Weekly Newsletter - June 25, 2025
Latest additions to CAalley:
News Update:
Indian News
International News
Exposure Drafts:
SEBI Drafts
Acts & Regulations:
IBBI Regulations & Guidelines
SEBI Master Circulars
Useful Forms:
IBBI Forms
From the ICAI:
ICAI Announcement
CA's Referencer:
ICAI Reference Material
International Content:
IFRS Sustainability Reference Material
Legal Updates:
Income Tax
GST
MCA
IBBI
RBI
IFSCA
DGFT
Customs
News Update:
Indian News:
CBDT unlikely to offer tax relief for foreign data centres soon: Report
Sebi slaps Rs 25 lakh penalty on BSE for flouting regulatory norms
NFRA gets a shot in the arm with Telangana HC order
RBI extends call money market timings by 2 hours from August 1
Sebi tightens oversight on trading members' compliance post-inspection
FM Sitharaman: India not a tariff king, rates lower than approved
Sebi proposes to limit powers of stock exchange chiefs
Merry-Go-Round: How Handful Of Audit Firms Dominate India’s Corporate And Banking Audits
EPFO raises auto settlement limit for PF withdrawals by 5 times – Check new limit
India imposes anti-dumping duty on four Chinese chemicals
India Inc backs GST after 8 years, but seeks clarity, better dispute resolution: Deloitte survey
FM to IT Dept: expedite disposal of disputed tax demands, withdraw below new threshold appeals within 3 months
New ITR rules: Penalty up to 200% on claiming false deductions
SEBI panel drafting ODI playbook for FPIs
Deadline to opt for UPS extended from June 30, 2025, for government employees under NPS
Big Tech has AI, but Indian MSMEs need something more—Desi AI
Why IPO-ready startups seek 'confidential' route
Stamp pads to servers, big shift for realty
CBI raids in Bihar, Jharkhand in Rs 100 crore GST fraud; customs officers in the dock
Sebi slaps Rs 29 lakh fine on IAGF, trustee for AIF rules violation
Cybersecurity boost: Banks, RBI move to launch Digital Fraud Detection Platform amid soaring crimes - All you need to know
Plans to make mutual fund rules more investor and industry friendly: SEBI official
CBDT taking action for non-responsive taxpayers having foreign income: Finance Ministry
CBI arrests two in Rs 183 crore fake bank guarantee scam
Sebi proposes 5-point AI rulebook for securities market. Check details
AI gains strategic ground in Indian boardrooms amid budget strains – Here’s why
BSE introduces AI tool to speed up SME IPO document checks
Ramann takes charge as PFRDA chief
Big Four, other global firms push back against draft ICAI rules
VCs love start-ups—But why are they turning away from MSMEs?
NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds
Indian money in Swiss banks jumps more than three times in 2024, hits Rs 37,600 crore, data shows
India slaps five-year anti-dumping duties on aluminium foil, Pretilachlor & Acetonitrile from China, Taiwan and Russia
RBI issues project finance norms for banks, NBFCs
India reaches 15th spot in top FDI destinations in 2024: UNCTAD report
Tax amnesty scheme deadline will not be extended beyond June 30: Balagopal
Applying for PAN Card? Aadhaar to be mandatory for Permanent Account Number; new rule likely from July 1, 2025
Work pressure drives young chartered accountant to suicide in Hyderabad
As RBI probes lapses, Standard Chartered Bank sees exits from forex desk
Unified pension scheme revised: Central employees to receive OPS-like gratuity; Rs 10k minimum pension
RBI’s new rule on gold-backed loan will lead to biz model adjustment: S&P
No more spam calls from banks for loans, credit cards: TRAI, RBI join forces to provide relief to customers
International News:
Banks are financing their own multitrillion-dollar nightmare
€10,000 fine and ‘severe reprimand’ for auditor of collapsed med-tech company Hibergene
Audit transparency unlocked: The value of critical audit matters (CAMs) to investors
Charting the Global Economy: Key central banks hold on rates
KPMG fined £1.25m for Carr’s Group audit breaches
PCAOB sanctions firm, partner on five audits
Exposure Drafts:
SEBI Drafts:
Consultation Paper on Strengthening Governance of Market Infrastructure Institutions (MIIs)
[Last date for Comments: July 15, 2025]
Consultation Paper on guidelines for responsible usage of AI/ML In Indian Securities Markets
[Last date for Comments: July 11, 2025]
Modification of Unique Client Code by Market Makers (MMs) of ETFs and certain institutional and non-institutional clients including clients clearing through custodians without levy of penalty
[Last date for Comments: July 11, 2025]
Acts & Regulations:
IBBI Regulations & Guidelines:
IBBI Regulations:
IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 26.05.2025)
IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (Amended upto 19-05-2025)
IBBI Guidelines:
The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2025 (Issued on May 27, 2025)
SEBI Master Circulars:
Master Circular for Registrars to an Issue and Share Transfer Agents
[Updated as on June 23, 2025]
Master Circular for Stock Brokers
[Updated as on June 17, 2025]
Useful Forms:
IBBI Forms:
All IBBI Forms have been updated
From the ICAI:
ICAI Announcement:
Additional information required during UDIN generation under ‘GST & Tax Audit’ and ‘Audit & Assurance Functions’ Categories
CA's Referencer:
ICAI Reference Material:
New formats for financials of Non Corporate entities
Excel utilities for New formats
[Published by ICAI]
International Content:
IFRS Sustainability Reference Material:
Roadmap development tool for adopting ISSB Standards
[Published in March 2025]
Legal Updates:
Income Tax:
Relaxation of time limit for processing of valid returns of income filed electronically pursuant to order u/s 119(2)(b) of the Income-tax Act, 1961 passed by Competent Authority [Circular No.7]
Notification u/s 197A(1F) of the Income Tax Act, 1961 providing exemption from withholding tax for payments made to units of International Financial Services Centre (IFSC) [Notification No.67]
GST:
Reviewing authority, Revisional Authority and Appellate Authority in respect of orders passed by Common Adjudicating Authority (CAA) for show cause notices issued by DGGI [Circular No.250]
Advisory: Handling of Inadvertently Rejected records on IMS
Advisory to file pending returns before expiry of three years
MCA:
Notification regarding designation of Special Courts
IBBI:
Provisional List of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2025
RBI:
The Depositor Education and Awareness (DEA) Fund Scheme, 2014 – Revised Operational Guidelines
Review of Priority Sector Lending norms - Small Finance Banks
Reserve Bank of India (Project Finance) Directions, 2025
IFSCA:
Amendment to the Directions to IBUs for operations of the Foreign Currency Accounts (FCA) of Indian resident individuals opened under the Liberalised Remittance Scheme (LRS)
DGFT:
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.12]
Corrigendum to Notification No. 18/2025-26 dated 17.06.2025 on amendment in Import Policy of specific items covered under Chapter 71 of ITC (HS) 2022 of Schedule –I (Import Policy) [Corrigendum to Notification No.18/2025-26 dated 17.06.2025]
Amendment in Para 2.03(A) (i) (g) of the Foreign Trade Policy, 2023 laying down enabling provisions for import of inputs, that are subjected to mandatory Quality Control Orders (QCOs), by Advance Authorisation holders, EOU and SEZ [Notification No.20]
Customs:
Corrigendum to Notification No.20/2025(ADD)
Seeks to impose Anti Dumping Duty on imports of 'Potassium Tertiary Butoxide' originating in, or exported from China PR and United States of America and 'Sodium Tertiary Butoxide' originating in, or exported from China PR for a period of 5 years [No.20(ADD)]
Seeks to further amend notification No. 77/2021-Customs (ADD), dated 27th December, 2021 imposing Anti-dumping Duty on imports of 'Decor Paper' from China PR, to modify the existing duty table [No.19(ADD)]
Seeks to impose Anti Dumping Duty on imports of ‘Acetonitrile’ originating in or exported from China PR, Russia and Taiwan [No.18(ADD)]
Extension of validity of the NOC for the Alcoholic Beverages Bottled in Origin & in Bulk [Instruction No.19]
Amendment in Import Policy of items covered under CTH 2843 under Chapter 28 of ITC (HS) 2022 of Schedule-I (Import Policy) [Instruction No.18]
Use of ICETABs for efficient export examination and clearance [Circular No.17]
Amendment in Import Policy of specify items covered under Chapter 71 of ITC (HS) 2022 of Schedule-I (Import Policy) [Instruction No.17]
Seeks to impose Anti Dumping Duty on imports of “ “Pretilachlor in any of its form & its intermediate – 2, 6-Diethyl-n-(2-propoxy ethyl) Aniline (also known as PEDA) ” originating in or exported from China PR [Notification No.17(ADD)]
Seeks to impose Anti Dumping Duty on imports of ‘Acetonitrile’ originating in or exported from China PR, Russia and Taiwan [Notification No.16(ADD)]
Seeks to impose ADD on Aluminium Foil upto 80 micron , originating in or exported from China PR [Notification No.15(ADD)]
