Dissolution period flexibility for alternative investment funds allows in specie distribution or extended liquidation subject to investor consent.
AIFs may enter a defined dissolution period or distribute unliquidated investments in specie subject to at least seventy five percent investor consent by value and specified procedures. Before consent, the manager must arrange bids aggregating at least twenty five percent of the consolidated value of unliquidated investments and disclose tenure, investment details and indicative bid ranges with valuations by two independent valuers. If the minimum bid threshold is met, dissenting investors may exit from the bid; if not met the AIF may still seek 75% investor consent to enter dissolution. Valuation for benchmarking is the bid value if the threshold is met or one rupee if not, manager performance is reported separately, and remaining unsold assets are mandatorily distributed in specie at dissolution end.

Bill of Entry amendment procedure: online filing with e Sanchit evidence; approvals may be automated or officer based.
Amendments to Bills of Entry must be filed online via the Common Portal or Service Centre with supporting documents uploaded in e Sanchit. Amendments are either auto approved-limited to additions like Bill of Lading details processed automatically under Section 149-or require officer approval for deletions, modifications, or other changes; processing routes depend on whether the amendment is before assessment, after assessment but before Out of Charge, or after Out of Charge, and whether the amendment affects assessment.

Section 65 Audit Powers Enable Designated Tax Officers to Act Within Assigned Zonal Jurisdictions for the Relevant Financial Year.
Section 65 audit powers under the Bihar Goods and Services Tax Act, 2017 are conferred on specified Deputy Commissioners of State Tax and Assistant Commissioners of State Tax under Section 65(1) read with Section 4(2). The authorisation applies only within each officer's assigned zonal jurisdiction and is limited to audits concerning the financial year 2020-21, creating a defined territorial and temporal allocation of audit authority.

FPI debt investment limits maintained, sub-category allocations fixed and CDS sales capped relative to corporate bond stock.
FPI holdings in debt for 2024-25 retain ceilings of 6% for government securities, 2% for state government securities and 15% for corporate bonds, with investments in specified securities reckoned under the Fully Accessible Route. G sec incremental allocations remain 50:50 between General and Long term; SGS increases are added to the General sub category. Revised absolute ceilings are set for the two half year periods of 2024-25. The aggregate notional amount of Credit Default Swaps sold by FPIs is capped at 5% of outstanding corporate bond stock, with an additional notional limit specified for 2024-25.

Drawback non-applicability for EOU/SEZ sourced goods requires exporters' self-declaration uploaded on e Sanchit to avoid queries.
Notification states that drawback rates do not apply to exports manufactured or exported by hundred per cent Export Oriented Units or by units in Free Trade Zones, Export Processing Zones, or Special Economic Zones, and instructs exporters to upload a signed self-declaration (Self-Declaration on Customs Cases, Code 022CO1) on e-Sanchit with shipping bills certifying non-manufacture/non-export by such excluded units to reduce queries and physical visits.

Extension of filing deadline for registration forms safeguards electronic submissions and validates pending nonprofit applications.
The Board, under section 119, extends the due date for filing Form No. 10A and Form No. 10AB electronically to 30.06.2024. Pending applications in Form No. 10AB filed before this Circular where no order has been passed may be treated as valid. Applicants whose Form No. 10AB was rejected solely for late filing or wrong section code may file a fresh application within the extended period. Trusts that received provisional Form No. 10AC after failing to file Form No. 10A may surrender that provisional registration and apply as existing trusts in Form No. 10A within the extended time.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.