Proper-officer jurisdiction: GST functions are assigned across designated tax ranks for exercise only within their respective jurisdictions.
Proper-officer functions under the Tripura State Goods and Services Tax framework are assigned to specified State Tax officers, subject to exercise only within their respective territorial jurisdiction. Assistant Commissioners and Superintendents receive functions concerning returns, assessment, audit, refunds, recovery and related matters. Senior officers receive specified functions concerning special audit, inspection, search and seizure, access to business premises, summons, penalties, detention, confiscation and disclosure of information. The assignments supersede earlier orders and take immediate effect.

Short selling framework bans naked shorts, mandates disclosures and reporting, and requires SLB with institutional gross settlement.
SEBI's framework defines short selling as selling securities not owned at trade time, permits retail and institutional participants, and prohibits naked short selling while mandating delivery at settlement. Institutional investors must declare short-sale orders at placement, are barred from intraday square-offs with custodians grossing positions, and a Securities Lending and Borrowing scheme will be implemented alongside institutional short selling. Brokers must report scrip-wise short positions daily for exchange consolidation and weekly public disclosure, and SEBI may review eligible securities and disclosure frequency.

Empanelment of chartered engineers for valuation of second hand machinery in Chennai Customs Zone; specialized inspections and Form B reporting required.
Specified firms, agencies and individuals listed in Annexure I are empaneled to conduct valuation and visual inspection of second hand/used plant and machinery in the Chennai Customs Zone, limited to the categories against their names. Inspections must be performed by the empaneled chartered engineer, supported by videography/photography, and reported in the prescribed Form B. Referral to another engineer with Commissioner approval is permitted where doubts about evaluation or qualification arise, with service charges borne by the importer. Annual self appraisals and withdrawal for customs related offenses are mandated.

Hedging of foreign exchange risk: revised directions permit specified derivatives, set user classifications and position monitoring requirements.
The circular revises the RBI's framework for foreign exchange risk management by consolidating prior directions and defining eligible products, users and operational conditions. Authorised Dealers may offer prescribed spot, OTC and exchange traded derivatives to retail and non retail users for hedging and other permitted purposes, with specific provisions for NDDCs and foreign currency interest rate derivatives. Dealers and exchanges must ensure hedges correspond to underlying exposures, comply with notional and tenor limits, provide mid market pricing to retail users, enable monitoring for large positions, and submit required reports; the Reserve Bank may impose or modify prudential limits as necessary.

Veneer classification and transport controls: stricter on road verification and supply chain checks to prevent undervaluation and diversion.
The circular identifies a tax evasion scheme involving interstate transport where face veneer consignments are diverted in transit and replaced by core veneer, with manufacturers under reporting face veneer consumption and selling undeclared production at undervalued prices. It mandates physical verification by mobile teams to classify consignments as face or core veneer, reconciliation of manufactured output with face veneer purchases during scrutiny and audit, and detailed data analysis of low value invoices with targeted audits where anomalies are found.

Risk Management System overrides require express Commissioner approval and strict recording and reconciliation procedures.
Any deviation from Risk Management System (RMS) instructions for import Bills of Entry requires express approval of the Commissioner of Customs (Import) in e office; such deviations must be recorded with reasons. The DC/AC (EDI) shall keep a serially numbered physical register of Commissioner authorizations, the serial number must be entered in ICES and the e office file, and DC/AC (EDI) must reconcile green channel clearance data from ICES with the register and submit a reconciliation report to the Commissioner.

Tariff rate quota allocation for raw cane sugar to USA under TRQ; APEDA operates quota, ADGFT issues origin certificates.
A tariff rate quota of 8606 MTRV for raw cane sugar exports to the USA for US fiscal year 2024 is allocated under Paragraph 2.04 of the Foreign Trade Policy, 2023. Exports under the TRQ are 'Free' subject to conditions in existing notifications; the designated implementing agency will operate the quota and coordinate certification. Certificate of Origin for preferential export will be issued by the central certification office on recommendation of the export development agency, and reporting requirements in prior notifications remain applicable.

Transhipment bond requirement lifted for direct sea port to sea port export movements; system updated accordingly.
Requirement of a transhipment bond is addressed under the Export Transhipment (ETP) module; filing ETP at the first customs location previously made a transhipment bond mandatory. A regulatory exemption for direct sea port to sea port movements by sea means no bond is required for such transhipments, and the customs IT system has been updated so the transhipment bond is no longer mandatory for direct sea port movements.

Adjudication proceedings: personal hearings scheduled; noticees may appear in person or virtually and must submit replies.
Adjudication proceedings have been initiated against listed exporters for alleged non-realisation of export proceeds and ineligible drawback claims; final Personal Hearings are scheduled before the designated Adjudicating Authority. Noticees must submit replies and may appear physically, through authorised representative, or via video conferencing by intimating mode of appearance and providing valid ID and contact details in advance. Failure to represent will lead to ex-parte decision based on available records; communications may be sent by speed post or email.

Reason to Believe documentation: ensure explicit recording to validate investigations and prevent procedural quashing of proceedings.
Units must record all adverse facts from data analysis in the case profile and make a logical, explicit notation of Reason to Believe, after which the Joint Commissioner must enter that notation and issue FORM GST INS-01. During investigation and search, test each point against prescribed procedures and prepare point-wise panchanama and physical verification sheets; record seized records and goods in INS-02 for inter-form verification, upload all post-check documents to the MIS module, and ensure final reports are transmitted after Proper Officer approval within the prescribed timeframe or within any duly recorded extension.

Online dispute resolution for the securities market: a common ODR Portal mandates time bound conciliation and arbitration for investor disputes.
Establishes a common Online Dispute Resolution (ODR) Portal run by Market Infrastructure Institutions with empaneled ODR Institutions to resolve investor disputes via time bound conciliation (21 days plus limited extension) and/or arbitration (document only or hearings depending on claim value). It prescribes scope, allocation by round robin, mandatory enrolment of Market Participants, fee slabs, mandatory deposits (100% of admissible claim value by respondent), qualification and conduct norms for conciliators/arbitrators, MIIs' governance responsibilities, integration with SCORES, phased implementation timelines, and publication and audit obligations.

Settlement of running account: brokers may conduct client fund settlements on Friday or Saturday to reduce operational risk.
Settlement of client running accounts may occur on Friday and/or Saturday; TMs shall settle at clients' choice on monthly and quarterly bases on dates stipulated by Stock Exchanges, which shall publish an annual settlement calendar. Funds received from clients whose running account has been settled must remain in the Up Streaming Client Nodal Bank Account and must not be used to settle other clients' running accounts; Stock Exchanges shall implement monitoring mechanisms, require TM reporting, and continue online oversight to ensure timely settlement and non-retention of excess client funds.

Online bond platform regulation tightened: permitted products, mandatory seller agreements, immediate transaction notices and standardized risk warnings required.
Modifications restrict OBPP offerings to listed debt instruments, debt proposed for listing via public offering, listed government securities, listed sovereign gold bonds and other products regulated by other financial sector regulators; such cross-regulator products must be hosted separately and carry a clear disclaimer identifying the regulator. OBPPs must divest non permitted offerings, enter written agreements with third party sellers defining rights and obligations before onboarding, and issue prompt electronic order receipts, deal sheets on execution and quote receipts to sellers. Advertising must carry a prescribed risk warning and non compliance attracts action under applicable securities law.

Social Stock Exchange updates: new NPO registration rules and procedures and conditions for Zero Coupon Zero Principal issuances.
SEBI updates the SSE framework: NPO registration requires valid Income-tax registrations (12-month validity), disclosure of pending regulatory notices and fines, and 80G tax-deduction disclosure; social impact reporting must show past impact trends, beneficiary counts, cost per beneficiary and overheads. It establishes a public issuance procedure for Zero Coupon Zero Principal Instruments-draft filing, 21-day public comment, exchange observations within 30 days, and final filing-and mandates material disclosures. ZCZP must be dematerialized, non-transferable till maturity, have minimum issue Rs.50 lakhs, minimum application Rs.10,000, and minimum 75% subscription with refund below 75%; SSE to maintain allotment records and specify further issue norms.

Warehousing code declaration requirement updated; ICES error prompted administrative waiver of late fees for affected warehouse bills of entry.
ICES has been enabled to require mandatory warehousing code declaration for filing into-bond bills of entry in line with Board Circular No.19/2016-Cus.; a technical error (835) caused valid warehousing codes to be rejected until rectified on 26.12.2023 afternoon. As administrative relief for filings disrupted by the error, the Commissioner waived the late fee for affected warehouse bills of entry for vessels with entry inwards at Chennai Seaport during the error period. The Public Notice functions as a standing order and directs stakeholders to report any remaining difficulties to the Assistant Commissioner (Appraising Main), Chennai-II.

Non-SEZ IT/ITES units: statutory powers under central laws to be exercised by concerned agencies without Development Commissioner approval.
Powers under any Central Act or other law in respect of non-SEZ IT/ITES units operating in the non-processing area of an IT/ITES SEZ shall be exercised by the concerned officer or agency having such powers without the need for any approval from the jurisdictional Development Commissioner, and such units are subject to the provisions of all Central Acts and rules applicable to entities in the domestic tariff area.

Proper Officer designation: taxation inspectors to handle registration functions under supervisory approval and statutory processing timelines.
Taxation Inspectors are specified as Proper Officers for registration, amendment, cancellation and revocation of registration under the HGST Act, 2017, replacing Excise and Taxation Officers for these functions. They must verify documents, observe Principles of Natural Justice before adverse orders, and obtain prior manual approval from the jurisdictional Excise and Taxation Officer for cancellation and revocation applications and for initiating suo moto cancellations until an online facility is available. All actions must adhere to statutory processing timelines, be supervised by the jurisdictional Excise and Taxation Officer, and be properly recorded.

E-commerce transactions: ECOs must withhold 1% TDS on gross transaction value, including linked fees when applicable.
Section 194-O mandates 1% withholding by the e-commerce operator on the gross amount of sales or services at the time of credit, payment or deemed payment. The operator who makes the final payment or deemed payment to the seller must deduct, deposit tax, file Form 26Q and issue Form 16A. Gross amount includes transaction-linked fees (shipping, packaging, convenience, commissions) and platform fees where linked; GST or state levies separately indicated may be excluded if deduction is on credit. Purchase-return adjustments and treatment of seller versus ECO discounts are specified.

Choice of nomination deadline extended for demat accounts and mutual fund folios, with ongoing compliance communication duties.
The compliance deadline for submission of the choice of nomination in eligible demat accounts and mutual fund folios has been extended to June 30, 2024. Depository Participants, AMCs and RTAs must encourage non-compliant holders to complete nomination or opt out of nomination through fortnightly email and SMS communications. Other nomination-related requirements under the existing Master Circulars remain unchanged.

Electronic origin data exchange enables automated CoO validation and ledger debit, triggering negative acknowledgments for mismatches.
Electronic origin data exchange now supplies electronic Country of Origin data from Korea for Bills of Entry; importers or customs brokers must declare correct unit quantity code and quantity in BE_item and provide the CoO number with specified single window fields per the ICES advisory annexure. ICES will auto debit eCoO quantity from the CoO certificate ledger and issue a negative acknowledgment where declared quantity exceeds ledger balance or an incorrect UQC is declared, with declared details visible to assessing officers. The same steps apply to old certificates and the notice functions as a standing order.