Core SGF contributions: participants must provide risk based pro rata funding; LPCC replenishment and default waterfall govern recovery.
Participants who directly join LPCC must make risk based, pro rata contributions to the Core SGF equivalent to the MRC deficit after Issuer and Clearing Member contributions; LPCC may collect these upfront or staggered and must top up any shortfall until Participant contributions are received. Contributors must replenish Core SGF to MRC immediately after use, limited to one replenishment per 30 calendar day period from the date of default notice. The default waterfall prescribes an ordered loss absorption sequence culminating in capped additional contributions by non defaulting members/participants and, if necessary, pro rata haircuts to payouts, with conditions on resignation, caps, and regulatory approvals for haircut use and post haircut exits.

SEZ import exclusion: specified jewellery items excluded from the recent import restriction when brought by SEZ units.
Administrative clarification: imports of the specified jewellery items falling under the cited ITC (HS) classifications, when imported by SEZ units other than FTWZ units, are outside the scope of the earlier import restriction notification, relying on the applicable SEZ regulatory provisions to exempt such imports from that notification.

Export obligation periods under Appendix 4J revised, changing pre import timelines for specified inputs and advance authorisations.
Amendments revise the Export Obligation Periods in Appendix 4J of the Handbook of Procedures, 2023, prescribing new timelines measured from the date of clearance of each import consignment by Customs for specified inputs under pre import conditions and Advance Authorisations. The Public Notice lists the revised periods for each listed import item, confirms immediate effect of the amendments, and invites stakeholder comments within fifteen days to the DGFT email address provided.

Conversion of SEZ processing area into non processing area approved, subject to duty refund certification and No Dues compliance.
The Board approved multiple procedural actions under the SEZ regulatory framework, including ratification of prior minutes with additional documentation, one year extensions of formal approvals and LoAs, recommended partial de notifications, and numerous approvals to convert processing area to Non Processing Area under Rule 11B subject to No Dues Certificates and prescribed duty refund certification by the Specified Officer and Development Commissioner. Innovative proposals and airport based SEZs were deferred pending rule amendments or inter ministerial consultation, and co developer approvals were granted subject to standard SEZ Act/Rules conditions and taxability examination by the Assessing Officer.

Employee bid cut-off rule revised: bids placed on T+1 must use the T-day cut-off, allotment based on T-day price.
Employees participating in exchange-based OFS shall place bids on T+1 day at the cut-off price of T day, and the allotment price will be based on the T-day cut-off price, subject to any discount. All other provisions of the prior OFS framework remain unchanged. Market Infrastructure Institutions must update systems, amend bye-laws where necessary, notify market participants, and implement the change within the prescribed implementation period.

Export General Manifest accuracy supports timely post-export incentives through rectification of EDI-recorded filing errors under prescribed procedures.
Export General Manifest compliance requires the person in charge of an export conveyance to deliver the EGM before departure from the Customs station. Incorrect EGM filings reflected in the EDI system may delay post-export benefits and export incentives. April 2024 EGM-error identification links affected transactions to shipping line, Shipping Bill, exporter, EGM particulars and recorded error type. Exporters, Customs Brokers and other concerned persons must rectify the transaction-specific errors under the applicable EGM rectification procedure.

Export certificate for personal jewellery enables temporary export and duty free re importation subject to valuation and customs verification.
Passengers carrying personal jewellery abroad may obtain an export certificate after submitting a detailed packing list, ownership proof or affidavit, and photographs; documents must be verified and endorsed in advance by an empanelled Gold Valuer at the passenger's cost. At departure the Air Customs Officer matches jewellery to the endorsed list and photographs and issues a serialised export certificate in duplicate; on arrival the passenger declares the jewellery, presents the original certificate at the red channel, and customs verifies identity, defaces the certificate and records arrival, permitting clearance if items match. Certificates are for bona fide personal jewellery only and may be denied or referred to Air Intelligence if doubts arise.

Import restriction clarification: re import of unsold exhibition jewellery may be cleared without import licences under export provisions.
DGFT clarifies that re-importation of unsold jewellery exported for exhibition under Handbook export provisions may be cleared by customs without import licences, subject to applicable customs procedures, notwithstanding a recent amendment changing certain jewellery items from Free to Restricted import classification.

Personal hearing in GST adjudication must be granted before adverse orders, with strict compliance and disciplinary action for violations.
Personal hearing must be offered before any adverse adjudication order under Section 75(4) of the Uttar Pradesh GST Act, and denial of that opportunity violates the principles of natural justice. The circular directs all subordinate officers to strictly follow this requirement, ensure mandatory compliance with personal hearing provisions, and take remedial measures, including disciplinary action against erring officials, where such violations occur.

RCMC requirement for medical devices: temporary issuance by existing EPCs to preserve RoDTEP eligibility and customs clearance.
RCMC issuance for medical devices is temporarily delegated to existing Export Promotion Councils until the dedicated EPC for Medical Devices becomes operational and onboards the DGFT Common Digital Platform; Customs must accept such RCMCs to preserve RoDTEP eligibility and facilitate export clearance.

Correction to regulatory reference: EO Period paragraph for textiles and DCPC revised, clarifying EO applicability under import provisions.
Correction to a prior public notice amends the paragraph citation in Appendix 2Y of the Foreign Trade Policy, clarifying the Export Obligation (EO) Period applicable to products of the Ministry of Textiles and DCPC imported under enabling provisions for inputs subject to mandatory Quality Control Orders, by replacing the previously cited paragraph with the corrected paragraph reference that governs EO computation and compliance.

GST audit selection order expands the list of registered persons chosen for records audit for the relevant financial year.
Selection of a further fifty-four registered persons for audit under section 65 of the West Bengal Goods and Services Tax Act, 2017 read with rule 101 of the West Bengal Goods and Services Tax Rules, 2017 for the financial year 2020-21 or part thereof. The selection continues the earlier audit selection order for the same period and takes effect immediately.

DGFT includes 16 pre shipment inspection agencies in Appendix 2G; approvals valid three years; instrument annexure attached.
DGFT includes sixteen agencies in Appendix 2G authorising them to issue Pre Shipment Inspection Certificates effective from the Public Notice date, with approvals valid for three years or until further DGFT notification. Two existing agencies are allowed additional instruments as annexed. The notice revises areas of operation and requires notified PSIA to update membership certificates and office contact details within thirty days. The annexure lists approved instruments, calibration validity and IMC comments, noting both compliant and deficient items.

Customs Broker Licensing System launches continuation after death, offence management and profile modification features for online administration.
CBLMS has been upgraded with a two part electronic continuation application for legal heirs to assume a deceased proprietor's customs broker account; a comprehensive Offence Module to manage offence reports, notices, hearings, submissions, orders and online penalty payments; profile modification applications for non mandatory data, correspondence address changes and addition of Other Policy Section details and employees; and system enhancements including My Profile, digital NOC, Issue Document, public Search CB, QR code status, notifications and account lock out security. User manuals will be available in the Knowledge Centre.

International trade settlement in Indian Rupees: additional current accounts allowed for both export and import settlements.
Authorised Dealer Category I banks maintaining a Special Rupee Vostro Account may open an additional special current account for constituents to settle international trade in Indian Rupees; the permitted use of the additional account is extended from export transactions to include both export and import transactions, and banks are instructed to notify their constituents of this operational flexibility.

Line of Credit terms tie export eligibility to the Foreign Trade Policy and require predominant Indian supply.
A Government of India-supported Line of Credit from Exim Bank to Guyana for aircraft procurement ties eligible exports to the Foreign Trade Policy and requires that a substantial percentage of contract value be supplied from India while allowing a residual portion to be sourced abroad; shipments must be declared on prescribed export documentation, disbursements follow the LoC timeline, and no agency commission is payable from the LoC though exporters may remit commission from their own foreign exchange subject to post realisation rules.

Choice of nomination rules eased for existing investors as account freezing and payment restrictions are removed.
Non-submission of choice of nomination by existing demat account holders and mutual fund unitholders shall not lead to freezing of accounts or folios. Physical security holders may still receive corporate payments and access grievance or service requests even without nomination. New investors must continue to furnish choice of nomination, while intermediaries must encourage compliance through regular communications and login pop-ups, and only three fields are mandatory for updating nomination details.

Drawback disbursal to exporters via PFMS from 5 June 2024, replacing printed scrolls and consolidated cheques.
Duty drawback disbursal will be effected through the Public Finance Management System (PFMS) from 5 June 2024, replacing printed drawback scroll transmission and issuance of consolidated cheques. Authorized officers will process drawback scroll queues in CAS, which will automatically send scrolls to the Central Nodal eDDO; the central nodal eDDO will forward consolidated All India scrolls to the nodal ePAO for approval, after which amounts will be credited to exporters' bank accounts linked with PFMS.

PFMS-based disbursal of drawback payments streamlines crediting to exporters' bank accounts after central nodal approval.
Disbursal of duty drawback payments will transition to PFMS, effective 5th June 2024. Authorised customs officers will process Duty Drawback scroll queues in CAS; CAS will automatically consolidate and transmit scrolls to the Central Nodal eDDO, which will forward the All India consolidated scroll to the nodal ePAO. After nodal ePAO approval, drawback amounts will be credited to exporters' bank accounts linked with PFMS. This Public Notice is a Standing Order for departmental officers and staff.

Recovery proceedings under Assam GST require three months' notice unless early payment is justified by recorded revenue-risk reasons.
Initiation of recovery proceedings under the Assam Goods and Services Tax Act ordinarily follows a three-month period from service of the order. Early recovery before that period is allowed only in exceptional cases where the jurisdictional Principal Commissioner of State Tax, for recorded reasons, directs early payment in the interest of revenue. Recovery under section 79 is to be handled by the jurisdictional Deputy Commissioner or Assistant Commissioner, after considering credible evidence and the taxpayer's financial and business .