Daily Newsletter - April 9, 2025

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IBBI Draft

IFSCA Draft

Acts & Regulations:

SEBI Regulations

Useful Forms:

ITR Forms & eFiling Utilities for AY 2024-25

CA's Referencer:

NFRA Interaction Series

Legal Updates:

Income Tax

RBI

IFSCA

Customs

Central Excise

 

---

  

News Update:

Indian News:

RBI expands scope of co-lending pacts beyond priority-sector loans

Now, NPCI can revise transaction limits on UPI based on evolving user needs

Trump signals major tariff on pharma imports, Indian drugmakers could face impact

Sebi issues advisory on use of '1600' number series for investor calls to curb securities market fraud

India weighs export support measures amid US tariff hike, say government sources

China hits back at US with 84% tariff after Trump admin imposes 104% levy

Banks told to push global trade settlement in Rupee

Upcoming Aadhaar app to replace need for physical card and photocopies

EPFO enables face authentication for UAN generation and activation

Concerned about tariff impact on growth more than inflation: RBI Governor

RBI MPC throws its trump cards: Why did Sanjay Malhotra-led panel cut rates and change its stance?

RBI MPC Meet: Key takeaways from governor Sanjay Malhotra’s address

US slaps 104% tariff on China after Beijing misses Trump's deadline

Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated

Tax-free interest on Post Office Savings Accounts under new tax regime

Govt announces 'One State, One RRB' implementation from May 1, 2025

How UP-based gang tampered Aadhaar biometrics, altered thousands of digital identities across 12 states

FIEO seeks 5% interest subvention as high US tariffs delay export payments

Big four win big in M&As with deal lifecycle focus

Indian firms in FDI-ban sectors can issue bonus shares to existing NRIs

What Sebi chief Tuhin Kanta Pandey said on conflict-of-interest guidelines, F&O trading, and common KYC

Sebi fines Rs 7L on Reliance Securities for flouting stock brokers' norms

Trump tariffs: Govt sets up working group to monitor possible import surge

  

International News:

ICAEW updates its Code of Ethics

---

Exposure Drafts:

IBBI Draft:

IBBI invites suggestions on all Regulations notified under the Insolvency and Bankruptcy Code, 2016 with an aim to simplify, ease and reduce cost of compliance
[Last date for Comments: June 30, 2025] 

  

IFSCA Draft:

Consultation Paper on Framework for Transition Bonds
[Last date for Comments: April 29, 2025] 

---

Acts & Regulations:

SEBI Regulations:

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 [Updated upto March 21, 2025]

SEBI (Credit Rating Agencies) Regulations, 1999 [Updated upto March 21, 2025]

SEBI (Intermediaries) Regulations, 2008 [Updated upto March 21, 2025]

SEBI (Prohibition of Insider Trading) Regulations 2015 [Updated upto March 11, 2025]

---

Useful Forms:

ITR Forms & eFiling Utilities for AY 2024-25:

The following forms have been added:

ITR-A
For successor entities to furnish return of income under section 170A consequent to business reorganisation

ITR-U
For persons to update income within twenty-four months from the end of the relevant assessment year

The following ITR eFiling Utilities have been updated:

ITR 2 - Excel Utility
ITR 3 - Excel Utility
ITR 6 - Excel Utility

---

CA's Referencer:

NFRA Interaction Series:

NFRA Auditor-Audit Committee Interaction Series 2 -
Audit Strategy and Planning
[Published on March 28, 2025]

---

Legal Updates:

Income Tax:

Last date notified for 'Vivad se Vishwas' Scheme [Notification No.32]

The Income-tax (Tenth Amendment) Rules, 2025 - ITR for Block Assessment (ITR-B) notified [Notification No.30]

No TDS u/s 194EE for deposits made u/s 80CCA (NSS or deferred annuity plan) [Notification No.27]

  

RBI:

Standing Liquidity Facility for Primary Dealers

Penal Interest on shortfall in CRR and SLR requirements-Change in Bank Rate

Liquidity Adjustment Facility - Change in rates

Review of Regulatory Guidelines – Withdrawal of Circulars

  

IFSCA:

Transition to IFSCA (Fund Management) Regulations, 2025

Revision to the requirement of meetings of the governing body of the IBUs in IFSC - Amendment to Governance Directions Module of GEN Directions - V 5.0 (IFSCA Banking Handbook)

Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC or seeking guidance under the Informal Guidance Scheme

Amendment to the ‘Framework for Ship Leasing’ and relevant circulars

  

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.23(NT)]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Aardwolf Material Handling Pvt. Ltd [Notification No.22(NT)]

Rescinding of Circular No. 29/2020-Customs dated 29.06.2020 in respect of Transshipment of Export Cargo from Bangladesh to third countries through Land Customs Stations (LCSs) to Port / Airport, in containers or closed bodied trucks [Circular No.13]

Clarification on the classification and applicable Basic Customs Duty (BCD) for Interactive Flat Panel Displays (IFPDs) and other monitors [Circular No.12]

  

Central Excise:

Seeks to increase Special Additional Excise duty on motor spirit, commonly known as petrol, and high speed diesel oil [Notification No.2]

Re-assignment of appeals pending in Nagpur Zone [Order No.02/2025]

Re-assignment of appeals pending in Nagpur Zone [Order No. 01/2025]

---