Terminology correction clarifies export of mechanized jewellery includes manual processes and excludes imported mountings from net content.
The corrigendum amends Note 2 of Public Notice No. 30/2024-2025 by correcting the wording to state that the export of mechanized plain and studded jewellery also includes some manual process, and reiterates that weight of imported mountings and findings of gold or silver used in export products will not be included in determining net content of gold and silver.

Insurance requirement for CCSPs set to match average five day stored goods value, with bond exposure correspondingly reduced.
CCSPs must maintain insurance equal to the average value of goods likely to be stored in the customs area for a five day period based on projected capacity, with the Commissioner entitled to specify amounts considering goods already insured by importers or exporters. Custodian bond exposure for imported and exported goods is reduced to cover five days of storage rather than the previous ten. Approval and custodian bond validity for AEO LO CCSPs continue for the duration of their AEO authorization unless suspended or revoked.

Special Economic Zones governance: Board approves extensions, co-developer status, non-processing area demarcations, and other SEZ administrative actions.
The Board of Approval for Special Economic Zones considered multiple administrative and regulatory proposals, including extensions of approval validity, co-developer approvals, demarcation of non-processing area, partial de-notification, revival of a sick unit, duty-free procurement of a restricted item, revised notification after consolidation of plots, a new SEZ proposal, and one appeal. It granted several one-year extensions, approved co-developer status subject to standard SEZ conditions and tax examination rights, permitted numerous Rule 11B demarcations, recommended partial de-notification, and directed further examination of land-area norms for emerging sector SEZ proposals.

Import Management System governs authorised imports of restricted IT hardware, allowing multiple applications and amendments during validity.
Importers must apply for Import Authorisation through the DGFT Import Management System portal within the announced application window; authorisations issued under the IMS are valid until the end of the calendar year. The system permits multiple applications by the same importer and allows requests for amendment to an authorisation during its validity to be submitted on the DGFT website.

Capacity planning mandates enhanced infrastructure and continuous real time performance monitoring for market infrastructure institutions to prevent disruptions.
MIIs must adopt a proactive, future oriented Capacity Planning methodology and a comprehensive Real Time Performance Monitoring framework covering all critical IT systems and interdependent components; obtain SCOT and Board approval; ensure installed capacity exceeds projected peak demand; implement automated monitoring, alerts, asset registers, utilization thresholds, dedicated alert response teams, regular stress testing and vendor SLA provisions; and submit revised guidelines to the regulator within the prescribed timeframe.

Optional T+0 rolling settlement expands eligibility and participation, enabling parallel trading with T+1 under operational safeguards.
Expansion of an optional T+0 rolling settlement permits trading alongside T+1 by widening eligible scrips to a phased top 500 market capitalisation list, allowing all brokers to participate and to levy differential brokerage within limits, and obliging Qualified Stock Brokers, custodians and Market Infrastructure Institutions to implement systems for investor participation. A morning Block Deal window for T+0 will be available, MIIs must publish operational guidelines and FAQs, and provide fortnightly reports; phased applicability and modification of prior circular provisions are specified.

GST clarification on affiliation, composite supply, exemptions, and past liability regularisation across multiple service categories.
Clarification is issued on the GST treatment of multiple services, including affiliation services, DGCA-approved flying training courses, helicopter passenger transport, goods transport agency ancillary services, import of services by foreign airline establishments, preferential location charges, electricity utility support services, and film distribution transactions. The circular distinguishes exempt supplies from taxable supplies, treats certain ancillary services as part of composite supply, and regularises GST liability on an as is where is basis for specified past periods.

Preferential Certificate of Origin modernization: eCoO 2.0 requires new filings, multi-user access, e-sign and e-wallet features.
The eCoO 2.0 platform replaces the legacy system for Preferential Certificate of Origin filings from 21.12.2024, while pending applications up to 20.12.2024 remain on the legacy platform. Authorised agencies must designate an Administrator to manage users, regional offices, payment gateway parameters, upload background-cleared stamps and signatures, map issuing officers and enable e-wallets. Issuing officers must register with official emails, obtain Administrator approval, and register digital signature tokens. Data migration of CoOs and e-wallet balances will follow stabilisation and be notified separately; CoO verification is available via a pre-login verification tool or QR code.

Due diligence document repository required - merchant bankers must upload issue-related records to exchange platforms within specified timelines.
Merchant bankers must upload due diligence records and documents relied upon in public issue management to a stock-exchange operated Document Repository platform, using individual login credentials, ensuring documents are relevant, complete and legible, and enabling supervisory access by the regulator. Documents are to be uploaded to the repository of an exchange where listing is proposed and other exchanges informed; specified timelines for uploads apply after filing draft offer documents and after listing. Preservation obligations under merchant banker regulations remain applicable and the requirements cover draft offer documents filed on or after the effective date for mainboard and SME listings.

Discontinuation of routine rice export sampling; sampling now discretionary to verify correctness of declarations under export policy.
Routine pre shipment sampling and testing for rice exports is discontinued because export duty is nil and export policy is free except for broken rice. Sampling will be undertaken only when the Assistant or Deputy Commissioner of Customs in charge of assessment and examination, on a case by case basis, deems it necessary to verify the correctness of the export declaration.

Concessional duty under IGCR permissible alongside MOOWR deferment when documentation, time-limits and conditions are met.
A MOOWR unit may simultaneously claim IGCR concessional duty while availing MOOWR duty deferment, provided the unit complies with the additional conditions, time-limits and documentation requirements in the concessional notification and IGCR Rules as well as MOOWR stipulations. Goods described "for use in manufacture of cellular mobile phones" are eligible when imported by intermediate MOOWR manufacturers who perform value addition and supply resultant goods to the final manufacturer, subject to transfer documentation and accountal and fulfilment of all other conditions.

All India adjudication jurisdiction expanded for DGGI show cause notices; specified Additional/Joint Commissioners to adjudicate per allocation table.
Additional and Joint Commissioners of Central Tax of specified Commissionerates are authorized with All India jurisdiction to adjudicate DGGI show cause notices under the substituted notification effective 1 December 2024. Principal Commissioners/Commissioners will allocate Adjudication (DGGI cases) to empowered Additional/Joint Commissioners. Where multiple noticees span Commissionerates, the notice(s) shall be adjudicated by the empowered adjudicator corresponding to the principal place of business of the noticee with the highest tax demand, irrespective of amount; rules for subsequently issued notices and corrigendum for pre-effect notices are prescribed.

Depositories and DPs: consolidated rules on PAN/KYC, e KYC, SARAL accounts, DIS standards, cyber resilience and CAS.
Master Circular consolidating SEBI circulars for depositories up to 30 September 2024 into four sections (BO Accounts; DP related; Issuer related; Depositories related). It declares PAN as the primary market identifier, permits voluntary Aadhaar e KYC via KUA/KSA, prescribes SARAL AOF and uniform KYC, sets online demat account opening/closure rules, DIS standardisation and e DIS mandates with depository level authentication, records all encumbrances/NDUs in the depository system, mandates cyber security/incident SOPs and AI/ML reporting, and establishes CAS, fee, deactivation/reactivation and other operational and investor protection procedures.

Shared contact information permitted for family and authorised persons, subject to client written request and required entity approvals.
SEBI permits stock brokers, on specific written client request, to upload the same mobile number or e mail for multiple clients where clients are family members (self, spouse, dependent children and dependent parents) or where a client is the authorised person of an HUF, partnership, trust or corporate as defined by prior approval, partner consent, trust resolution or board resolution. Exchanges must notify members, update websites, amend bye laws and implement the change immediately while other circular provisions remain effective.

Port clearance procedure: online EDI issuance with continuity bond option and mandatory post sailing document submission and extensions.
Establishes online EDI issuance of Port Clearance and Advance Port Clearance for vessels calling JNPA, requiring predefined vessel certificates and NOCs; allows Advance Port Clearance against a one time continuity bond with obligation to submit outstanding documents within seven days of sailing. Applications are submitted via the portal, processed through a two level verification (Level 1 completeness check and Level 2 grant), with deficiency memos and re submission flows. Granted online certificates are downloadable, emailed and include a QR code; extensions and amendments are available via portal modes; manual issuance is phased out after the transition date.

Informal guidance scheme provides no action and interpretive letters to clarify IFSC regulatory issues, non binding and confidential.
The Scheme provides a mechanism for seeking informal guidance from the Authority via no action and interpretive letters on regulatory provisions administered in the IFSC. Eligible applicants must file electronically with prescribed disclosures; Departments may seek clarifications, target disposal within a stated timeline excluding applicant response time, and may decline ineligible or duplicative requests. Guidance will be published with a limited confidentiality period, is non binding and not an Authority order, and may be set aside if obtained by fraud or misrepresentation.

Extension of filing deadline secures additional time for liquidation form submissions; current or tenure IPs remain responsible.
The deadline for filing forms for liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, is extended to 31.12.2024. For ongoing matters the Insolvency Professional currently handling the case must file all forms; where a closure or dissolution application was filed or a closure/dissolution order passed, the Insolvency Professional in office when that application was filed or order was passed is responsible. The circular invokes the statutory authority under the Code.

Extension of return filing deadline for taxpayers required to furnish transfer pricing report granted under section 119.
The Central Board of Direct Taxes, exercising powers under section 119 of the Income-tax Act, 1961, extends the due date for furnishing the Return of Income under sub-section (1) of section 139 for assessees covered by clause (aa) of Explanation 2 to sub-section (1) of section 139 who are required to furnish the report under section 92E, thereby postponing the statutory filing deadline to a later specified date to enable compliance with the transfer pricing report requirement.

Provisional assessment of petroleum imports on Second Check pending lab report to expedite clearance for authorized economic operators.
Import consignments of petroleum products under CTH 2710 filed by AEO-T2 and higher holders will be provisionally assessed on Second Check pending the sample test report from the designated laboratory, as a trade facilitation measure; stakeholders should report any implementation difficulties to the Principal Commissioner of Customs.

Business continuity for interoperable trading venues: invoke alternative venue hedges and reserve contracts within prescribed timelines.
Mandates Business Continuity for interoperable exchange segments by enabling participants to hedge open positions on alternative trading venues through interoperability and netting where identical or correlated products exist, requires creation of reserve contracts for exclusively listed scrips and consideration of correlated index products where absent, and prescribes notification and invocation timelines plus a joint Standard Operating Procedure detailing roles, systems changes, and rule amendments to be implemented and reported to the regulator.