Special Refund and Drawback Disposal Drive to prioritise processing of pending customs refund and drawback claims.
Implementation of a Special Refund and Drawback Disposal Drive to prioritise disposal of all pending customs refund, IGST refund and customs duty drawback claims pending as on the day before the Drive. Principal Chief Commissioners and Chief Commissioners must monitor daily performance, guide officers to maximise disposal, and coordinate with trade associations to obtain required documents. Processing must follow all relevant legal provisions with due diligence; communications should be by email where available, deficiency memos should be reviewed and refunds/drawback considered on merit, and the Drive should be widely publicised.

Change in control of portfolio managers requires prior approval via online portal; approval valid six months.
A Portfolio Manager must obtain prior approval for any change in control by applying online through the intermediary portal; such approval is valid for six months, within which a fresh registration application resulting from the change must be filed, and existing investors must be informed of the proposed change prior to effecting it.

Sponsor contribution treated as Overseas Direct Investment, permitting overseas AIF setup under automatic route with regulatory compliance.
Sponsor contributions by an Indian Party to an Alternative Investment Fund established in an overseas jurisdiction, including in an International Financial Services Centre, are to be treated as Overseas Direct Investment and may be undertaken under the automatic route provided the sponsor complies with Regulation 7 of the relevant FEMA notification; other provisions of the notification remain unchanged and the Master Direction will be updated accordingly.

RCMC validity extension: expired certificates accepted for incentives and authorizations until 30 September 2021.
Regional Authorities of DGFT will not insist on a valid RCMC where the certificate expired on or before 31 March 2021 for applicants seeking any incentive or authorization; this concession applies until 30 September 2021. Export Promotion Councils will collect applicable RCMC fees for 2021-22 upon restoration of normalcy.

Export authorisation for restricted items must be filed through DGFT new online Restricted Exports module; pending applications migrated.
Authorisations for export of restricted items (Non-SCOMET) must be applied for, amended and re validated exclusively through the new online Restricted Exports module on the DGFT website; export authorisations will be issued centrally from the headquarters via this module, and all pending applications will be migrated and processed in the new system.

Business Responsibility and Sustainability Reporting requires standardized ESG disclosures by listed companies, replacing prior BRR framework.
The BRSR requires listed entities to disclose standardized ESG information against the nine principles of the National Guidelines on Responsible Business Conduct, with reporting divided into mandatory essential indicators and voluntary leadership indicators; the BRSR format and guidance note replace the prior BRR template. The regime aims to produce quantitative, comparable disclosures to aid investor decisions and stakeholder engagement, allows cross referencing to international frameworks, and makes filing mandatory for the largest listed companies by market capitalization from the specified financial year, with dissemination directed via stock exchanges.

Undertakings in lieu of customs bonds restore clearance flexibility, subject to eligibility, security requirements, recordkeeping, and timely bond replacement.
Acceptance of an undertaking in lieu of bond is restored for specified customs-clearance cases during lockdown-related constraints. Eligible applicants include Government and public sector entities, manufacturer or actual-user importers, authorised economic operators, status holders, and warehousing importers. The undertaking must substantially reflect prescribed bond terms, be submitted through registered email, be uploaded on e-Sanchit, and be replaced with a proper bond by the stipulated date. Mandatory security remains separately payable, and warehoused-goods movement or ownership changes remain restricted to specified eligible categories.

Nodal Authority appointment for customs certification of Covid-19 relief imports ensures coordinated clearance for distribution materials.
Appointment of a Nodal Authority for issuance of certificates to customs authorities authorising import of Covid-19 related relief materials meant for distribution. Dr. Sudip Bhowmik, TCS, Deputy Commissioner of Taxes, is designated for this function, with contact details provided for coordination. The order is issued pursuant to the Ministry of Finance communication on certification for customs clearance of such relief imports.

Undertaking in lieu of bond facilitates customs clearance during lockdown constraints, subject to timely replacement with a proper bond.
Customs clearance facilitation restores acceptance of an undertaking in lieu of the bond otherwise required in specified clearance cases during lockdown-related constraints. The facility applies from 8 May 2021 until 30 June 2021. Importers or exporters availing it must replace the undertaking with a proper bond by 15 July 2021. Existing terms and conditions governing the undertaking-for-bond mechanism, including their amendment, remain unchanged.

Acceptance of undertaking in lieu of bond restored temporarily; importers/exporters must later replace undertakings with proper bonds.
Restoration of the facility for acceptance of undertaking in lieu of bond allows importers/exporters to furnish an undertaking instead of a formal bond for Customs clearance during the temporary revival; such undertakings must be replaced by proper bonds within the prescribed replacement period, and the terms and conditions of the earlier circulars (as amended) continue to apply.

Deemed export refund entitlement clarified: recipients may claim refunds with ITC debit and adjusted turnover rules apply.
Removes a prior restriction preventing recipients of deemed export supplies from availing ITC when claiming refunds while requiring debit of the equivalent ITC from the electronic credit ledger to avoid dual benefit; extends relaxation for misreported zero rated supplies in GSTR 3B allowing refund filings up to 31.03.2021 subject to aggregate table caps; and directs that the amended 1.5x cap on turnover of zero rated goods applies when computing Adjusted Total Turnover under Rule 89(4), illustrated by an example.

Interest relief measures for delayed GST returns reduce rates and conditionally waive late fees if returns filed within specified periods.
Sets out phased interest relief and conditional late fee waiver for delayed GST returns: for larger taxpayers an initial nil interest window followed by a reduced interest period before resumption of the normal rate; for smaller taxpayers an extended nil interest window and subsequent reduced interest period before normal rates apply; late fee waiver applies only if returns are filed within dates specified in the notifications, otherwise late fee accrues from the original due date until filing.

IRP/RP registration and related GST compliance clarified; extensions and authorized signatory procedures provided for COVID affected periods.
Clarifies GST compliance for insolvency professionals and COVID affected taxpayers: IRP/RP registration deadlines are extended and corporate debtors who have filed prior GST returns need not obtain separate registrations; replacement of IRP by RP constitutes a change of authorized signatory rather than a fresh registration. Merchant exporter export period and due date for FORM GST ITC 04 are extended where the original compliance period fell within the COVID affected window. Field formations must apply these interpretations and may assist with authorized signatory amendments.

GST refunds and adjustments: credit notes, refund vouchers or prescribed refund forms govern reversal of tax and excess payment claims.
Where a tax invoice was issued and GST paid on an advance or on goods later returned, the supplier must issue a credit note and declare it in the return to adjust tax liability; a separate refund claim is unnecessary unless no output liability exists, in which case a claim for excess tax payment may be filed through the prescribed refund procedure. If advances were recorded by receipt voucher without issuance of invoice, the supplier must issue a refund voucher and may apply for refund as excess payment under the prescribed refund form.

Reduced Interest Relief for GST returns: conditional nil/low interest and late-fee waivers subject to filing by specified dates.
Clarification prescribes COVID-19 relief measures under West Bengal GST: extended filing windows for composition scheme statements and annual returns; conditional reduced interest (nil for initial 15 days then a lower rate) and waiver of late fees for FORM GSTR-3B for Feb-Apr 2020 subject to filing by specified cut-offs and turnover thresholds; waiver of late fees for FORM GSTR-1 if filed by the extended date; cumulative application of rule 36(4) for Feb-Aug 2020 with adjustment in Sept 2020 return; extension of e-way bill validity and suspension of time limits for certain withholding, collection and other returns until the extended date.

Line of credit support enables project-tied exports subject to export eligibility, sourcing and FEMA compliance.
State-supported Line of Credit of USD 7.35 million finances export of eligible goods and services for a hospital project in Nicaragua, requiring at least 75 per cent of contract value to be supplied from India and allowing up to 25 per cent procurement from outside India. The Agreement is effective from April 16, 2021 with a terminal utilisation period of 60 months after scheduled completion, shipments to be declared in the Export Declaration Form, and no agency commission payable under the LoC except from exporter's own resources or EEFC balances subject to AD Category I bank compliance and FEMA directions.

CSR funding eligibility allows spending on COVID health infrastructure and oxygen facility projects, subject to CSR Rules compliance.
Spending CSR funds on COVID care health infrastructure, medical oxygen generation and storage plants, and manufacture or supply of oxygen-related medical equipment is eligible under the health care and disaster management heads of Schedule VII; contributions to specified R&D projects and public-funded research organisations are also eligible. Companies, including government companies, may undertake these activities directly or collaboratively, subject to compliance with the Companies (CSR Policy) Rules, 2014 and Ministry guidelines.

IGST exemption for donated COVID-19 relief imports requires authorised free distribution and a pre-clearance nodal certificate.
Ad hoc Exemption No. 04/2021-Customs exempts specified COVID-19 relief materials from integrated goods and services tax where they are received free of cost and imported for free distribution in India. Imports may be made by a State Government or by an entity, relief agency or statutory body authorised by the State Government's Nodal Authority. Eligibility is limited to specified goods, and the importer must produce the prescribed Nodal Authority certificate before customs clearance. Customs personnel must facilitate seamless and timely clearance of eligible imports.

Pre-shipment inspection agency inclusion recognises Mats Fareast, adds instrument approvals and requires administrative updates with immediate effect.
M/s Mats Fareast PTE Ltd is included in Appendix 2G as a recognised Pre Shipment Inspection Agency authorised to issue Pre Shipment Inspection Certificates, with PSIA approval valid for three years or until further notice; the annexure lists approved instruments and highlights calibration non compliance. Existing agency Marine Inspection and Logistics International (Rotterdam) B.V. may add specified instruments, Ravie Energie Inc.'s head office address change is notified, and all notified PSIAs must update membership certificates and contact details within 30 days.

Timeline relaxation for debenture trustees extends compliance deadlines due to pandemic impact on monitoring and disclosures.
SEBI extends timelines for debenture trustees to submit required reports and certifications to stock exchanges and to publish specified website disclosures-including asset cover certificates, quarterly compliance reports, utilization certificates, breach status and actions taken, and accounts under trustee supervision-and provides a separate extension for reporting regulatory compliance under the earlier circular, invoking SEBI's powers under Section 11(1) of the SEBI Act and Regulation 2A of the Debenture Trustees Regulations, 1993 to address pandemic-related operational challenges.