Recovery Expense Fund requirement enables debenture trustees to access funds for enforcement after issuer default.
Creation of a Recovery Expense Fund is required from issuers listing debt securities; contributions may be cash, cash equivalents or bank guarantees, held and invested by the designated stock exchange with income credited to the REF. On default, the Debenture Trustee or Lead Debenture Trustee obtains holder consent for enforcement, notifies the designated exchange, and the exchange releases REF funds promptly. Trustees must account for expenses paid from the REF. Remaining balances are refundable to the issuer on repayment or call/put exercise upon trustees issuing a No Objection Certificate confirming no other defaults.

Investment Committee approvals: AIF registrations with resident external members proceed; cases with non resident members await regulatory clarification.
SEBI amended the AIF Regulations to permit a Manager to constitute an Investment Committee to approve investment decisions, and has sought clarification from the Government and the central bank on whether FEMA (Non debt Instruments) Rules apply when such committees include external members who are not resident Indian citizens. Pending that clarification, SEBI will process AIF registration and scheme launch applications where external members are resident Indian citizens, while applications proposing non resident external members will be held until clarification.

Faceless assessment procedures: traders must upload complete e Sanchit documentation and tag bond details correctly to expedite customs clearance.
Customs instructs traders to upload all supporting documents to e Sanchit when filing the Bill of Entry, provide full product and end use details, tag IRN with the BE, and file amendments when additional documents are added post submission. Traders should opt for Continuity Bond where appropriate and enter the correct Bank Guarantee percentage (or zero if none) in the Bond Management module to prevent system defaults that trigger recalls. The Turant Suvidha Kendra serves as the facilitation helpdesk and a Joint Commissioner is the nodal escalation officer.

Faceless Assessment: streamlined measures to expedite Bills of Entry processing and clarify physical document handling.
Faceless Assessment implementation is standardized to expedite Bills of Entry processing by mandating additional working days for FAGs on rotation, enabling dashboards to monitor pending B/Es and time-sensitive consignments, and directing Principal Commissioners and PAGs to proactively coordinate disposals. FAG officers must minimize and aggregate queries, ensure supporting documents are linked to relevant B/Es, and avoid retaining B/Es for validations to be completed at Customs Compliance Verification. Guidelines define ordinary circumstances for First Check examinations and prescribe reassessment routes before and after out-of-charge, while confirming procedures for submission and verification of original Certificates of Origin.

Faceless assessment rollout: automated electronic import assessments with port roles for inspections, testing, provisional assessment, and appeals.
All India roll out of Faceless Assessment creates an automated, electronic assessment regime under Turant Customs: Bills of Entry filed via ICEGATE/e Sanchit are assigned to Faceless Assessment Groups for risk based verification; Port Assessment Groups and Turant Suvidha Kendras retain responsibility for physical examination, testing, bond registration and non assessment functions; FAGs may accept self assessment, seek documents, order tests, re assess with speaking orders, or transfer cases to PAGs in specified exceptional circumstances; appeals against FAG re assessments lie with the Commissioner (Appeals) for the port of import.

QR code based sampling solution enhances transparency and enables real time tracking of import and export samples for testing.
The QR code based Sampling Solution is a web based portal mandating QR stickered duplicate samples with scanned check in/check out and uploaded photographs at drawal (CFS), CSC receipt/forwarding, and laboratory receipt; role based logins permit assessing officers to monitor report status and send pending report requests, while integration with the Test Memo module in ICES provides laboratory report access, all to enhance transparency, sample integrity verification and reduction of dwell time.

GST transit interception procedure revised by deleting the direct seizure instruction for alleged tax evasion cases.
Uniformity in proceedings by mobile squad units under the Uttar Pradesh GST framework is addressed by deleting paragraph 11 of the earlier circular governing detention, release, seizure, and related action during transport of goods. The deleted paragraph had permitted a Proper Officer, where transported goods were found to be moved with an intention of tax evasion, to bypass proceedings under Section 129 and proceed directly under Section 130 for seizure of goods and vehicle, including issuance of FORM GST MOV-10 and electronic uploading of the summary in FORM GST DRC-01.

Contactless OTP validation permitted for international courier deliveries as an alternative proof of delivery; couriers must retain audit trail.
Allows contactless delivery of international courier consignments via OTP validation as an alternative to physical signatures; couriers must register and KYC the consignee's mobile number, electronically validate OTP at delivery, with failed validation preventing delivery. Proof of delivery may be by physical signature or OTP, and couriers must retain OTP generation and validation data and the full audit trail for five years, available to customs officers on request.

Director residency requirement relief extended; non compliance will not be treated as a violation for the specified financial year.
The Ministry clarified that failure by at least one director to meet the minimum director residency requirement in India shall not be treated as a compliance breach for the specified financial year, extending the relief previously granted in General Circular No. 11/2020 in view of the COVID 19 outbreak.

Utilization of regulatory fee forgone funds permitted for farmer support, including reimbursements and options incentives.
SEBI permits stock exchanges to use the fund created from regulatory fee forgone to reimburse mandi tax and warehouse handling (assaying, cleaning, drying, sorting, storage, transportation) for goods deposited in Clearing Corporation accredited warehouses with exchange specific eNWRs, reimburse Clearing Corporation fees on Farmers/FPOs, and incentivise option premium for Farmers/FPOs. Exchanges must revise and publish action plans, disclose corpus and monthly utilisation on their websites, include details in the Monthly Development Report, amend bye laws, notify brokers, and report implementation to SEBI. The circular is effective immediately under SEBI Act powers.

Faceless Assessment: mandatory BOE documentation, correct bond BG entries and structured reassessment routes to speed customs clearance.
Faceless Assessment enhancements require traders to declare end use for time sensitive consignments, upload and link complete supporting documents at BOE filing via e Sanchit/ICEGATE (upload, generate IRN, file amendment), and ensure ICES bond entries reflect the actual percentage of Bank Guarantee or expressly record zero where none is needed. Re assessment is governed by three scenarios: amendments before OOC that affect assessment to be processed by Faceless Assessment Groups; non assessment impact amendments before OOC to be approved by respective PAGs; and post OOC re assessments to be handled by respective PAGs. Original Certificates of Origin must be submitted at the designated Turant Suvidha Kendra 2 and TSK I and a Nodal Officer is appointed for grievance escalation.

Faceless assessment: procedural measures to ensure timely BoE clearance by documentation, bond entry and reassessment rules.
Measures to expedite faceless assessment require traders to declare end-use for urgent consignments, provide full commodity descriptions and upload and link mandatory supporting documents to the BoE via e Sanchit; additions follow an upload-and-amend procedure with auto approval, while deletions need officer approval. Bond entries in ICES must state the actual BG percentage or expressly zero to avoid automatic 100% BG defaults and recalls. Reassessment routes under section 149 are prescribed: pre OOC amendments impacting assessment go to FAG, pre OOC non impacting amendments to respective PAGs, and post OOC reassessments to respective PAGs. Original COO hard copies must be submitted at the designated Turant Suvidha Kendra-2, and grievance escalation is centralized through an appointed Nodal Officer.

Attachment of property: prior higher-level approval required and extant procedures must be followed before coercive tax recovery.
The corrigendum requires that attachment of movable or immovable property follow extant statutory procedure and that Tax Recovery Officers comply with the Second Schedule; Assessing Officers or TROs must obtain prior approval from Pr CIT/Pr. DIT/CIT/DIT before any attachment.

Referral procedure requires prior vetting and signature by jurisdictional senior officers before technical or policy queries reach the Board.
Field formations must obtain vetting and the signature of the jurisdictional Principal Chief Commissioner/Chief Commissioner or Principal Director General/Director General before referring technical or legal matters to the Board; only specific policy questions in Writ Petitions should be referred for Board comments, not entire petitions. The instruction applies to Central Excise and Service Tax wings and requires use of Annexure A proforma setting out Issue in Brief, Policy Issue, Position in Law, prior instructions/rulings, Options, Points of Doubt, and Recommendation with signature.

Power of survey under section 133A: approvals required from designated TDS or Investigation Wing authorities before conducting surveys.
Order prescribes that surveys under section 133A may be conducted only by officers of the Investigation Wing or the TDS charge, subject to prior approval: TDS charge surveys require Pr. CCIT/CCIT (TDS) approval and execution by TDS officers; Central charge surveys require DGIT (Inv.) approval and conduct by Investigation Wing officers including Central charge staff; certain Central charge actions require a two member collegium approval.

Refund and credit note procedures govern adjustment of GST on cancelled supplies and advances, enabling return adjustment or RFD-01 claims.
Where tax was paid on advances or on supplies subsequently cancelled or returned and an invoice had been issued, the supplier must issue a credit note under section 34 and declare it in the return for the month of issuance to adjust tax liability; no separate refund claim is needed unless there is no output liability, in which case a claim may be filed as excess payment of tax via FORM GST RFD-01. If no invoice was issued on advance, a refund voucher must be issued and refund sought via FORM GST RFD-01.

Faceless assessment: measures to ensure continuous assessment and prompt clearance of time-sensitive import consignments and streamlined reassessment procedures.
Operational directions require continuous faceless assessment by extending Saturday work (except second Saturday), prioritising time sensitive consignments, and deploying DG Systems dashboards for proactive monitoring by NACs, PAGs and FAGs. Query management must avoid piecemeal queries and ensure complete linked documentation at filing; statutory compliance verification is reserved for port level Customs Compliance Verification. First Check is limited to specified categories (e.g., used machinery lacking export appraisal, items needing valuation or identity verification), with other cases ordinarily routed to Second Check unless senior approval is obtained. Reassessment routes are prescribed by timing and impact on assessment, original Certificates of Origin must be accepted as per certification procedures, and TSKs will serve as facilitation helpdesks with designated nodal officers for grievances.

Faceless assessment: enhanced procedural measures require additional working Saturdays and streamlined first check and reassessment procedures for timely clearance.
Faceless assessment procedures are amended to expedite processing: designated faceless assessment groups will work most Saturdays, ports must identify and fast track time sensitive consignments with end use indicated on the Bill of Entry, and traders must upload and link complete supporting documents to the Bill of Entry. Criteria distinguishing First Check and Second Check examinations are prescribed, and reassessment under section 149 is allocated by three scenarios depending on timing and impact on assessment. Turant Suvidha Kendras will act as facilitation helpdesks and designated officers will serve as escalation nodal points.

Faceless assessment: Trade must upload and tag complete e-Sanchit documents to speed customs clearance under new procedures.
Prompt facilitation of import clearance under the Faceless Assessment regime is reinforced by operational measures and trade-facing procedural guidance aimed at reducing queries and recall of Bills of Entry. Trade must upload and tag comprehensive supporting documents through e Sanchit at filing, enter correct Bank Guarantee percentages in the Bond Management module (expressly zero if none), and where applicable opt for the Continuity Bond option to avoid repeated bond registration. A Facilitation Helpdesk at Turant Suvidha Kendra and a nodal officer are designated for escalation of clearance grievances.

Coercive recovery procedures require exhaustion of alternatives and collegiate approval before surveys or attachments proceed.
Assessing Officers and Tax Recovery Officers may exercise recovery powers only after exhausting alternative measures and must obtain prior approval from designated senior officers before undertaking attachment; recovery surveys are limited to Investigation or TDS Wing officers, require specified Collegium or senior approvals depending on charge, must involve the concerned AO/TRO, remain within approved scope, and be reported and uploaded on the ITBA platform.