Relaxation of additional fees for LLP beneficial ownership filings allows fee-free submission of LLP BEN-2 and Form 4D until extension.
Relaxation of additional fees permits LLPs to file E-form LLP BEN-2 and LLP Form No. 4D with the Registrar without payment of further additional fees until 01.07.2024, in light of the MCA 21 system transition and to promote compliance by reporting LLPs.

Aadhaar authentication permitted for a reporting entity to operate as sub KUA, subject to SEBI and UIDAI processes.
A specified reporting entity is permitted to use Aadhaar authentication services as a sub KUA for e KYC in the securities market, subject to privacy and security standards under the Aadhaar framework, compliance with SEBI's Master Circular on KYC (October 12, 2023), and any procedures prescribed by UIDAI; KUAs must facilitate the entity's on boarding as a sub KUA.

Centralized bank guarantee custody required to standardize processing, ensure auto renewal and restrict direct encashment.
A Centralized Bank Guarantee Cell is established under the Deputy/Assistant Commissioner (Bond) to receive and custody all customs-related BGs; accepting units must ensure an auto renewal clause and IEC code in BGs, enter BGs in the EDI system, hand them to the BG Cell with receipt numbers, and obtain BG returns only by written demand. The cell will not directly release or encash BGs, and units must inventory and forward existing BGs within thirty days and maintain records of receipt, dispatch and disposal.

IGST refund processing requires reconciliation of SB005 invoice mismatches via concordance table and officer verification.
IGST refund claims unprocessed due to the SB005 error (invoice mismatch) may be manually verified and sanctioned where GST invoice data in GSTR 1/Table 6A matches actual exports. Exporters must submit a concordance table mapping GST invoices to shipping bill invoices in Annexure A, provide GSTR 1/Table 6A evidence, pay the prescribed fee per shipping bill for correlation and verification, and certify filing and export of invoiced items to the Assistant Commissioner (IGST Refunds) for processing.

Exporter bank account validation failures prevent drawback disbursal; register/modify AD code bank accounts on ICEGATE and upload proof.
Drawback amounts for 369 shipping bills remain undisbursed because exporter bank account details tied to AD codes were not validated by PFMS; exporters must register/modify AD code bank accounts on ICEGATE and upload passbook or bank authorisation via e Sanchit so that, upon status showing Customs Approved, ICES will process those shipping bills for drawback disbursal.

Minimum value addition penalty applies only to advance authorizations issued after the transitional cut off; earlier AAs follow prior rules.
The deposit requirements in Paragraphs 4.49(a)(ii) and 4.49(b) of the Handbook of Procedures, 2023 - namely the deposit equivalent to 10% of CIF value and the 3% shortfall amount - apply only to Advance Authorizations issued on or after 01.04.2023; Advance Authorizations issued prior to that date continue to be governed by the provisions of the Handbook under which they were originally issued, and this clarification does not entitle applicants to refunds of fees already paid.

Compulsory scrutiny selection mandates prior administrative approval and transfer to Central Charges with NaFAC processing.
Guidelines set parameters for compulsory scrutiny for FY 2024-25 covering surveys under section 133A, search and seizure and requisition cases under sections 132/132A, non-response to notices under section 142(1), cases with notices under section 148, claims of exemption where registration/approval is absent or withdrawn, recurring additions on issues of law or fact, and returns flagged by law enforcement. Procedure mandates prior administrative approval by the relevant Pr.CIT/Pr.DIT/CIT/DIT, timely transfer to Central Charges u/s 127 where required, uploading of documents on ITBA, and NaFAC processing and service of notices for centralized/faceless cases.

Inclusion of Standalone Primary Dealers expands authorised dealer obligations and mandates trade repository reporting for OTC derivatives.
The Master Direction is amended to include Standalone Primary Dealers as Authorised Dealers under FEMA, extending definitional, operational and reporting obligations to them. Reporting processes are standardized through the Centralised Information Management System, timelines and formats for daily, weekly and quarterly submissions are revised, and new guidance covers SPDs' participation in exchange traded currency derivatives and overseas foreign currency borrowings with specified limits and reporting triggers. All Authorised Dealers must report OTC foreign exchange and foreign currency interest rate derivative contracts to the Trade Repository of CCIL under prescribed timelines, reconcile outstanding balances with the TR, and ensure reporting accuracy.

Suspension of SIONs: listed Standard Input Output Norms declared inoperative and suspended with immediate administrative effect.
Under powers conferred by the Foreign Trade Policy paragraphs 1.03 and 2.04, the Director General of Foreign Trade suspends the Standard Input-Output Norms listed at Annexure "A" with immediate effect on the ground that those SIONs have been inoperative over the last five years; the measure is an administrative suspension of the listed normative entries pending further action and includes a file reference and contact for correspondence.

Administration and supervision of research analysts and investment advisers routed through recognised stock exchanges for enlistment and oversight.
Recognised stock exchanges will be designated as RAASB and IAASB to administer and supervise Research Analysts and Investment Advisers, subject to eligibility criteria and infrastructure requirements. Enlistment with RAASB/IAASB is mandatory for registration applicants; existing registered RAs/IAs are deemed enlisted or processed as specified. SEBI retains core functions of registration and enforcement while RAASB/IAASB will handle initial scrutiny, database maintenance, approvals, monitoring, grievance redressal, and periodic reporting to SEBI.

Portfolio managers must simplify digital onboarding, provide a fee calculator, show enhanced fee disclosures and deliver MITC document.
SEBI requires portfolio managers to simplify digital on boarding-allowing typed/electronically written fee acknowledgements for digital clients and handwritten for physical clients-and mandates a standard digital on boarding procedure. Managers must provide a fee calculation tool incorporating the high watermark, include illustrative one and multi year fee scenarios in the fees annexure where performance fees apply, add a fee calculation annexure to periodic reports, and deliver a Most Important Terms and Conditions (MITC) document to clients. No fees beyond the annexure are permitted; key formats will be issued by the industry association.

Portfolio Management Services distributors must obtain APMI registration and comply with APMI criteria to enable collective industry oversight.
SEBI mandates that all persons or entities distributing Portfolio Management Services obtain registration with the Association of Portfolio Managers in India (APMI), requiring portfolio managers to ensure their distributors are registered in accordance with criteria to be issued by APMI by July 1, 2024; the registration mandate takes effect on January 1, 2025, to enable collective industry-level oversight and ensure compliance with the applicable Code of Conduct under Regulation 23(11).

Export inspection requirement for silk waste: clearance only with Central Silk Board inspection or test report and certification.
Export clearance for silk waste under ITC (HS) code 5003 requires inspection or test certification from designated Central Silk Board officers or Textile Testing Laboratories; exporters bear testing charges. All consignments will undergo full consignment examination in the presence of the CSB authorized officer, who will certify items at the CFS and transmit the report to Customs. LEO will be issued only on receipt of the CSB inspection/test report directly to the Docks Administration until CSB is integrated for electronic report sharing.

Transshipment bond requirement relaxed for domestic sea movements; ICES changes ease SAM and SDM filing processes.
The SCMTR module now permits PDF upload of crew effects and ship stores via e sanchit, accepts MCIN-based SAM filings without Transport_Msr duplicates, allows passport numbers for foreign consignees, makes consignee code and vessel expected departure optional for SDM/SAM, fixes port repetition rejections, updates the Message Implementation Guide, and modifies bond logic so the SEZ unit's bond can substitute for carrier bond and domestic sea transshipment no longer requires a bond.

G-Card annual review and exam scheduling to ensure trained customs broker personnel availability for swift clearance operations.
Regulation 13 requires employed persons of customs brokers to pass the G Card examination to obtain a Form G or Form H identity card. Principal Chief Commissioners/Chief Commissioners must carry out an annual review of G Card holder requirements at each customs station in CCFC meetings with stakeholders and discuss outcomes in CCG meetings to plan and schedule G Card examinations and ensure availability of trained personnel for swift EXIM clearance; implementation issues should be reported to the Board.

Verification of Certificate of Origin now requires QR code and password for authenticity; customs must implement CEPA OCPs.
The UAE's Certificate of Origin now includes a QR code, a password for verification and a unique sequential serial number while retaining the prior format. These features facilitate authenticity checks and align with the Operational Certificate Procedures under the India-UAE CEPA. All Customs formations are directed to note and implement the UAE verification procedure alongside the OCPs when verifying COOs for preferential treatment.

Acceptance of Electronic Certificate of Origin under India Korea CEPA permitted when issued in prescribed e CoO format with e Sanchit upload.
Electronic Certificates of Origin issued by Korea are acceptable under India Korea CEPA if issued in the prescribed e CoO format with required particulars including a QR code and compliance with notification No. 187/2009 Customs (N.T.) and amendments; they carry the same legitimacy as manual originals. Importers must upload the e CoO to e Sanchit and enter e CoO particulars in the bill of entry. ICES will verify e CoO data against exporting country Customs, prevent multiple use, and auto debit certificate quantities, removing the need for physical defacement.

Dedicated fund manager optional for commodity and overseas mutual fund schemes, subject to expertise and board oversight.
Appointment of a dedicated fund manager for commodity-based mutual funds and for schemes making specified overseas investments is optional; appointed fund managers must have adequate expertise and experience to manage commodities or overseas securities respectively, and the AMC Board is responsible for ensuring compliance and periodic reporting to trustees.

Nomination requirement for jointly held mutual fund folios made optional under the revised compliance framework.
The nomination requirement for mutual fund unit holders is made optional for jointly held mutual fund folios. The circular departs from the earlier requirement that existing individual unit holders, whether holding units solely or jointly, had to either submit nomination details or opt out of nomination by the prescribed deadline, failing which the folios could be frozen for debits. All other nomination-related requirements remain unchanged.

Air-cargo transshipment permission renews carrier responsibility for cargo shortages, bonded movement, customs compliance and delivery at notified domestic airports.
Import and export air-cargo transshipment permission is renewed for SpiceJet Limited to carry cargo handled by AAICLAS from the Air Cargo Complex, Kolkata, to other customs-notified Indian airports on its domestic flights. The carrier must maintain transshipment bonds and bank guarantees, remains liable for cargo shortages or pilferage, and must meet the resulting duty, levy, value, interest, penalty and cess obligations as applicable. The permission is subject to the customs transit framework, cargo-handling regulations, relevant circulars, local procedures and the Foreign Trade Policy, and may be renewed or withdrawn based on compliance.