBI fines 3 entities for flouting venture capital fund rules

PFRDA eases business processes with simplified trustee appointments

RBI to meet banks to examine grey areas in overseas investment rules

Govt eases FDI norms in space sector

No service tax on venture capital funds for investment management activities: Karnataka High Court


International News:

PCAOB Looks to Ban Audit Firms From Misrepresenting Their Registration Status

PCAOB reconsidering auditors’ role in noncompliance reporting

Audit fees for UK-listed companies up 75% since 2018, study finds

PCAOB finds fault with half of Ernst and Young Canada audits inspected

EU carbon border tax will do little to cut emissions, says ADB study

Sustainability reporting, assurance rates on the rise globally

PCAOB fines Withum $2M for SPAC audit violations

PCAOB sweep hits 4 auditing firms, including Grant Thomson India affiliate

Exposure Drafts:

CCI Draft:

Amendment to Regulations 35, 37 and 50 of the Competition Commission of India (General) Regulations 2009
[Last date for Comments: March 27, 2024]   


RBI Draft:

Draft Disclosure framework on Climate-related Financial Risks, 2024
[Last date for Comments: April 30, 2024] 


SEBI Drafts:

Consultation paper on proposals to improve ease of doing business with respect to the additional disclosure framework for FPIs
[Last date for Comments: March 8, 2024] 

Consultation Paper on Ease of Doing Business Initiatives for Mutual Funds
[Last date for Comments: March 25, 2024] 

Useful Forms:

MCA Forms:

All MCA eForms have been updated

Acts & Regulations:


FAQs On Lesser Penalty Regime


IBBI Regulations:

IBBI (Insolvency Resolution Process For Corporate Persons), 2016 (Amended upto 15.02.2023)


RBI Master Directions:

Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions - 2024

Master Directions on Prepaid Payment Instruments (PPIs)
(Updated as on February 23, 2024)

Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016
(Updated as on February 22, 2024)

Legal Updates:

Income Tax:

Implementation of e-Verification Scheme-2021 [Press Release]

Corrigendum to Notification GSR 83(E), dated 31st January, 2024 (ITR Notification)



GST Advisory: Instances of Delay in registration reported by some Taxpayers despite successful Aadhar Authentication

Seeks to notify “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 [CGST Notification No.6]



Enhancing Transparency and Stakeholder Engagement in Liquidation Process

Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016



Report of the Working Group on uniform working hours and holiday list for IBUs

Bullion Trading Members and Clearing Members in GIFT- IFSC



Capital Adequacy Guidelines – Review of Trading Book

Appointment/re-appointment of Director, Managing Director or Chief Executive Officer in Asset Reconstruction Companies

Amendment to Master Direction on Prepaid Payment Instruments

Inclusion of Clearing Corporation of India Limited as a Financial Information Provider under Account Aggregator Framework

Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit



Obligatory Cessation for the FY 2024-25



Extension in Import Period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS), 2022, Schedule –I (Import Policy) [Notification No.61]

Suspension of inoperative SIONs w.e.f. 1st April, 2024 [Public Notice No.44]

Relief in Average Export Obligation in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023 [Circular No.10]



Seeks to amend notification No. 55/2022 - Customs, dated 31.10.2022 and notification No. 64/2023 - Customs, dated 07.12.2023, in order to remove end date on export duty on Parboiled Rice and to prescribe specified condition on imports of Yellow Peas [Notification No.12]

Appointment of Common Adjudicating Authority for the purpose of adjudication of finalization of Provisional Assessment in SVB case w.r.t. M/s Royal Canin India Pvt. Ltd [Notification No.14(NT)]



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