Reduction in denomination now permits zero coupon and coupon-bearing debt securities on private placement with fixed maturity.
Issuers may privately place non-convertible debt securities or non-convertible redeemable preference shares at a reduced face value where the instruments either pay periodic coupon/dividend or are zero coupon debt securities, provided they have fixed maturities and no structured obligations; all other NCS Master Circular provisions remain unchanged and the amendment applies to private placement issues proposed for listing from the date of the circular.

AEO-linked custodianship renewal continues only while authorisation remains valid, unsuspended, and compliant with cargo-area regulations.
Custodianship of the Container Freight Station operated by Hind Terminals Private Limited for import and export cargo has been renewed under Regulations 10 and 13 of the Handling of Cargo in Customs Areas Regulations, 2009. The renewal is coextensive with the validity of the operator's AEO certificate and remains subject to compliance with those Regulations. An AEO-LO Customs Cargo Service Provider's custodianship approval continues only while its AEO authorisation remains valid and is not suspended or revoked.

Import of restricted IT hardware: IMS applications open 22 Dec 2025-15 Dec 2026; authorisations valid to 31 Dec 2026.
Import of IT hardware under HSN 8471 is restricted and requires an Import Management System (IMS) authorisation obtained via the DGFT website. The IMS portal is open from 22 December 2025 to 15 December 2026; authorisations granted under IMS are valid until 31 December 2026. Importers may submit multiple applications and seek amendments to authorisations online. MeitY may undertake a mid term review to update inputs, and DGFT may amend, suspend or withdraw IMS procedures based on policy needs or government directions.

Gold TRQ allocation under India UAE CEPA limited to Micro and Small Enterprises via competitive e auction for FY2025-26.
DGFT will allocate the gold Tariff Rate Quota (TRQ) under India UAE CEPA for FY 2025-26 by competitive e auction on the MSTC platform, with an initial 30 MT available and EFC authority to extend by 50%. This round is restricted to Micro and Small Enterprises meeting Annexure IV eligibility; per bidder caps are 10 kg (Micro) and 25 kg (Small). Bidders must register, submit technical documents, a participation fee and INR 100,000 bid security, use a Class III DSC, and file TRQ applications and payment within 15 days of allocation to be declared successful. DGFT reserves broad discretion to amend, cancel or verify bids and to forfeit securities for non payment or fraudulent practices.

Revised SIONs update input-output norms and licensing rules for chemical and allied export products, effective immediately.
Revision implements amended Standard Input Output Norms (SIONs) for specified Chemical and Allied Product entries and updates a General Note for all export product groups, effective immediately. The SIONs prescribe input types and quantitative input-output ratios, include rules for mixed consignments and product variants, and require exporters to correlate licence inputs with shipping bill descriptions. Annexure-B sets procedural rules prioritising specific norms over generic norms, election among alternative inputs, accounting bases (net-to-net or net plus wastage), value-limited import caps for certain inputs, and validity and regularisation requirements for time-limited norms.

Transshipment permission to SpiceJet Limited allows domestic air movement of EXIM cargo under bond and liability conditions.
Grant of Transshipment Permission to M/s SpiceJet Limited authorises export/import transshipment of EXIM cargo from ACC Kolkata to other customs notified airports under section 45(1) read with section 54(3) of the Customs Act, 1962, contingent on execution of specified export and import bonds and bank guarantees. SpiceJet bears liability for shortage or pilferage-export losses measured by value of goods plus interest, penalty and cess and import losses measured by Customs duty, cess, surcharge and other levies with interest and penalty. Permission is time limited and renewable subject to compliance with statutory provisions and circulars.

GST appeal filing protocol withdrawn as staggered portal filing is dispensed with, preserving earlier filings.
Withdrawal of the staggered filing protocol for GST Appellate Tribunal appeals. The order dispenses with the earlier phased filing arrangement in view of portal capabilities, with effect from 18-12-2025, while preserving the validity of appeals filed under the prior order before that date and without prejudice to the Tribunal's powers under the GST law.

Audit file preservation and submission rules require complete archival, evidentiary integrity, and timely production to the regulator.
Audit firms of Public Interest Entities must maintain complete audit documentation, assemble final audit files ordinarily within 60 days of the auditor's report, retain them ordinarily for at least seven years, and preserve them longer where legal or regulatory proceedings continue. Audit files requisitioned by the regulator must be submitted in complete form within seven days, and any extension request must be supported by documentary details and relevant audit records. Format conversions or post-archival alterations that impair evidentiary value are inconsistent with the standards.

Securitised Debt Instruments: trustees must file half yearly standardized disclosures on pool performance and credit metrics.
Trustees of special purpose distinct entities must submit half yearly disclosures for listed SDIs within 30 days from the end of March and September, effective March 31, 2026. Disclosures follow prescribed formats: Annexure I for loan/listed debt/credit facility exposures and Annexure II for other exposures. Required items include maturity characteristics, Minimum Retention Requirement and its composition, credit quality and delinquency distributions, security cover, rating distribution and weighted average rating, default and recovery metrics, prepayment behaviour, expected credit loss movements, utilisation of credit enhancement and liquidity facilities, amendments to underlying documentation and Minimum Holding Period details; Annexure III provides illustrative computations.

Import documentation for faceless assessment: upload complete supporting documents, tag IRNs, and ensure accurate self-assessment.
Importers must self-assess under Section 17 and upload legible, linked supporting documents in e-Sanchit at Bill of Entry filing, including transaction-value evidence, classification certificates, product literature and mandatory licences; queries should be answered exhaustively with IRN references. Specific declarations for chemicals, correct UQC, justification for anti-dumping applicability, and reasons for provisional assessment under Section 18 are required. A non-exhaustive list of typical documents (purchase orders, freight invoice, catalogue, COO, CDSCO/FSSAI/BIS/LMPC certificates, EPR authorisations, DGFT licences) is provided.

Mangaluru International Airport cargo custodianship extended five years; operator bound by customs compliance and insurance obligations.
Approval extends M/s. Mangaluru International Airport Ltd.'s custodianship and appointment as Customs Cargo Service Provider at the Integrated Cargo Terminal for five years under Section 45(1) of the Customs Act and HCCAR, 2009, following submission of Form A, requisite import/export and transshipment bonds with bank guarantees and a general insurance policy. The extension is conditional on compliance with customs laws and HCCAR provisions, payment for duties on pilfered goods, mandated insurance equal to 30 day average stored value, provision of infrastructure and manpower, cost recovery for customs officers, prohibition on transfer or outsourcing without permission, and detailed recordkeeping.

Warehousing module electronic transfers required; manual rectification allowed for legacy errors with specific documentation and approvals.
All warehouse-to-warehouse movements must be executed electronically through ICEGATE; ex-bonding is permitted only if the warehouse ledger shows sufficient goods for the IEC, with ICES debiting only the ledger at that warehouse. Manual permissions for bond-to-bond transfers are disallowed except with written Principal Commissioner/Commissioner approval and electronic regularisation. For into-bond Bills of Entry dated before 01.09.2025, manual clearance will be allowed to remedy legacy errors (Error 70, Error 71, Error 137) where trade must submit an error screenshot, certified warehouse ledger, current stock statement, and the regulation 3 Annexure/Form with the Tracking ID.

Market Infrastructure Institutions must appoint regulator approved Executive Directors for critical and regulatory verticals and revise reporting lines.
The circular mandates appointment of Executive Directors for Critical Operations and Regulatory verticals via open advertisement and regulator-approved shortlists, requires EDs to be Governing Board members with regulator-approved compensation, and establishes a revised reporting structure where EDs report to the MD while CTO, CISO, Compliance Officer and Chief Risk Officer report to their respective EDs; statutory committees retain separate quarterly access to KMPs, and the CRiO is tasked with technology audits and participation in SCOT.

Appointment of CPIOs and FAAs for Commissionerate of Customs (Port), Kolkata under RTI Act; appeals to designated FAAs.
Designations of Central Public Information Officers and First Appellate Authorities for the Commissionerate of Customs (Port), Kolkata are issued, superseding an earlier notice and reflecting recent establishment orders; Annexure A lists the named officers, their jurisdictions, and contact details. Aggrieved persons may appeal CPIO decisions to the corresponding FAA identified in Annexure A under the RTI Act. The notice prescribes fee payment to the RBI account of the Commissioner of Customs, Kolkata, permits online filing via the national RTI portal, and provides instructions for postal order payments.

Nomination framework implementation deferred further as SEBI extends Phase III timeline for system changes and stakeholder readiness.
Implementation of Phase III of the nomination framework for the securities market was deferred from December 15, 2025 to a further date to be notified separately, in view of stakeholder representations seeking additional time for system development, process changes, and re-examination of the structural implications of implementation. The earlier phased rollout and prior deferments remain in place, while all other provisions of the earlier circulars continue unchanged.

Export proceeds shortfall: exporters must submit bank confirmations and invoices or face personal hearing and possible adjudication.
The circular instructs exporters to submit proof of realisation and documentary evidence (e.g., bank confirmation letters and export invoices) to justify any short realisation of export proceeds - noting CBIC guidance that agency commission and foreign bank charges may be allowed within a 12.5% FOB limit - and warns that absence of such documentary proof will generally lead the adjudicating authority to conduct a Personal Hearing before final decision.

Metformin input import UOMs amended to Kg for dicyanodiamide and DMF under SION A-290 with immediate effect.
The Director General of Foreign Trade, under Paragraphs 1.03 and 2.04 of the Foreign Trade Policy 2023, amends the Unit of Measurement (UOM) for import items under SION A 290 for Metformin HCl: Dicyanodiamide 0.567 Kg. and DMF 0.37 Kg., with immediate effect.

Procedure for defacement of Certificate of Origin at TSK when preferential duty is claimed; importer may deface COO before registration.
Where a preferential rate of duty is claimed based on a valid Certificate of Origin and the Bill of Entry is facilitated by RMS for OOC, the importer or Customs Broker may get the COO defaced by the designated TSK prior to registration of goods to streamline assessment and clearance; implementation difficulties should be reported to the issuing authority.

Manufacture and other operations in bonded warehouses require an integrated licence, bond, prescribed records and GST/customs compliance.
The notice prescribes an integrated application and documentary regime for licensing a private bonded warehouse and obtaining permission to conduct manufacture and other operations therein, requires execution of a general bond satisfying customs and MOOWR requirements, mandates maintenance of specified digital accounts and records, and sets out GST and customs payment obligations for clearance of resultant products for home consumption or export.

Wings India 2026: temporary customs procedures, manual manifests, and duty-exempt temporary import rules for exhibition goods.
Temporary customs facilitation at Begumpet Airport for Wings India 2026 requires manual filing of Import/Export General Manifests and aircraft/cargo forms. Foreign aircraft and exhibition goods may be temporarily imported duty-exempt under ATA Carnet or Notification No. 8/2016, with bonds and Bills of Entry required; Notification No. 4/2019 removes the bank guarantee/cash deposit requirement for aircraft. Goods undergo open examination and value appraisal, Out-of-Charge is issued manually before exhibition use, transhipment procedures apply for transfers from ACC/ICD, and re-export and fuel-recording formalities are mandated for bond/guarantee cancellation.