Registered valuer requirement: valuations must be conducted under corporate and insolvency law provisions for compliance.
Valuations required under corporate and insolvency statutes must be performed by a registered valuer; the circular reiterates that Rule 10 of the Companies (Registered Valuers and Valuation) Rules, 2017 read with section 247 of the Companies Act, 2013 and IBBI guidance require registered valuers to conduct valuations arising under the Companies Act, the Insolvency and Bankruptcy Code, 2016 and related regulations, and supplies annexed lists of the specific statutory provisions where such valuations are mandated, including instances requiring determination of fair value and liquidation value.

Exemption from monetary limits for bogus penny stock capital gains cases - appeals must be filed and heard on merits.
Monetary limits fixed for filing appeals and special leave petitions shall not apply to cases alleging bogus Long Term Capital Gains and Short Term Capital Loss through penny stocks, and appeals/SLPs in such cases are to be filed and considered on their merits.

Project Imports Module: Mandatory ICES project and PI bond registration; Bills of Entry must quote system project number.
ICES implements a Project Imports Module requiring compulsory project registration and registration of a national provisional PI bond. A system-generated project/license number must be quoted in all Bills of Entry filed under scheme code PI with item-wise serials, quantities, values and associated PI bond details; otherwise BEs will be rejected. The System will maintain automatic project and bond ledgers and allow online TRA issuance for imports at ports other than the port of registration. Finalization and bond re-crediting will use existing FAO/FDC options.

Eligible liquid assets updated: diamonds, base metals and alloys accepted as collateral with prescribed haircuts and limits.
SEBI adds Diamond, Base metals and Alloys to the list of Eligible Liquid Assets for the Commodity Derivatives Segment, subject to applicable non-bullion concentration limits and minimum haircuts: 30% for base metals and alloys (including Steel) and 40% for diamonds. Collateral must be of the same quality specification as deliverable under contract specifications. All other provisions regarding liquid assets remain in force and the circular is effective from its date of issuance.

IGST payment verification extended so exporters may reconcile GSTR 1 and GSTR 3B discrepancies to claim export refunds.
Extension of the interim procedure to verify IGST payments where GSTN-to-Customs transmission failed is applied mutatis mutandis to Shipping Bills for April 2018-March 2019. The comparison of cumulative IGST payments in GSTR-1 and GSTR-3B (per Paras 3A and 3B of the earlier circular) shall cover April 2018-March 2019, and exporters must furnish a Chartered Accountant certificate evidencing that refunded IGST on exports reconciles with actual IGST paid for that period by the prescribed deadline.

Reimbursement of SGST requires registered theatres to reduce ticket price by SGST and apply for refund after filing returns.
Government of Maharashtra will reimburse to registered theatres an amount equal to the SGST component shown on Mission Mangal tickets sold 29 August-31 December 2019, provided theatres separately indicate CGST and SGST, reduce the ticket price by the SGST amount so consumers receive the benefit, and comply with communication, display and verification requirements. Theatres must file returns, apply for refund within thirty days using Annexure II, produce accounts for verification, and obtain refund disbursement within 30 days after verification.

Tariff Rate Quota import procedure updated; equal allocation and specified pre purchase, origin and application requirements now required.
Amendment prescribes procedure for imports under Tariff Rate Quota, listing specific goods, country wise aggregate quantities, and making imports subject to the Indo Mercosur customs notification. Import authorisations require a pre purchase agreement from an eligible exporter and a Certificate of Origin at clearance. Applications must be submitted by e mail in the prescribed format, include specified applicant and shipment details, and ANF 1/ANF 2M must be filed online with requisite fee; allocation will be made equally among eligible applicants subject to quantity applied.

Certificate of Origin (Non-Preferential) authorization: Expo Overseas Entrepreneurs Association enlisted to issue such certificates under Appendix 2E.
M/s Expo Overseas Entrepreneurs Association, Indore, is authorized to issue Certificate of Origin (Non-Preferential) and is enlisted in Appendix 2E of the Foreign Trade Policy 2015-2020 as an agency authorized to issue such certificates for the Indore, Madhya Pradesh entry.

Bank guarantee waiver for exporters and service providers based on export performance or GST payment under revised norms.
Revised norms allow GST-registered manufacturer exporters and service providers to claim Bank Guarantee exemptions under category (d) based on export performance over the preceding years and under category (e) based on GST paid in the preceding financial year. Certification by the Superintendent of Central Excise is no longer required; authorised holders may produce certification from their Export Promotion Council or, if not a member, a certificate authenticated by a practicing Chartered Accountant registered with GST, who must state his GSTIN and registration details. Other provisions remain unchanged.

Unpaid dues compliance required before filing schemes of arrangement, with prescribed reporting and forwarding to regulator.
Listed entities must settle all dues, fines and penalties to regulators, stock exchanges and depositories before filing a draft scheme; if dues remain, they must submit a prescribed Unpaid Dues Report with the draft scheme, which stock exchanges will forward to the regulator before the regulator issues comments; false statements invite punitive action.

Declaration of MEK/2 Butanone content allows bill of entry final assessment on second-check basis when supported by MSDS or PTR.
Trader-importers importing goods under CTH 3215, 3402 and 3814 from manufacturer-suppliers providing MSDS or valid PTR may have their Bills of Entry finally assessed on a second-check basis without departmental testing, by application of Para 4.1 of Public Notice No. 68/2019; all other conditions of PN 68/2019 remain applicable.

Nodal officer nomination for Industries Department meetings takes immediate effect for coordinated State Tax Department participation.
Shri Sujay Prakash Upadhyay, Additional Commissioner of State Tax (Headquarters, Bihar, Patna), is nominated as the Nodal Officer for participation in meetings of the Industries Department. The nomination takes effect immediately.

Rectification facility for SB005 invoice mismatches extended; exporters may avail with prescribed documentation and contact for assistance
A rectification mechanism for SB005 invoice mismatches on Shipping Bills is extended for filings up to 31.07.2019; exporters should avail the officer-assisted facility with required documentation. The mechanism supports IGST export refund processing, includes revised handling and disbursal of compensation cess, and provides contact points for assistance. Trade intermediaries are requested to publicise the notice.

Import deadline for pulses: firm deadline; arrivals must land by end of October, no extensions; final reporting mandated.
Allotted pulse import consignments for fiscal 2019-20 must arrive and land on Indian ports by 31 October 2019; no extensions of the arrival deadline or validity of allotments will be granted. Importers must complete imports by that date and submit a final import report to their Regional Authorities by 7 November 2019, with Regional Authorities forwarding a consolidated report to headquarters by 15 November 2019.

Direct Port Delivery eligibility requires accredited status or sustained compliance; exclusions cover mis-declaration, prosecutions, and full-exam consignments.
Eligibility for Direct Port Delivery (DPD) is confined to importers with AEO accreditation or a clear compliance record coupled with sustained import volume, with possible relaxation of the volume criterion by the Chief Commissioner in deserving cases. Exclusions cover importers with mis-declaration or evasion allegations, those facing prosecution, consignments subject to full examination, and primarily LCL importers. DPD applies only to fully facilitated or unexamined consignments where the importer opens a PD account with the terminal and arranges transport; zones may impose further procedural requirements.

Compulsory licensing limited to specific industries after policy changes; other industrial licensing requirements rendered obsolete and withdrawn.
Press Note No. 17 (1984) concerning environmental clearance conditions for Letters of Intent and Industrial Licences is withdrawn as obsolete following post 1991 policy changes; only four industries remain subject to compulsory licensing (tobacco products, electronic aerospace and defence equipment, industrial explosives, and hazardous chemicals), and the Department does not issue licences outside those categories.

Licensing exemption for defence parts: manufacture permitted without industrial or arms licence unless specifically listed; small arms excluded.
No industrial licence or arms licence is required for manufacture of parts and accessories in the defence sector unless specific items are listed in the Annexures to Press Note 1 (2019 Series); the exemption does not apply to issuance of arms licences for small arms by the Ministry of Home Affairs.

Disposal of seized liquor requires FSSAI NOC or destruction, with committee oversight and e auction where permitted.
Seized foreign origin liquor must be reviewed by a constituted Liquor Disposal Committee which shall verify consignments, obtain sampling, testing and a NOC from FSSAI where feasible, and dispose of NOC cleared stock via e auction to bidders complying with State Excise laws; consignments that cannot be sampled or cleared shall be destroyed following NDPS style destruction procedures, with a triplicate Certificate of Destruction and advance notice to the Principal Commissioner/Commissioner for possible inspection.

Recovery of export incentives requires a No Incentive Certificate on re import and verification before customs clearance.
Import clearance for re imported goods requires a No Incentive Certificate from the Regional Authority of DGFT where export incentive or reward credit under Chapter 3 of FTP was availed. Import Groups must verify this certificate before clearance, review past re imports for inadmissible duty credits, and coordinate with DGFT for recovery and reporting to higher authorities.

EGM filing requirements: correct and supplement EGMs to enable IGST refund migration and processing for exporters.
Exporters, CHAs and shipping lines must correct Electronic Goods Manifest (EGM) and ECM errors and file Supplementary EGMs where needed, presenting required documents to the EGM Cell so that claimed IGST refund credits can migrate and refunds be processed; until correct filing or error rectification occurs, IGST credits will not migrate and refunds will not be available.