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.

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.