Rescission of circulars streamlines insolvency compliance; rely on existing regulations and follow updated regulatory provisions.
The Board found several prior circulars redundant because their operative provisions are already provided in existing regulations; it has therefore decided to rescind the listed circulars with immediate effect and directs Insolvency Professionals, Insolvency Professional Entities, Insolvency Professional Agencies, and the Registered Information Utility to note the rescission and follow the provisions of the relevant regulations. The Annexure lists eleven rescinded circulars with brief subjects and the corresponding regulatory incorporations.

Realization of export proceeds in Indian rupees permitted, enabling invoicing and settlement in INR for EPCG scheme.
Para 5.11 of the Handbook of Procedures is amended to permit export proceeds to be realized in freely convertible foreign currency or in Indian Rupees as per para 2.53 of the Foreign Trade Policy, excluding deemed exports. Exports to SEZ units and supplies to developers/co-developers count for Export Obligation regardless of currency, and SEZ supplies must be realized from the SEZ unit's foreign currency account. The amendment aligns Para 5.11 with the RBI A.P. (DIR Series) Circular No.10 and takes immediate effect.

Transitional credit filing window extended: one time portal filing or revision allowed with prescribed declarations and verification by officers.
The circular permits a one time, time bound facility on the GST common portal to file or revise Forms GST TRAN 1/TRAN 2; applicants must submit forms signed or EVC verified, upload Annexure A and TRANS 3 where applicable, may edit forms only before clicking "submit" after which forms freeze and must be filed with DSC/EVC, and must provide a self certified copy plus supporting records to the jurisdictional tax officer within seven days for verification; allowed transitional credit will be reflected in the electronic credit ledger following adjudication.

Release of issue deposit requires an NOC after two months, ASBA unblocking, grievance resolution and ATR submission.
Release of the 1% deposit requires an issuer application on its letterhead, filed by the Post Issue Lead Merchant Banker after two months from the last listing permission, to the regional office with prescribed enclosures. The PILMB must certify unblocking of ASBA accounts and ensure any bank guarantee has minimum residual validity. SEBI will issue the NOC only after satisfaction that SCORES complaints are resolved, prescribed Action Taken Reports have been submitted, and fees and commissions to intermediaries including ASBA banks have been paid.

Investor grievance redressal via SCORES: mandatory first approach to entities, escalation and regulatory action if unresolved.
The circular requires investors to first seek redress from the concerned listed company, intermediary or MII through designated compliance officials before filing on the SEBI Complaints Redress System SCORES. Complaints unresolved, rejected, unanswered or unsatisfactorily answered may be filed on SCORES within one year of the cause of action; a one-time review option is available after closure. Registered entities and pre-listing companies must obtain SCORES credentials; ATRs and supporting proof must be uploaded on SCORES and failures to do so are treated as non-redressal. Designated Stock Exchanges handle specified complaint categories, follow prescribed timelines, and may levy fines and freeze promoter holdings for persistent non-compliance, with escalation to SEBI as provided.

State GST reimbursement for cinema admissions requires ticket price maintenance, no GST charging, and prominent ticket disclosure.
Reimbursement of State GST is authorised for admission to the film 'Dada Lakhmi Chand' during a limited period provided cinemas/multiplexes do not increase ticket prices or change seat class capacities, do not charge State GST to customers, and display on tickets that State GST was not collected by government order. Registered taxpayers must still file returns and deposit tax on the entry fee from their own resources as for other films. Collections outside the authorised period are not reimbursable; SOP for processing reimbursements is available on the department website and a separate Finance Department order will be issued.

Ceva Logistics' Haldia CFS custodianship extended to 03/11/2024 with bond, insurance, indemnity and compliance conditions.
M/s Ceva Logistics India Pvt. Ltd., successor to M/s LCL Logistix (India) Pvt. Ltd., is appointed as Custodian and its CFS retained as a Customs Area, with custodianship and Customs Cargo Service Provider status extended until 03/11/2024, subject to review, suspension or revocation for non compliance with the Customs Act, 1962 and the Handling of Cargo in Customs Areas Regulations, 2009; the custodian must furnish a Rs. 8,64,00,000 bond, maintain Rs. 30 crore insurance (both subject to periodic review), indemnify the Commissioner for loss to goods, and comply with all applicable statutory provisions and prior public notice conditions.

Review petition decision: government will not seek review after Supreme Court order, advising departmental follow-up.
The Board has communicated that it will not file a Review Petition following the Supreme Court's order in the referenced civil appeal, and has informed the Commissioner of the CGST commissionerate for information and any consequent action.

Anonymised Escalation Mechanism enables importers and brokers to anonymously escalate delayed bill of entry assessments.
An anonymised escalation mechanism on ICEGATE allows importers and customs brokers to file grievances for a Bill of Entry pending assessment (eligible after 24 hours or where IGM details exist). Grievance tickets are routed anonymously to officers with VDN or ADN roles in ICES, follow the Bill of Entry when transferred between FAG Port and Port of Import, are monitored by nominated nodal officers, and are closed automatically when assessment is completed, with status visible on the ICEGATE Grievance Dashboard.

Pre-Shipment Inspection Agency recognition expands; notified agencies approved and inspections abroad require prior intimation to competent authority.
The Director General of Foreign Trade includes specified agencies in Appendix 2G as recognized Pre-Shipment Inspection Agencies under Para 2.55(d) HBP 2015-20, notifies additional areas of operation and permits instrument additions for certain existing PSIAs. Approvals carry defined validity (generally up to three years) and are conditional on documented equipment calibration and annexed instrument lists. Notified PSIAs must update membership and contact details within 30 days. Inspections in countries without full-time branches require prior intimation by email to DGFT and furnishing of inspector visit details for PSIC entry.

Faceless Assessment expands anonymized escalation and centralized RMS examination orders for targeted goods and monitoring procedures.
Implementation expands Faceless Assessment by formalising an Anonymized Escalation Mechanism that operates after arrival of goods and requires Principal Chief Commissioners and Chief Commissioners to monitor lodged aspects, ensure prompt successive action, identify root causes, and adopt administrative or systemic measures to prevent recurrence and expedite customs clearances. The Board also extends system-generated centralized Standard Examination Orders through the Risk Management System to additional goods under Phase 1, Part 2, harmonising risk-based post-assessment examinations across assessment groups.

Taxation of virtual digital assets: new flat tax and withholding rules expand tax base and limit deductions.
The Finance Act, 2022 revises direct taxation by fixing tax rates and surcharge/cess treatment, modernising definitions, introducing a distinct taxation regime for virtual digital assets with a high tax rate and limited deductions plus a 1% withholding mechanism, and rationalising charitable trust exemptions by aligning two exemption regimes with new compliance, record keeping, specified violation tests, penalties for benefits to specified persons, and extension of exit tax provisions; it also expands withholding, reporting and procedural mechanisms and clarifies disallowances and anti avoidance rules.

Annual Compliance Certificate requirement: insolvency professional agencies must file revised certificate annually confirming regulatory compliance.
The Board requires registered Insolvency Professional Agencies to have a designated compliance officer submit a revised Annual Compliance Certificate, signed by the compliance officer and managing director, verifying adherence to the Code, Board regulations, circulars and guidelines. The prescribed Annexure and Appendix set out a detailed checklist across Parts A-E addressing member admission, monitoring, grievance and disciplinary processes, governance and bye laws, board composition, managing director appointment, infrastructure, financial thresholds and reporting; the certificate must be filed within forty five days of the financial year end.

Digital payments mandate requires all Department of Commerce subordinate offices to use online receipts and disbursements only.
Mandate requiring digital receipts and payments directs that all payments and fee transactions, including disbursements to scheme beneficiaries, be executed in online/digital form only, excluding instruments such as demand drafts and cheques. Zonal Development Commissioners must ensure full implementation across Department of Commerce offices, subordinate and attached bodies, CPSUs, boards, autonomous bodies, and educational institutes, and furnish reports on action taken to demonstrate compliance.

Draft common Income tax Return: a merged, wizard driven, pre-fill capable ITR to simplify taxpayer compliance and reconciliation.
The draft proposes a common Income-tax Return consolidating existing returns (except ITR-7) while retaining ITR-1 and ITR-4 as optional. Core parts (basic information, computation of total income, tax computation, bank and tax payment details) apply to all taxpayers; additional schedules are conditionally shown via wizard questions so only applicable schedules appear. The form emphasises single-value rows, repeatable schedule instances, increased pre-filling, reconciliation with third-party data, user-friendly instructions, and includes annexures and sample customised ITRs; stakeholder comments are invited by the stated deadline.

Reimbursement of SGST on film admissions authorised with conditions on pricing, tax payment, documentation and claim procedure.
Reimbursement of State GST on admission to exhibition of the film 'Take It Easy' is authorised for a limited period from release, conditional on exhibitors maintaining preexisting ticket pricing and seat-class capacity, invoicing and depositing full CGST and SGST via GST returns while not collecting SGST from viewers, endorsing tickets to that effect, and filing a detailed claim with the Commissioner of State Taxes within the prescribed post period window with supporting show, ticket and tax payment records; the Commissioner will verify, sanction and disburse eligible claims or provide hearing and reasons for rejection with a limited right of appeal.

Condonation of delay in filing Form 10A extended to permit late electronic submissions under administrative relief.
The Board condones delay in electronic filing of Form No.10A that was due on 31.03.2022, extending the permissible filing deadline up to 25.11.2022 to mitigate genuine hardship caused by filing difficulties. This relief applies to filings related to registration and recognition under the tax provisions governing charitable and related entities and does not modify substantive eligibility criteria.

RoDTEP grievance mechanism via ICEGATE Helpdesk enables exporters to lodge operational complaints and obtain a tracking ticket.
Provision of a dedicated grievance mechanism for exporters under the RoDTEP scheme through the ICEGATE Helpdesk to address operational issues including scroll out of shipping bills, generation of e scrips and transfer of e scrips. Exporters may lodge complaints 24x7 by voice interaction or email, after which a unique ticket/incident number is generated for tracking and follow up. An escalation channel via a higher authority email address is provided for unresolved grievances.

Capping of ISINs for private placement debt securities limits ISINs maturing per year to enhance market liquidity.
The circular caps ISINs for private placement debt securities to reduce fragmentation and boost liquidity by allowing a maximum of fourteen ISINs maturing per financial year per issuer, plus six ISINs for section 54EC capital-gains-tax debt securities. It bifurcates the fourteen into nine ISINs for plain vanilla securities (secured or unsecured) and five for structured/market-linked securities, permits three additional plain-vanilla ISINs where a specified outstanding threshold across nine ISINs is reached, applies to ISINs utilised from April 1, 2023, and requires exchanges and depositories to implement and monitor compliance.

Standardisation of rating scales: CRAs must align rating symbols and descriptors with regulator prescribed scales and report compliance.
CRAs must align rating symbols and definitions with scales prescribed under respective financial sector regulator guidelines; adopt the Annexure issuer/corporate credit rating symbols and definitions for new ratings and reviews; use specified standard descriptors for Rating Watch and Rating Outlook; apply structured finance scales for Capital Protection Oriented Schemes; report board ratified compliance within one quarter of applicability; and be subject to half yearly internal audit monitoring.