Differential pricing adjustment: permit eligible investors to pay net-of-discount at bidding stage, with disclosure and system safeguards.
Investors eligible for differential pricing may remit the bid amount net of the discount at the time of bidding; merchant bankers must disclose this option and bid reporting requirements in the offer documents, discounts are preferably stated in absolute terms within regulatory limits, stock exchanges must equip bidding platforms to accept discounted net payments and enforce discount ineligibility where net payment exceeds the retail threshold, syndicate members and bank branches must enter the bid price as indicated, SCSBs must implement system changes, and investor category segregation shall be based on net payment after discount.

Large-diameter pipes exemption applies when pipes are an integral part of a water supply project, excluding consumer-paid last-mile connections.
The notification grants exemption for pipes used to deliver water to treatment plants and to the first storage point; an amendment introduced a diameter-based criterion to extend exemption to pipes that are an integral part of water supply projects. After amendment, pipes meeting the diameter criterion are eligible even beyond the first storage point, but consumer-paid last-mile connections are excluded as not forming part of the project.

Verification of Manufacturer Exporter status requires specified documentary proof and PAN for EPCG eligibility under notified procedure.
EPCG licence holders claiming Other Manufacturer Exporter status must submit one of the following to the EPCG section: (i) Permanent Central Excise Registration Certificate certified by the jurisdictional Superintendent of Central Excise with the importer's PAN; (ii) Installation Certificate for earlier imports issued by the jurisdictional Superintendent of Central Excise with the importer's PAN; (iii) Installation Certificate issued by a Chartered Engineer with the importer's PAN, with manufacturing premises to be post-verified by the jurisdictional Superintendent of Central Excise; or (iv) EODC certificate with the importer's PAN.

KYC/AML record-keeping obligations expanded for money transfer agents; broader transaction, NGO receipt and forged-currency reporting required.
Authorised Persons under the Money Transfer Service Scheme must maintain transaction records per Rule 3, including cash transactions exceeding the prescribed threshold, series of connected cash transactions whose monthly aggregate exceeds the threshold, receipts by non profit organisations above the threshold, cash transactions involving forged or counterfeit currency or forged documents, and all suspicious transactions whether or not in cash, with these requirements to be communicated to constituents and enforced under the applicable statutory framework.

KYC thresholds updated: identification and enhanced due diligence required for money changing transactions exceeding prescribed limits.
The circular amends KYC/AML/CFT rules for money changing authorised persons by setting a rupee equivalent threshold for requiring retention of identification copies, obliging verification and possible suspicious transaction reporting where structuring is suspected, mandating enhanced CDD on any suspicion and full CDD where risk is not low, and expanding record keeping to cover aggregated series exceeding the prescribed threshold, receipts by non profit organisations above the threshold, transactions involving forged or counterfeit currency or documents, and all suspicious transactions under the PML Rules.

Eligibility criteria for OTC derivative users updated: stricter net worth and accounting, fair valuation, disclosures, and risk policy requirements.
The circular amends user eligibility for cost reduction structures in OTC foreign exchange derivatives and overseas commodity hedging by distinguishing listed corporate groups from unlisted companies and increasing the minimum net worth threshold for unlisted entities; eligible users must fair value relevant products at each reporting date, comply with applicable accounting standards and ICAI guidance applying prudence (recognising expected losses and not recognising unrealised gains), make prescribed financial statement disclosures, and maintain a risk management policy explicitly permitting such structures. The accounting treatment is transitional until AS 30/32 or equivalent standards are notified.

Certificate of Origin authorisation updated: agency name and contact details amended for non preferential issuance under trade procedures.
Amendment updates Appendix 4C to replace the authorised issuing agency at S.No.30 in Maharashtra with M/s ASMECHEM Chamber of Commerce & Industry of India and records the revised address and contact details for issuance of Certificates of Origin (Non Preferential).

Running account authorisation: brokers must treat authorisations as continuing until revoked and disclose this in client statements.
Removes the annual renewal requirement for running account authorisation and revises the authorisation to be dated and expressly revocable at any time; brokers must state in periodical account statements that the running account authorisation will continue until revoked by the client. Stock exchanges must notify brokers, publish the circular, and amend bye laws, rules and regulations to implement these changes.

Minimum net worth requirement for self clearing members in currency derivatives established under SEBI authority, effective immediately.
The circular requires that a self clearing member in the currency derivatives segment must maintain a minimum net worth of Rs. 5 crore as an eligibility condition for self clearing. It is issued under SEBI's regulatory powers to protect investors and regulate the securities market, applies to recognised exchanges and clearing corporations/clearing houses, and came into force on the date of the circular.

Used outside India requirement clarified: effective use and accrual of benefit must occur outside India to qualify as export.
The circular explains that, for the period when the rule required services to be used outside India, that phrase means the benefit or effective use and enjoyment of the service must accrue outside India; mere payment from abroad or the payer's location is not decisive. The place of effective use depends on the service's nature, and all conjunctive conditions in Rule 3(1) and Rule 3(2) must also be satisfied to qualify as export of services.

Deemed export policy review invites stakeholder comments and presentations, with submissions requested within a specified short period.
An inter-departmental Committee will review the Deemed Export Policy to harmonise Customs notifications with the policy, improve drafting to remove ambiguities and repetitions, and reassess alignment with Government priorities. Stakeholders are invited to submit written comments by e mail to the specified addresses and may request to make presentations; dates for interactive sessions will be posted on the Department's website.

TDS certificate authentication: TIN-generated Form 16A is required for specified banks and companies; digital or manual signature permitted.
A TIN website facility will enable deductors to download Form No.16A generated from their e-TDS statements with a unique certificate number; specified companies and banking institutions must use TIN-downloaded Form No.16A for relevant deductions, others may elect to do so. Downloaded certificates may be authenticated by digital or manual signature, while non-TIN-issued certificates require manual signature. The systems authority will prescribe procedures, formats and standards, and TIN-downloaded certificates issued per those procedures will be treated as valid for statutory TDS certification requirements.

Statutory annual filing compliance: non filing companies face restricted MCA 21 filing rights and signing prohibitions until filings are updated.
Companies that have not filed statutory annual accounts and annual reports on MCA 21 are barred from filing any MCA 21 forms except specified forms (including Form 32, Form 20B, Form 21A, DIN 3, Form 21, Form 1AA, Form 62, Forms 23AC/23ACA, investor protection fund deposit forms and cost audit forms). Directors are prohibited from signing MCA 21 filings for such companies, and company secretaries and auditors are not permitted to sign or certify filings; coordinated regulatory action and stakeholder consultation are contemplated.

Manual processing restriction limited to exceptional genuine cases; authority vested in Commissioner and withdrawn when EDI feasible.
Manual filing and processing of bills of entry and shipping bills is permitted only as an exception when EDI is not feasible; the authority to grant such permission rests solely with the Commissioner of Customs, and any permission must be withdrawn once EDI processing becomes feasible to prevent misuse and protect revenue.

Reporting requirement for offshore derivative instruments updated-old format permitted temporarily while revised reporting and undertaking take effect.
SEBI deferred implementation of the new reporting format for Offshore Derivative Instruments/Participatory Notes, permitting the old format through the June reporting month while requiring the first monthly report under the revised timetable to be submitted for the July reporting month and making the additional undertaking applicable from the April reporting month onward.

XBRL filing coverage updated to include listed companies and subsidiaries meeting capital or turnover thresholds, excluding certain sectors.
The corrigendum revises Phase I coverage for XBRL filing by requiring all companies listed in India and their subsidiaries that meet prescribed capital or turnover thresholds to file balance sheet and profit and loss accounts in XBRL, while excluding banking companies, insurance companies, power companies, non banking financial companies and overseas subsidiaries of these entities.

Disposal of duty-free vehicles by privileged persons now governed by Foreign Privileged Persons Rules, enabling regulated sales to non-privileged buyers.
The amendment replaces the former restriction that duty free vehicles imported by foreign diplomats and privileged persons could only be sold to other privileged persons and had to be re exported, with a provision that such vehicles shall be disposed of in the manner specified in the Foreign Privileged Persons (Regulation of Customs Privileges) Rules, 1957, as amended.

Prosecution for material service tax offences targets non issuance of invoices, fake credit claims and failure to remit collected tax.
Prosecution under section 89(1) of the Finance Act, 1994 targets material service tax offences: failure to issue prescribed invoices within the statutory period (including rules for reverse charge recipients), availment and utilization of credit without receipt of services (including fake or altered invoices), maintenance or supply of false books or materially false information affecting tax liability, and collection of tax followed by non remittance. Corporate officers may be prosecuted with a due diligence defence; mens rea is presumed and the accused bears the burden to disprove it. Sanctioning and procedural safeguards, a monetary threshold for prosecution, and recording of reasons by sanctioning authorities are mandated.

Manual filing exception for customs documents permitted only when EDI infeasible, subject to commissioner approval and mandatory EDI data entry.
Electronic filing is mandated for all Bills of Entry and Shipping Bills, but the Commissioner may allow manual filing only where EDI is not feasible. For ICES 1.5 technical problems, the Systems Manager, after EDI section recommendation, must verify the snag and endorse the request, which is then submitted via ADC/JC to the Commissioner for final permission considering licensing and DGFT implications. Upon approval, Import & Bond will register manual documents with running serial numbers, forward copies to Statistics for mandatory EDI data entry, and keep records to ensure all manual filings are entered into the EDI system.

FDI in LLPs: permitted in sectors allowing full automatic foreign investment, subject to sectoral prohibitions and funding rules.
FDI in LLPs is permitted only in sectors allowing full foreign investment through the automatic route without FDI-linked performance conditions; LLPs with FDI cannot engage in agricultural/plantation activity, print media or real estate, nor make downstream investments. Foreign capital must be received by inward remittance or by debit to permitted foreign currency accounts via authorized banks. FIIs, FVCIs and ECBs are not permitted. Designated partners must satisfy residency requirements under foreign exchange law, corporate designated partners must be Companies Act-registered companies, conversion of FDI companies to LLPs needs prior government approval, and designated partners are liable for compliance and penalties.