Fund raising by large corporates: compliance period extended and stock exchanges directed to amend rules and notify market.
The contiguous block over which large corporates must meet the mandatory requirement to raise a minimum portion of their incremental borrowings through issuance of debt securities, reckoned from Financial Year 2021-22, is extended from two years to three years; relevant provisions of Chapter XII (paras 2.2(c) and 2.2(d)) of the NCS Operational Circular are modified. Stock exchanges are directed to notify brokers, publish the circular, amend bye laws, rules and regulations in coordination, and communicate such amendments to the regulator for uniform implementation.

Electronic Cash Ledger migration shifts customs deposit and payment processes to a portal based non interest bearing ledger for duty payments.
The Electronic Cash Ledger (ECL) requires registration on ICEGATE and creation of an ECL account for importers, exporters, brokers, couriers and other payors; deposits are made via portal challans and visible on ECL. Payments for customs duties, integrated tax, compensation cess, interest, penalties and fees may be made by selecting payment challans with ECL as the payment mode, with a back end conversion for direct portal payments. Refunds of ECL balances are processed to the bank account registered on the customs system under the Regulations.

Warehoused goods: new mandatory shelf-life, bank guarantee, extension timing and bond-closure requirements to protect revenue.
The notice prescribes mandatory procedures to safeguard revenue from Customs bonded warehouse operations: declaration of shelf life at initial warehousing or bond-to-bond transfer; restriction of warehousing periods where remaining shelf life is under one year unless shortened appropriately; timely in-period applications for extensions with justification; mandatory submission of bonds supported by Bank Guarantee for bond-to-bond transfers during extended warehousing; prompt payment or cancellation of Ex-Bond Bills of Entry; and submission of supporting documents for bond closure, failing which fresh bonds will be refused without senior approval.

Electronic Cash Ledger implementation shifts customs payments to phased portal deposits and electronic payment modes for trade.
Phased enablement of an Electronic Cash Ledger under Section 51A and the Customs (Electronic Cash Ledger) Regulations, 2022 requires ICEGATE registration and ECL account creation. Initial exemptions apply to non-automated customs stations, accompanied baggage, international courier terminals and specified non-electronic deposit uses, with courier deposits migrating into ECL in the second phase. Deposits are made via portal-generated challans using authorised internet banking or NEFT/RTGS; payments may be made from ECL balances or via a front-end payment flow that creates and debits ECL. Refunds follow ECLR procedures and are not governed by Section 27.

Electronic Cash Ledger payments for customs liabilities commence in phases, requiring courier shipment payments through the ledger.
Electronic Cash Ledger is being implemented in phases for customs payments from 1 April 2023. It operates through non-interest-bearing deposits that may be used to pay customs duty, integrated tax, compensation cess, interest, penalties, fees, and other liabilities. Courier shipment payments must be made through ECL from 1 May 2023, while specified transactions and TR-6 challan payments remain exempt pending later migration. Registered importers, exporters, customs brokers, couriers, and eligible UIN holders may deposit funds and make payments through the ICEGATE portal. Unused balances may be used later or claimed through the ECL refund process.

Acceptance of Electronic Certificate of Origin allowed for CEPA preferential claims subject to format, verification, and e Sanchit upload.
Acceptance of Electronic Certificate of Origin issued by Japan is permitted for India-Japan CEPA preferential claims if the e-COO is in the prescribed format with authorised seal and signature and complies with Notification No. 55/2011. Authentication is to be verified via METI's CO Reference System using circulated credentials, with referral to the FTA Cell when necessary. The e-COO must be uploaded on e-Sanchit, particulars entered accurately in the bill of entry, and a printed copy produced for cross-checking as a substitute for defacement; ICES blocks duplicate COO reference use.

Identifier code declaration required in Bill of Entry item-level for specified telecom goods; must use Annexure values and system fields.
Importers and customs brokers must mandatorily declare an alphanumeric identifier code at the Bill of Entry item level in the Single Window BE_ITEM_INFO_TYPE table under the info_cd field for the specified telecom tariff headings, selecting the value only from the list in Annexure 2 of the Board circular; related fields include info_type, info_qfr and PNM/PID.

Electronic Cash Ledger requirement: phased migration to online deposits and payments for customs liabilities, with portal registration and bank integration.
The phased rollout requires liable persons to register on ICEGATE and create an ECL account, deposit non-interest-bearing sums via portal-generated challans using authorised internet banking, NEFT or RTGS and use ECL balance to pay customs and related liabilities by selecting payment challans in customs applications; a portal route permits immediate payment while creating and debiting an equivalent ECL deposit on the back end.

WBGST DIN introduced for GST communications; recipients can verify authenticity online and post facto DINs issued in exceptions.
The Directorate mandates electronic generation and prominent quoting of a WBGST DIN on specified GST communications issued by officers not below State Tax Officer from designated offices, except where GSTN portal numbers are used, communications originate from non-designated offices, or certain forms are manually issued outside office. The DIN's structure, verification via the Directorate website, and initial categories requiring DIN (summons, arrest memos, search authorisations, inspection notices and related notices/intimations) are prescribed. Technical or urgent field exceptions allow post facto DIN generation within three working days; absent DIN, communications are deemed invalid.

Portfolio managers must implement cyber security and resilience frameworks with rapid incident reporting and annual audits.
Portfolio managers with AUM of INR 3000 crore or more must implement a board approved Cyber Security and Cyber Resilience framework covering governance (board review, Technology Committee, designated CISO), asset identification and classification, risk lifecycle controls (identify, protect, detect, respond, recover), technical and physical safeguards, annual VAPT by CERT In empanelled firms with mandated remediation, continuous monitoring, incident forensics, RTO/RPO limits, immediate incident reporting to the regulator and CERT In, quarterly reporting, periodic training and annual independent audits.

NAV disclosure timelines revised for overseas-investing mutual fund schemes, permitting next-morning or SID-specified delayed public disclosure.
The circular revises NAV disclosure timelines for mutual fund schemes investing overseas, allowing differentiated outer time limits-same-day disclosure for most schemes, next-business-morning disclosure for schemes with certain overseas exposures or ETCDs, and SID-specified timing where same-day valuation is infeasible-while requiring AMCs to value underlying assets as of the T day.

First time import/export registration: single IEC registration suffices to undertake both import and export operations.
An IEC holder who completes first time import registration need not undergo a separate first time export registration (and vice versa); a single registration enables the IEC holder to undertake both import and export activities. Customs officers may verify registrations from the EDI-uploaded list of first time importers/exporters, and difficulties may be reported to the Deputy/Assistant Commissioner by email. These directions are to be treated as a standing order for officers and staff.

IGCR Intimation Number: obtain a fresh IIN at ICEGATE for use in Bills of Entry for the new fiscal year.
Generation and use of the IGCR Intimation Number (IIN) at ICEGATE is required for IGCR imports for the new financial year; IINs issued in or before the prior year expire at year-end and importers must generate fresh IINs at ICEGATE to populate Bills of Entry filed from the start of the new fiscal period. The notice operates as a standing order for department staff and provides ICEGATE contact points for operational issues.

Telecom equipment: importers must declare alphanumeric product codes for specified tariff items from 01.04.2023 onward.
Importers of goods classifiable under tariff items 85176290 and 85176990 must, from 01.04.2023, declare the prescribed alphanumeric product identifier from Annexure 2 in the Bill of Entry at filing; Annexure 1 illustrates the covered telecom product categories (optical transport, packet optical transport, IP radios, VoIP systems, carrier Ethernet/MPLS/PTN, and LTE/5G MIMO elements) to enable consistent identification under the amended notification.

Revenue recognition under Ind AS: measure revenue and trade receivables at transaction price unless significant financing exists.
Non-compliance concerns arise where companies state revenue is measured at fair value of consideration received or receivable, whereas Ind AS 115 requires revenue to be recognised at the transaction price allocated to performance obligations. Similarly, trade receivables are often incorrectly described as initially recognised at fair value, but Ind AS 109 provides that trade receivables without a significant financing component are initially measured at the transaction price defined in Ind AS 115. Companies and auditors must align policies and disclosures with these Ind AS measurement requirements.

Appeal filing date rule: provisional acknowledgement treated as filing date when order is on portal; otherwise submit self certified copy promptly.
Amendment to Rule 108(3) provides that if the decision or order appealed against is uploaded on the common portal, the provisional acknowledgement date shall be the date of filing; if not uploaded, the appellant must submit a self certified copy within seven days of filing FORM GST APL-01, after which the Appellate Authority issues a final acknowledgement in FORM GST APL-02 and the provisional acknowledgement date is treated as the filing date, while late submission makes the submission date the filing date.

GST classification of Rab: rate for pre-packaged and labelled supplies and nil for others, effective from March.
Effective 1 March 2023, Rab sold in pre-packaged and labelled form attracts a GST rate, whereas Rab sold in any other form attracts nil GST; past-period treatment is regularized on an "as is" basis and implementation difficulties are to be reported to the Chief Commissioner of State Tax.

Mandatory electronic filing transition for Non Preferential Certificate of Origin extended, online use optional until the extended deadline.
Extension of the mandatory electronic filing transition for Non Preferential Certificates of Origin on the Common Digital Platform to 31 December 2023; use of the e CoO system remains optional until that date and manual/paper processing is permitted. Designated issuing agencies must sensitize and encourage exporters to register for and use the online platform; guidance and Help Manual & FAQs are available on the e CoO landing page.

Scheme of arrangement filings by unlisted infrastructure institutions require SEBI observation before court filing, with prescribed disclosures and fees.
Unlisted Market Infrastructure Institutions proposing a scheme of arrangement must file the draft scheme with SEBI for an observation or no-objection letter before approaching any Court or Tribunal. Filings must include board approval, a registered valuer's report with a recent undertaking, an Audit Committee recommendation addressing need, rationale, synergies and shareholder impact, a SEBI-registered merchant banker fairness opinion, audited financials, auditor certification of accounting treatment, disclosures on defaults and litigation, lender NOCs where applicable, a complaints report, and a certified compliance report; the draft must be disclosed on the MII's website upon filing.

Nomination requirement for mutual fund holders gets extended, delaying folio freezing and requiring repeated compliance reminders.
Existing individual mutual fund unit holders were required to either provide nomination or opt out of nomination, with non-compliant folios originally liable to be frozen for debits. The freezing date was extended to September 30, 2023, while AMCs and RTAs were directed to send fortnightly emails and SMS guidance to non-compliant unit holders. All other provisions of the earlier nomination circulars remained unchanged.