Grievance disclosure obligations for InvITs require public posting and stock exchange filing of all complaints, enhancing transparency and investor protection.
InvITs must disclose all investor complaints, including SCORES complaints, in the Annexure A format on their website and file the same with the recognised stock exchange(s) where their units are listed within 21 days from the end of the financial year or end of the quarter, as applicable; the Annexure captures complaint counts, disposals, pendency by age bands and average redressal time.

Grievance redressal disclosure: REITs must publish and file all complaints including SCORES within prescribed period after reporting periods.
REITs must disclose all complaints, including SCORES complaints, in the Annexure A format on their website and file the same with recognised stock exchange(s) where their units are listed within twenty-one days from the end of the financial year or end of the quarter, as applicable; all other conditions of the earlier circular remain unchanged.

Risk-based duty drawback processing routes shipping bills for automated facilitation or Customs scrutiny after electronic manifest filing.
The second phase of the Export Risk Management System introduces risk-based processing of duty drawback claims after electronic filing of a correct and complete Export General Manifest. ICES will transmit shipping bills to RMS and receive directions to facilitate claims without intervention or route them for officer-led processing. Selected shipping bills remain subject to necessary Customs checks, while the existing procedure for crediting drawback amounts remains unchanged. Supporting drawback documents may be uploaded through e-Sanchit, and post-clearance audit of drawback shipping bills is contemplated.

Online identity card application for Special Economic Zone stakeholders to be digitized with bulk upload and expedited issuance.
Digitize the identity card application by making Form K under rule 70 available online at zone-level portals with provision for individual submissions and bulk data upload; Development Commissioners must implement the online facility by the prescribed deadline, ensure identity cards are issued promptly upon complete online applications within the prescribed short timeframe, and submit an action taken report to the Department.

Advance Authorisation revalidation limited to a single annual revalidation and mandatory online submission of compliance records.
Para 4.41 is amended to permit only one twelve month revalidation for certain Advance Authorisations, with online applications to the Regional Authority from the stated date. Paras 4.51 and 4.57 require Advance Authorisation and DFIA holders to maintain prescribed accounts and file consumption and utilisation records online through the DGFT repository, and to file DFIA records online with requests for bond waiver or transferability.

Segregation of client collateral: mandatory reporting, allocation controls and a staged default management regime to protect client assets.
SEBI prescribes a framework mandating daily disaggregated reporting of client collateral by TMs to CMs and by CMs to SEs/CCs, client-accessible portals, strict allocation procedures with CM/CC validations, and rules that allocated collateral plus securities re-pledged are used to meet client margins in a prescribed blocking order. CMs must maintain at least 50% cash-equivalents at the CM level, permit allocation changes subject to adequacy, and follow a four-stage default management process (settlement, portability/return, close-out/provisional appropriation, final attribution) with the CC default waterfall as fallback.

Timeline extension for debenture trustees compliance: relaxations granted for reporting, disclosures, and certificates due to Covid-19 disruptions.
Extension of compliance timelines granted to debenture trustees for specified reporting, certification and disclosure obligations due to Covid-19 disruptions. Covered submissions include Asset Cover Certificate, statements of value of pledged securities and DSRA, guarantor net worth and financial certificates, and valuation and title search reports. The extension also applies to website disclosures such as monitoring of asset cover and quarterly compliance reports, utilization certificates, status of covenant breaches and trustee actions, and maintenance of trustee-supervised accounts. The relaxations are issued under SEBI's regulatory powers to protect investor interests and regulate the securities market.

Regulation 35A compliance: resolution professionals must file Form CIRP 8 reporting opinions and determinations within prescribed insolvency timelines.
Resolution professionals must form opinions and determinations on transactions potentially covered by avoidance and preferential provisions, and file Form CIRP 8 online reporting those opinions and determinations. The Form requires professional and corporate debtor identification, a checklist of covered transaction types, detailed particulars of each identified transaction (period, parties, beneficiaries, application date to the Adjudicating Authority and value), an assessment of potential loss to creditors, explanations for any failures to undertake the exercise, and attachments including loss workings and obstructing documents; it must be digitally signed, filed within the prescribed timeline, and accompanied by the applicable fee.

ECCS courier import/export data integration with banking monitoring systems; daily transmission via existing electronic channel, phased rollout planned.
ECCS courier Bills of Entry and Shipping Bills must be transmitted daily, in the same file formats and via the existing electronic gateway used for EDI, to the import and export monitoring systems; Authorised Dealer code registration is mandatory and the phased implementation begins on 02.08.2021 to enable onward routing of records to banks based on AD codes.

Extension of limitation periods applies to judicial and quasi judicial appeals, while statutory taxpayer compliances remain governed by law.
The Supreme Court's extension of limitation periods applies principally to judicial and quasi judicial matters such as petitions, suits, appeals, reviews and similar lis that must be instituted within statutory time frames. Taxpayer filing obligations and statutory compliance actions remain governed by the CGST Act and specific notifications under Section 168A, and are not automatically covered by the court's extension. Appeals against quasi judicial orders, and proceedings for revision or rectification, are within the scope of the extension; administrative enforcement actions and original adjudications are not.

Designation of port for scrap imports: Kamarajar Port added; imports allowed only through designated ports, no exceptions.
The Director General of Foreign Trade has inserted Kamarajar Port into the list of authorised ports for import of unshredded metallic scrap, amending the Handbook of Procedure provision governing permitted ports; imports must occur only through designated ports and no exceptions are allowed, including for EOUs and SEZs.

Mandatory electronic filing of non-preferential Certificate of Origin now required; paper submissions temporarily permitted during onboarding.
The Common Digital Platform has been expanded to accept Non-Preferential Certificates of Origin and aims to provide an electronic, contactless single-window process. Manual/paper submission and processing of non-preferential CoO applications remain temporarily permitted during the transition. All agencies listed under Appendix-2E must complete onboarding to the platform by the notice deadline and may contact the DGFT onboarding support email for guidance.

IGST on re-imported goods applies to repair, insurance and freight value, as clarified following GST Council recommendation.
Re-imports of goods exported for repair are subject to IGST and compensation cess calculated on the fair cost of repairs, including materials, insurance and freight (both ways), rather than on the full value of the goods. The GST Council affirmed this treatment and recommended a clarificatory amendment after a tribunal decision suggesting IGST exemption; the notifications were amended to remove doubt and implement the Council's position.

Foreign Trade Policy consultation open for stakeholder suggestions; submit responses via designated online form by the stated deadline.
Stakeholders are invited to submit suggestions for the Foreign Trade Policy (2021-26); inputs must be provided exclusively through the designated Google Form link to enable collation and analysis, and alternate channels will not be accepted. The notice supplies the submission portal link, specifies a deadline for receipt of inputs, and identifies the issuing administrative signatory and file reference.

Expected Loss based rating scale introduced for infrastructure instruments; CRAs must standardise scales and report compliance.
An Expected Loss (EL) based Rating Scale of seven categories (EL 1 to EL 7) is introduced for infrastructure instruments, with CRA name as prefix; CRAs must follow Board guidance for existing ratings. CRAs must standardise rating scales by aligning with scales prescribed by the respective financial sector regulator or, if none prescribed, adopt Board prescribed rating scales. Use of rating scales is restricted to those issued by the Board where a regulator has not prescribed a scale. The circular mandates implementation timelines, board reporting, and regulator notification obligations.

Block mechanism in demat accounts enables blocking of securities for sale orders, facilitating EPI benefit and preventing physical transfers.
SEBI adopts an optional Block Mechanism whereby clients may block securities in their demat accounts in favour of the Clearing Corporation when placing sell orders; depositories retain blocks until pay-in day and share transfer details with Clearing Corporations to match client level net delivery obligations. If matched, Clearing Corporations grant Early Pay-In benefit and blocked securities move to TM and then CM pool accounts under restricted pool-transfer and inter-settlement rules. If unmatched, blocks are cancelled on T day and securities are freed. Blocked securities are treated as margins deemed collected, removing margin shortfall penalties.

GST exemption for road access on annuity applies to access services, not to annuity payments for construction services.
Entry 23A exempts annuity-based access services falling under supporting services in transport (heading 9967) but does not extend to general construction services (heading 9954). Therefore annuity or deferred payments received as consideration for construction of roads are not covered by Entry 23A and do not enjoy the exemption.

Direct Port Delivery expands to fully facilitated advance-filed full-container consignments, subject to terminal registration and logistics election.
Direct Port Delivery is available for advance-filed, fully facilitated full-container consignments requiring neither assessment nor examination. Non-AEO importers may avail the facility without a separate permission letter after DPD registration and allotment of a unique DPD code. Registered importers must use the online One Time Default Intimation to select direct port delivery or a preferred Container Freight Station, with changes submitted at least 72 hours before vessel arrival. Electronic cargo-arrival messages identify eligible containers and applicable scanning requirements.

Risk-based selection of shipping bills facilitates quicker processing of drawback claims while routing others for officer scrutiny.
RMS will process shipping bill data after filing of the Export General Manifest and inform ICES whether a shipping bill claiming duty drawback is to be facilitated without intervention or routed to the designated Customs officer for further checks; payment procedures remain unchanged. Documents required under rule 14 may be attached electronically via e-Sanchit. Post-clearance audit of such shipping bills will follow PCA procedures, with an electronic PCA module under development and manual PCA to continue under existing audit guidance.

Faceless customs assessment reforms expedite clearance through higher facilitation, limited queries, specialised assessment groups, and anonymised escalation.
Faceless customs assessment processes are revised to accelerate assessment and clearance while preserving uniformity, anonymity and risk-based interdiction. Facilitation under the Risk Management System is raised to 90%, subject to retained random selection for interdiction. Verification of self-assessment is expedited by limiting an Appraising Officer to three queries for each Bill of Entry and dispensing with prior approval from the Additional or Joint Commissioner for raising them. Queries must be clear, comprehensive and supported by references to relevant valuation, classification or other details.