Ad-hoc norms applicability extended to eligible pending self-declaration cases, excluding items under Appendix 4P.
Ad-hoc norms ratified on or after 01.04.2015 apply to pending cases filed under the self-declaration scheme on or after 01.04.2015 where those pending cases were filed before the application against which the ad-hoc norm was ratified; this applicability excludes items listed under Appendix 4P for other applicants.

Mandatory electronic filing of Non-Preferential Certificate of Origin extended; online filing optional until the new deadline.
Extension of the deadline for mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) on the Common Digital Platform to 31 December 2024; manual/paper processing of non-preferential CoO applications remains permitted until that date. Exporters and designated issuing agencies may opt to use the online e CoO system but are not required to do so during the transition. Authorised issuing agencies must inform and encourage exporters about registration and the online application process; a Help Manual and FAQs are available on the platform landing page.

National Time Release Study to measure EXIM cargo release times; stakeholders urged to attend awareness meeting and cooperate.
National Time Release Study (NTRS) 2024 will be carried out from 01.01.2024 to 07.01.2024 to measure end-to-end clearance and average release times for export and import cargo; Air Cargo Complex, Mumbai is among six selected formations. An awareness meeting for importers, customs brokers, trade and customs staff is scheduled at 1200 hours on 27.12.2023 at ACC Conference Hall; stakeholders are requested to participate and cooperate with the NTRS team.

Automated notice generation: drop duplicate GST notices where prior audit, scrutiny, or advisory proceedings already concluded.
Instruction directs that automated notices generated by IIT Big Data Software which duplicate completed audit, return scrutiny, advisory or summons proceedings be dropped wholly or to the extent already covered; system notices tied to voluntary payments or prior recovery notices are to be dropped after verification; invoice-only cases without movement should be dealt under the applicable penal provision and duplicates dropped; Proper Officers must review HSN/SAC-driven ITC issues and verify reversals related to exempt or non business supplies, inform taxpayers when proceedings are dropped, and ensure due process where notices remain.

ICES mandates warehouse code declaration for into bond entries; ACB can suspend or revoke warehouse codes via the system.
ICES now mandates declaration of the warehouse code when filing into bond bills of entry and validates at clearance that the warehouse code is active; the ACB role has been given a "Suspend/ Revoke Warehouse" function that auto populates warehouse details on code entry and requires an officer to confirm (enter "Y"), add remarks and save to suspend or revoke a warehouse code.

Waiver of late-filing penalty for Bills of Entry after port disruption; late fees exempted where filing impeded by storm.
Waiver of late-filing penalty for Bills of Entry is authorized for vessels with entry inwards at Tuticorin Seaport affected by the cyclonic storm and heavy rain that disrupted electricity and internet connectivity, exempting late fees for affected electronic filings via ICEGATE during the period of disruption.

Discontinuation of legacy XBRL submissions: mandated migration to CIMS for specified gold import reporting and NIL filings.
AD Category I banks must discontinue submission of two specified gold import returns on the legacy XBRL platform and upload them on the Centralised Information Management System (CIMS) portal, with banks required to file half yearly and monthly statements of quantity and value of gold imports (mode of payment details and cumulative monthly positions) or a 'NIL' report where no data exists; directions are issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999.

LRS reporting shifted to CIMS; banks must submit daily and monthly returns promptly with mandatory return codes.
LRS reporting obligations for AD Category I banks are migrated to the Centralised Information Management System (CIMS). AD Category I banks must upload the LRS monthly return on or before the fifth of the succeeding month (commencing December 2023) and the LRS daily return on the next working day from December 26, 2023. Monthly and daily returns are assigned return codes R089 and R010 respectively. If no data is to be furnished, a 'NIL' report must be uploaded on the CIMS portal.

Trade credit reporting shifted to CIMS; banks must file guarantees return R131 only via CIMS from the specified cutoff date.
Quarterly reporting of issuance of bank guarantees for trade credits must be submitted only on the Centralised Information Management System (CIMS) under return code R131; submission via the XBRL platform will be discontinued and the Master Direction on External Commercial Borrowing, Trade Credit and Structured Obligations will be updated accordingly.

Rupee drawing arrangement reporting moved to CIMS portal; authorised dealer banks must file return R129 and submit 'NIL' if applicable.
Rupee drawing arrangement reporting for AD Category I banks is shifted from XBRL to the Centralized Information Management System (CIMS) portal. From the quarter ending December 2023, banks must upload the statement under return code R129 on CIMS and submit a 'NIL' report if no data exists. The existing Master Direction will be updated and the change is issued under the Foreign Exchange Management Act, subject to other statutory permissions.

Minimum value addition requirement for spices applies only when both export and import items share Chapter 9 HS classification.
The minimum value addition requirement for spices under para 4.09(v) of the Foreign Trade Policy applies only where both the exported product and the imported input are classified within Chapter 9 of the HS codes; authorities and exporters should enforce the condition solely when export and import items both fall under Chapter 9.

Requirement for proposed resolution professionals to submit Part IV particulars and declaration enables AA to verify disciplinary status before appointment.
Where a creditor files an application recommending an insolvency professional, the proposed professional must provide the particulars and declaration in Part IV of Form C to the creditor for the Adjudicating Authority's consideration; when applications are filed through a resolution professional those particulars and declaration are furnished by that professional and the Adjudicating Authority verifies there is no disciplinary proceeding pending against the proposed professional from the IBBI database before appointment.

Online dispute resolution: independent Indian-seat mediation, conciliation and arbitration required; enrolment, deposit and fee rules specified.
Amendment clarifies that online mediation, conciliation and arbitration for securities-market disputes must be conducted by independent institutions with seat in India (online proceedings permitted), that fees and costs are as prescribed or agreed, and that claims involving specified intermediaries and regulated entities fall within this framework; it also mandates immediate ODR Portal enrolment for newly registered intermediaries and listed issuers, sets deposit and participation obligations for market participants in online arbitration, revises fee slabs and expands Schedules A and B.

Business continuity for clearing corporations via SaaS RMS enabling one CC to operate risk management using another CC's RMS software.
The Circular mandates a SaaS contingency for Clearing Corporations' RMS where a client CC operates an instance using another CC's RMS software; the client CC is responsible for real time risk management and detecting performance issues while the service provider supplies functioning software. SaaS RMS must provide specified risk and collateral functions (intraday risk management, real time margining, violation messaging, custodial confirmations, collateral handling, member interfaces, and EPI handling). Invocation and activation timelines (30 minutes each), quarterly mock sessions, agreements, SOPs, interoperability enhancements, rule changes, member notice and reporting obligations are required, with revised Business Continuity Policies due to the regulator within two months.

Principles for Financial Market Infrastructures: strengthened PFMI compliance, risk management, and disclosure obligations for clearing corporations and depositories.
SEBI requires Recognized Clearing Corporations and Depositories to implement the 24 PFMI principles to strengthen legal basis, governance, and comprehensive risk management frameworks. CCPs face quantitative obligations on credit, collateral, margin, and liquidity and must adopt default management, segregation and portability, and sufficient financial resources for extreme but plausible stress scenarios. FMIs must undertake periodic self assessment and public disclosure-quarterly for quantitative and annually for qualitative items-while the ROC performs annual monitoring and reports to the board and SEBI. FMIs must amend rules, implement systems, and publish disclosures on their websites.

Appointment of Common Adjudicating Authority assigns adjudication of specified show cause notices to Mumbai South officer.
The Board appoints the Pr. Commissioner/Commissioner, CGST & CX, Mumbai South Commissionerate as the Central Excise Officer to adjudicate the show cause notice dated 17.10.2006 issued to M/s Tata Consultancy Services Ltd., centralising adjudication of multiple office specific notices and naming the local officers to whom the Central Excise Officer will be answerable.

GST classification: imitation zari from metallised film qualifies as imitation zari yarn, attracting the Council-recommended reduced tax rate.
Imitation zari thread or yarn produced from metallised polyester or plastic film falls within the HS description for yarn combined with or covered by metal and is classified as imitation zari thread or yarn under Sl. No. 218AA of Schedule I, attracting the Council-recommended reduced GST rate. The Council also specified that no refund shall be permitted on metallised polyester/plastic film due to rate inversion, and the relevant notification has been amended accordingly; implementation issues may be notified to the Commissioner.

Related-party guarantees treated as taxable supplies; corporate guarantees valued under prescribed valuation rule, personal guarantees often valued zero.
Providing a personal guarantee by a director to secure company credit is a supply between related persons and valued under Rule 28; where RBI mandates no consideration, open market value may be zero, otherwise taxable value equals the consideration. Corporate guarantees between related persons or by a holding company for its subsidiary are supplies whose taxable value is to be determined under Rule 28 and, pursuant to an inserted sub rule (2), such valuation rule applies irrespective of input tax credit availability; sub rule (2) does not apply to personal guarantees.

Accreditation of investors: KYC-based certification enables extended multi-year validity and requires due diligence disclaimer and verification.
Accreditation Agencies may grant accreditation solely on applicants' KYC and financial information, accessing KYC records across KRAs where applicable; accreditation certificates must carry a disclaimer that such assessment does not exempt intermediaries or pooled vehicles from performing their own due diligence. Validity of certificates is extended to multi year periods depending on prior years' compliance or net worth for newly incorporated entities, and Annexures set out eligibility thresholds, documentary requirements and procedures for verification, client agreements, consent withdrawal and investor undertakings.

Secondment taxability requires case-specific GST analysis, and extended limitation applies only where fraud or suppression is shown.
Secondment arrangements between overseas group companies and Indian entities require a case-specific examination of the contract and factual matrix to determine GST taxability. The Northern Operating Systems judgment is not to be applied mechanically to all secondment cases, as different arrangements may attract different tax consequences. Section 74(1) of the Assam GST Act can be invoked only where there is material evidence of fraud, wilful misstatement, or suppression of facts to evade tax, and not merely for non-payment of GST.