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SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/25 - 24-04-2024 SEBI
Ease of Doing Business: Text on Contract Note with respect to Fit and Proper status of shareholders
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Fit and Proper disclosures on contract notes shifted to regulatory reference URLs, enabling streamlined compliance and bylaw amendments.
SEBI removes the requirement to publish the full text of Regulation 19 on contract notes; in post listing cases, contract notes may instead include a reference to the applicable fit and proper provisions by providing a URL/weblink to Regulation 19 and 20. Stock exchanges must amend bye laws, notify members, disseminate the change on their websites, and report implementation in their Monthly Development Report.
1 (2022)/2024 (PP6/GST/145/2022) - 24-04-2024 GST - States
Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016
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Treatment of statutory dues under insolvency: reduced GST liabilities must be intimated and recovery limited to the adjusted amount.
Where insolvency adjudications reduce statutory government dues, those dues are treated as operational debt and the reduction qualifies as "other proceedings" under section 84 of the TNGST Act; the Commissioner must intimate the reduction to the taxable person and the authority handling recovery and may continue recovery only for the reduced amount, issuing the intimation in FORM GST DRC-25 when a confirmed demand and summary exist.
02 - 24-04-2024 FEMA
Unauthorised foreign exchange transactions
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Unauthorised forex trading: banks must vigilantly report facilitating accounts and direct customers to authorised channels.
AD Cat I banks must exercise heightened vigilance to prevent misuse of banking channels for unauthorised forex trading, report accounts facilitating such trading to the Directorate of Enforcement, and publicise that residents should transact only with Authorised Persons and on authorised ETPs, while referring customers to the RBI's authorised lists and Alert List.
SEBI/HO/MRD/TPD-1/P/CIR/2024/24 - 23-04-2024 SEBI
Cross Margin benefits for offsetting positions having different expiry dates
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Cross margin extension allows offsetting positions with different expiries under revised spread margins and exchange monitoring.
Extension of cross margin to offsetting derivative positions with differing expiry dates modifies spread margin rates for correlated index-index and index-constituent positions; higher spread margins apply when expiries differ while existing lower margins remain for same-expiry positions. Qualification for index-constituent cross margin requires that all constituent futures share a common expiry. The reduced spread margin is revoked at the start of the earlier-expiring leg when expiries differ. Exchanges and Clearing Corporations must monitor cross margin activity and all other cross margin requirements continue to apply.
06/2024 - 23-04-2024 Income Tax
Partial modification of Circular No. 3 of 2023 dated 28.03.2023 regarding consequences of PAN becoming inoperative as per rule 114AAA of the Income-tax Rules, 1962
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PAN inoperative consequences: linking Aadhaar within prescribed window removes higher-rate TDS/TCS liability for prior transactions.
The Board clarifies that where a PAN becomes operative following Aadhaar linkage within the prescribed remedial interval for transactions entered into up to the cutoff, deductors and collectors are not liable to apply higher withholding or collection rates; normal deduction and collection provisions of Chapter XVII-B and Chapter XVII-BB shall apply, thereby addressing demands raised for short-deduction or short-collection in such cases.
Instruction No. 09/2024 - 22-04-2024 Customs
Extension period for 3 months to Ortho-phosphoric Acid which is used for manufacturing of Fertilizers from applicability of BIS standard IS 798:2020 implemented through QCO dated 13.05.2022
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Exemption from BIS standard for Ortho phosphoric Acid temporarily permits its use as fertilizer raw material without BIS compliance.
The Ortho Phosphoric Acid Order requires conformity to the relevant Indian Standard and BIS licensing with the Bureau as certifying and enforcement authority and penalties for contravention. An amendment inserted a proviso exempting Ortho Phosphoric Acid when used as raw material in fertilizer production from the BIS standard for a temporary period from publication of that notification, and customs authorities have been instructed to sensitize officers and monitor compliance.
PUBLIC NOTICE No. 22/2024-25 - 19-04-2024 Customs
Implementation of Document management System at Air Cargo Complex, Mumbai
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Document Management System compliance requires digitalisation of cleared Shipping Bills, payment of charges, and action against habitual docket defaulters.
Customs Brokers and exporters must submit Shipping Bills granted Let Export Order for digitalisation and pay applicable Document Management System charges for scanned Shipping Bills. EDI copies of DMS coupons must accompany Bill of Entry and Shipping Bill document sets submitted after Let Export Order or Out of Charge. Unsubmitted or unscanned dockets are subject to SIIB referral for investigation and recovery, while habitual defaulters may face appropriate action, including alerts for officers granting Let Export Order.
Circular No. 2425002/23 - 19-04-2024 GST - States
Regarding the determination of the jurisdiction of the traders registered in various corporate circles of the state
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Jurisdictional allocation of large registered traders standardized; corporate circle assignments and amendment timing mandated for uniform compliance.
Zonal Additional Commissioners must identify the one hundred largest registered traders by taxable turnover and tax payable after the financial year end, and forward a considered proposal assigning sixty such traders to the zone's Joint Commissioner (Corporate Circle) within fifteen days of the final GSTR-3B filing deadline; late proposals will not be accepted. The selection must include manufacturers, traders, exporters, sensitive goods dealers and tax-significant service providers, and service-supplier representation must meet prescribed allocation standards. Amendment proposals are to be submitted only at the start of the next financial year; mid-year changes will not be entertained.
Trade Notice No. 02/2024-25 - 18-04-2024 DGFT
Discontinuation of Safeguard measures on import of Isopropyl alcohol (IPA), under Chapter 29 of ITC (HS) 2022, Schedule-I (Import Policy).
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Safeguard measures discontinued on Isopropyl alcohol imports; IPA now free under import policy without quantitative restrictions.
Country wise safeguard Quantitative Restrictions on imports of Isopropyl Alcohol instituted by Notification No. 64/2015-20 (effective 01.04.2023-31.03.2024) have been discontinued with effect from 01.04.2024, and imports of Isopropyl Alcohol are now Free and not subject to any policy condition.
SEBI/HO/AFD/SEC-1/P/CIR/2024/22 - 18-04-2024 SEBI
Circular on Standardization of the Private Placement Memorandum (PPM) Audit Report
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Private Placement Memorandum audit standardization requires standardized reporting and online submission via SEBI portal.
AIFs must carry out an annual Private Placement Memorandum (PPM) Audit Report and submit it to trustees/boards, managers and SEBI within the Master Circular timelines. SEBI mandates a standardized reporting format, to be hosted by AIF associations, and requires online submission via the SEBI Intermediary Portal. Audit of specified PPM sections-Risk Factors; Legal, Regulatory and Tax Considerations; Track Record of First Time Managers; Illustration of Fees and Expenses; and Glossary and Terms-is optional. The format will be reviewed periodically by the pilot SFA in consultation with SEBI and revisions published by associations.
IBBI/LIQ/70/2024 - 18-04-2024 IBC
Partial modification to the circular no. IBBI/LIQ/61/2023 dated 28th September 2023 titled ‘Clarification w.r.t. Liquidators’ fee under clause (b) of sub-regulation (2) of Regulation 4 of IBBI (Liquidation Process) Regulations, 2016’.
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Liquidators' fee clarification: certain circular provisions withdrawn; insolvency professionals must comply with remaining guidance and report.
Paragraphs 2.1 and 2.5 of the IBBI circular dated 28 September 2023 are withdrawn after being struck down by court order; the remaining parts of the circular remain valid. Insolvency professionals who have not complied with the original circular are given an opportunity to comply with the remaining operative provisions and must inform IBBI of their compliance status electronically on the IBBI website by the prescribed deadline. The circular is issued under the authority of section 196 of the Insolvency and Bankruptcy Code.
Serail/CT/EODB/2024/4294 Nava Raipur 16/04/2024 - 16-04-2024 GST - States
Instructions regarding scrutiny under the Chhattisgarh Goods and Services Tax Act, 2017.
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Return scrutiny requires discrepancy-based ASMT-10 notices, relevant information requests, reasoned consideration of taxpayer replies, and avoidance of duplicate notices.
Return scrutiny must be based on identified discrepancies found through examination of returns, available reports and reconciliation-statement data. FORM GST ASMT-10 may be issued only where sufficient grounds and revenue implications exist, with requests limited to relevant information. Taxpayer explanations in FORM GST ASMT-11 must be considered before an order is issued; rejection requires a reasoned speaking order, and ex parte orders should generally be avoided. Duplicate notices for the same issue and tax period require review, with legally unsustainable notices closed.
Circular No. 2425001/65 - 16-04-2024 GST - States
Regarding recovery certificates
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Recovery certificate modification: issuance of DRC-07A under Section 142A(1) mandates adjustment or withdrawal of earlier recovery certificates.
Recovery of arrears under erstwhile laws for taxpayers active in the GST period must be recovered under the CGST/UPGST Act by issuing Form DRC-07A under Section 142A(1), and the corresponding recovery certificate under the earlier law must be modified or withdrawn. Departmental recoveries require portal entry under R.C. marking with R.C. removal and DRC-07A details, reducing the erstwhile certificate amount; district-administered recoveries will not be withdrawn but will be reflected by departmental R.C. modification where ledger recoveries occurred and the modified RC supplied to the district. Form ST-45 is issued only after full recovery.
01 - 15-04-2024 FEMA
Hedging of Gold Price Risk in Overseas Markets
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Hedging of gold price risk permitted via OTC derivatives in IFSCs, subject to Master Direction stipulations and immediate effect.
Resident entities may hedge gold price risk in IFSCs using OTC derivatives as well as exchange-traded derivatives, subject to the stipulations of the Master Direction on hedging of commodity price and freight risk (as amended). The Master Direction has been updated and these instructions are effective immediately, issued under the prevailing foreign exchange regulatory framework while remaining without prejudice to any other statutory permissions or approvals.
Policy Circular No. 01/2024 - 12-04-2024 DGFT
Clarification on discharge of export obligation of Advance Authorisation (AA) bearing Customs Notification No. 18/2015-Customs as amended and Customs Notification No. 21/2015-Customs as amended both dated 01.04.2015 by making physical exports or by making domestic supplies
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Advance Authorisation discharge options clarified: export obligation may be met by physical exports or specified domestic supplies.
Holders of Advance Authorisation issued on or after 01.04.2015 may discharge export obligation by physical exports or domestic supplies under para 7.02(A)(a). For authorisations issued on or after 10.01.2019, options also include supplies to EOUs/STP/EHTP/BTP under para 7.02(A)(b) and supply of capital goods against EPCG under para 7.02(A)(c), provided exemption from applicable anti-dumping, countervailing, safeguard or transition product specific safeguard duties has not been availed. Deemed export authorisations have the same options and conditions.
Public Notice No. 16 / 2024 - 10-04-2024 Customs
Inclusion of gender specific infrastructure facilities to be provided by the Custodian CCSP-CFS/AFS/ICD under the HCCAR, 2009-reg
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Gender-specific workplace infrastructure mandated for customs cargo facilities to ensure safe, inclusive environments and POSH compliance.
Custodians of CCSP-operated CFS/AFS/ICD under HCCAR 2009 must provide gender responsive infrastructure (lighting, panic buttons), care services including creches in line with maternity provisions, establish Internal Complaints Committees for workplace sexual harassment, hold regular gender-sensitization training, and regularly upgrade and publicize gender-specific facilities to ensure availability, upkeep, and an inclusive workplace ecosystem for women in trade.
Instruction No. 115 - 09-04-2024 SEZ
Concerns/queries/clarifications regarding the newly inserted SEZ Rule 11 B notified vide DoC Notification dated 6.12.2023
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Demarcation of non-processing area requires full repayment of originally availed tax benefits before permission and subjects units to DTA laws.
Rule 11B permits BOA to demarcate existing built-up floor space in IT/ITES SEZs as Non-Processing Area only after full repayment, without interest, of the originally availed tax benefits attributable to that space (including construction and basement costs and benefits on common facilities). Chartered Engineer certification must identify the built-up area; repayment calculations rely on financial books and originally availed benefits. Units in NPA are limited to IT/ITES activities, treated as DTA entities with no SEZ privileges, access control is required, and O&M tax benefits for common infrastructure used by NPA units are not available.
02/2024 - 09-04-2024 DGFT
Implementation of Melon Seeds Import Monitoring System (MS-IMS)
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Import monitoring registration: ARN and FSSAI licence required for melon seeds to secure customs clearance.
Importers must apply online to the Melon Seeds Import Monitoring System, submit advance shipment information and the registration charge to obtain an Automatic Registration Number; registration is required within ten days of the Bill of Lading and one ARN is limited to one country of origin and one port while covering multiple consignments and Bills of Lading with mandatory upload of Bill of Lading copies. At import clearance the ARN and a valid FSSAI Manufacturer Licence for melon seeds must be presented to Customs.
01/2024 - 09-04-2024 DGFT
Modification of SION E-124 for export of refined Sunflower Oil (Edible Grade)
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Modification of SION input-output norms revised import entitlements for export of refined sunflower oil edible grade.
Modification of SION E-124 revises input entitlements for export of Refined Sunflower Oil (Edible Grade). For one MT of exported refined oil the amended import items and quantities include Crude Sunflower Oil (Edible Grade) (FFA 0.5-1.8%) at 1.033 MT, Caustic Lye (48%) 2.500 kg, Phosphoric acid 0.165 kg, Citric acid 0.020 kg, TONSIL Bleaching earth 2.000 kg and Filter Aid corrected to 3.600 kg. The change is made under Paragraph 1.03 of the Foreign Trade Policy, 2023 and affects export entitlement calculations.
PUBLIC NOTICE NO. 15 / 2024 - 08-04-2024 Customs
Change in name of the CFS - From M/s. Continental Warehousing Corporation (Nhava Seva) Private Limited To M/s. DP World Multimodal Logistics Private Limited - Reg.
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CFS name change requires successor custodian to assume prior, pending and future liabilities, effective from the notified date.
The CFS formerly named M/s. Continental Warehousing Corporation (Nhava Seva) Private Limited is renamed M/s. DP World Multimodal Logistics Private Limited effective 08-04-2024; all prior public notice declarations regarding designation as a Customs Area and appointment as Custodian remain unchanged, and the successor must assume and honour all existing, pending and future liabilities and statutory obligations arising from the earlier name.

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Master Circular for Registrars to an Issue and Share Transfer Agents

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Registrars to an Issue and Share Transfer Agents: consolidated SEBI rules on registration, investor servicing, QRTA resilience and reporting.
Master Circular consolidates SEBI's regulatory framework for Registrars to an Issue and Share Transfer Agents, prescribing online registration and change ... Summary

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Acts Income Tax
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