Exchange Rate Automation standardizes CBIC exchange rate publication and integration with customs EDI, making rates effective from midnight following publication.
An automated Exchange Rate Automation Module integrates SBI-supplied bill rates, adjusted to the nearest five paise, into ICES and publishes them on ICEGATE each scheduled evening; published rates apply from midnight of the following day and are archived for retrospective reference. The Board's prior manual notification process is discontinued. A contingency protocol with designated nodal officers provides for retention of last updated rates during transmission or integration failures, automated alerts, and manual administrative updates if technical issues persist.

Abeyance of regulatory amendment: Public Notice kept in abeyance; prior wastage norms and SIONs restored for interim reassessment.
DGFT places Public Notice No. 05/2024 in abeyance until 31 August 2024 under powers of the Foreign Trade Policy; prior wastage norms in the Handbook of Procedures 2023 and SIONs M1 to M7 are restored for the interim period while permissible wastages and SIONs are reassessed following representations from the Gem & Jewellery Export Promotion Council.

Late-fee waiver for delayed Bills of Entry applies where ICES unavailability during budget updates prevented timely filing.
Late fees for delayed Bills of Entry are waived where importers could not file because ICEGATE was unavailable during ICES updates for Union Budget 2024-25. The waiver covers belated Bills of Entry relating to Import General Manifests filed between 11:00 AM on 23 July 2024 and 4:00 PM on 24 July 2024. Relevant Deputy Commissioners and Assistant Commissioners must implement the waiver as a standing order.

Late fee waiver for delayed Bills of Entry applies where system unavailability prevented timely filing during Budget-related updates.
Late fee for delayed filing of Bills of Entry is waived where filing could not be completed because ICEGATE was unavailable during system updates implementing Budget 2024-25 changes. The waiver applies to belated Bills of Entry relating to Import General Manifests filed between 23 July 2024 at 11:00 AM and 24 July 2024 at 4:00 PM. Deputy Commissioners and Assistant Commissioners of the concerned groups must ensure compliance.

Waiver of late filing fee for bills of entry delayed by ICES budgetary system update restores relief for affected filers.
A waiver of the late fee under the Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Regulation is granted for Bills of Entry filed belatedly due to ICES unavailability while budgetary updates were implemented, covering BEs pertaining to containers arriving at ICD TKD Port from 22.07.2024 until completion of the ICES changes.

Waiver of late filing fee tied to container arrival at ICD TKD Port due to ICES budgetary changes.
The corrigendum amends Public Notice No. 07/2024 to substitute the trigger for the waiver of late filing fee: replace "IGM filed from 11 Hrs of 23.07.2024" with "the container arrived at ICD TKD Port from 22.07.2024", making container arrival the operative criterion for eligibility and aligning the waiver with ICES budgetary changes.

Steel import monitoring: new SIMS portal replaces old system; importers must file registrations on the new platform.
The Ministry of Steel is launching SIMS 2.0 at https://sims.steel.gov.in from 25.07.2024 at 2:00 pm, discontinuing SIMS 1.0 on the DGFT website immediately while preserving access to previously submitted SIMS 1.0 applications for viewing or download; importers must file new SIMS applications on SIMS 2.0 and may use the provided helpdesk telephone numbers and email for assistance.

Bill of Entry amendments must be filed online with e Sanchit documents; some auto approve, others need officer approval.
Amendment requests to Bills of Entry must be filed online via the common portal with supporting documents uploaded in e Sanchit; certain additions to advance/prior BEs (supplementing Bill of Lading details) receive automatic approval by the Customs Automated System and incur no fees, while other amendments require approval by the designated proper officer under defined scenarios (pre assessment FAG approval, post assessment revenue impact FAG review, non revenue PAG approvals, post OOC PAG cancellation and recall, RMS facilitated cases). Conversion between Home Consumption and Warehousing requires prior e office approval by the Additional/Joint Commissioner of PAG. Amendments subject to investigation require the investigating agency's concurrence.

Export Promotion Capital Goods Scheme: installation certificate timelines and composition fee regimes revised to ease compliance.
The Handbook of Procedures is amended to extend the installation certificate submission period from six months to three years with RA granted further extension up to the valid EO period on payment of an annual composition fee; spares provision deleted. Tiered fixed composition fee schedules replace earlier fee rules for extension and regularisation of first block EO, apply retrospectively to FTP (2015-20) authorisations, and non refundability of paid composition fees is reiterated. Extensions beyond six years may be granted as two one year extensions or two years in one go, subject to specified composition fees and PRC levy rules.

Correction of public notice on export drawback BRC uploads clarifies the applicable notice reference for claim processing.
The corrigendum amends the identifying reference for guidance on exports through New Mangalore Port under claim of drawback and the uploading of BRCs by directing that Public Notice No. 12/2024 dated 18.07.2024 shall be read as Public Notice No. 13/2024; the change is limited to the notice number and does not alter the substantive procedural requirements for drawback claims or BRC uploads.

Overseas investment compliance framework sets definitions, approval routes, reporting duties, and AD bank controls for resident investors.
Overseas investment by persons resident in India is regulated under FEMA through the Overseas Investment Rules, Regulations, and Master Direction, covering ODI, OPI, financial commitment, approval routes, reporting, and AD bank procedures. The framework defines key concepts such as foreign entity, Indian entity, control, subsidiary, equity capital, and financial commitment, and sets the conditions for permitted investments, including strategic sectors, startups, IFSC investments, deferred payment, pricing, transfer, restructuring, and immovable property abroad. It also prescribes documentation, UIN allotment, late reporting fees, restrictions, and compliance duties for authorised dealer banks.

Unique Document Identification Number verification enables immediate online authenticity checks of DGFT-issued electronic documents via the official portal.
A Unique Document Identification Number (UDIN) embossed on each electronically-issued DGFT document may be entered on the DGFT website (Services Info for Customs Authorities Verify UDIN) without login credentials to download the complete electronic document; the downloaded electronic copy is authoritative for comparing and verifying any paper copy.

Customs duty revisions reshape import/export taxation and exemption regimes, with provisional and enacted changes following the finance proposals.
The Finance (No.2) Bill, 2024 and related notifications propose comprehensive revisions to customs, central excise and GST law and rates, including immediate provisional tariff changes, sectoral basic customs duty adjustments, consolidation and review of conditional exemptions (extensions, continuations, lapses and removal of end-dates), amendments to procedural and origin documentation provisions, new tariff lines and countervailing rules, and multiple GST amendments affecting taxability of specified inputs, retrospective input tax credit relief, demand notice time-limits, appeal pre-deposit thresholds and refund restrictions where export duty applies.

Second-hand machinery valuation updates the empanelled engineer's business name while retaining all existing valuation requirements unchanged.
Valuation of imported second-hand machinery continues under the existing framework for empanelled Chartered Engineers, with the business name at serial number 14 changed from M/s Priyanka & Associates to M/s Priyanka Engineers & Surveyors Pvt. Ltd. The listed applicant remains Priyanka Ramchandra Jagtap. The amendment takes immediate effect, while all other applicable provisions remain unchanged.

Provisional attachment of bank accounts: reasoned officer opinion, written approval, service on bank and hearing for extensions.
Provisional attachment under Section 110(5) requires a recorded, fact-based opinion that attachment is necessary to protect revenue or prevent smuggling, written approval by the Principal Commissioner/Commissioner, and a written order addressed to both the bank and account holder stating grounds and duration (initially up to six months). Extensions require an opportunity to be heard, recorded reasons and a prior written extension order; release must be communicated if attachment is no longer needed. Communications must carry a Document Identification Number and investigations should be expedited to realize liabilities within the attachment period.

Bill of Entry filing suspension pauses electronic import processing on Budget day until system updates are completed.
Filing of Bills of Entry will be unavailable from 11:00 hours on 23 July 2024 until Notifications and Tariff Directories in ICES are updated; Section 48 approvals will be suspended after that time. Shipping Bill processing continues, but sites must manually collect any export duties or cesses imposed by the Budget on Let Export Orders given after 23 July 2024 until directory changes are online. Field formations must track prior BEs for duty changes before granting OOC; system restoration for BE filing is dependent on completion of ICES updates, typically within 48 hours if no substantial new levies are notified.

Regulatory jurisdiction: ESG rating activities in the IFSC are subject to local regulator oversight, complaints and enforcement mechanisms.
SEBI has added the IFSC regulator to the list of authorities under the ERP framework so that ESG ratings undertaken by SEBI-registered ERPs under IFSC guidelines are governed by the IFSC regulatory regime. The IFSC regulator will handle issues arising from ERPs' IFSC activities, including complaints, enforcement actions and provision of information to third parties, and the circular is effective immediately.

IFSCA jurisdiction for CRA rating activities established, assigning complaints, enforcement and information duties to IFSCA.
Enables SEBI-registered Credit Rating Agencies to rate financial instruments in the IFSC-GIFT City under the regulatory framework of IFSCA; ratings under IFSCA guidelines are subject to IFSCA jurisdiction. IFSCA will address issues arising from CRA activities in the IFSC using powers under its Act, and will handle complaints, enforcement actions and provision of information to third parties and judicial or statutory bodies. The circular is effective immediately and issued under SEBI's enabling powers to protect investor interests and regulate the securities market.

Section 61 scrutiny notices to be processed by deputy/assistant state tax officers; SCN issuance governed by pecuniary limits.
Scrutiny notices (ASMT-10/ASMT-12) issued before restructuring are to be further processed and finalized by Deputy State Tax Officers/Assistant State Tax Officers; such scrutiny instruments are not show cause notices and are not subject to pecuniary limits at the scrutiny stage. If amounts remain unpaid after intimation, DSTOs/ASTOs shall initiate proceedings under the recovery provisions, compute demand per prior circular instructions, and issue SCNs within their pecuniary limit or place draft SCNs before higher authorities when the amount exceeds their competence.

Exports through New Mangalore Port: ensure AD Banks upload BRCs to RBI EDPMS to reconcile drawback claims and avoid recovery action.
Exporters must ensure AD Banks upload Bank Realisation Certificate data in RBI's EDPMS so e BRCs transmit to ICES for reconciliation under the Drawback scheme; failure to upload or submit e BRCs within one month will prompt demand and recovery of drawback with interest under the Customs Act, 1962. The notice cites 22,539 shipping bills with pending realisation and reminds that FEMA requires foreign exchange realisation within nine months unless RBI extends the period.