Daily Newsletter - May 23, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Draft

IFSCA Draft

Acts & Regulations:

SEBI Rules

Useful Forms:

Income Tax Return Forms

CA's Referencer:

Income Tax

Legal Updates:

IBBI

SEBI

RBI

IFSCA

Customs

 

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News Update:

Indian News:

RBI's board approves record ₹2.69 trillion surplus transfer to govt

GST council set to convene soon; tax simplification, compensation cess likely on agenda

ED conducts raids on Jaypee Infratech, others in ₹12,000 cr fraud

Central govt employees under NPS: Last date to apply for UPS pension is June 30, 2025; What happens if you miss it

‘On rates, it’s status quo or cuts; concerned about banks’ mis-selling of insurance’: RBI governor Sanjay Malhotra

Big relief for Indian migrants: 'Big Beautiful Bill' puts remittance tax at 3.5% after Trump's 5% threat

Govt to have a say in new payments regulatory board with a significant role

RBI moots special shares for UCBs as new source to raise capital

India may soon allow US, foreign companies to bid for govt contracts

UK to give non-discriminatory treatment to India in procurement under FTA

IndusInd Bank, Nestle India dropped from BSE Sensex in index rejig

Property deals over Rs 30 lakh? Karnataka Sub-registrar to inform income tax department at registration

Looking into "egregious violations" by IndusInd Bank officials: Sebi chief

IndusInd Bank reveals ₹173 cr fraud in microfinance during intern audit

  

International News:

ISACA introduces new Advanced in AI Audit Certification

FASB releases standard on share-based consideration

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Exposure Draft:

RBI Draft:

Discussion Paper on Capital Raising Avenues for Primary (Urban) Co-operative Banks
[Last date for Comments: July 15, 2025] 

  

IFSCA Draft:

Draft IFSCA (Procedure for Making Regulations and Subsidiary Instruction) Regulations, 2025
[Last date for Comments: June 11, 2025] 

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Acts & Regulations:

SEBI Rules:

Securities Contracts (Regulation) Rules, 1957 
[Last amended on May 19, 2025]

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Useful Forms:

Income Tax Return Forms:

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

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CA's Referencer:

Income Tax:

Central Action Plan 2025-2026 
[Published by CBDT]

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Legal Updates:

IBBI:

IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025

IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2025

  

SEBI:

Accessibility and Inclusiveness of Digital KYC to Persons with Disabilities

  

RBI:

Withdrawal of Master Circular on Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM) and related circulars

  

IFSCA:

Participation of IFSC Banking Units in international payment systems

Framework to facilitate Co-investment by Venture Capital Scheme and Restricted Scheme

  

Customs:

Disposal of Red Sanders seized by DRI and Customs field formations [Instruction No.12]

Appointment of Common Adjudication Authority for de-novo adjudication in respect of hundred percent export oriented undertakings [Notification No.35(NT)]

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