Mutual Funds Lite framework introduces a relaxed regulatory regime for passive funds, easing compliance and simplifying disclosures.
The Mutual Funds Lite framework creates a lighter regulatory regime for specified passively managed schemes-index funds, ETFs, FoFs and eligible overseas passive funds-limiting phase one eligibility to designated domestic equity and debt indices, gold and silver ETFs and single-underlying overseas funds. It prescribes sponsor eligibility and conduct safeguards (including private equity sponsor criteria, lock-in of initial capital and restrictions on related-party off-market transactions), reallocates governance duties between trustees and AMC boards with certain trustee committee relaxations, and simplifies disclosure, filing and investment scope while maintaining targeted transparency measures such as tracking difference and Debt Index Replication Factor disclosures.

Integrated Filing consolidates governance and financial quarterly disclosures for listed entities, with specified timelines and auditor restrictions.
Integrated Filing consolidates specified governance and financial periodic filings into two quarterly formats-Integrated Filing (Governance) and Integrated Filing (Financial)-with timelines of 30 days for governance and 45 days (60 days for year-end) for financial filings; it prescribes quarterly disclosure items (including certain acquisitions, low-threshold fines and tax litigation updates), requires quantification of ratified related party transactions in financial filings, updates Master Circular formats into Annexure 1, substitutes Annexure 18A with Annexure 5 for timelines, and clarifies Secretarial Auditor disqualifications and prohibited services.

Cybersecurity and Cyber Resilience Framework compliance extended with regulatory forbearance and data localisation provisions held in abeyance.
The circular clarifies CSCRF compliance: regulatory forbearance is granted for non compliance during the forbearance period if entities can demonstrate meaningful implementation steps and will be given an opportunity to show progress before any regulatory action. Compliance dates for KYC registration agencies and depository participants are extended to a later date, and the Data Localisation provisions of the Data Security Standard (PR.DS.S2) are held in abeyance pending further consultations. The clarifications are effective immediately.

Bank Realization Certificate compliance required to avoid drawback recovery and interest following unrealised export proceeds.
Non-realisation of export proceeds identified via the RBI-BRC module has prompted a compliance drive requiring exporters to submit Bank Realization Certificates (BRCs) or repay sanctioned drawback amounts with applicable interest. Affected shipping bills and exporter lists are published online; valid e BRCs submitted to the dedicated BRC Cell will be verified and cases closed expeditiously. Exporters may use ICEGATE and SB EDPMS enquiries for verification and rectification. Failure to comply will trigger system alerts and recovery proceedings for drawback with interest.

Auto renewal of customs broker licences secures lifetime validity unless revoked; EDI records updated to reflect this change.
Auto renewal under CBIC Notification No. 62/2021 confirms lifetime validity of customs broker licences unless revoked under regulatory revocation provisions, and that a licence is deemed invalid if the licensee is inactive for one year. Mumbai has updated EDI records to reflect lifetime validity for licences operating under regulation 7(2) after earlier Public Notice implementation gaps; stakeholders should report any difficulties to the Customs Broker Section.

Transshipment permission to FedEx via Blue Dart granted until 31.12.2025 with Rs60 crore bond and strict customs conditions.
Permission is granted to M/s FedEx to transship imported goods from New Courier Terminal, Delhi to specified Indian air cargo ports through M/s Blue Dart Aviation Ltd until 31.12.2025, subject to a Transshipment Bond of Rs.60,00,00,000/-, Blue Dart's bank guarantee exemption (unless withdrawn), and procedural and security conditions including specific manifesting, segregation reports, transfer to a TP Godown under customs supervision with double locks, customs sealing and X ray screening, filing CTMs/applications, destination acknowledgements within 10 days to recredit the bond, and submission of a customs certificate of safe delivery within 15 days to discharge the bond.

Foreign Contribution TDS refunds: proportionate FC refunds may be returned to FCRA accounts and treated as other income.
When a consolidated income tax refund is received in a non FCRA bank account, the proportionate share attributable to Foreign Contribution must be transferred back to the FCRA bank account; such transfer is permitted and not treated as contravening the Act. For accounting, TDS at deduction may be recorded as utilization of FC and, upon refund receipt in the FCRA account, recognized as other income and reported in the designated disclosure field of the FCRA return.

Voucher transactions not a supply under GST; underlying redemptions taxable, agent commissions and ancillary services taxable.
Transactions in vouchers are not themselves taxable supplies: where a voucher qualifies as an RBI recognised pre paid instrument it is treated as money, and where not so recognised it is an actionable claim; in both cases vouchers are neither supply of goods nor supply of services, while redemption of vouchers for underlying goods or services remains taxable. Principal to principal trading in vouchers is not leviable to GST, agent commissions/fees are taxable as services, ancillary services are taxable, and amounts attributable to unredeemed vouchers (breakage) are not taxable.

Place of supply of online services: suppliers must record recipient State on invoices, making recipient location the supply point.
Suppliers of online/digital services, including OIDAR services and supplies via electronic commerce operators, must record the State name of unregistered recipients on the tax invoice irrespective of value; that State name shall be deemed the recipient's address on record for determining the place of supply under section 12(2)(b) of the IGST Act, making the recipient's location the place of supply. Suppliers must collect recipient State details prior to supply, report recipient location in outward supplies in Form GSTR 1/1A, and may face penalties for non compliance.

Input tax credit availability: deemed receipt at supplier's premises allows claiming credit under Ex Works delivery, subject to entitlement conditions.
A registered person is deemed to have received goods where the supplier delivers them to a recipient or any other person on the recipient's direction, including handing goods to a transporter at the supplier's premises; under Ex Works contracts this means a dealer may avail input tax credit when the OEM hands vehicles to the transporter at the factory gate, subject to entitlement conditions such as use in the course of business and denial where goods are diverted or later lost, stolen, destroyed, written off, gifted or supplied as free samples.

Input tax credit rules: electronic commerce operators cannot use ITC to discharge notified-supplier liabilities and must pay from cash ledger.
Where an electronic commerce operator is liable to pay tax as if it were the supplier of notified services supplied through its platform, it is not required to reverse input tax credit proportionately for inputs and input services used for such notified supplies. The input tax credit availed for such inputs and input services cannot be utilised to discharge the tax liability arising from the notified supplies, which must be paid through the electronic cash ledger. However, that credit may be used to discharge tax liabilities in respect of supplies made by the ECO on its own account.

Extension of due date for belated and revised income tax returns - resident individuals granted additional filing time.
The Central Board of Direct Taxes, exercising powers under section 119 of the Income tax Act, extends the last date for furnishing belated returns under sub section (4) of section 139 and revised returns under sub section (5) of section 139 for resident individuals, moving the prior deadline to a later specified date and directing that the extended date be treated as the operative filing deadline for those taxpayers.

Export authorisations for restricted seeds require specified affidavits, declaration of chemical treatment and compliance with seed licensing.
The SOP requires applicants for export authorisations of Restricted Seeds and Planting Materials to submit product specifications, raw material details and affidavits confirming no use of Indian germplasm and compliance with the Biological Diversity Act. Exports as seed quality demand a Seed Control Order dealer license, declaration of chemical treatment and labelling that seeds are not for consumption; non-sowing exports require an affidavit that material is not breeder/foundation/certified seed and is for consumption only.

Import authorisation requirement for low ash metallurgical coke mandates country-wise applications and documentation, with QR allocations and monitoring.
Country-wise quantitative restrictions on low ash metallurgical coke require prior import authorisation filed per supplier country on the DGFT portal with three years of import data, current year imports and source, and production capacity and actual production figures; quantities must cover the full restriction period. A Special Exim Facilitation Committee will allocate quarterly quantities, permit adjustments between quarters for excess or unutilised imports, and require first-quarter utilisation statements and surrender details. Mis-declaration leads to disqualification and DGFT may amend procedures at any time.

SEBI Master Circular updates trading, margin trading, market making, call auction and OFS frameworks for stock exchanges.
SEBI issues a consolidated Master Circular effective on issuance, rescinding listed prior circulars while preserving prior acts and applications, and consolidating operative rules for exchanges and clearing corporations covering trading (bulk/block deals, circuit breakers, price bands, call auctions, IPO/re listing controls), margin trading (eligibility, margins, collateral, leverage, disclosures), market making and liquidity schemes, settlement and risk management, trade annulment procedures, and the framework for Depository Receipts and related compliance and reporting obligations.

Subscription to non-convertible securities allowed during trading window closure, subject to Board-specified framework and conditions.
Trading window restrictions under the Prohibition of Insider Trading framework shall not apply to subscription to the issue of non-convertible securities where such subscription is carried out in accordance with the framework specified by the Board; this extends the list of transactions already exempted and is effective immediately, with stock exchanges required to notify and disseminate the circular.

Due date extension for amount determination under Direct Tax Vivad Se Vishwas Scheme; declarations by the extended deadline use column three.
The Central Board of Direct Taxes extends the due date for determining the amount payable as per column (3) of the Table in section 90 of the Direct Tax Vivad Se Vishwas Scheme, 2024 to 31st January, 2025; declarations filed on or before that date will have amounts determined under column (3), and declarations filed on or after 1st February, 2025 will have amounts determined under column (4), notwithstanding the Scheme, Rules, or Guidance Note.

Change in control: transfers among immediate relatives and transmissions won't trigger control change, subject to fit and proper checks.
Clarifies that transfer among immediate relatives and transmission of shares in unlisted body corporate intermediaries shall not be treated as change in control; proprietary concerns' transmission that alters legal formation or ownership will be treated as change in control requiring prior approval and fresh registration; partnership firms face non control treatment for inter se transfers in multi partner firms but induction of a new partner or dissolution scenarios in two partner firms will amount to change in control; transferees gaining controlling interest must meet fit and proper criteria.

Voluntary payment electronic facility enabled on ICEGATE for self-initiated customs payments, replacing manual TR-6 procedures.
Electronic acceptance of voluntary/self initiated customs payments is enabled on the ICEGATE e Payment platform: registered users may generate self initiated challans and pay without further customs approval. The facility replaces manual TR 6 payments for past clearances and must not be used for live consignments or in place of system generated challans. Payments may be debited from the Electronic Cash Ledger or made challan wise via authorized internet banking, NEFT/RTGS and payment aggregator modes; officers must not accept manual TR 6 after the specified cutoff except with written commissioner approval.

Extension of FCRA registration validity for pending renewals remains until disposal, with refusal causing immediate expiry and restrictions.
Extension of validity of FCRA registration certificates is directed for specified classes of registered entities pending renewal, with such registrations continued until the earlier of an administrative cut off date or disposal of the renewal application. If a renewal application is refused, the certificate's validity is deemed to expire on the refusal date and the association becomes ineligible to receive or utilise foreign contribution.