Client collateral monitoring: reporting streamlined, certain broker reports discontinued while G Principle retained and exchanges must implement.
SEBI discontinues certain broker reporting requirements and deletes Clause 15.5.2 and Tables 5-7 of the master circular, while modifying Clause 15.5.3 to reiterate the G Principle: available funds with the broker and clearing entities must always be equal to or greater than clients' ledger funds. Exchanges must implement the circular immediately, notify brokers, publish the changes, jointly issue operational guidelines and an SOP within 15 days, amend relevant bye laws and report implementation status to SEBI monthly.

Dematerialisation requirement: AIF investments must be held in dematerialised form and custodians appointed, with reporting obligations.
AIFs must hold any investment made on or after October 1, 2024 in dematerialised form; pre-existing investments are exempt except where the investee is legally mandated to dematerialise or the AIF (alone or with certain intermediaries) exercises control, in which case those investments must be dematerialised by January 31, 2025. Custodians registered with SEBI must be appointed before a scheme's first investment; specified existing Category I and II schemes must appoint custodians by January 31, 2025. The SFA, with SEBI, will set reporting standards for managers and custodians, which must be adopted and reflected in quarterly reporting and Compliance Test Reports.

Valuation of bunker supplies: provisional assessments must use transaction value or valuation rules; HPCL price as fallback.
Conversion of vessels between foreign-run and coastal-run requires Customs duty assessment on ship stores consumed; provisional assessment should use transaction value where bunker receipts exist, otherwise apply Customs Valuation Rules sequentially from Rules 4 to 9 with HPCL export sale price used only as a last resort; disputes invoke principles of natural justice. Quantification follows Board Circular No. 58/1997 and finalisation of Bills of Entry must occur promptly after receipt of reversion documents.

Direct Port Delivery allowed for FCL imports fully facilitated by RMS, subject to advance filing, duty prepayment and terminal registration.
Direct Port Delivery (DPD) is authorized for FCL import consignments whose Bills of Entry are fully facilitated by RMS-meaning no RMS-ordered assessment/examination, no PGA sample-draw, no NCTC alerts and no investigative holds. Advance Bills of Entry, prepayment of customs duties and advance intimation to port terminals and shipping lines are required. Applicants must apply to DC(DPD) with prescribed documents; approved applicants will be registered by terminals and assigned DPD codes. Terminals and importers must submit monthly reports; steamer agents must not levy extra charges. Effective 15.01.2024.

Import restriction for specified IT hardware applies only to laptops, tablets, all in one PCs, ultra small form factor computers and servers.
Import of specified IT hardware is restricted only for laptops, tablets, all in one personal computers, ultra small form factor computers and servers, and such imports are allowed only against a valid import authorisation; the restriction does not apply to other goods under the same tariff grouping such as desktop computers.

Extension of PSIA recognition validity under Foreign Trade Policy extends tenure to 31 March 2024.
The Director General of Foreign Trade, invoking powers under the Foreign Trade Policy and relaxing a Handbook of Procedures provision, extends the recognition validity of Pre Shipment Inspection Agencies listed in the A & ANF appendix whose original three year tenure completed on 27.12.2023, by extending their validity period to 31.03.2024 as an administrative measure.

Foreign investment in AIFs: AML and beneficial owner residency rules require suspension of further capital drawdowns when conditions fail.
The investor, or its beneficial owner as determined under the amended Prevention of Money Laundering Rules, must not be on the United Nations Security Council Sanctions List and must not be resident in jurisdictions identified by the Financial Action Task Force as having strategic AML/CFT deficiencies or insufficient progress addressing those deficiencies; if an already on boarded investor fails this condition, the AIF manager must not draw down further capital from that investor until the condition is met.

X-MAS online portal enables uploading licences, installation certificates, first-block export obligation proofs and EODC documents with OTP verification.
X-MAS at JNCH enables authorised holders or their customs brokers to register licences, upload licence copies, and submit Installation Certificates, First Block Export Obligation proof and EODC documents online; submissions require verified company email and mobile OTP verification, upload of prescribed pdfs ( 5MB), and electronic acknowledgement, while physical verification of Bond/BG remains necessary because the system is not integrated with ICEGATE.

Appellate time limit paused until Appellate Tribunal President assumes office, permitting declarations to defer recovery and preserve appeals.
Clarification states that where the Appellate Tribunal is not yet constituted, the statutory three month appeal period runs from the later of communication of the order or the date the Appellate Tribunal President enters office. Appellate Authorities should note this in orders and dispose pending appeals. For recovery after an adverse appellate order, taxpayers may submit a prescribed declaration to the arrear recovery wing indicating intention to file an appeal, thereby informing recovery authorities pending Tribunal constitution.

Milk and milk products must undergo quality control or inspection prior to export; customs verify EIC approval or inspection certificate.
Milk and milk products for export must undergo quality control or inspection or both before export; a health certificate is required only if the importing country specifically mandates it. Exporters may either obtain establishment approval under the prescribed Food Safety Management System and use the resultant export certificate, or opt for consignment-wise inspection by the Export Inspection Agency. Customs shall verify EIC approval and the establishment's export certificate or the Certificate of Inspection certifying export worthiness before allowing export. Standards are applied in a hierarchical order and each consignment must be accompanied by an export-worthiness certificate.

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.