Valuation discretion for COVID-related debt restructuring permitted; conservative valuations required when agencies disagree for mutual fund securities.
Valuation agencies engaged by AMCs/AMFI may, where restructuring proposals are solely due to COVID-19 stress, refrain from recognising such restructuring or non-receipt of dues as default for valuation of money market and debt securities. Debenture Trustees, issuers and lenders must immediately communicate restructuring proposals to investors, valuation agencies, credit rating agencies and AMFI, which shall disseminate the information to members. Valuation must reflect changed terms, issuer stress and repayment capacity; if two agencies differ, the conservative valuation prevails. AMCs remain responsible for true and fair valuation under fair valuation principles and regulations.

Sea cargo rules now require ICEGATE registration and electronic filing of arrival, departure and inland manifests with CIN tracking.
The Regulations require registration on ICEGATE and mandate electronic filing of arrival (SAM), departure (SDM/SDN) and inland (CIM AR/DP) manifests, allow CSN filings by notified carriers or aggregation by ASCs/ASAs, introduce national CG and T bonds for container and transhipment movements, and implement CINs (PCIN/MCIN) to link cargo across stages, with phased mandatory timelines, transitional provisions, reduced bond amounts and specified exemptions.

Domestic procurement compliance: AROs must list and have endorsed supplier location details for steel procured at export parity price.
AROs for domestic procurement of steel at export parity price by MSME exporters of EEPC must include the Service Centre/Distributor/Dealer/Stockyard details of the domestic steel producer, duly countersigned by EEPC, and the Regional Authority shall endorse these details on the ARO at the time of issue to enable administration of the procurement scheme.

Quota allocation for Urad import: equal distribution to previously allotted eligible applicants; imports must arrive by deadline.
The quota of 1.5 lakh MT of Urad shall be distributed equally, or for the quantity applied, only amongst the eligible and verified applicants who were allotted quota for import of Urad in June, 2020. DGFT reserves the right to make any changes in allocation, and applicants found non-existent or to have submitted false information/documents during field inspections will be excluded. Eligible applicants must ensure import consignments reach Indian ports by the prescribed deadline; no extension requests will be entertained.

Irrevocable Commercial Letters of Credit submission requirement for assessing export eligibility of onions; submission does not confer export rights.
Directs exporters to submit copies of Irrevocable Commercial Letters of Credit (ICLCs) opened on or before the day preceding the export prohibition to their jurisdictional Regional Authority by the deadline; only complete and timely submissions will be considered for assessment under Para 1.05(b) of the Foreign Trade Policy. Submission is for assessment purposes only and does not confer any right to registration or to export onions, and Regional Authorities shall not register or act on the submitted copies without further directions from the Competent Authority.

e-Office implementation requires searchable PDF communications and contact details for electronic acknowledgement and reference.
Launch of e-Office in the Office of the Commissioner of Customs (Preventive), Jamnagar introduces a paperless electronic records and workflow system to enhance efficiency, transparency, accountability and data security. Taxpayers are asked to send communications as searchable PDF files and to provide mobile numbers and email addresses to receive electronic acknowledgement and an allotted Diary Number for future reference; trade bodies are asked to circulate the notice and report implementation difficulties or suggestions.

Preferential duty claims require accurate certificate-of-origin declarations and complete bill-of-entry data under trade agreement origin rules.
CAROTAR, 2020 requires an importer or authorised agent claiming preferential duty under a trade agreement to file specified declarations with the bill of entry. Accurate declaration of the certificate of origin issuing authority and country-of-origin details is essential for risk assessment. Importers and Customs Brokers must comply with the rules and correctly enter all relevant bill-of-entry data.

Extension of return filing deadline for belated and revised income-tax returns due to COVID-19 relief.
Exercising powers under Section 119(2)(a) of the Income-tax Act, 1961, the authority extends the due date for furnishing belated returns under Section 139(4) and revised returns under Section 139(5) for the assessment year 2019-20 from the previously notified September date to a later date in November 2020, on account of genuine difficulties caused by the COVID-19 pandemic and following earlier statutory and notification-based extensions.

Sea Cargo Manifest Regulations: phased mandatory electronic filing for arrival, departure and transhipment manifests to streamline cargo movement.
The Sea Cargo Manifest and Transhipment Regulations establish a mandatory phased electronic filing regime requiring registered stakeholders (ASCs, ASAs, ANCs, ATPs) to submit advance arrival, departure and inland transhipment manifests and supporting declarations via ICEGATE, using national container and transhipment bonds, with a Cargo Identification Number system (PCIN/MCIN) to link filings; amendments follow prescribed timelines and non compliance attracts penalties.

Extension of installation deadline for radiation portal monitors and container scanners at designated seaports granted under amended procedure.
Amendment extends the deadline for the installation and operationalisation of Radiation Portal Monitors and Container Scanners at designated seaports by modifying Para 2.54(d)(v)(ii) of the Handbook of Procedures (2015-2020), issued by the Director General of Foreign Trade under powers conferred by paragraphs 1.03 and 2.04 of the Foreign Trade Policy (2015-2020).

Relaxation in issue size revision extended and validity of SEBI observations prolonged subject to lead manager undertaking.
Regulatory relaxation allowing revision in issue size up to fifty percent is extended until March 31, 2021, and validity of SEBI observations expiring between October 1, 2020 and March 31, 2021 is extended until March 31, 2021, subject to an undertaking by the lead manager confirming compliance with Schedule XVI of the ICDR Regulations, 2018 when submitting the updated offer document.

e-Office adoption: electronic submissions should be searchable PDF with contact details for acknowledgements and tracking.
Launch of e-Office in the Commissioner of Customs, Mundra establishes an electronic records and workflow system to create a paperless office, improve efficiency, transparency, accountability and data integrity. Taxpayers are urged to send communications in PDF, preferably searchable, and to include mobile number and email to receive immediate acknowledgement and an allotted Diary Number for future reference. Trade associations and committees are asked to circulate the notice and report difficulties or suggestions.

Container scanning: risk selected imports must be marked, moved and scanned; noncompliance attracts customs regulatory penalties.
Drive through X ray scanning at Hazira Port is instituted with a Container Scanning Division; the Risk Management Center selects containers and notifies terminal operators, custodians and CSD. Terminal operators must endorse selected containers "Selected for Scanning" in red on the EIR and custodians must move selected containers to the scanner; failure to comply attracts penalties under the Customs Act and Handling of Cargo in Customs Area Regulations. Scanned containers receive EIR stamps: SCANNED CLEAN (blue), SCANNED MISMATCH (red) requiring 100% examination, or NOT SCANNED for ODC/empty/coastal/over weight; reefers are prioritised and post scan examination protocols and communication requirements govern clearance at CFSs.

GST-TDS compliance requires deduction, portal deposit, timely returns, certificates, and separate accounting for contractor and supplier payments.
GST-TDS applies to payments to contractors, suppliers and vendors from 1 October 2018. Deductors must withhold tax at payment, release only the net amount, generate a GST Portal challan, and deposit the deducted amount through prescribed banking modes rather than book transfer. Drawing and disbursing officers must register for GSTIN, maintain separate GST-TDS accounts, file returns by the tenth day of the following month, and issue TDS certificates. The deposited amount is credited through the GST system to the deductor's electronic cash ledger.

GST return information upload into Form 26AS authorized, with designated officials required to set procedures and standards.
Designated Income-tax Systems officials are authorized to upload GST return information into the Annual Information Statement in Form 26AS, to be done within three months from the end of the month in which the information is received; those officials shall specify procedures, formats and standards for such uploading.

Provisional assessment security: full differential duty must be furnished when origin inquiry or verification is initiated under CAROTAR.
Where an importer requests provisional assessment and an origin inquiry under Rule 5 or a verification under Rule 6(1)(a) or 6(1)(b) of CAROTAR, 2020 is initiated, all classes of importers, including Authorised Economic Operators, are required to furnish the full differential customs duty as security. The amendment updates table entries in Circular 38/2016 to align security requirements for AEO categories and directs officers to follow the revised guidelines in implementing CAROTAR.

Companies Fresh Start Scheme extension allows IEPF e-form filings and e-verifications without additional fees during extension.
The extension of the Companies Fresh Start Scheme provides relief by permitting filing of specified IEPF e-forms and e-verification of IEPF-5 claims without payment of additional fees for the duration of the scheme's extension, enabling stakeholders and nodal officers to plan concomitant compliance actions accordingly.

Deposit repayment reserve extension: deadline for reserve creation and debenture investment compliance extended for COVID 19 relief.
Extension of the compliance deadline for creation of the deposit repayment reserve and for making the prescribed investment or deposit in respect of debentures as a COVID 19 relief measure. The circular continues prior administrative directions, specifically extends the timeline for the matters referenced in earlier circular paragraphs, and states that all other regulatory requirements remain unchanged.

Extension of Pre-Shipment Inspection Agency recognition: validity prolonged pending notification of a new PSIA list.
Extension of validity of Pre-Shipment Inspection Agencies (PSIAs) recognized under the Foreign Trade Policy is authorized by the Director General through relaxation of a Handbook provision; recognitions of PSIAs listed in the A&ANF appendix that were completing their tenure as of the reference date are extended until the earlier of the end of the extended period or notification of a new PSIA list, maintaining their operative recognition status pending issuance of a fresh list.

E commerce operator tax deduction clarified: exemptions, payment gateway non duplication, threshold computation, and TCS scope defined.
Section 194 O requires an e commerce operator to deduct tax at source on gross amounts credited or paid to participants, while section 206C(1H) requires sellers to collect tax at source on receipt of sale consideration exceeding the statutory threshold. The Board issues guidelines exempting transactions on recognized exchanges and certain power exchanges, prevents duplicate deduction by payment gateways where the e commerce operator has deducted tax, relieves uninvolved insurance agents/aggregators from subsequent year deduction obligations, clarifies threshold computation from the start of the previous year, distinguishes motor vehicle TCS scope, disallows adjustments for returns/indirect taxes, and exempts fuel supplied to non resident airlines.