Borrowing restrictions for Category I and II AIFs permit limited short-term drawdown financing with investor-cost allocation and disclosure.
SEBI permits Category I and II AIFs to borrow only for temporary operational needs and, additionally, to cover shortfalls in investor drawdowns for imminent investments as an emergency measure, subject to disclosure in the PPM, exhaustion of efforts to obtain the drawdown, borrowing caps tied to the investment amount/investable funds/other undrawn commitments (whichever is lower), charging borrowing costs solely to defaulting investor(s), prohibition on using this flexibility to vary drawdown timelines, periodic investor disclosure of terms and repayments, and a thirty-day cooling-off between permissible borrowings measured from repayment.

Migration of Venture Capital Funds to AIF Regulations enables time bound transfer with tenure treatment and a one time liquidation extension.
SEBI provides a time bound procedure for VCFs to migrate to AIF Regulations as Migrated Venture Capital Funds, requiring submission of the original VCF registration certificate and prescribed information; migration is available until July 19, 2025, with tenure of schemes preserved as per PPM or fixed with 75% investor approval where no definite tenure exists, and a one time additional liquidation period available for schemes whose liquidation period has expired, subject to absence of pending investor complaints and compliance with applicable AIF provisions and reporting requirements detailed in Annexures I and II.

Certificate of Origin system upgrade: new eCoO platform operational, migration timelines and onboarding requirements for issuers.
Launch of Non-Preferential Certificate of Origin (eCoO) 2.0 establishes a revamped platform with multi-user IEC access, Aadhaar e-sign options, integrated dashboard and e-wallet. Issuing agencies must onboard, appoint Administrators and Officers, upload stamps and signature images (background removed), register digital signature tokens, and map officers to regional offices. Legacy eCoO 1.0 will complete pending applications while new non-preferential filings move to eCoO 2.0; preferential CoO remains on legacy system until rollover. DGFT website credentials will sync with eCoO 2.0. Wallet balances migration will occur later; support materials and helpdesk are provided.

eBRC API integration enables exporters to certify electronic BRCs via ERP linkage and bulk uploads.
The DGFT requires exporters to self-certify eBRCs by reconciling bank-provided IRMs with invoice or Shipping Bill details on the DGFT portal. It introduces a bulk upload spreadsheet template for concurrent certification of multiple eBRCs and an API integration to link exporter ERP/accounting systems with the eBRC system for near-real-time retrieval of IRM/ORM data and eBRC request/verification. API use requires online registration authenticated to the IEC holder and places responsibility on exporters for managing API consumer access; compliance must follow DGFT eBRC generation rules and data validation requirements.

Drawback claim procedure streamlined: specified documents, deficiency memos, registration and acknowledgment upon compliance.
Prescribes a streamlined procedure for processing drawback claims: mandatory documentary requirements, logging and acknowledgement on receipt, electronic scanning and forwarding to the Drawback Examiner, primary scrutiny for completeness, issuance of a Deficiency Memo and return of incomplete claims within fifteen days, treatment of unremedied deficiencies as claims not filed, registration and issuance of an acknowledgement slip on compliance, and requirement for NOC from original importing customs house where applicable.

Referral to policy wing required where audit reveals competing GST interpretations to promote uniformity and reduce litigation.
When an audit discovers issues with competing statutory interpretations that have generated a prevalent trade practice and may result in proposed non-payment or short payment of tax, the zonal Principal Chief Commissioner must refer a self-contained note to the Board's policy wing (GST Policy/TRU) before concluding the investigation, making the reference as early as feasible and prior to the earliest due date for issuing a show cause notice, to promote uniformity and reduce litigation; this procedure applies to ongoing audits.

Delegation of approval powers allows senior nominated officers to issue SCOMET authorizations when agencies concur, subject to ex post facto IMWG review.
Amendment permits issuance of SCOMET authorizations, in cases deferred by IMWG where all agencies submit concordant comments/views/NOCs, with approval of the Chairman or an officer nominated by the Chairman/DGFT (not below the rank of Deputy Director General of Foreign Trade/Under Secretary), subject to bringing such cases before IMWG subsequently for approval on an ex post facto basis.

Fake GST registrations drive targets suspicious GSTINs through verification, credit blocking, cross-jurisdictional action, and weekly reporting.
Second special All-India drive is directed against suspicious and fake GST registrations through coordinated verification, enforcement, and reporting by Central and State tax administrations. GSTN and DGARM are to identify high-risk GSTINs, while field formations are to verify them, suspend and cancel fictitious registrations, consider blocking input tax credit, trace recipients, and initiate demand, recovery, or cross-jurisdictional action through the nodal officer and 'Initiate Enquiry' mechanism. Weekly reports, final feedback, and monitoring arrangements are prescribed.

Penalty calculation under IGST Act: ten percent of combined tax, computed by summing CGST and SGST penalty amounts.
The fourth proviso to the IGST Act mandates that the penalty for integrated tax is the sum total of the monetary penalties leviable under the CGST and SGST Acts; therefore IGST penalty is computed by adding the penalty amounts determined under each Act (not by adding penalty rates), resulting, for example, in a ten per cent penalty on the combined tax amount where CGST and SGST each attract ten per cent penalties.

Fake GST registrations drive: coordinated data driven verification enabling suspension, ITC blocking and inter jurisdictional recovery.
Second special All-India drive directs GSTN and DGARM to identify high risk GSTINs for time bound verification by jurisdictional officers; on finding non existent taxpayers, officers shall initiate suspension/cancellation of registration under section 29, block input tax credit under Rule 86A, identify and pursue recipients for recovery, share inter jurisdictional cases via the GSTN Initiate Enquiry module through appointed nodal officers, and submit weekly action reports and GSTIN wise feedback in prescribed annexure formats.

Valuation Report Identification Number requirement: registered valuers must generate and display VRIN before submitting IBC valuation reports.
A mandatory regime requires each valuation report under the Code to bear a unique Valuation Report Identification Number (VRIN) generated via an IBBI online module before submission; the VRIN must appear on the report front page and can be used on the IBBI website to verify authenticity. Insolvency professionals must not accept reports dated on or after the circular without a VRIN.

High-risk PAN cases on Insight portal can trigger initiation of proceedings under Section 148/148A via ITBA worklist.
High risk PAN cases from CRIU/VRU for AY 2014 15 to 2018 19 are disseminated on Insight's Verification module as "High Risk CRIU/VRU Information" (assigned to JAOs). Users may view underlying uploads via Profile View (TAS>>Uploads) or the Uploads tab and may initiate proceedings from the case detail activity panel to initiate proceedings under Section 148/148A, which creates a proceedings flag and a worklist item in ITBA for subsequent action.

SEBI issues an updated master circular consolidating registration, supervision, client protections, tech resilience and QSB obligations for stock brokers.
The Master Circular consolidates SEBI instructions to stock brokers up to August 9, 2024, superseding the May 22, 2024 circular, rescinding specified prior circulars insofar as they relate to stock brokers while preserving legal effects of past actions, and is issued under Section 11(1) of the SEBI Act. It prescribes unified rules on registration (including single registration), risk-based supervision and inspections, internal and system audit norms, client-facing requirements (KYC, Unique Client Code, running account settlement, prohibition of cash), technology and cyber-resilience obligations, an Early Warning Mechanism for diversion of client securities, and an enhanced regime for designation and obligations of Qualified Stock Brokers.

Port clearance procedure requires prescribed vessel certificates and official verification before departure, ensuring customs and safety compliance.
Port Clearance is a statutory prerequisite to vessel departure requiring a prescribed application and mandatory documents: Indian Light House Dues certificate, Immigration NOC, Port Health Certificate, ship registry and safety certificates (construction, radio, equipment), Load Line Certificate, International Oil Pollution Prevention certificate, port dues/NMPT clearance, and income tax certificate for export cargo. The Deputy/Assistant Commissioner, IGM/EGM Section verifies entry records, light dues calculations and the genuineness of certificates before issuing Port Clearance; after hours clearance may be granted by the Deputy/Assistant Commissioner, Docks following equivalent verification.

Interest as foreign contribution must be credited to the FCRA utilization account; FD returns allowed if not speculative.
Interest and income earned from foreign contribution constitute foreign contribution and must be credited back into the foreign contribution account for utilization under the FCRA. Proceeds of fixed deposits or investments created from foreign contribution, on maturity or receipt of returns, may be credited into the association's FCRA utilization account with any bank provided such investments do not fall within the category of speculative activities under the Foreign Contribution (Regulation) Rules, 2011.

InvIT unitholders: nomination restriction waived if appointment right arises under debenture trustee regulation clause (e) proviso.
Paragraph 22.3.1(b) is amended to add a proviso that the restriction barring an entity from nominating a Unitholder Nominee Director-when that entity also has nomination rights as a shareholder or lender to the Investment Manager, the InvIT, its HoldCo(s) or SPVs-shall not apply if the right to appoint a nominee director is available under clause (e) of sub regulation (1) of regulation 15 of the SEBI (Debenture Trustees) Regulations, 1993.

Board nomination rights: proviso allows unitholders to nominate despite lender nomination rights under debenture trustees clause.
The Master Circular's restriction barring a unitholder from nominating a Unitholder Nominee Director when the same entity (or its associate) has director nomination rights as shareholder or lender is amended by a proviso: that restriction will not apply where the right to appoint a nominee director is available in terms of clause (e) of sub regulation (1) of regulation 15 of the Debenture Trustees regulation, permitting such unitholder nomination in those specified cases.

GST classification clarifications set rates for specified goods, exclude larger agricultural packages, and regularise eligible government-programme supplies.
Dual-energy solar cookers, all sprinklers including fire water sprinklers, and parts of poultry-keeping machinery are clarified as attracting 12% GST. Agricultural farm produce in packages exceeding 25 kilograms or 25 litres is excluded from "pre-packaged and labelled" supplies and does not attract 5% GST. Specified past-period issues are regularised on an "as is where is" basis. Regularisation for government-programme supplies of pulses and cereals requires a prescribed certificate and non-availment or reversal of Input Tax Credit.

GST exemption clarified for railway, SPV, RERA, reinsurance and digital payment incentive treatments with retrospective regularisation.
Supplies by Ministry of Railways to the public and between zones, SPV services to Indian Railways for concessioned infrastructure, statutory collections by RERA, specified sharing of digital payment incentives as subsidy, reinsurance (including retrocession) of certain exempt insurance schemes, and accommodation services meeting prescribed value and duration thresholds are clarified as exempt or regularised for past periods on an "as is where is" basis.

Refund entitlement for Canteen Stores Department: electronic filing required; portal validation and quarterly claim conditions govern processing.
CSD is entitled to fifty per cent refund of applicable State tax on inward supplies for subsequent supply to Unit Run Canteens or authorized customers; claims must be filed electronically in Form GST RFD-10A once per quarter (or for multiple quarters/FYs) with supplier and CSD GSTINs on invoices, accompanied by an undertaking and declaration, and are subject to portal validation of supplier GSTR-1/GSTR-3B reporting and invoice-level checks before sanction.