Eligibility criteria for commodity futures revised, requiring template submissions, Annexure P proposals, and strict launch and surveillance obligations.
Revision deletes certain legacy eligibility and retention provisions, renames the eligibility heading, and requires exchanges to analyze proposed commodities using the prescribed template and submit supporting evidence to SEBI for statutory notification. Proposals to launch new contracts must include Annexure P details; SEBI approved contracts may trade continuously unless directed otherwise. Exchanges must adhere to SEBI approved contract specifications and launch calendars, notify participants in advance, seek fresh approval if launch timelines are missed, and maintain position limits, mark to market settlement, delivery procedures and surveillance to prevent market manipulation.

Foreign Portfolio Investors: SEBI issues master circular consolidating registration, KYC, investment limits and ODI rules.
SEBI's Master Circular consolidates and supersedes prior circulars governing FPIs, DDPs, custodians and EFIs by prescribing unified procedures for FPI registration (via CAF and PAN), DDP due diligence and reporting, categorical KYC and beneficial ownership requirements, investor group and company level investment monitoring and red flag and disinvestment mechanics, position and margining limits across derivative segments, and comprehensive rules and reporting obligations for issuance and hedging of Offshore Derivative Instruments, with specific processes for IFSC participation, reclassification, surrender and data security.

Drawback disbursal through PFMS directs credit of eligible amounts into exporters' accounts under standing customs implementation guidance.
Drawback disbursal into exporters' accounts through the Public Financial Management System (PFMS) is to be implemented under the applicable Customs instruction. The PFMS-based mechanism concerns crediting drawback amounts to exporters' accounts and applies to relevant stakeholders, including importers, exporters and customs brokers. The instruction operates as standing guidance for officers in the concerned customs jurisdiction, with implementation difficulties referable to the responsible Export Appraising Deputy Commissioner or Assistant Commissioner.

Review of Norms Committee decisions: extended limited time window for authorisation holders to seek review of pre existing norms.
The circular clarifies that Para 4.17 of HBP 2023 allows review of Norms Committee decisions within 12 months of website upload, and that as a one time concession authorisation holders affected by decisions taken before 01.04.2023 may file review applications until 31.12.2024; for all other cases the original Para 4.17 timeline remains applicable.

Early tax recovery: Principal Commissioner must record written reasons before ordering payment within a shorter period to protect revenue.
The instruction clarifies that recovery proceedings generally commence only after three months from service of a GST demand order, but a Principal Commissioner/Commissioner may, for reasons recorded in writing and where expedient in the interest of revenue, require payment within a shorter period. The jurisdictional Deputy or Assistant Commissioner referring a case for early action must provide justifications; the Principal Commissioner/Commissioner must record specific reasons based on credible evidence of revenue risk and issue written directions for early payment. Failure to comply permits recovery by the Deputy or Assistant Commissioner under the prescribed enforcement procedure.

Exporters must submit e-BRCs or repay RoDTEP/RoSCTL with interest by 15 July 2024 to avoid recovery proceedings.
Exporters who claimed RoDTEP or RoSCTL incentives must submit e-BRCs or proof of realised export proceeds, or repay the incentive amounts with applicable interest and file proof of payment to the BRC cell by 15.07.2024; noncompliance will result in recovery proceedings for unrealised incentives and interest under the statutory recovery framework.

Custodianship renewal under Handling of Cargo regulations extended with compliance and possible cost recovery charges.
Custodianship for M/s Adani Ennore Container Terminal Pvt. Ltd. is extended for five years to 29.05.2029 pursuant to the Handling of Cargo in Customs Areas regulatory framework, conditioned on compliance with the regulations and on payment of any cost recovery charges arising from failure to meet eligibility benchmarks for waiver.

Appointment of approved valuers for precious metals and stones establishes panel, duties, availability and capped service fees.
Appointment of a Panel of Approved Valuers/Assayers for valuation of gold, silver, jewellery, precious and synthetic stones and other valuable articles at Chennai I (Airport) Commissionerate from 01.06.2024 for two years with interim review at one year. Appointees must be available when required, submit an Annual Performance Report by 30 April each year detailing assignments, and issue advisory valuation certificates. A capped service fee schedule with graduated rates and minimum charge applies, with GST chargeable; fees for departmental valuations of seized goods are borne by the Department.

Voyage Call Number standardization ensures uniform rotation number generation across NLP and non NLP ports via ICEGATE utility.
A new ICEGATE utility standardises the Voyage Call Number (VCN) format for uniform rotation number generation under SCMTR: VCN must be 14 characters comprising last four of port code, four digit year, two digit month, and last four of the running serial number; non NLP ports must supply only the last four digits of long serials or prefix zeroes if shorter. NLP transmission remains primary but the utility may be used when NLP data is not received; the system issues a single rotation number and displays it if already generated.

Drawback payment migration to PFMS: electronic credit into exporters' linked bank accounts replacing cheque-based disbursal.
Disbursal of Duty Drawback will shift from cheque-based bank payments to electronic credit via the Public Finance Management System (PFMS). Customs officers will process Drawback scrolls in the Customs Automated System (CAS), which will automatically forward scrolls to a central nodal eDDO; the eDDO will consolidate and send All-India scrolls to the nodal ePAO for approval, after which amounts will be credited to exporters' PFMS-linked bank accounts. Transitional actions include processing prior scrolls, issuing outstanding cheques, notifying PAO and bank of the last cheque number, and handling cheque books as specified.

SION amendment updates export import entitlement for shea stearine, linking import quantities to oil content and customs sampling.
Amendment to SION E-125 revises the import entitlement for Shea Stearine export by tying required Shea Nuts quantity to a specified oil content benchmark, provides for pro rata adjustments in permitted import quantity for deviations in oil content, mandates customs sampling and endorsement of oil content on each Bill of Entry, requires redemption of authorizations by the Regional Authority based on the weighted average oil content so endorsed, and permits clearance of consignments after sampling without awaiting test results.

Abeyance of public notice pauses revised wastage and SION changes for precious metals while industry may submit corroborative data.
The notice places the abeyance of Public Notice No. 05/2024-which would have modified permissible wastage and Standard Input Output Norms for gold, platinum and silver-until 31 July 2024, and invites the Gem & Jewellery sector and other industry stakeholders to submit corroborative data on manufacturing workflow and wastage/recovery justifications to the Norms Committee within one month via the provided email.

Bonded air cargo transshipment permits road movement under ECTS seal, with bond accountability and liability for transit shortages.
Permission is renewed for bonded road trucking of air export and import cargo from Air Cargo Complex, Kolkata to Customs-notified airports, Air Cargo Complexes, Container Freight Stations and Inland Container Depots. Cargo must move in closed-body trucks under ECTS seal. The operator's transshipment bonds are debited on taking custody and recredited on delivery to Customs at destination. The operator is responsible for shortages or pilferage and associated statutory payments. Permission remains subject to applicable transit, transshipment, cargo-handling and foreign trade requirements and may be renewed or withdrawn based on compliance.

Audit selection under West Bengal GST targets registered persons listed by risk score and suo motu identification for audit records.
Selection of registered persons for audit of records under the West Bengal Goods and Services Tax Act, 2017 is made under section 65 read with rule 101 of the West Bengal Goods and Services Tax Rules, 2017. A total of 760 registered persons, specified in the annexed list, are selected for audit for the financial years 2020-21 and 2021-22 or parts thereof. The listed taxpayers are shown by jurisdiction and circle, with selection recorded as risk score or, in some entries, suo motu selection.

Abeyance of public notice restores prior wastage norms pending industry data submission and reassessment by the trade norms committee.
Abeyance of a public notice suspends the modification of permissible wastage and Standard Input Output Norms for precious metal content in exports, restores prior wastage norms and SIONs for the interim period, and invites the Gem & Jewellery Export Promotion Council and industry to submit corroborative data on manufacturing workflow, process wastage, and recovery to the Norms Committee for reassessment.

Exchange outage procedures require prompt notification and set conditions for limited extension of commodity derivatives trading hours.
The SOP requires exchanges to notify market participants within 15 minutes and SEBI immediately upon an Exchange Outage, update status every 45 minutes, restore operations including from Disaster Recovery sites, and follow BCP/DR protocols. It prescribes precise cut-off and intimation windows which, if met, allow a single 30-minute Extension of Trading Hours for specified commodity derivatives contracts; failure to provide the intimation by the stated cut-off precludes any extension.

Eligibility criteria for commodity options revised to lower turnover threshold for agricultural underlyings, allowing exchanges to list new contracts.
The circular revises paragraph 6.1.2 to prescribe separate average daily turnover eligibility criteria for Options on Commodity Futures, lowering the threshold for agricultural and agri-processed commodities while retaining a higher threshold for other commodities; Options are permitted only on underlying futures traded on the same exchange that meet these criteria. Exchanges must amend bye-laws, notify members, and publish the changes; the circular is issued under Section 11(1) for investor protection and market development.

Social Stock Exchange: SEBI specifies additional self regulatory organizations authorized to register Social Impact Assessors for SSE compliance.
SEBI specifies that a Social Impact Assessor is an individual certified by the National Institute of Securities Markets and registered with a Self Regulatory Organization; in addition to the Institute of Chartered Accountants' SRO, ICMAI Social Auditors Organization and ICSI Institute of Social Auditors are designated as authorized Self Regulatory Organizations for registration of Social Impact Assessors in the context of the Social Stock Exchange.

Social Enterprises must submit annual disclosures and Annual Impact Reports to the Social Stock Exchange by 31 October 2024.
NPOs registered on the Social Stock Exchange, including those with designated securities listed on the SSE, must submit annual disclosures specified in SEBI's 19 September 2022 circular by 31 October 2024 under Regulation 91C(1). Social Enterprises that have registered with or raised funds through the SSE must submit their Annual Impact Report to the SSE by 31 October 2024 under Regulation 91E(1). A copy of the circular is available on SEBI's website under Legal Framework Circulars.

Sale-to-public requirement for foreign currency notes mandates closer matching of purchases and sales and enhanced recordkeeping.
From July 1, 2024, FFMCs and non-bank ADs Category II must ensure that quarterly sales of foreign currency notes to the public are at least seventy-five percent of purchases from other FFMCs/ADs, maintain sale and purchase data for audit/inspection, may seek counterpart data to verify compliance, and must submit an annual audited balance sheet with a statutory auditor's certificate on Net Owned Funds to the Reserve Bank regional office by October 31.