Daily Newsletter - May 6, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Drafts

Acts & Regulations:

RBI Master Direction

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article

Legal Updates:

RBI

FEMA

SEBI

DGFT

News Update:

Indian News:

Sebi sets Rs 20,000 crore threshold for ‘significant indices’; Sensex, Nifty among benchmarks covered

Negligence claims can continue against heirs after doctor's death: SC

To tax or not to tax mineral rights in India? SC to hear pleas on May 20

UCO Bank gets major relief as GST demand slashed after appeal

Large audit firms face unexpected jolt in the proposed Companies Act amendments

Sebi proposes allowing OBPPs to offer IFSCA products, tax-saving bonds

Govt sets 60-day FDI clearance for China-linked sectors, 40 sub-sectors

Gujarat HC ruling on ITC denial raises compliance burden for businesses

Cabinet approves Rs 5,659 crore for five-year mission to increase cotton output

Cabinet announces ₹18,100 crore credit guarantee scheme for MSMEs, airlines

Old vs new tax regime: Key differences that you must know before ITR filing for tax year 2026-27

RBI cautions against unauthorised campaigns promising loan waivers

RBI rejigs portfolios of DGs; Rohit Jain takes charge as deputy governor

Sebi urges GST Council to fix tax issues in commodity derivatives

Withdrawing PF soon? Missing this form could quietly cut your payout

International News:

From paper trails to digital defense: Building an PCAOB AS 2310 compliant audit confirmation workflow

The Real AI Story in Tax and Audit Isn’t Adoption — It’s Impact

Exposure Drafts:

SEBI Drafts:

Draft Circular on Clarification with respect to Applicability of the benefit of Early Pay-In in Commodity Derivatives Segment
[Last date for Comments: May 26, 2026] 

Consultation paper on Modification in the regulatory framework for Online Bond Platform Providers (OBPPs)
[Last date for Comments: May 26, 2026] 

Acts & Regulations:

RBI Master Direction:

Master Direction - Other Remittance Facilities (Updated as on May 06, 2026)

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article:

AI Hallucinations in Professional Work: How to Spot Them Before They Cost You

Legal Updates:

RBI:

Issuance of Foreign Exchange Management (Authorised Persons) Regulations, 2026

FEMA:

Foreign Exchange Management (Authorised Persons) Regulations, 2026

SEBI:

‘Significant Indices’ under SEBI (Index Providers) Regulations, 2024

Advisory on Emerging Advanced Artificial Intelligence (AI) Tools for Vulnerability Detection (like Mythos)

DGFT:

Validity of Ad-hoc norms under Para 4.12 (vi) of HBP-2023 [Public Notice No.7]