Weekly Newsletter - June 18, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

RBI Draft

SEBI Drafts

Useful Forms:

ITR eFiling Utilities for AY 2025-26

Acts & Regulations:

RBI Master Circular/Directions

SEBI Regulations

Legal Updates:

Income Tax

GST

MCA

IFSCA

RBI

SEBI

IRDAI

DGFT

Customs

 

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News Update:

Indian News:

Sebi eases ESOP rules for startup founders ahead of IPO plans

Gujarat Rolls Out New GST Ordinance 2025, Tightens Tax Compliance With Digital Tracking

Sebi proposes widening accreditation scope for KRAs, allows AIFs to provisionally onboard investors

Auditors support CAG move to rope in private firms

Max 60 tax audits per partner likely: ICAI

FASTag annual pass: How to purchase, validity, cost, trip limit & more - Top 15 FAQs answered

Your bank locker may be sealed! Haven’t signed the updated locker rent agreement? Here’s what banks may do

Sebi bans media guest expert Sanjiv Bhasin, 11 others from securities market for stock manipulation

NFRA guidance to nip financial fraud

Sebi asks portfolio managers to remove exaggerated advertisements

Bond boost ahead: RBI to reissue Rs 27,000 crore in securities, 2029 and 2054 maturities part of Centre’s borrowing plan

Cradle of entrepreneurship, employment, and growth: Why we celebrate MSME Day

Sebi's new fee platform aims to protect investors. But not many have taken to it

UPI transactions are faster as NPCI speeds up UPI online payment time to 10-15 seconds: How this impacts GPay, PhonePe, Paytm UPI users

RBI issues draft norms on Rupee Interest Rate Derivatives

How One Email ID and 4 Fake Firms Led to ₹14 Cr GST Scam in Delhi

Paid tax abroad? Here’s how to claim foreign tax credit in India

No more Aadhaar photocopies: UIDAI plans to launch app-based verification via QR code

Charitable and religious trusts, institutions to face increased Income Tax Scrutiny

NFRA slaps notices on IndusInd Bank auditors

Sebi member raises concerns over valuation practices

CBI files FIR against Supertech, promoter RK Arora for allegedly defrauding IDBI Bank of Rs 126.07 crore

Sitharaman to hold key meetings with I-T, GST, customs officers

Operation Chakra-V: CBI raids 10 locations across Mumbai, Pune, Nashik, Delhi, Hisar, Lucknow for crackdown on cyber-enabled financial crimes

CBDT probes ‘evasion’ via crypto investments

IndusInd Bank recommends Borkar & Muzumdar as joint statutory auditor to shareholders after RBI nod

CAG engaging CA firms will not compromise auditor's independence, says ICAI

Reduce time lag between financial results and annual reports: Sebi to CFOs

CBI arrests U.P. CGST superintendent in bribery case

Companies have to file annual returns, disclosures for FY25 in new web-based forms

CBI arrests top IRS officer Amit Kumar Singal for accepting bribe of ₹25 lakh

Income Tax department is cross-verifying claims in real time; You’ve been warned

Indian audit firms must raise the bar

Finance Ministry eases rules for bonus share issue by companies in FDI-barred sectors

EPFO settles nearly 50% of claims within 3 days, 69 lakh cases cleared so far this fiscal, automated limit to rise to Rs 5 lakh

RBI makes KYC easier: Banks must send three reminders before account freeze

CAG to involve experts from empanelled CA firms for auditing of autonomous bodies

NRIs to pay lower LTCG tax on these equity shares due to proposed forex fluctuation benefit in New Income Tax Bill 2025

NFRA gets complaint against audit lapses at IndusInd Bank

DGGI unveils 643 cr GST fraud, prime accused held

Tale of audit watchdogs

GST filing gets tougher: No room for error in GSTR-3B from July

Major relief in KYC updation in your bank account: RBI empowers BCs to update KYC

RBI issues new rules for activating inoperative bank accounts, unclaimed deposits

CBI arrests CGST superintendent, seizes assets worth crores

What is MDR and why fintech players want government to introduce it?

Growth boost or caution flag? RBI sends conflicting signals with surprise moves

  

International News:

China talks up digital yuan in push for multi-polar currency system

Audit Committee Chairs Expect Clear, Open Communications From Auditors – PCAOB Report

ICAEW shares lessons learned to boost audit quality

UK: One in ten audits flagged for 'major improvements'

Deloitte to cut bonuses and slow promotions due to missed targets

PCAOB to Form Smaller Firm Resource Group to Advise Staff

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Exposure Drafts:

ICAI Exposure Draft:

Exposure Draft on proposed Guidelines for Overseas Network for public comments
[Last date for Comments: June 27, 2025] 

  

RBI Draft:

Draft Master Direction - RBI (Rupee Interest Rate Derivatives) Directions, 2025 under Section 45 W of the RBI Act, 1934
[Last date for Comments: July 7, 2025]
 

  

SEBI Drafts:

Consultation Paper on extending certain flexibilities under accreditation framework
[Last date for Comments: July 8, 2025]
 

Consultation paper on draft circular mandating periodic disclosure requirements for Securitised Debt Instruments (SDIs)
[Last date for Comments: July 7, 2025]
 

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Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Common Offline Utility (ITR 1 and ITR 4) has been released

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Acts & Regulations:

RBI Master Circular/Directions:

Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025
[Published on June 16, 2025]

Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)

Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on June 12, 2025)

Master Direction – Import of Goods and Services (Updated as on June 13, 2025)

Master Direction – Export of Goods and Services (Updated as on April 29, 2025)

  

SEBI Regulations:

SEBI (Alternative Investment Funds) Regulations, 2012
[Updated upto May 23, 2025]

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Legal Updates:

Income Tax:

Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2025-26

  

GST:

Advisory: Introduction of Enhanced Inter-operable Services Between E-Way Bill Portals

Advisory: Filing of SPL-01/ SPL-02 where payment made through GSTR 3B and other cases

Advisory: Filing of Amnesty applications under Section 128A of the CGST Act

  

MCA:

Separate Filing of e-form CSR-2 post the period of transition from MCA21 V2 to V3 [Circular No.2]

Relaxation of additional fees for filing of 13 e-forms during the period of transition from MCA21 V2 to V3 [Circular No.1]

MCA 21 V3 Presentation on Company module –Lot-3 forms 14th July 2025 Go-Live

  

IFSCA:

Fee structure for KYC Registration Agencies in IFSC

  

RBI:

Review of instructions issued vide Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

Import of Shipping Vessel - Relaxation

RBI (Know Your Customer (KYC)) (Amendment) Directions, 2025

Updation/ Periodic Updation of KYC – Revised Instructions

Inoperative Accounts/ Unclaimed Deposits in Banks - Revised Instructions (Amendment) 2025

Stripping/Reconstitution in State Government Securities

Basel III Capital Regulations - External Credit Assessment Institution (ECAI)

  

SEBI:

Investor Charter Infrastructure Investment Trusts (InvITs)

Investor Charter Real Estate Investment Trusts (REITs)

Review of provisions relating to Product Advisory Committee (PAC)

Centralized Fee Collection Mechanism for Investment Advisers and Research Analysts (CeFCoM) – A secure and closed ecosystem for investors to pay fees to registered Investment Advisers and Research Analysts [Press Release]

Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors

Extension of timeline of additional liquidation period for VCFs migrating to SEBI (Alternative Investment Funds) Regulations, 2012

Framework for Environment, Social and Governance (ESG) Debt Securities (other than green debt securities)

Limited relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

  

IRDAI:

Advisory to All Insurers, Reinsurers, Life Insurance Council and General Insurance Council

  

DGFT:

Amendment in Import Policy of items covered under CTH 2843 under Chapter 28 of ITC (HS) 2022, Schedule-I (Import Policy) (Import Policy) [Notification No.19]

Amendment in Import Policy of specific items covered under Chapter 71 of ITC (HS) 2022 of Schedule -I (Import Policy) (Import Policy) [Notification No.18]

Amendment in Export Policy for Pharma Grade Sugar (Import Policy) [Notification No.17]

Seeking applications for allocation of Pharma Grade Sugar under restricted category [Trade Notice No.6]

Rollout of ‘Source from India’ on Trade Connect ePlatform for all Status Holders [Trade Notice No.5]

Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2023 [Public Notice No.11]

Amendment in details of an authorized agency enlisted under Appendix 2E of FTP, 2023 – Agency Authorized to issue Certificate of Origin (Non - Preferential) [Public Notice No.10]

  

Customs:

Ensuring adherence of Indian Standard of respective Input material of Steel and Steel Products intended for import which are notified in QCO and requires mandatory registration on SIMS portal [Instruction No.16]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.43(NT)]

Seeks to i. extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.03.2026; ii. to reduce the basic custom duty on crude soya bean oil (HS Code 15071000), crude sunflower oil (HS Code 15121110), and crude palm oil (HS Code 15111000) from 20% to 10% [Notification No.31]

Seeks to amend notification No. 55/2022-Customs dated 31.10.2022 to remove the condition required for availing exemption on Bangalore Rose Onion [Notification No.30]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.42(NT)]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Bando(India) Pvt. Ltd. [Notification No.41(NT)]

The Sea Cargo Manifest and Transshipment (Third Amendment) Regulations, 2025 [Notification No.40(NT)]

Assignment of 700 cases of pending Appeals to the Commissioner of Customs (Appeals), Mumbai Zone-I by the CBIC [Notification No.39(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.38(NT)]

Notification of ICD Jalna, Maharashtra u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962 [Notification No.37(NT)]

Amendment in the Notification No. 63-1994-Customs (N.T) dated 21.11.1994 in respect of Land Customs Station, Raxaul [Notification No.36(NT)]

Seeks to impose Anti Dumping Duty on imports of “ Vitamin -A Palmitate” originating in or exported from China PR, European Union and Switzerland [Notification No.14(ADD)]

Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan [Notification No.13(ADD)]

Applicability of SCOMET - Consolidated Repository [Instruction No.15]

Implementation of "Agreement" signed between FSSAI, Ministry of Health and Family Welfare, Government of India and Bhutan Food and Drug Authority (BFDA) [Instruction No.14]

Removal of Port Restrictions and Testing Requirements for Export of Finished Leather, Wet Blue Leather, El Tanned Leather and Crust Leather [Instruction No.13]

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