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of <h1>Comptroller & Auditor General Highlights Weaknesses in Project Imports Regulations; Calls for Enhanced Compliance and Monitoring Systems.</h1> The circular addresses issues identified by the Comptroller & Auditor General of India regarding the Project Imports Regulations, 1986. It highlights weaknesses in compliance and monitoring, recommending a comprehensive review and strengthening of internal controls. The Board mandates that project import assessments be finalized within 60 days of document submission, with possible extensions by the Commissioner. Penalties for delayed document submission are advised. Importers must provide specific documentation, including a Chartered Engineer's certificate for machinery installation. The circular also outlines the need for improved monitoring systems and mandates monthly and quarterly reporting to ensure compliance and reduce irregularities.
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