Performance review of commodity derivatives contracts: mandatory annual review, disclosure and consultation requirements for exchanges to evaluate contract performance.
Mandate for performance review of commodity derivatives contracts requiring recognized stock exchanges to evaluate every contract against structured parameters, consult the Product Advisory Committee, and disclose the review and methodology annually on their websites; the framework covers commodity fundamentals, detailed trading metrics, price movement analysis, hedge effectiveness, delivery infrastructure and stakeholder outreach, and exchanges must amend rules, inform brokers, and report implementation to the regulator.

Sea Cargo Manifest Transhipment Regulations require ICEGATE registration and dual-format message testing before full format switchover.
The notification requires all stakeholders to register and apply via ICEGATE to operate under the Sea Cargo Manifest Transhipment Regulations, with entities filing specified messages and manifests. Some classes must satisfy particular registration conditions such as pre registration of a National Surety Bond, while others receive auto approval after meeting ICEGATE prerequisites. Entities performing multiple roles must submit separate applications. During the interim testing phase stakeholders must transmit both existing and new format messages to ensure smooth switchover; registration approval queries are handled online with manual submission of additional documents where required.

Customs Health Cess imposed on specified medical device imports; ICES updated to calculate cess and apply exemptions automatically.
Customs Health Cess has been introduced on imports of specified medical devices as a duty of customs at the ad valorem rate; exemptions have been issued and declaration of the tariff item will cause automatic calculation of the cess in the electronic system.

Common Application Form for Foreign Portfolio Investors streamlines FPI registration, PAN allotment and KYC processes for intermediaries.
The Government notified a Common Application Form for FPI registration, PAN allotment and KYC; applicants must submit the CAF and Annexure with supporting documents and applicable fees, intermediaries may rely on CAF for KYC, DDPs may accept earlier-form applications for a sixty-day transition, and custodians must inform FPI clients of the CAF and operational guidelines issued under the regulator's statutory powers.

Social Welfare Surcharge payable in cash; not admissible for MEIS/SEIS scrip debit, per administrative circular.
Levy and collection of the Social Welfare Surcharge on imports under schemes including the Merchandise Exports from India Scheme and the Services Exports from India Scheme require payment of the surcharge in cash at import clearance, and the surcharge is not eligible for debit against MEIS or SEIS scrips; stakeholders are directed to follow the detailed procedural guidance set out in the referenced administrative circular.

Position limits for Rupee derivatives in IFSC restrict open positions across participant categories to defined caps.
Introduction of Rupee derivatives with settlement in foreign currency on IFSC exchanges establishes position limits per currency pair per exchange: identical gross open position caps for trading members, institutional investors, and eligible foreign investors across all contracts measured against total open interest or a currency-equivalent cap, and a lower cap for other clients; Institutional Investors are defined to include specified IFSC and offshore entities. Exchanges must impose penalties for violations and implement the limits pursuant to regulatory powers to protect investors and regulate the market.

Import policy change: goods under Exim code 151190 moved from free to restricted import regime, affecting import clearances.
Import policy for goods under Exim code 151190 has been changed from free to restricted pursuant to DGFT Notification No. 39/2015-2020. A Public Notice from the Commissioner of Customs, Cochin dated 03.02.2020 notifies customs brokers, importers, exporters and other stakeholders of this amendment and encloses the DGFT notification to inform them of the revised import clearance status and related compliance requirements.

Restriction of input tax credit under GST rules: authorized officers may limit access to electronic credit ledger.
Authorization under Gujarat GST Rules empowers specified officers to restrict tax credit available in the electronic credit ledger; the power is exercisable only within the officers' territorial jurisdiction unless otherwise specified, and the named authorised ranks are Deputy Commissioner and Assistant Commissioner.

Sea cargo manifest registration requires ICEGATE enrolment and testing to enable filing in new prescribed manifest formats.
Registration under the new Sea Cargo Manifest Regulations (SCMTR) requires all maritime stakeholders to enrol and apply through ICEGATE to file specified messages and manifests in the new formats; distinct stakeholder categories must submit separate applications per role, some registrations are auto-approved while others require customs officer approval, and a testing phase mandates filing in both old and new formats to ensure smooth switchover.

Bills of entry filing suspension enables ICES updates for proposed Union Budget duty-rate changes and requires stakeholder compliance.
Filing of bills of entry is temporarily unavailable from 20:00 hours on 1 February 2020 until completion of ICES 1.5 updates required to implement proposed Customs duty-rate changes. Importers, exporters, Customs Brokers and other stakeholders are advised to comply with the temporary filing restriction. The requirement operates as a standing order for officers and staff of all Appraising Groups at Jawaharlal Nehru Custom House.

Customs duty revisions and tariff reclassification impose immediate rate changes and new verification and ledger mechanisms.
Immediate scope of the Finance Bill, 2020 notifications includes chapter wise amendments to Basic Customs Duty rates and tariff lines, withdrawal or conditioning of concessional entries and exemptions, adjustments to Social Welfare Surcharge and NCCD for specified goods, imposition of a Health Cess on medical devices (with stated exemptions), creation of a preferential treatment verification regime under a new Chapter VAA, establishment of an Electronic Duty Credit Ledger, strengthened safeguard and anti circumvention rules, and specified retrospective GST/cess measures; select changes take effect by declaration under the Provisional Collection of Taxes Act, 1931.

PGA e-SANCHIT: Beneficiaries barred from uploading LPCOs from 31 Jan; PGAs must upload recent permits.
Implementation of PGA e-SANCHIT requires PGAs to upload digitally signed LPCOs on e-SANCHIT; four new PGAs are added, bringing total enabled PGAs to 47. From 31.01.2020 beneficiaries are barred from uploading previously issued LPCOs; PGAs must upload LPCOs issued in the 15 days before the cut-off and may upload earlier LPCOs to enable beneficiary use. Communications will occur via ICEGATE-registered e-mails and beneficiaries should ensure correct e-mail registration.

Exemption on copper concentrates imports: declared gold and silver value excluded from basic customs duty when assay certificate provided.
Exemption permits exclusion of the value of gold and silver in imported copper concentrates from basic customs duty upon production of an assay certificate; system changes require importers to set the RSP flag to C, enter the notification and the combined gold and silver value in the RSP table, and the electronic system will automatically exclude that value for basic duty computation while keeping total invoice value for additional duties.

Import of gifts prohibition bars courier and post gift imports except lifesaving drugs and Rakhi; duties apply.
Imports presented as gifts through post or courier are prohibited except for life saving drugs/medicines and Rakhi; goods offered as gifts may be imported only on payment of full applicable customs and integrated tax. Prior value cap instructions on personal imports have been rescinded. Officers must apply customs valuation law and rules to curb undervaluation of courier and post imports, and the notice is to be treated as a standing order.

Import testing requirement for toys mandates randomized sampling, NABL laboratory testing and conditional clearance subject to bonding and compliance.
Procedural amendment mandates first-check assessment of imported toys with randomized representative sampling for NABL testing (minimum ten percent by item category), documented via Part A and Part B Test Memos; sealed samples and memos are handed to importer representatives. Importers may warehouse goods pending results, removal only after successful testing. Laboratories send duplicate sealed reports to Customs Group VI and importers produce originals at assessment; conforming consignments are cleared. AEOs may obtain provisional clearance on a No Use bond, cancelled after successful testing. Failed samples trigger further testing of other models; nonconforming goods must be re-exported or destroyed at importer's cost.

Filing deadline relief for annual returns and financial statements extended without extra fees due to service disruptions.
Extension of the due date permits electronic filing of specified annual return and financial statement e forms within an extended timeframe without levy of additional fee for companies in the affected jurisdiction, in response to internet service disruptions that impeded normal compliance; the measure is an administrative waiver limited to the stated form types and conditions.

Taxpayer service centre provides a single-window channel for customs-related queries, complaints, grievances, and support through physical and remote access.
Tax Payers' Service Centre functions as a single-window system for receiving and handling taxpayer queries, complaints and grievances. Located at a ground-floor cabin adjacent to the RMS Facilitation Centre, it enables importers, exporters and other stakeholders to submit tax-related queries in person or through email, telephone and letters. The Centre supports taxpayer outreach, compliance assistance, grievance handling and ease-of-doing-business measures.

Social welfare surcharge must be levied on imports and cannot be paid through export duty credit scrips going forward.
Social Welfare Surcharge is an additional customs duty calculated on the aggregate of duties, taxes and cesses and is not exempt under the Foreign Trade Policy or related exemption notifications. Duty credit scrips operate only as a mode of payment for specified customs and excise duties and do not permit debiting of SWS; therefore SWS must be paid in cash going forward, while past debits through scrips up to the transitional cut-off will be accepted administratively.

Paperless processing of PGA licenses via SWIFT requires stakeholder compliance; report implementation difficulties promptly to Customs.
Implementation of PGA e-SANCHIT mandates paperless processing of Licenses, Permits, Certificates and Other Authorizations (LPCOs) via SWIFT uploads by PGAs, pursuant to Board Circular No. 03/2020 dated 15.01.2020; importers, exporters and customs brokers are directed to comply and to report any implementation difficulties to the Customs office.

Bill of Entry filing suspension in ICES during budget directory updation; Shipping Bill processing continues, Section 48 approvals paused.
ICES directory updation after the Union Budget will require temporary changes: Bill of Entry filing in ICES will be suspended from 2000 hrs on 1 February 2020 and Section 48 approvals stopped at that time; the system will remain available for other functions with ticker notifications on CITRIX, CBIC and ICEGATE. Shipping Bill filing and processing will continue, and export duty/cess announced during the budget should be tracked for Shipping Bills filed on or after 1 February, with manual collection until directories are updated online. Bills of Entry filed before the suspension time will continue to be processed.