Relaxation for employee benefit trust units exempts lock in and allotment restrictions, with reporting and unclaimed distribution rules aligned.
Units allotted to an employee benefit trust for a unit based employee benefit scheme are exempted from the preferential issue lock in and allotment restrictions if compliant with Chapter IVA of the REIT Regulations. Indian REITs Association, with the regulator, shall specify a uniform format for quarterly reports and compliance certificates that managers must submit to trustees. Where distributions made within prescribed timelines remain unpaid or unclaimed, the manager must transfer such amounts to an Unpaid Distribution Account within seven working days of expiry of the distribution timeline.

Extension of validity of CAVR Order for Stainless Steel J3 grade preserves valuation-assistance under Customs Rules.
The Central Board of Indirect Taxes and Customs extends CAVR Order No. 2/2023-Customs so that its application to Stainless Steel of J3 grade under the specified HS codes continues for the period commencing 29 November 2024 and ending 28 November 2025, invoking powers under the Customs Act and the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 to maintain the valuation-assistance framework for the listed tariff lines.

Port of export amendment: Amritsar Airport added as authorised export point for gold, silver and platinum jewellery shipments.
Amendment adds Amritsar Airport to the authorised ports of export in Para 4.71 of the Handbook of Procedures, 2023 for exports under schemes of gold, silver and platinum jewellery; airfreight and Foreign Post exports may be effected through Amritsar Customs House in addition to the previously listed Customs Houses, while courier exports through specified Custom Houses remain permitted up to the existing FOB value per consignment.

Refund processing after appellate reassessment: sanctioned refunds must trigger ICES amendment and reassessment procedures.
Where appellate or higher forum orders re-assess Bill(s) of Entry, refund claims for excess duty shall be processed within prescribed time limits upon acceptance of that order by the competent authority; following sanction, the Refund Section (Port) will forward the refund order to the Appraising Group to make required amendments or re-assessment in the ICES in compliance with the appellate or higher forum order and after observing due procedures.

Simplified FPI registration: abridged CAF option with auto-population of data and applicant consent to reused details.
SEBI permits eligible FPI applicants to use an abridged Common Application Form where only fields unique to the applicant are filled while other fields are auto-populated or disabled from the depositories' CAF module, subject to explicit applicant consent and confirmation of unchanged details; DDPs must update and maintain complete CAF records and pilot custodians with the Standards Setting Forum will specify implementation standards and auto-populatable fields.

Sea Cargo Manifest Regulations require mandatory use of new e-manifest format, affecting filing practices and cargo clearance.
Implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR) at Tuticorin Customs requires phased adoption of new e-manifest formats by the notified effective date; stakeholders must commence parallel filing immediately as continued use of old formats is allowed only temporarily under the transitional provision in Regulation 15(2). Allocated ASC/ASA/Transhippers must report filing success/failure and repetitive errors to the Deputy/Assistant Commissioner before vessel arrival and escalate unresolved system errors to DG Systems via the Deputy Director with intimation to the Joint Commissioner (EDI).

Low Voltage Switchgear and Controlgear now subject to phased EEQCO compliance with staged testing and identification rules.
The Second Amendment Order, 2024 to EEQCO substitutes a Table prescribing phased implementation dates and specific conformity requirements for Low Voltage Switchgear and Controlgear by reference to IS/IEC 60947 parts. It classifies products by category and rating bands, specifies which tests of the referenced standards are immediately mandatory and which (notably electromagnetic compatibility and application specific tests) are deferred to later dates, and in some deferred cases conditions transitional compliance on a manufacturer declaration to BIS. Appendix A provides product identification guidance for customs enforcement.

Trading supported by blocked amount via UPI block or three in one accounts expands client choice and fund protection.
SEBI requires Qualified Stock Brokers to offer clients either trading in the cash segment supported by blocked amounts via the UPI block mechanism or a three in one trading account integrating trading, demat and bank accounts with fund and security blocking at order placement and post market upstreaming of pay ins to the Clearing Corporation; clients may continue pre funding or choose either facility and Stock Exchanges and Clearing Corporations must amend bye laws and notify participants. Effective February 01, 2025.

SEBI issues a consolidated master circular updating LODR compliance, disclosures, enforcement and reporting frameworks.
Master Circular consolidating SEBI circulars on compliance with the LODR Regulations, 2015 (updated to September 30, 2024) providing a chapter wise compliance framework with prescribed formats and procedures for listing agreements, periodic and annual disclosures (shareholding pattern, corporate governance reports, financial results, RPTs, IDRs, BRSR), event based disclosures (material events, defaults, auditor resignations, divergence in banks' asset classification), methods to achieve Minimum Public Shareholding, e voting facilitation, and a uniform enforcement regime including fines, freezing of promoters' holdings, 'Z' category trading, suspension, revocation and possible compulsory delisting; accompanied by annexures and an appendix of rescinded and consolidated circulars.

Capital issuance compliance framework consolidates circulars, harmonises disclosures, ASBA/UPI and timelines for public offerings and listing.
The Master Circular consolidates SEBI circulars under the ICDR Regulations, prescribes a chapter wise compliance framework for public and rights issues, standardises disclosures (including abridged prospectus formats and QR code linkage), codifies ASBA and UPI application and processing rules with SCSB/Sponsor Bank obligations and compensation measures for application failures, mandates Issue Summary Document filing and stock exchange utilities for dissemination, and reduces and sequences timelines for allotment, unblocking and listing.

Reclassification of FPI investment: custodians must report intent, freeze purchases, and permit transfer only after required RBI reporting is complete.
Procedure requires an FPI (with its investor group) reaching ten percent or more of a company's fully diluted paid-up equity to follow FEMA rules to reclassify as FDI; upon notice the custodian must report to the Board and freeze purchase transactions until reclassification completes, and custodians shall transfer securities from FPI demat accounts to FDI demat accounts only after RBI-prescribed reporting for reclassification is complete.

Reclassification of foreign portfolio investment to FDI permits conversion after prescribed approvals and reporting, enabling continued FDI treatment.
The framework permits FPIs exceeding the prescribed limit to reclassify holdings to FDI subject to obtaining applicable Government approvals, investee company concurrence, and adherence to FDI entry conditions and sectoral caps. The FPI must notify its Custodian, which freezes purchases until reclassification; complete prescribed reporting (FC-GPR for fresh issuance, FC-TRS for secondary-market acquisition) and AD bank LEC reporting; and then request custodial transfer of securities from the FPI demat to the FDI demat. The date causing the breach is the date of reclassification and the holding thereafter is treated as FDI.

Denial of FCRA registration: illustrative grounds for refusal include inactivity, noncompliance, adverse field findings, and misuse risks.
Denial of FCRA registration or renewal is effected where statutory eligibility and registration conditions are unmet. Illustrative common grounds include lack of bona fide activity or defunct status; prosecution or conviction of office bearers; failure to respond to queries or submit documents; concealment or incomplete applications; non existence at declared addresses or fictitious office bearers; prior cancellation triggering disqualification; diversion or likely diversion of foreign contribution to anti development or undesirable uses; and adverse field inquiry inputs including links with radical entities. Renewal specific grounds include non utilization of funds for projects, failure to upload annual returns, and assorted violations of the Act and Rules. Registration specific grounds include failure to meet minimum spending or existence period requirements.

Parboiled rice export procedures: sample drawal and bond submission suspended while RMS instructions remain applicable.
Drawal of samples and submission of a bond for goods declared as Parboiled Rice under CTH 10063010 at export is suspended until further orders, while Risk Management System instructions continue to apply and must be followed.

CSD refund procedure requires electronic filing and portal validation, with invoice disclosure and eligibility checks before sanction.
The circular mandates electronic filing by the CSD in FORM GST RFD-10A for claims of fifty percent state tax refund on inward supplies for subsequent supply to Unit Run Canteens or authorized customers, requires supplier disclosure in FORM GSTR-1 and FORM GSTR-3B, validation of invoices on the portal, quarterly filing (with optional clubbing of quarters), specified documentary undertakings, two-year filing limitation from the quarter end, portal-driven invoice validation and auto-population rules, verification of ITC reversal, and issuance of a speaking order in FORM GST RFD-06 upon sanction.

Valuation of corporate guarantee services: GST assessed on an annual percentage of the guarantee or the actual consideration.
Supply of service of providing corporate guarantee between related persons is taxable; valuation for guarantees issued or renewed on or after the effective date is governed by Rule 28(2) and is the higher of one per cent of the amount guaranteed per annum (pro rata for sub year periods) multiplied by the number of years or the actual consideration. Multiple co guarantors pay on aggregate consideration if higher, otherwise proportionately on one per cent of their guaranteed share. Domestic intra group guarantees are forward charged; overseas guarantors attract reverse charge. Exports are excluded from Rule 28(2).

Pre-deposit requirement: payment via electronic liability ledger plus undertaking suspends recovery until appellate tribunal operates and appeal is filed.
Taxpayers unable to file appeals because the Appellate Tribunal is not operational may secure a stay of recovery by paying an amount equal to the prescribed pre-deposit via Services Ledgers Payment towards demand on the portal, selecting the relevant order in Electronic Liability Ledger Part-II, and submitting an undertaking to the proper officer to file the appeal when the Tribunal is constituted; such payment will be mapped to the order and treated as pre-deposit. Payments inadvertently made through FORM GST DRC-03 can be adjusted by filing FORM GST DRC-03A when portal functionality is available, otherwise intimation to the proper officer may defer recovery.

Refund of additional IGST paid after export: mechanism for filing and processing refund claims under amended GST rules.
Exporters who pay additional IGST due to upward revision of export prices shall file refund applications electronically in FORM GST RFD-01 on the common portal (using the "Any other" category until a dedicated category is available). Jurisdictional GST officers will process claims per rule 89, using customs-validated shipping-bill and refund data provided by GSTN. Claimants must submit prescribed documents (invoices, shipping bills, contracts, debit/supplementary invoices, payment proof with GSTR references, FIRC, accountant certificate, Statements 9A/9B). Officers will verify GSTR-1/GSTR-3B reporting and foreign remittances before issuing sanction and payment orders.

Insurance requirement for CCSPs shifted to reduced average storage period, lowering insurance and custodian bond obligations accordingly.
The Board revised HCCAR provisions to require CCSPs to insure an amount equal to the average value of goods likely to be stored for a reduced storage period as specified by the Commissioner, and reduced corresponding custodian bond values; AEO-LO CCSPs' custodian bonds are valid for the same duration as their AEO authorisation, subject to suspension or revocation under HCCAR.

GST as-is regularisation treats qualifying lower-rate or exempt tax positions as fully discharged, while denying higher-rate refunds.
GST regularisation on an "as is" or "as is, where is" basis accepts a lower tax rate paid, including a nil-rate exemption position under a competing entry, as full discharge of liability for the specified past period. Differential tax is not recoverable where genuine doubt or divergent interpretation caused suppliers to adopt competing rates. Tax paid at a higher rate is not refundable. Regularisation does not protect non-payment where no competing nil-rate or exemption position was involved; the applicable unpaid tax remains recoverable.