Foreign Venture Capital Investors must engage DDPs for registration, KYC, beneficial owner checks and monthly reporting under new operational guidelines.
FVCIs must register and operate through DDPs: existing FVCIs must engage a DDP by March 31, 2025 or face staged liquidation; DDPs conduct eligibility, country, regulatory and beneficial ownership due diligence (referencing IOSCO, SEBI bilateral MoUs, BIS and FATF), process Form-A applications, grant SEBI-generated registration numbers, monitor compliance, report monthly to SEBI, and notify SEBI within seven days of sanctions-list or fit-and-proper failures. KYC, BO identification per PML Rules, record retention, data-security controls at KRAs, renewal, surrender, change-of-DDP and material-change procedures are specified.

Delegation of GST powers reallocates audit extensions, payment facilities and specified taxpayer-service functions to designated tax officers.
Delegation of powers under the Himachal Pradesh Goods and Services Tax Act, 2017 is effected by the Commissioner under section 5, replacing earlier delegation orders while preserving prior actions and omissions. Audit-related extension powers are delegated to specified Joint Commissioners and the Deputy Commissioner, TAU. Powers concerning payment facilities and liability in certain cases are delegated to the Joint Commissioner for Taxpayer Services, Enforcement and Allied Taxes. Powers under an earlier circular are also delegated to that Joint Commissioner and the Deputy Commissioner for Taxpayer Services, Enforcement and Allied Taxes.

Input tax credit restrictions are assigned to tax officers according to the value of ineligible or fraudulent credit.
Authorisation to exercise powers under rules 86A and 86B of the Himachal Pradesh Goods and Services Tax Rules, 2017 is based on the total amount of ineligible or fraudulently availed input tax credit. Deputy Commissioners and Assistant Commissioners are authorised for the lower monetary band, Joint Commissioners for the intermediate band, and the Commissioner of State Taxes and Excise for cases exceeding the highest band. The powers include disallowing debit from the electronic credit ledger under rule 86A.

Extension of CAVR validity: import valuation order for linear alkyl benzene extended for one year to maintain valuation controls.
The Central Board of Indirect Taxes and Customs, exercising powers under the Customs Act and the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, extends the validity of CAVR Order No. 1/2023-Customs for Linear Alkyl Benzene. The extension takes effect from 26th September 2024 and preserves the existing valuation declaration assistance and compliance regime for a further one-year period.

Market infrastructure institutions must undergo triennial independent external evaluations under a SEBI specified weighted rating framework.
SEBI requires independent external evaluation of all recognised stock exchanges, clearing corporations and depositories using Board approved weighted criteria (technology resilience 40%; investor protection 17%; regulatory role 15%; compliance 10%; governance 8%; resources 5%; fair access 5%), a common rating framework, and triennial assessments (first for FY2024-25, report by 30 Sept 2025). External agencies need SEBI NOC, market domain expertise and no conflict of interest. MD and KMP performance metrics must reflect institutional criteria with MD evaluations giving at least 50% weight to critical operations and regulatory outcomes.

UPI mandatory for retail applications through intermediaries in public issues; requires bank account linked UPI ID for fund blocking.
Individual investors applying through intermediaries in public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments must use UPI for blocking of funds and provide their bank account-linked UPI ID in the bid cum application form for applications within the retail threshold; alternative channels (SCSBs and stock exchange platform) remain available and the mandate applies to issues opening on or after the stated commencement date.

Import authorisations extended through year-end; fresh applications required for the next period subject to forthcoming guidance.
Import of specified IT hardware remains restricted; importers are permitted to apply for Import Authorisations valid up to 31.12.2024, and existing authorisations issued up to 30.09.2024 continue to be valid until 31.12.2024. All other provisions of the earlier Policy Circular remain applicable. Importers must apply for fresh authorisations for imports from 01.01.2025 subject to detailed guidance to be issued.

KYC and surveillance obligations enhanced for FTWZ and warehousing units, with mandatory ERP systems and risk based audits enforced.
Guidelines require stringent KYC for FTWZ and warehousing units and their clients, mandatory pre transaction submission of client KYC to the Development Commissioner, CCTV coverage with one year data retention and DC access, and tamper proof ERP/SAP systems accessible to DCs. Manual customs entries are prohibited; SEZ Online and ICEGATE modules must be used; transfers between FTWZs are restricted except by UAC approval; DCs must perform risk based physical verifications and audits, share information on valuation abuses, monitor high risk commodities, and cancel LoAs for sub letting violations.

SEBI master circular consolidates surveillance rules: trading restrictions, intermediary controls, PIT disclosures and PAN freezes for designated persons.
Master Circular consolidates SEBI surveillance circulars, prescribes Trade-for-Trade treatment for certain corporate events, mandates intermediaries' internal controls to prevent circulation of unauthenticated information, standardizes PIT disclosure formats and reporting of Code of Conduct violations, endorses system-driven disclosures under Regulation 7(2), and establishes a DD-mediated process to freeze PAN at security level for Designated Persons during trading-window closures with specified timelines for notification, data sharing, freezing, exemptions and reporting.

Laboratory chemicals classification now limited to own-use small packings, others classifiable under appropriate tariff headings.
Qualifying laboratory chemicals must be imported and intended only for own use (excluding trading, resale or further sale), be in packings not exceeding 500 grams or 500 millilitres, and be identifiable by purity, markings or other features as meant solely for laboratory use; goods imported for trading or in packings exceeding those limits are classifiable under their appropriate chapter/heading.

Recovery of drawback: exporters must repay drawback with interest if export proceeds are not realised or face recovery action.
ICES 1.5 data disclose non realisation of export proceeds for specified shipping bills; under Rule 18 and Section 75A(2) exporters must produce evidence of realisation or repay the drawback with interest. If evidence is not produced after notice, the customs officer shall order recovery and require repayment within thirty days; proportionate recovery applies where partial proceeds are realised. Exporters may return drawback with interest by pay order or inform customs by e mail if proceeds were realised or extensions obtained; failure to respond by the stated deadline may lead to recovery or show cause proceedings.

Financial disincentive policy limited to market infrastructure institutions; MIIs given opportunity to respond before penalty.
SEBI limits automatic monetary penalties for technical glitches to Market Infrastructure Institutions (MIIs), removing separate disincentives on MDs and CTOs. SEBI will invite the concerned MII to submit facts before imposing any disincentive; MIIs must conduct internal examinations for individual accountability and may take personnel actions, while SEBI may still initiate enforcement against individuals if warranted. MIIs must file a compliance report within ninety days detailing computation and payment, and disclose such payments on their websites and in annual reports.

Credit Default Swaps flexibility expands mutual funds' ability to buy and sell CDS with tightened cover, disclosure, and risk rules.
SEBI permits Mutual Funds to buy and sell Credit Default Swaps (CDS) with risk management limits: buy CDS only to hedge credit risk on held debt (not exceeding protected security exposure), close positions within fifteen working days after selling the protected security, and attribute exposure to the higher rated of reference entity or CDS seller for concentration limits. Funds may sell CDS only as synthetic debt securities backed by earmarked Cash/G Sec/T bills with cover, buffer and daily review; such synthetic positions count as notional exposure for issuer, group and sectoral limits and gross exposure, and schemes must comply with operational, disclosure, and valuation rules.

Audit completion deadline extended for WBGST cases delayed by holiday schedules and document-production requests.
Extension of the period for completion of audit under section 65 of the WBGST Act, 2017 for the period from 1 April 2020 to 31 March 2021, where the audit commenced between 1 July 2024 and 30 July 2024. The extension is granted under the proviso to sub-section (4) of section 65 because the audits could not be completed within the normal three-month period from commencement, including delays linked to the Durga Puja holidays and requests for additional time to produce books of account. The period is extended up to 30 October 2024 and takes effect immediately.

EPCG reporting shifted to block period certified submissions, easing compliance and streamlining export obligation evidence.
Reporting under the Export Promotion Capital Goods (EPCG) Scheme is changed from an annual online submission to a report after the first four year block period and continuously until expiry of the export obligation period; reports must include Shipping bill/Invoice/Bill of Export/FIRC details, as applicable, and be certified by a Chartered Accountant, Cost Accountant, or Company Secretary to evidence fulfilment of specific and average export obligations.

Valuation framework for AIF portfolios updated to standardise guidelines, valuer eligibility, and reporting timelines.
Valuation of AIF portfolios distinguishes securities governed by mutual fund valuation norms from those requiring industry-endorsed guidelines; eligible industry associations endorsing guidelines must represent at least one-third of registered AIFs and consider AIPAC recommendations, with IPEV Guidelines endorsed. Harmonisation for thinly traded and non-traded securities is required for applicability on or after March 31, 2025. Changes to comply with the standardised approach or within prescribed guidelines are not 'Material Change', but valuations under old and new methodologies must be disclosed. Independent valuers must be Registered Valuer Entities and authorized valuers must hold specified professional qualifications; reporting based on audited investee data is extended to seven months and compliance must be certified.

IGST export refund clarification allows regularization when earlier exempt imported inputs are later taxed with interest.
Clarification is issued on regularization of refund of IGST paid on exports where inputs were initially imported without payment of integrated tax and compensation cess under the specified customs exemption notifications, but later the importer pays those taxes with interest and gets the Bill of Entry reassessed. In such cases, the benefit of the notifications is treated as not having been availed for the purpose of rule 96(10) of the APGST Rules, 2017, and the refund of IGST on exports is not considered to be in contravention of that sub-rule.

Place of supply for data hosting services to overseas cloud providers follows the recipient location default rule under GST.
Data hosting services supplied from India to overseas cloud computing service providers are clarified not to be intermediary services, services in relation to goods made available by the recipient, or services directly in relation to immovable property. The supply is treated as a principal-to-principal data hosting service, with the place of supply governed by the default rule in section 13(2) of the IGST Act, namely the location of the recipient. Where the recipient is outside India, the place of supply is outside India, subject to the other conditions for export of services.

Input tax credit on demo vehicles clarified for authorised dealers using them to promote further supply of similar motor vehicles.
Input tax credit on demo vehicles used by authorised dealers as showroom demonstrators is not blocked where the vehicles are used for further supply of similar motor vehicles, including promotion of sales through trial runs and product demonstrations. The restriction does not apply where the vehicles are used for unrelated purposes or where the dealer only provides marketing or facilitation services without making the supply on its own account. Capitalisation of demo vehicles in the books does not, by itself, affect credit entitlement if the vehicles are used in the course or furtherance of business, though depreciation on the tax component and later sale of capitalised vehicles remain subject to the Act.

Advertising services to foreign clients are not intermediary services when the agency acts on its own account and supplies on principal-to-principal basis.
Where an Indian advertising agency undertakes the entire advertising assignment for a foreign client on a principal-to-principal basis, it is not an intermediary and the foreign client remains the recipient of the service. The target audience in India, or an Indian representative of the foreign client, does not become the recipient where the contract, invoice, and payment are all between the agency and the foreign client. Such services are not performance-based services requiring physical presence and their place of supply follows the default rule as the recipient's location outside India, subject to export conditions. If the agency merely facilitates media space or broadcast between the foreign client and the media owner, it acts as an intermediary and the place of supply is the supplier's location.