Optional T+0 settlement cycle: timeline for QSB system implementation extended to later in 2025 by regulators.
Extension of the deadline for Qualified Stock Brokers to implement systems and processes enabling optional T+0 rolling settlement from the previously prescribed effective date to November 01, 2025; all other provisions of the December 10, 2024 circular remain unchanged and market infrastructure institutions must amend byelaws, implement the change and notify market participants.

ESG rating withdrawal rules refined: providers must follow business model specific withdrawal and disclosure protocols on exchanges.
Specifies business model specific withdrawal norms: subscriber pays ERPs may withdraw ratings only where no subscribers exist for that rating, must not withdraw ratings forming part of subscribed packages, must prevent future redistribution of withdrawn ratings, and may withdraw for non availability of BRSR; issuer pays ERPs face continuity conditions and bondholder consent prerequisites for withdrawal. Subscriber pays ERPs may restrict detailed rating rationales to subscribers but must publish specified minimal rating disclosures year wise on their websites; stock exchanges must prominently disclose ESG ratings and standardized metadata supplied by ERPs. Internal audit and governance committee requirements for Category II ERPs are deferred for an initial period, audit team composition is broadened, and standardized clarification and response protocols between rated entities and ERPs are prescribed while protecting proprietary methodologies.

Electronic processing for personal carriage standardises customs clearance of gems, jewellery, samples and prototypes through designated airports.
Electronic processing standardises personal-carriage imports and exports of gems, jewellery, and eligible samples or prototypes. Importers and exporters must file electronic Bills of Entry or Shipping Bills marked "Personal carriage" with prescribed passenger and transaction details. Imported or exported parcels are declared, temporarily detained, sealed and stored under Customs control against a detention receipt. Import clearance follows verification, examination where required and duty payment; export parcels are examined, granted Let Export Order, sealed, detained at the airport and released to the passenger before departure under Customs escort.

Waiver of interest or penalty under Section 128A allows relief where taxpayers follow prescribed payment and procedural steps.
Section 128A and Rule 164 allow waiver of interest or penalty for demands under Section 73 for 1 July 2017-31 March 2020; payments made via FORM GSTR-3B before 1 November 2024 are eligible if intended for the demand and verified, while payments after that date must follow rule 164 modes (including FORM GST DRC-03/electronic liability register). For mixed-period notices, taxpayers may pay tax for covered periods, file FORM SPL-01 or FORM SPL-02, notify appellate authorities of non-pursuit for covered years, and the appellate authority will decide on periods outside the waiver window.

Margin collection timelines aligned to settlement cycle; non-upfront margins must be collected by settlement day or penalties may apply.
Trading Members and Clearing Members must collect upfront VaR margins and ELM in advance of trade; all other margins must be collected by the settlement day. If pay-in is made by settlement day other margins are deemed collected and no penalty arises; failure by client to pay-in and by TM/CM to collect other margins by settlement day will attract applicable penalties.

Courier shipments: SOP requires electronic ECM filing, EICI verification, FIFO-linked destuffing permission, and escalation for violations.
SOP prescribes that couriers file the Express Cargo Manifest electronically and share it with investigative agencies five hours before arrival; EICI must maintain time-logs, update Form-F1 filings in its internal application, and cross-verify ECM details against Form-01 before issuing a Destuffing Report. Issuance follows FIFO, requires courier requests within two hours of flight arrival and Form-I within one hour, and mandates immediate logging, retrieval, de-stuffing, verification of bag counts, and recording of discrepancies, with escalation to Shift Customs Officers for irregularities.

E-Sanchit document submission for faceless customs assessment requires legible, correctly tagged supporting uploads and mandatory certificates before filing.
Importers and customs brokers must upload legible, correctly IRN-tagged supporting documents in E-Sanchit-technical product materials, photographs, and value-supporting documents-to enable verification of self-assessment. Duty exemption claims require meeting and documenting notification conditions and uploading requisite certificates; statutory registrations (e.g., BIS, LMPC) must be completed and uploaded prior to filing. For provisional assessment under section 18 a reason and declaration must be uploaded. Use appropriate document codes, complete first-time KYC in advance, and follow the illustrative Annexure-A list while responding specifically to any assessing officer queries.

Border checkpoint closure at Attari suspends all passenger and goods movement, with limited return allowed under valid endorsements.
The Government directed the closure of the Integrated Check Post Attari with immediate effect, suspending all incoming and outgoing passenger traffic and movement of goods through the checkpoint, while allowing those who have already crossed with valid endorsements to return via that route within a limited, specified window.

Electronic customs bond system simplifies multi-port compliance through a single unified bond and linked bank guarantees.
The Customs administration has introduced the "Ekal Anubandh" project to enable a single all-India multipurpose electronic bond for importers and exporters, with end-to-end digital execution through ICEGATE. The scheme is intended to replace separate transaction-wise bonds presently filed at different ports for multiple customs purposes, including provisional assessment, export promotion schemes, warehousing, and MOOWR-related procedures, thereby reducing administrative burden, physical record maintenance, time, and cost. The electronic bond may be executed with digital payment of stamp duty and electronic signature through integration with NeSL, without any requirement of notarisation, and may be linked online with electronic bank guarantees and bank guarantee verification.

CITES personal effects exemption for agarwood: small quantities of wood chips, oil, and beads may be carried without export permits.
The Ministry clarifies that under the CITES personal effects exemption in Resolution Conf.13.7 (Rev.CoP17), specified small quantities of agarwood dead specimens, parts or derivatives carried as personal or household effects do not require CITES Export permits or CITES Re-export certificates; Customs officers are to be sensitized and implementation difficulties reported to the Board.

Transshipment permit fee removal streamlines air cargo movement and harmonises ULD temporary import procedures with continuity bond and tracking rules.
Transshipment permit fee is abolished to expedite air cargo movement. ULDs may be temporarily imported outside the customs area on execution of a Continuity Bond by air carriers/console agents. Tracking devices accompanying ULDs must bear Unique Identity Numbers recorded at import and comply with BCAS security guidelines; carriers are responsible for proof of export. Exemption under Notification No.104/94-Cus excludes tracking devices not affixed to containers. Temporary imports by non-carriers remain governed by existing Board circulars. Use of the All-India National Transhipment Bond and ICEGATE transhipment facility is encouraged.

Compounding cap: authority may limit compounding penalty per regulation for certain FEMA contraventions subject to exceptional circumstances.
The compounding authority may, based on the nature of the contravention, exceptional circumstances, and wider public interest, cap the maximum compounding amount at INR 2,00,000 for each regulation or rule applied in a compounding application in respect of contraventions under row 5 of the computation matrix, subject to the authority's satisfaction of the facts and public interest considerations.

Standard Input Output Norms: new SION notified for export of doxycycline dispersible tablets under chemical and allied products, clarifying input allowance.
A new Standard Input Output Norms (SION), SION A-3685, is notified for the export product Doxycycline dispersible tablets under Chemical and Allied Products. The notification prescribes the permitted import input-doxycycline monohydrate (U.S.P./B.P.)-and the per-tablet input quantity as stated in the entry, issued by the Director General of Foreign Trade under the Foreign Trade Policy.

Export authorisation for testing and evaluation of SCOMET items limited to temporary, non commercial transfers with safeguards.
The draft inserts Paragraph 10.13(C) to allow temporary export authorisations of SCOMET items for Demonstration, Testing and Evaluation, subject to Chairman IMWG approval and conditions including: temporary export basis, no end user certificate requirement, prohibition of commercial transactions, custody by exporter, prohibition of information exchange enabling technology transfer, exclusion of UNSC sanctioned/high risk destinations, submission of event proof, participation documents, firm undertaking and prescribed legal undertaking, return of items within the prescribed period, and post return reporting and proof for consumed or destroyed items.

Trade facilitation: ICEGATE adds a Single Use Multipurpose Electronic Bond and automates refund processing for customs filings.
Tariff increases by the United States are expected to depress frozen shrimp exports while rice exports remain stable due to West African markets and a modal shift to bulk. Operational reforms include a Single Use Multipurpose Electronic Bond and automated refund processing in ICEGATE, digitalized warehouse procedures, faster Customs laboratory testing, and a PQ requirement that Phytosanitary Certificates be issued after physical inspection with QR-based verification.

Export repatriation flexibility: exporters may realise and repatriate export proceeds and establish UAE warehouse operations under relaxed conditions.
Authorised Dealer Category I banks may permit exporters using UAE 'Bharat Mart' warehouses to repatriate the full export value of goods sold from the warehouse within an extended period from the sale date, and may, after verifying reasonableness and without pre-conditions, allow exporters with a valid Importer Exporter Code to open or hire warehouses and remit funds for setup and recurring office expenses; these relaxations are effective immediately and subject to other statutory permissions.

Cut-off timings for NAV determination updated; new 3pm and online 7pm deadlines apply for repurchases in overnight schemes.
SEBI amends paragraph 8.4.5.4 to require AMCs to apply the closing NAV of the previous business day for repurchase applications received on or before 3:00 pm, and the closing NAV of the next business day for applications received after 3:00 pm; for online applications in overnight fund schemes a 7:00 pm cut-off applies. Business Day excludes days when Money Markets are closed. The amendment, introduced to facilitate upstreaming of client funds via pledged MFOS units, takes effect June 1, 2025.

Late fee for annual return filing applies until both FORM GSTR-9 and FORM GSTR-9C are furnished.
Late fee under section 47(2) of the Haryana Goods and Services Tax Act applies to delay in furnishing the complete annual return under section 44 where FORM GSTR-9C is required. The annual return is not complete unless both FORM GSTR-9 and FORM GSTR-9C are furnished, and the late fee period runs from the due date until the date of furnishing of the complete return. Late fee is not levied separately for delayed filing of FORM GSTR-9 and FORM GSTR-9C. For financial years up to FY 2022-23, no additional late fee is payable if FORM GSTR-9C is filed on or before 31 March 2025, and no refund is admissible for amounts already paid.

Compounding of contraventions: framework allowing voluntary settlement subject to eligibility, procedure, and payment requirements.
The Master Direction consolidates RBI's framework for compounding of contraventions under FEMA, 1999 and the Compounding Rules, 2024, setting eligibility and exclusions (including non-compoundable categories such as Section 3(a), repeat contraventions within three years, unquantifiable amounts, and matters involving suspected money laundering or DoE objections). It prescribes filing and jurisdictional rules, application content and fees, required administrative corrective actions, procedures for assessment, factors influencing compounding amounts, a computation matrix with fixed and variable components and ceilings, hearing protocols, payment mechanisms, and publication of compounding orders.

Compounding of contraventions under FEMA: fresh applications not linked to prior orders; additional payment details required for reconciliation.
The amendment removes the provision linking the compounding amount payable in a subsequent application to any earlier compounding order, treating such filings as a fresh application with an independently determined compounding amount. Additionally, applicants paying electronically must provide mobile contact details, the Reserve Bank office that received payment, and the mode of application submission to aid reconciliation and expedite processing.